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At what age did you/do you project you will become a millionaire?

Discussion in 'General Chat' started by xchen, Oct 4, 2010.

  1. TheDarkKnight

    TheDarkKnight Senior member

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    It is human nature to be unsatisfied with one's relative circumstances. You could be born into a $5 billion fortune, and you'd still be stark-raving jealous of the kid who was born into $6 billion. It doesn't seem like it from where we stand, but trust me. That's how it works.

    To give you an example: I was born into an $XX million fortune. My cousins were born into an $XXX million fortune. Do you think I spend my days counting my blessings relative to 99% of the country, or do you think I spend my days freaking out about not having been born into the higher 1%? It's definitely the latter. Call me spoiled if you must, but that's human psychology 101.

    Only problem? I haven't figured out how to change my attitude. [​IMG] Acknowledging that it's a flaw in my psychology unfortunately doesn't correct the flaw. I wish it did. But we all know it doesn't.


    Age, experience, a good woman + working on the attitude, not just acknowledging it.

    It's like saying "I have a drinking problem" and then thinking just by acknowledging it, it will be some sudden catharsis. You then have to do the work.

    In my experience, improving your attitude is always worth it, and you're a lot better off for doing so.
     
  2. TheDarkKnight

    TheDarkKnight Senior member

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    I plan on maintaining an emergency fund which would cover 3-6 months of vacancy. I already have such a fund that covers that duration of my personal expenses so I'm confident I can be responsible enough to maintain a vacancy fund.



    I'm also regularly contributing to a balanced 401k portfolio which should provide diversification. Agree with the small business part (regarding above, any well run small business will carry a cash buffer), I don't expect it to be a passive investment but should be manageable part-time.



    It's not a question of whether someone would, but if they are able to... not many places will lend you 80% of your capital to invest in the stock market (at least not at a rate that would make it easy to return a profit), but an 80% loan to invest in real estate is easily available at a good rate as it is secured against an asset the bank can sell if you default.

    Good points. It's making me think and consider if my plan is realistic, or preferable to just sticking it in a 401k.


    Equally good points V0rtex, and I do not want to get caught up in short termism - ie thinking property will always equal doom and gloom, because as you know, long term it rises with earnings - ahead of inflation - there are positives about investing in property.

    Just there are also pitfalls to consider [​IMG]
     
  3. SField

    SField Senior member

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    It is human nature to be unsatisfied with one's relative circumstances. You could be born into a $5 billion fortune, and you'd still be stark-raving jealous of the kid who was born into $6 billion. It doesn't seem like it from where we stand, but trust me. That's how it works. To give you an example: I was born into an $XX million fortune. My cousins were born into an $XXX million fortune. Do you think I spend my days counting my blessings relative to 99% of the country, or do you think I spend my days freaking out about not having been born into the higher 1%? It's definitely the latter. Call me spoiled if you must, but that's human psychology 101. Only problem? I haven't figured out how to change my attitude. [​IMG] Acknowledging that it's a flaw in my psychology unfortunately doesn't correct the flaw. I wish it did. But we all know it doesn't.
    Strange, because I have been surrounded by kids in circumstances that vary from xx million to xxx million to billions my whole life and almost none of them with a modicum of parenting suffered from that or really cared. Although I agree with you, the grass is always greener.
     
  4. LabelKing

    LabelKing Senior member

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    The solution is to spend that fortune in one generation a la Huntington Hartford of the A&P fortune.
     
  5. Don Carlos

    Don Carlos Senior member

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    Age, experience, a good woman + working on the attitude, not just acknowledging it.

    It's like saying "I have a drinking problem" and then thinking just by acknowledging it, it will be some sudden catharsis. You then have to do the work.

    In my experience, improving your attitude is always worth it, and you're a lot better off for doing so.


    In theory, that's all well and good. In practice, I have no way of improving my attitude toward wealth. My solution is to acquire more of it. Like I said, I realize that's a hollow and ultimately unfulfilling solution. But it's the only solution I feel isn't an attempt to delude myself into false acceptance.

    I'm not sure if that makes sense, but I'm sure you understand what I'm getting at.

    Strange, because I have been surrounded by kids in circumstances that vary from xx million to xxx million to billions my whole life and almost none of them with a modicum of parenting suffered from that or really cared.

    Although I agree with you, the grass is always greener.


    Has absolutely nothing to do with parenting; it comes from peers and the milieu in which one grew up. I grew up in a highly materialistic culture in LA. Had I grown up rich in rural Iowa, maybe my attitude would be different. I don't know. I'm just calling it like I see it. Peers and circumstances and culture are FAR bigger influences than parents ever will be or can be.

    Trite answers such as "good parenting does X" are silly, and based on widely discredited and outmoded schools of developmental psychology. It's all about peer influence. I'm not saying that to be combative with you; I'm saying that because, in general, I get sick of the parenting argument whenever it's raised. My parents were practically saints. I was raised with impeccable manners, strict standards, and little to no indulgence. My dad shopped at Costco or Sam's Club, drove a beat-up old minivan, etc. I worked a part-time job to save up and buy a used Accord as my first car, when various peers were getting brand-new Beemers or Lexuses (Lexi?).
     
  6. itsstillmatt

    itsstillmatt Senior member Dubiously Honored

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    This thread is sad and pathetic and filled with so much bullshit posturing and rank stupidity. It is a zit on the face of the internet.
     
  7. Don Carlos

    Don Carlos Senior member

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    This thread is sad and pathetic and filled with so much bullshit posturing and rank stupidity. It is a zit on the face of the internet.

    This has been your reaction to basically every thread on SF in the past few weeks. Just saying. You're adopting a very crotchety-old-mannish attitude these days. [​IMG]
     
  8. itsstillmatt

    itsstillmatt Senior member Dubiously Honored

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    I liked the dictures thread. It was funny. This is a silly thread where people pull out their e-peens, but unlike the dicture of Brett Favre, we don't all get to see how small they really are.
     
  9. Don Carlos

    Don Carlos Senior member

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    I liked the dictures thread. It was funny. This is a silly thread where people pull out their e-peens, but unlike the dicture of Brett Favre, we don't all get to see how small they really are.

    Welcome to the internet? Not sure what to tell you. As the Beatles put it best, there's really "nothing to get hung about" here.





    And yes, I intended the pun.
     
  10. Caesar Augustus

    Caesar Augustus Senior member

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    Most likely never. I am going to be a history teacher, so I will be teaching students (who might be millionaires) about people who are millionaires [​IMG]
     
  11. impolyt_one

    impolyt_one Senior member

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    I might have a milli in a couple years. I'm over my drugs and hookers phase of life, thankfully.
     
  12. Caesar Augustus

    Caesar Augustus Senior member

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    The best way for anyone to become a millionaire is to not have children[​IMG] Little buggers cost a million or more each! I know I did...professional student here[​IMG]
     
  13. kwilkinson

    kwilkinson Senior member

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    This thread is sad and pathetic and filled with so much bullshit posturing and rank stupidity. It is a zit on the face of the internet.
    You must not have read my post.
     
  14. SField

    SField Senior member

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    I liked the dictures thread. It was funny. This is a silly thread where people pull out their e-peens, but unlike the dicture of Brett Favre, we don't all get to see how small they really are.
    It just makes me sad how how many people are bent on just accumulating money and then going about it in such inefficient ways. At least the friends I know who decided to sell their souls really sold all of it and for quite a price. I can't imagine a life ruled by such a basic and boring desire. I realize that I was lucky to have parents that could pay for my education and obviously I got to try a couple things along the way that speak to my privilege, but I still cannot understand why people define themselves by their bank accounts.
     
  15. SField

    SField Senior member

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    In theory, that's all well and good. In practice, I have no way of improving my attitude toward wealth. My solution is to acquire more of it. Like I said, I realize that's a hollow and ultimately unfulfilling solution. But it's the only solution I feel isn't an attempt to delude myself into false acceptance.

    I'm not sure if that makes sense, but I'm sure you understand what I'm getting at.



    Has absolutely nothing to do with parenting; it comes from peers and the milieu in which one grew up. I grew up in a highly materialistic culture in LA. Had I grown up rich in rural Iowa, maybe my attitude would be different. I don't know. I'm just calling it like I see it. Peers and circumstances and culture are FAR bigger influences than parents ever will be or can be.

    Trite answers such as "good parenting does X" are silly, and based on widely discredited and outmoded schools of developmental psychology. It's all about peer influence. I'm not saying that to be combative with you; I'm saying that because, in general, I get sick of the parenting argument whenever it's raised. My parents were practically saints. I was raised with impeccable manners, strict standards, and little to no indulgence. My dad shopped at Costco or Sam's Club, drove a beat-up old minivan, etc. I worked a part-time job to save up and buy a used Accord as my first car, when various peers were getting brand-new Beemers or Lexuses (Lexi?).


    So your dad was this noble savage and despite having an enormous amount of money "xx million", you feel discontent when seeing cousins with xxx million? It's just a curious bridge between what you're telling us and what is conceivable.

    I don't know how a balanced person could be feel depressed about their favorable circumstance and acquiesce to such blatant materialism and vapidity and then in the same breath claim that their upbringing was wholesome. You yourself even admit how hollow of an outlook that is. I just cannot help but thinking what the hell went wrong.
     
  16. Don Carlos

    Don Carlos Senior member

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    So your dad was this noble savage and despite having an enormous amount of money "xx million", you feel discontent when seeing cousins with xxx million? It's just a curious bridge between what you're telling us and what is conceivable.

    Pretty much it, yes. I'm sorry you find it hard to step outside the boundaries of your own experience or perspective and consider someone else's. I do, however, find it ironic that someone preaching the virtues of "balance" could be so solipsistic. It must be hard for you, "conceiving" of any mindsets or worldviews other than your own -- which, you will take great pains to remind us, is without flaw or tarnish.

    LOL, dude. You don't know me. You don't know how I was raised. Where the fuck do you get off evaluating me as though you did? I find it hilarious that you presume to pass judgment, let alone to continue spouting your half-baked, armchair, facile psychoanalysis.

    I'm a materialistic person. Big fucking deal. It could be a lot worse. I could be a serial killer, or a child rapist, or a derivatives trader. Point is, my outlook on life -- while certainly far from perfect -- is quite typical. Quite typical. Welcome to the human race. I'm sorry you can't see the rest of us from the lofts of your moral tower, but we human beings are occasionally jealous of others and prone to bouts of materialism. It's neither a failing on our parents' part, nor a fatal malfunction of our ethics. It's just how we are.
     
  17. SField

    SField Senior member

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    Pretty much it, yes. I'm sorry you find it hard to step outside the boundaries of your own experience or perspective and consider someone else's. I do, however, find it ironic that someone preaching the virtues of "balance" could be so solipsistic. It must be hard for you, "conceiving" of any mindsets or worldviews other than your own -- which, you will take great pains to remind us, is without flaw or tarnish. LOL, dude. You don't know me. I find it hilarious that you presume to pass judgment, let alone to continue spouting your half-baked, armchair, facile psychoanalysis. I'm a materialistic person. Big fucking deal. It could be a lot worse. I could be a serial killer, or a child rapist, or a derivatives trader. Point is, my outlook on life -- while certainly far from perfect -- is quite typical. Quite typical. Welcome to the human race. I'm sorry you can't see the rest of us from the lofts of your moral tower, but we human beings are occasionally jealous of others and prone to bouts of materialism. It's neither a failing on our parents' part, nor a fatal malfunction of our ethics. It's just how we are.
    I think that you should stop hiding your flaws behind this general shield of humanity and accept them as your own. The fact that you think the only remedy to your problem is to make more money kind of says a lot. As I said, I've been surrounded by privileged people my entire life, and only the ones from the most dysfunctional families and situations are anything but incredibly grateful and rather disinclined to worry about accumulating as much wealth as someone else. In fact, that kind of attitude and behavior is far more typical of someone getting into "the game" than someone born into it. It's not that you want to be financially successful, it's the way you present it. I don't claim to be morally perfect or even to be better than you, I just think that if what you're saying is true, then it is highly atypical of people in your circumstance. I am very confident in saying that and with your description of your upbringing find it even more strange given how you talk about your attitudes towards money. It's just not something I've ever encountered. In any case, you think your way and I think mine. I hope that you find peace in money and that upon becoming more wealthy than your cousins, do not suddenly feel pangs of inadequacy at the realization that your work has yielded a fraction of the wealth of many people around the world. That's the problem with allying your identity and self worth with something as common and ruthlessly quantifiable as money.
     
  18. Don Carlos

    Don Carlos Senior member

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    I think that you should stop hiding your flaws behind this general shield of humanity and accept them as your own. As I said, I've been surrounded by privileged people my entire life, and only the ones from the most dysfunctional families and situations are anything but incredibly grateful and rather disinclined to worry about accumulating as much wealth as someone else. It's not that you want to be financially successful, it's the way you present it. I don't claim to be morally perfect or even to be better than you, I just think that if what you're saying is true, then it is highly atypical of people in your circumstance. I am very confident in saying that and with your description of your upbringing find it even more strange given how you talk about your attitudes towards money. It's just not something I've ever encountered.

    I'm sorry you've never encountered someone like me. Like I said, people like me are out there. Quite a few of us. Dare to consider that your own surroundings, peer groups, and upbringing are not wholly representative of everyone else's.

    Solipsism makes for very bad philosophy.

    In any case, you think your way and I think mine. I hope that you find peace in money and that upon becoming more wealthy than your cousins, do not suddenly feel pangs of inadequacy at the realization that your work has yielded a fraction of the wealth of many people around the world. That's the problem with allying your identity and self worth with something as common and ruthlessly quantifiable as money.

    See, here's the problem: we're having two entirely different conversations. I posted an offhand remark/observation that money doesn't necessarily = contentment, and used myself as an example. From that statement, you've drawn a series of increasingly intense, absurd, and out-of-proportion speculations about my character and upbringing:

    - that I am "depressed" about my wealth or status
    - that I "ally my self-worth" with money (and, by implication, with little else)
    - that I was raised poorly by my parents
    - that I am not "at peace" with my existence
    - etc.

    I'm not sure where you're finding the evidence from which to leap to these wild conclusions, but they're as personally offensive as they are off-base (not that that seems to matter to you).

    I stated that I am not wholly satisfied with the amount of money I have to my name. That's it. I am neither depressed about it, nor existentially ill at ease because of it. If I were to learn that I will die next week with the bank account I have now, I'd not be 100% satisfied, but I'd certainly not be tearing my hair out and rending my garments in despair. My entire point is that most people probably fall into the same category.

    From a molehill, you've built a very ugly mountain. I'm sure, at this point, you're going to accuse me of backpeddling and of downplaying the extent to which I've claimed that money matters to me. Not at all. Money matters to me. It matters a great deal to me. But it is not the all-driving force in my life that your imagination (and projection?) has made it out to be.

    One gets the impression that you've got plenty of your own issues to work out, so eager as you are to diagnose others'. Unlike you, however, I will have the restraint and grounding in reality not to take wild guesses at what they might be. My parents may have totally failed and spoiled me, per your esteemed estimation -- but at least they taught me basic courtesy.
     
  19. TylerDurden

    TylerDurden Senior member

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    With the rate of expected inflation, pretty soon! $1 dollar now will equal $10 in a year.
     

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