patrick.net

You can't enjoy things when you are rich.

BayArea says

relentlessly motivated and relationship focused

You mean, greedy and scheming?

Ceffer says

BayArea says

relentlessly motivated and relationship focused

You mean, greedy and scheming?

Spot on, I was waiting to see who would catch on to that.

High IQ people are good at solving problems low IQ people can NOT solve.
Being rich means being able to get the wealth distributed into your ownership.

Wealth creation and wealth distribution are different things requiring different skill set.

A high IQ person may get stuck at enjoying solving some problems and never pay any attention to wealth distribution. While the rich, whether they create wealth themselves or they transfer wealth from others ALWAYS pay EXTREME attention to ownership and power position relative to the people they are competing or cooperating with so that they can get wealth distributed into their own hands.

There are two kinds of rich. The bill gates and the steve jobs who create lots of wealth by providing their leadership and definition of problems. The other kind is the washington kind, pointing guns at people’s head and transfer wealth from them, as well as the rent seekers like the banks, insurance, tuition seeker and real estate speculators.

The key to having wealth is a combination of things but discipline is required.

Some smart people lack discipline, or self control. Some not smart people may have it and can succeed but with more sacrifice.

I calculated for my friends : $1,000 invested, adding $500/month for 33 years will be $1 million + (assume 8.5% return).

A rich person can easily save more, a modest earner can also do it but it's more effort of course.

What I find is many females lack my self discipline so if I had listened to them, I'd not be so financially secure.

BayArea says

If you are so smart, why aren’t you rich?

Here's the real reason ....The real smart ones who are usually introverts can't get things done. It's the extroverts, who aren't that smart, get things done by hiring the smart introverts. If no one hires them, they either become professors or bums.

My richest friend started his 200 person trading company while I was his roommate back in 2001.

He managed to be sued by his old bosses (accused of stealing spots in the pit), his ex partner (accused of stealing his equity in the firm), and his more recent ex-partner (who he had to pay $50 million or so to leave the firm).

From what I can tell, his key to success was to be consistently trustworthy... until there's an opportunity to stab someone in the back for huge money.

This guy is typically described as the best guy in the world, with a select group of closet skeletons calling him the biggest snake they ever knew.

Glean what you want from this, just an observation.

CBOEtrader says

This guy is typically described as the best guy in the world, with a select group of closet skeletons calling him the biggest snake they ever knew

Every time I hear someone say, “he’s the best guy you will ever meet”, that person immediately becomes the person I’m most suspicious of.

Every time I hear someone say, “he’s the best guy you will ever meet”, that person immediately becomes the person I’m most suspicious of.

Yes, like when someone is trying to set you up on a date with her friend and the answer to "What does she look like" is "She is a really nice girl!"

Strategist says

Here's the real reason ....The real smart ones who are usually introverts can't get things done. It's the extroverts, who aren't that smart, get things done by hiring the smart introverts. If no one hires them, they either become professors or bums.

Humm the culture tends to reward assertive people with a booming voice, but Steve Jobs & Bill Gates are typical introverts.

jazz_music says

Certain examples of rich people have stubbornly refused to work for others while setting up a lucrative business for themselves even to the point of placing excessive burdon on family during this process

... and then you know what they do? They crow about being self-made men ... it's fucking sickening to the point where everybody has to hold themselves back from slapping the shit out of their arrogant asses.

Wow, such pent up anger for people who actually made something for themselves. Why are you so angry, because you DIDN'T get yours? Seems like a really lonely way to go through life.

jazz_music says

Engineers could have done something about this 40 years ago and didn't.

Why?

Well, it turns out that they are not that smart.

Engineers are book smart but that's where the buck stops.

jazz_music says

They are conned into believing that they are management and almost like equity share employees even as they get separated from the value of everything they create.

So sad really that they never organized to push back, but got conned into thinking that such collective bargaining is for lower categories of workers and not "Professionals" like them. LOL WTF

Why do so many ppl, who was once in the STEM areas, take postbacc premed classes, prep for the MCAT, and then, attend medical school?

Very simple, they got the memo that engineers were serfs and in order to survive, you need a licensing board to protect one's so-called profession.

Others just leave STEM for business careers.

Most successful business people I know. Can't actually produce anything themselves, nor are they very skilled in the industry or market they serve.
But they know the business details down to the tiniest minutia. Their niche they are in, are just a widget they could do the same in any industry or market.

I've got tons of marketable tech and business ideas. But to make those a reality, I would be consumed with the business aspect of it, and would probably end up having to outsource those ideas out to employees or other companies. Then that's where my secret sauce would be missing.
My hat's off to the hands on idea guys that can also manage the business affairs.

Heraclitusstudent says

Strategist says

Here's the real reason ....The real smart ones who are usually introverts can't get things done. It's the extroverts, who aren't that smart, get things done by hiring the smart introverts. If no one hires them, they either become professors or bums.

Humm the culture tends to reward assertive people with a booming voice, but Steve Jobs & Bill Gates are typical introverts.

They were geeks, but were they really introverts on the inside?

MrMagic says

jazz_music says

Certain examples of rich people have stubbornly refused to work for others while setting up a lucrative business for themselves even to the point of placing excessive burdon on family during this process

... and then you know what they do? They crow about being self-made men ... it's fucking sickening to the point where everybody has to hold themselves back from slapping the shit out of their arrogant asses.

Wow, such pent up anger for people who actually made something for themselves. Why are you so angry, because you DIDN'T get yours? Seems like a really lonely way to go through life.

Old fashioned jealousy and resentment by the commies. Their failure is always someone else's fault.
Down with the capitalists. Hang them from the highest tree. It's ours. They stole it from us. Freedom. Freedom. We need a revolution. Civil war NOW.

Strategist says

Old fashioned jealousy and resentment by the commies. Their failure is always someone else's fault.
Down with the capitalists. Hang them from the highest tree. It's ours. They stole it from us. Freedom. Freedom. We need a revolution. Civil war NOW.

Boot their asses to North Korea. Half of them will come back, the other half will die trying to come back.

HEYYOU says

"If you are so smart, why aren’t you rich?'
One of my favorite bumper stickers from 1977-78.

My favorite bumper sticker from the 1980's...."My other car is a piece of shit too"

BayArea says

If you are so smart, why aren’t you rich?

Hmmm,

Why can't you be BOTH, like me?

MrMagic says

BayArea says

If you are so smart, why aren’t you rich?

Hmmm,

Why can't you be BOTH, like me?

Sure, why not? If some people here can be both dumb and poor, others can be both smart and rich.

Strategist says

Sure, why not? If some people here can be both dumb and poor, others can be both smart and rich.

Exactly, we need to balance it out.

MrMagic says

Why can't you be BOTH, like me?

At one time I was both smart and rich too. And then my wife found my credit cards. :(

Strategist says

At one time I was both smart and rich too. And then my wife found my credit cards. :(

Hold on, didn't you train the dog to protect those for you?

MrMagic says

Strategist says

At one time I was both smart and rich too. And then my wife found my credit cards. :(

Hold on, didn't you train the dog to protect those for you?

The first thing she charged were dog treats. :( :( :(

The wealthiest people are those who live within their means. That is the real key. A little luck doesn't hurt either.

Malcolm says

The wealthiest people are those who live within their means. That is the real key. A little luck doesn't hurt either.

My brother-in-law is pretty wealthy. Only because the cheap bastard never stops freeloading off me. His only luck is having me as a brother-in-law.
Sadly, his good luck is my fucking bad luck.

jazz_music says

BayArea says

If you are so smart, why aren’t you rich?

This is my nutshell general criticism of engineers.

Their managers manipulate the shit out of engineers egos, and bitch the unions out of existence, while doing nothing but setting them up for early layoff for the sake of replacement by any class of worker who will accept lover pay as engineers benefits get ratcheted down with each year that passes, and the work-week gets longer.

Engineers could have done something about this 40 years ago and didn't.

Why?

Well, it turns out that they are not that smart. They are conned into believing that they are management and almost like equity share employees even as they get separated from the value of everything they create.

So sad really that they never organized to pus...

Spot on!

Finance guys, they demand money
Lawyers, they demand money
Doctors, they demand money

Engineers? Shiiiiiiit, your average smart low self esteem engineer blew it...

Malcolm says

The wealthiest people are those who live within their means. That is the real key. A little luck doesn't hurt either.

That's the most basic of basic concepts, and one that 2/3rds of the population can't figure out.

Just save 10% of your pre-tax income in a retirement account, then save 10% of your post-tax income for emergencies, and live on the rest.

You'll retire as a King!

And it takes no luck.

Strategist says

My brother-in-law is pretty wealthy. Only because the cheap bastard never stops freeloading off me. His only luck is having me as a brother-in-law.
Sadly, his good luck is my fucking bad luck.

Set the dog loose on him, and hope he has no treats in his pocket.

MrMagic says

Strategist says

My brother-in-law is pretty wealthy. Only because the cheap bastard never stops freeloading off me. His only luck is having me as a brother-in-law.
Sadly, his good luck is my fucking bad luck.

Set the dog loose on him, and hope he has no treats in his pocket.

That's a great idea. He hates dogs, especially my baby. She does not like him either.
As for treats, he is too cheap to buy treats for dogs. I'm just glad he is too cheap to buy dog poison.

Such a sad thread seeing some of you blame the rich folks for their success.

There’s no guarantee being smart will make you rich. Getting rich requires passion, persistence and perseverance, but most importantly, it requires luck. You don’t have to be smart to be rich, but you need luck to be rich. It’s that simple.

i was born smart yet i was not born rich. sad life eh? http://bit.ly/cannabisterms

BayArea says

Every one of my close friends who is a millionaire (I have several), share those two characteristics.

A million ain't much anymore. It was a lot in the day of Milburn Drysdale, Jed Clampet's banker, but the Beverly Hillbillies was on in the 1960's.

E-man says

There’s no guarantee being smart will make you rich. Getting rich requires passion, persistence and perseverance, but most importantly, it requires luck. You don’t have to be smart to be rich, but you need luck to be rich. It’s that simple.

Hollywood celebrities, Professional sports, heirs, lottery winners, would be examples of the dumb and the rich.
Pro Football players and and Boxers in particular.

willywonka says

BayArea says

Every one of my close friends who is a millionaire (I have several), share those two characteristics.

A million ain't much anymore. It was a lot in the day of Milburn Drysdale, Jed Clampet's banker, but the Beverly Hillbillies was on in the 1960's.

It's a lot more than the median amount Baby Boomers have saved up at $78K.

Strategist says

My brother-in-law is pretty wealthy. Only because the cheap bastard never stops freeloading off me. His only luck is having me as a brother-in-law.
Sadly, his good luck is my fucking bad luck.

I have a similar brother-in-law story. He is one of those flashy "rich" people. It's all show. Horrible credit and a house that has been in foreclosure since the last bubble burst. Is being rich just the material stuff? Or is being rich that feeling of not owing anyone anything?

I prefer to rent my toys and live modestly so that I can enjoy a week beachfront on Maui once a year. I prefer that over owning a large house that has now been chopped up into rental units where instead of paying down liabilities, all of your resources go towards legal costs avoiding foreclosure and dodging a never ending list of creditors.

BayArea says

This is my nutshell general criticism of engineers.

Their managers manipulate the shit out of engineers egos, and bitch the unions out of existence, while doing nothing but setting them up for early layoff for the sake of replacement by any class of worker who will accept lover pay as engineers benefits get ratcheted down with each year that passes, and the work-week gets longer.

Engineers could have done something about this 40 years ago and didn't.

Why?

Well, it turns out that they are not that smart. They are conned into believing that they are management and almost like equity share employees even as they get separated from the value of everything they create.

So sad really that they never organized to pus...

I almost chose engineering. Thank God I didn't. They are, IMO, the people this topic is aimed at. I have never seen anything quite like working in a design company full of and run by engineers and scientists. In their own way, all of them brilliant people, but they're absolute failures in a team environment. They were terrible with their finances, many were bandwagon jumpers during the housing run-up. They live like gypsies, moving from one job to the next, just back and forth wherever the next doomed startup pops up. They basically have a career of paying student loans, moving trucks and selling costs. They live near the beach, but don't walk on the beach but once every five years or so and the occasional company picnic. They're miserable introverts who do marry the parasitic type of wife who run them further into debt and shame them when they eventually get laid off. Think of the guy in the ??????? commercial, only not as assertive as that guy.

Malcolm says

I almost chose engineering. Thank God I didn't. They are, IMO, the people this topic is aimed at. I have never seen anything quite like working in a design company full of and run by engineers and scientists. In their own way, all of them brilliant people, but they're absolute failures in a team environment.

If it wasn't for engineers, you'd still be driving a Model T Ford, watching a black and white TV, carrying a cellphone the size of a briefcase, buying everything at a brick and mortar store, writing checks or paying cash instead of swiping, driving everywhere instead of flying, mailing letters instead of sending email or texts, etc. etc. etc.

You should go give those engineers a nice BIG kiss for making your life better!!!!!!!

If you are so smart, why aren’t you rich?

I think we need to set the premise. How much is needed to be rich? Is it at least one million in assets? My goal to retire is $1million in assets not including the paid for house. I am right about there. But I am not smart, I am a averaged intelligence fellow who came from an "Appalachian" background and was determined not to be poor.

MrMagic says

If it wasn't for engineers, you'd still be driving a Model T Ford, watching a black and white TV, carrying a cellphone the size of a briefcase, buying everything at a brick and mortar store, writing checks or paying cash instead of swiping, driving everywhere instead of flying, mailing letters instead of sending email or texts, etc. etc. etc.

Not even that. More like walking everywhere wrapped in animal hides. Kinda like Native Americans.

DASKAA says

Not even that. More like walking everywhere wrapped in animal hides.

That actually sounds kinda kinky!!