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

By BayArea following x   2018 Aug 20, 10:53pm 3,595 views   71 comments   watch   nsfw   quote     share    


I was thinking about all the friends I have known in my life.

The smartest ones, the ones I consider the sharpest, the most clever, highest IQ, are not the richest.

The richest are the ones that are relentlessly motivated and relationship focused. Every one of my close friends who is a millionaire (I have several), share those two characteristics.

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32   MrMagic   ignore (11)   2019 Jan 3, 8:04pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

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.
33   MrMagic   ignore (11)   2019 Jan 3, 8:05pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

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.
34   Strategist   ignore (2)   2019 Jan 3, 8:23pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

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.
35   E-man   ignore (0)   2019 Jan 3, 11:22pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

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.
36   stevewonders   ignore (0)   2019 Jan 3, 11:50pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

i was born smart yet i was not born rich. sad life eh? http://bit.ly/cannabisterms
37   willywonka   ignore (3)   2019 Jan 4, 2:59am   ↑ like (1)   ↓ dislike (0)   quote   flag        

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.
38   Strategist   ignore (2)   2019 Jan 4, 7:10am   ↑ like (1)   ↓ dislike (0)   quote   flag        

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.
39   MrMagic   ignore (11)   2019 Jan 4, 8:16am   ↑ like (0)   ↓ dislike (0)   quote   flag        

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.
40   Malcolm   ignore (1)   2019 Jan 4, 8:24am   ↑ like (0)   ↓ dislike (0)   quote   flag        

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.
41   Malcolm   ignore (1)   2019 Jan 4, 8:40am   ↑ like (0)   ↓ dislike (0)   quote   flag        

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 𝘚𝘶𝘻𝘢𝘯𝘯𝘦 commercial, only not as assertive as that guy.
42   MrMagic   ignore (11)   2019 Jan 4, 8:46am   ↑ like (1)   ↓ dislike (0)   quote   flag        

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!!!!!!!
43   HeadSet   ignore (1)   2019 Jan 6, 2:46pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

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.
44   Hugolas_Madurez   ignore (4)   2019 Jan 6, 2:50pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

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.
45   ThreeBays   ignore (0)   2019 Jan 6, 4:46pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Getting rich requires hard work and sacrifice! Look at Trump's struggles. Trump bought an apple for $1 but instead of eating it himself, he cleaned it nicely, and sold it for $2 making a profit. He took the money from that investment and bought two apples, cleaned them nicely, and sold them for $4. Then his daddy died and he inherited an empire. But you're missing the point, he did a lot of hard work and sacrifice. The end.
46   MrMagic   ignore (11)   2019 Jan 6, 7:42pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

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


That actually sounds kinda kinky!!
47   MrMagic   ignore (11)   2019 Jan 6, 7:44pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

ThreeBays says
Then his daddy died and he inherited an empire. But you're missing the point, he did a lot of hard work and sacrifice. The end.


Absolutely..

Trump took a million, and turned it into a Multi-Billion dollar organization.

What a fucking slacker.

Can we impeach him yet?

ThreeBays says
Getting rich requires hard work and sacrifice!


Does that mean you'll never get there?
48   ThreeBays   ignore (0)   2019 Jan 6, 9:42pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

MrMagic says
ThreeBays says
Getting rich requires hard work and sacrifice!


Does that mean you'll never get there?


I'm already there. Are you?
49   Strategist   ignore (2)   2019 Jan 6, 9:46pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

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


I finally figured out why I'm so smart, but not rich... I'm a future millionaire.
50   E-man   ignore (0)   2019 Jan 6, 10:06pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

HeadSet says
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.


In my opinion, one needs at least $3M in net worth with a free and clear house to be consider comfortable. At 4% withdrawal rate, that’s $10k/mo.

To be considered rich in term of finance, one must join the 1%er and have a net worth greater than $8M. That’s a good definition IMO. A million dollars doesn’t go very far nowadays.
51   MrMagic   ignore (11)   2019 Jan 7, 8:07am   ↑ like (0)   ↓ dislike (0)   quote   flag        

ThreeBays says
I'm already there. Are you?


I retired in my 50's, so no, I'm probably not there yet...

Oh, wait....
52   Hugolas_Madurez   ignore (4)   2019 Jan 7, 10:13am   ↑ like (0)   ↓ dislike (0)   quote   flag        

E-man says
A million dollars doesn’t go very far nowadays.


Hugely depends on location.
53   CBOEtrader   ignore (5)   2019 Jan 7, 10:16am   ↑ like (0)   ↓ dislike (0)   quote   flag        

DASKAA says
E-man says
A million dollars doesn’t go very far nowadays.


Hugely depends on location.


Can buy a mcmansion in Syria for far less
54   Hugolas_Madurez   ignore (4)   2019 Jan 7, 11:13am   ↑ like (0)   ↓ dislike (0)   quote   flag        

CBOEtrader says
DASKAA says
E-man says
A million dollars doesn’t go very far nowadays.


Hugely depends on location.


Can buy a mcmansion in Syria for far less


Fuck shitholes. There is still plenty of cheap & decent places in US and Europe.
55   MrMagic   ignore (11)   2019 Jan 7, 11:17am   ↑ like (0)   ↓ dislike (0)   quote   flag        

CBOEtrader says
DASKAA says
E-man says
A million dollars doesn’t go very far nowadays.


Hugely depends on location.


Can buy a mcmansion in Syria for far less


Or buy a few blocks of houses in Detroit.
56   Hugolas_Madurez   ignore (4)   2019 Jan 7, 12:36pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

MrMagic says
CBOEtrader says
DASKAA says
E-man says
A million dollars doesn’t go very far nowadays.


Hugely depends on location.


Can buy a mcmansion in Syria for far less


Or buy a few blocks of houses in Detroit.


Now that you mentioned Detroit the mcmansion in Syria suddenly doesn't sound all that crazy.
57   HeadSet   ignore (1)   2019 Jan 7, 2:05pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

E-man says
HeadSet says
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.


In my opinion, one needs at least $3M in net worth with a free and clear house to be consider comfortable. At 4% withdrawal rate, that’s $10k/mo.

To be considered rich in term of finance, one must join the 1%er and have a net worth greater than $8M. That’s a good definition IMO. A million dollars doesn’t go very far nowadays.



Well, I guess I will settle for being independently comfortable.
58   MrMagic   ignore (11)   2019 Jan 7, 3:31pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

E-man says
In my opinion, one needs at least $3M in net worth with a free and clear house to be consider comfortable. At 4% withdrawal rate, that’s $10k/mo.


Move out of the Bay Area and dump that electric golf cart (Tesla), you'd be amazed what $1 million will buy in other areas of the country.
59   ThreeBays   ignore (0)   2019 Jan 7, 3:58pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

MrMagic says
ThreeBays says
I'm already there. Are you?


I retired in my 50's, so no, I'm probably not there yet...

Oh, wait....


Good for you. My aim is $20~30M at retirement.
60   E-man   ignore (0)   2019 Jan 7, 4:27pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

DASKAA says
E-man says
A million dollars doesn’t go very far nowadays.


Hugely depends on location.


Well, you want a comfortable retirement right, not just go to some cheap place to retire and die. Home is where your family, kids and grandkids are, not some cheap place where you have to fly back to visit them a couple times a year. You want to have the resources so you can travel and do whatever the hell you want, not just getting by and calling it a retirement.

My mentor used to live in San Diego. He has one daughter with two grandkids. His son in-law got a job offer he couldn’t refuse so the family moved to North Carolina. My mentor and his wife didn’t know what to do so they sold their home in San Diego and moved to NC. Bought a brand new house on a 15,000 sf lot in Morrisville for less than 1/2 of the price of the home they sold here. He said that was the right decision. Home is where your family is.

Of course, everyone is different. YMMV.
61   Strategist   ignore (2)   2019 Jan 7, 4:38pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

MrMagic says
you'd be amazed what $1 million will buy in other areas of the country.


Lots of Teslas.
62   MrMagic   ignore (11)   2019 Jan 7, 6:06pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

E-man says
In my opinion, one needs at least $3M in net worth with a free and clear house to be consider comfortable. At 4% withdrawal rate, that’s $10k/mo.


What about Social Security and/or a pension? Someone who put away $3M for retirement should have a decent S.S. check each month or a decent pension check. Why would you leave that out of the equation? When that's added in, you won't need $3M to retire with $10K/mo.

I'll never understand this California math.
63   MrMagic   ignore (11)   2019 Jan 7, 6:07pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

ThreeBays says
Good for you. My aim is $20~30M at retirement.


Which Socialist program that you're involved with is going to provide that for you?
64   Hugolas_Madurez   ignore (4)   2019 Jan 7, 6:16pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

E-man says
DASKAA says
E-man says
A million dollars doesn’t go very far nowadays.


Hugely depends on location.


Well, you want a comfortable retirement right, not just go to some cheap place to retire and die.


There are still plenty of comfortable places to retire which are not carrying insane overpricing and overcrowding of SFBA. It's a false dichotomy.
65   Hugolas_Madurez   ignore (4)   2019 Jan 7, 6:18pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

E-man says
sold their home in San Diego and moved to NC. Bought a brand new house on a 15,000 sf lot in Morrisville for less than 1/2 of the price of the home they sold here.


Here you go. Good example.
66   E-man   ignore (0)   2019 Jan 7, 7:45pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

DASKAA says
E-man says
sold their home in San Diego and moved to NC. Bought a brand new house on a 15,000 sf lot in Morrisville for less than 1/2 of the price of the home they sold here.


Here you go. Good example.


The point is, when you’re retire, you want to live where your family is, not move to some cheap place to retire and die due to the lack of resources. He moved to NC b/c of his daughter and grandkids. If it weren’t for them, he would have never moved there.

With respect to retirement, I checked out of my W-2 at the age of 36 and retired at 40. I don’t want to be an old fart retiring in my 60’s and driving a sports car like a corvette or a Porsche. I want to be able to do it while I still have some youth.

My income in the last several years have exceeded my W-2 salary by a mile and I pay less in taxes due to passive income and a chunk of the income is off-set by depreciation. What’s not to love about this great country?

Time is the most precious commodity money can buy until our time on this earth runs out. I’ve been owning my time and getting to do whatever the hell I want w/o answering to anyone. It’s freaking awesome. FREEDOM!
67   ThreeBays   ignore (0)   2019 Jan 7, 8:27pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

MrMagic says
ThreeBays says
Good for you. My aim is $20~30M at retirement.


Which Socialist program that you're involved with is going to provide that for you?


Self made, with thanks to a completely free (to me) higher education in another country.
68   MrMagic   ignore (11)   2019 Jan 7, 8:45pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

ThreeBays says
Which Socialist program that you're involved with is going to provide that for you?


Self made, with thanks to a completely free (to me) higher education in another country.


See, I was right ... Socialist education (someone else, not you, paid for it).

Why am I not surprised?
69   ThreeBays   ignore (0)   2019 Jan 8, 9:35am   ↑ like (0)   ↓ dislike (0)   quote   flag        

MrMagic says
See, I was right ... Socialist education (someone else, not you, paid for it).

Why am I not surprised?


As it should be. Are the schools, police, and military, Soclialist?
70   MrMagic   ignore (11)   2019 Jan 8, 9:56am   ↑ like (0)   ↓ dislike (0)   quote   flag        

ThreeBays says
Self made, with thanks to a completely free (to me) higher education in another country.




ThreeBays says
Are the schools, police, and military, Soclialist?


Ahhh, there it is, the typical narrative parroted by the Liberals... Ha Ha Ha
71   Nobody   ignore (0)   2019 Jan 8, 10:22am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Wait, Bill Gates went to Harvard. Mark W went to Harvard. Warren Buffet and D. Trump went to Wharton. The list of smart people who happened to be the one of the richest continues.... One should not use their ability to gauge other's intelligence.

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