I’ll add that you need to grind to max income you can possibly achieve for 5-10 years, then you can let off the throttle and find something you’ve always wanted to do.
There are a lot of people who pursue money because they think it will help them find happiness...then once they get it they become depressed as they find out that it doesn't and then realize what it actually cost them.
Agreed. There certainly are associated costs and those costs are time and relationships along the way. I’ve been fortunate in that working remote since 2000 I was able to arrange my life as advantageously as possible. And the luxury of affording a house husband when the kids were all small was a huge net positive, eventual divorce notwithstanding. I missed a lot of moments but their father didn’t. That was the trade off. And he’s a loving nuturing father, which many men are not.
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I wouldnt trade working remotely for a bigger paycheck.
70% of the world lives on $900 a month or less. People need perspective. Everyone looks towards those who have more than them, but there are far more people on this planet that have far less.
The best thing you can do long term is when you start making more money do not upgrade your lifestyle and aggressively invest for the next 5-10yrs. Once you reach upper 6- low7 figure net worth in liquid assets you start to reach escape velocity where a 5-10% return is really meaningful and you have many years for it to compound. When you start doing the luxury buys and lifestyle you basically eat up those income increases. It is also a lot harder to dial your lifestyle back when you get used to living that way. "A luxury once tasted becomes a necessity"
100% agree. My personal finance accountant has it all down to percentages when it comes to what I can comfortably spend. Its the same with stuff like credit utilization, if you stay below a certain % of your overall credit allowance it benefits your credit score greatly. I grew up super poor but I learned the value of money very well so I can never see myself just blowing money carelessly. I got friends who send me houses I should buy all the time and tell me about the market for years and I don't feel the need to buy a house even though it was a dream of mine..
You are correct that money is just a shared belief that it does in fact have value. It is however an integral piece of society both positively and negatively. This will be oversimplified but money is basically stored energy and a form of communication. You are paid for your labor and that energy can then be transferred to other goods and services. With commodity money that energy is used to mine, drill, farm etc It is a very important piece in efficient commerce and also a nations prosperity. Many advancements in history have had a standard sound money component to facilitate trade. On the flip side, almost every great civilization that fell the corruption of the money was also present. This is why you see many resource rich countries unable to get past 3rd world level. Just about every fiat system through history has failed. humans always get greedy and screw it up at some point. If you think of money like a battery, the power loss(purchasing power) over time is the addition to the money supply. In a gold backed system, average supply is limited to mining constraints that averaged around 2% yearly. In a fiat system there are no limits or constraints and that effectively destroys price signals(communication). Since rocks are not scarce it is essentially a fiat system. A lot of human behavior changes based on monetary policy across many parts of people's lives.
Where did you read that at?
Jordan Peterson has mentioned it a few times and I remember hearing it in general. I don't think it holds much weight either way.
Short answer. Probably around $20m networth with residual income coming in that covers all your expenses and cost. This would be an amount for a family to live comfortably off of in upper middle class lifestyle. $50m and you'll be able to live upper class life with family. Remove the family and you can probably ball out with $20m net worth. The goal is financial freedom enough to live the lifestyle you want. But having this without discipline is meaningless. I made millions, and spent millions. A few million is still not enough to ball out. You'll be done in a year.
exactly. Money doesn't buy happiness.
