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The Rich and the Wealthy

Making your money go further
GeoffF100
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The Rich and the Wealthy

#497709

Postby GeoffF100 » April 30th, 2022, 4:25 pm

I cannot think where else to post this: "The Rich and the Wealthy":

https://www.collaborativefund.com/blog/ ... e-wealthy/

A very thought provoking article. You can only be happy if you limit your expectations. Thrift is good.

UncleEbenezer
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Re: The Rich and the Wealthy

#497746

Postby UncleEbenezer » April 30th, 2022, 8:41 pm

GeoffF100 wrote:I cannot think where else to post this: "The Rich and the Wealthy":

https://www.collaborativefund.com/blog/ ... e-wealthy/

A very thought provoking article. You can only be happy if you limit your expectations. Thrift is good.

Not a bad article, but not exactly new.

For example, this year is the centenary of F Scott Fitzgerald's The Beautiful and Damned, a very bleak story on the subject.

Lootman
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Re: The Rich and the Wealthy

#497794

Postby Lootman » May 1st, 2022, 7:17 am

I sometimes wonder whether articles about how the rich are not happy are written by people who are neither.

As far as I have seen the two factors are orthogonal.

As an aside I have been to that Biltmore House and it is fabulous.

scrumpyjack
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Re: The Rich and the Wealthy

#497809

Postby scrumpyjack » May 1st, 2022, 9:55 am

Well, as the old joke goes, at least you can be miserable in comfort :D

CliffEdge
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Re: The Rich and the Wealthy

#497815

Postby CliffEdge » May 1st, 2022, 10:56 am

Lootman wrote:I sometimes wonder whether articles about how the rich are not happy are written by people who are neither.

As far as I have seen the two factors are orthogonal.

As an aside I have been to that Biltmore House and it is fabulous.

I'm sure there are many rich people who are very happy, and poor people who are miserable.

servodude
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Re: The Rich and the Wealthy

#497834

Postby servodude » May 1st, 2022, 12:04 pm

CliffEdge wrote:
Lootman wrote:I sometimes wonder whether articles about how the rich are not happy are written by people who are neither.

As far as I have seen the two factors are orthogonal.

As an aside I have been to that Biltmore House and it is fabulous.

I'm sure there are many rich people who are very happy, and poor people who are miserable.


Yeah but Looty's absolutely right; Happiness and Wealth on are orthogonal
even if your position on either axis might depend on the other
the axes themselves are strictly "linearly independent"
- just look at any group of weans and count the laughs and crying ;)
They've no idea of their financial worth

88V8
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Re: The Rich and the Wealthy

#497920

Postby 88V8 » May 1st, 2022, 6:57 pm

CliffEdge wrote:
Lootman wrote:I sometimes wonder whether articles about how the rich are not happy are written by people who are neither.
As far as I have seen the two factors are orthogonal.

I'm sure there are many rich people who are very happy, and poor people who are miserable.

Boris Becker was happy, one presumes. Now he's not.
From the article...
I’m always interested in the difference between getting rich and staying rich. They are completely different things, and many of those skilled at the former fail at the latter.
Indeed, for some people getting rich is the game. Once they are, they don't know what to do with it. And hanging on to one's money can become a worry.

I'm fairly rich, as the average goes. But sometimes not happy. To be happy, one only needs enough, whatever enough is. The rest must come from within.

Never thought of this as orthogonal, in fact never thought of anything as orthogonal, new word.....

V8

Itsallaguess
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Re: The Rich and the Wealthy

#497962

Postby Itsallaguess » May 2nd, 2022, 7:44 am

88V8 wrote:
To be happy, one only needs enough, whatever enough is.


At first it's enough money.

Then it's enough time...

Cheers,

Itsallaguess

scotview
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Re: The Rich and the Wealthy

#497963

Postby scotview » May 2nd, 2022, 7:51 am

Itsallaguess wrote:
At first it's enough money.

Then it's enough time...


And enough health.

pje16
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Re: The Rich and the Wealthy

#497965

Postby pje16 » May 2nd, 2022, 8:10 am

Money doesn't buy happiness
it just rents it for a while :lol:

DrFfybes
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Re: The Rich and the Wealthy

#497974

Postby DrFfybes » May 2nd, 2022, 9:30 am

Itsallaguess wrote:
88V8 wrote:
To be happy, one only needs enough, whatever enough is.


At first it's enough money.

Then it's enough time..


The difficulty comes in working out when you have enough of one to start to trade it for the other, as too much of either can cause issues.

And then then you need to balance it with still having enough health to make use of the other 2.

Paul

scrumpyjack
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Re: The Rich and the Wealthy

#497989

Postby scrumpyjack » May 2nd, 2022, 10:50 am

'Rich / Wealthy'? Define?

Everything is relative and it depends who you mix with, and also whether you have always been brought up in wealth, and so take it for granted, or came from nothing and made it yourself.

No doubt Fergie and Prince Andrew don't consider themselves wealthy as they have always surrounded themselves with people vastly richer and have had an unfortunate habit of spending more than they had.

As I recall the 'wealth' managers talk of ultra high net worth people as those having $30m or more, whilst one older definition was if you could live comfortably on the interest on the interest.

How long is a piece of string?

stevensfo
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Re: The Rich and the Wealthy

#498210

Postby stevensfo » May 3rd, 2022, 3:37 pm

UncleEbenezer wrote:
GeoffF100 wrote:I cannot think where else to post this: "The Rich and the Wealthy":

https://www.collaborativefund.com/blog/ ... e-wealthy/

A very thought provoking article. You can only be happy if you limit your expectations. Thrift is good.

Not a bad article, but not exactly new.

For example, this year is the centenary of F Scott Fitzgerald's The Beautiful and Damned, a very bleak story on the subject.


I feel awful that although I read this novel, I cannot remember a thing about it. In my twenties, I was a great fan of his books, though mostly his short stories that he sold to magazines and his many collections of stories. I remember his first 'novel, 'This Side of Paradise' and of course, 'The Great Gatsby'. His short stories were on my list of 'cheering-up' reads, along with PG Wodehouse. The Pat Hobby stories were funny and I liked the way that he always showed the woman having her revenge.

Steve

stevensfo
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Re: The Rich and the Wealthy

#498213

Postby stevensfo » May 3rd, 2022, 3:45 pm

scrumpyjack wrote:Well, as the old joke goes, at least you can be miserable in comfort :D


Or... Better to be miserable driving a Ferrari than miserable riding a bike! 8-)

Steve

PS Though the scientific and LBYM part of me would ask how much am I paying for insurance, maintenance, road tax, new wheels....etc for having a car that can do 200 mph but the village is 20mph! :lol:

pje16
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Re: The Rich and the Wealthy

#498217

Postby pje16 » May 3rd, 2022, 4:01 pm

When I was teenager and driving old bangers, my standard quip to mickey takers was
Third class driving beats fIrst class walking (especially in the rain) :lol:

stevensfo
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Re: The Rich and the Wealthy

#498219

Postby stevensfo » May 3rd, 2022, 4:05 pm

I also like this bit:

Part of the reason home affordability is lower today than in previous generations is because the average new home is a third larger than it used to be; millions of Americans haven’t saved enough to retire, but just a few generations ago the entire concept of retirement was a dream.


You can tell it's from the USA!

The quote,
the average new home is a third larger than it used to be
in the UK should be:
the average new home is a third smaller than it used to be
I have to concur, since there was a time when ceilings were high up, whereas in new homes now, you can touch them quite easily and in a 4-bedroom house, two of the bedrooms will be the size of a large cupboard! :lol:


Steve

DrFfybes
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Re: The Rich and the Wealthy

#498233

Postby DrFfybes » May 3rd, 2022, 5:05 pm

stevensfo wrote:PS Though the scientific and LBYM part of me would ask how much am I paying for insurance, maintenance, road tax, new wheels....etc for having a car that can do 200 mph but the village is 20mph! :lol:


As this is LBYM, having spent years LBYMing, we find ourselves struggling to Live Up To Our Means.

We wanted to retire early, so lived well within our means and saved quite a bit. We worked out that we could stop work and have plenty to cover our expenditure as was, then MrsF did join me in a life of leisure, and Covid arrived, so our spend dropped. Plus MrsF decided she quite enjoyed her job after all, and was worried about being bored, so is now back 3 days a week, which means our means (her pension plus salary plus investment income) actually exceeds our previous income, which we were living well within already.

And yet, dragging this back to the tangent above, we made the unusual move and taxed her sports car yesterday as at £50+/month once it gets to the middle of the month we think it is a lot of money for a couple of weeks, and a waste of money. This thinking meant it stayed in the garage most of the last 2 years, accumulating about 900 miles since the first lockdown (and 200 of those was when we moved house).

I know a lot of people struggle to LBYM out of pure financial necessity, but I think that for a lot of people it is either something they've been brought up to do, or haven't, and that "not spending on frivolities" mentalitly is hard to break.

Paul

Hariseldon58
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Re: The Rich and the Wealthy

#504606

Postby Hariseldon58 » June 3rd, 2022, 11:56 am

scrumpyjack wrote:'Rich / Wealthy'? Define?


As I recall the 'wealth' managers talk of ultra high net worth people as those having $30m or more, whilst one older definition was if you could live comfortably on the interest on the interest.

How long is a piece of string?


That sounds like rich is about 100x more than you ‘need’ on the second definition, probably about right !


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