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Side Walk Vs. Fastlane Discussion

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Mattie

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OleksiyRybakov

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Interesting episode. I would like to watch a similar episode comparing rich people to middle-class people.
 

Mattie

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Mattie

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Antifragile

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The new reality is that making 6 figures back 30 years ago is same as today making 7 figures. And in world class cities, that won’t make you “rich”.

Edit: to feel rich, you need to have “f*ck you money”. And that doesn’t start until well past the low 8 figures.
 

WJK

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I think the big step is to become financially independent. That means to me, that I can comfortably pay my bills without having to work a job or a career -- although I am dependent on my businesses and passive income sources.

I hear that five million is equal to what was one million when I was a young pup. The years have totally eroded the value of money. Minimum wage back then was $1.65 per hour. A muscle car was around $3,500 and my first little house was $27,500. So, being a millionaire really meant something then.
 

MJ DeMarco

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As I like to say, a millionaire today (when used in some guru marketing pitch) is about as impressive as a used Toyota Camry.
 

OleksiyRybakov

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I think that the reason why millionaires are nothing special anymore is because in the US the liabilities are quite high. Also, the salaries for some professions are exorbitant in the US. I know at least 100 computer scientists but I have never seen one earning 200,000$ gross in Germany. My current technical lead might get a salary like this but even this is something I would not bet on.
 

ljean

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Rate of return has a lot to do with the FU amount required. Someone earning 4%/yr needs 3x someone earning 12%/yr.
 

jdm667

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Rate of return has a lot to do with the FU amount required. Someone earning 4%/yr needs 3x someone earning 12%/yr.
Good point. The low interest rates today make it that much harder to earn FU money from a given chunk of cash.

You could get double digit interest rates on CDs in the 80's. Now you get half a percent - don't spend it all in one place.
 

WJK

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Good point. The low interest rates today make it that much harder to earn FU money from a given chunk of cash.

You could get double digit interest rates on CDs in the 80's. Now you get half a percent - don't spend it all in one place.
And that's why I work so hard on my trust deed side business and rehabbing my old mobile homes to get them ready to rent. I get a much better return from both of those businesses. Neither are scalable, but they both have a very reliable return $ for $.
 

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Antifragile

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Rate of return has a lot to do with the FU amount required. Someone earning 4%/yr needs 3x someone earning 12%/yr.
FU money is just that, not depending on rate of return.
If you have $100m+ Net worth, it’s all good.
And in the 80s when the interest rates went double digit, rate of return was “great” but the economy was in the dumps.
Just saying that there is a difference between your “exit number” and “f*ck you money number”.
 

jdm667

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FU money is just that, not depending on rate of return.
If you have $100m+ Net worth, it’s all good.
I wish that were true. With the U.S. government addicted to the printing press, I'm not so sure anymore. Just ask people in Zimbabwe who had $100m how they feel about that now...

That's why you need a business with income that scales up along with inflation. Otherwise, the government can just inflate away the value of your money via the sneaky tax of money printing. In that situation, even a big lump sum might not help you.

Of course, there's always the supply chain issues we are seeing now - empty shelves don't care about the size of your nest egg. If the store doesn't have it, you ain't getting it - no matter how wealthy you are.
 

OleksiyRybakov

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I wish that were true. With the U.S. government addicted to the printing press, I'm not so sure anymore. Just ask people in Zimbabwe who had $100m how they feel about that now...

That's why you need a business with income that scales up along with inflation. Otherwise, the government can just inflate away the value of your money via the sneaky tax of money printing. In that situation, even a big lump sum might not help you.

Of course, there's always the supply chain issues we are seeing now - empty shelves don't care about the size of your nest egg. If the store doesn't have it, you ain't getting it - no matter how wealthy you are.
The only solution is to become the government. This is why I became a member of a political party in May 2021.
 

Mattie

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The only solution is to become the government. This is why I became a member of a political party in May 2021.
This is no solution. Just because you work for the Government, does not mean you come up with any viable solutions. Many people serve every day in all kinds of branches.
 

OleksiyRybakov

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This is no solution. Just because you work for the Government, does not mean you come up with any viable solutions. Many people serve every day in all kinds of branches.
I am not talking about working for the government or serving. I am talking about becoming the government. And while this is still not a solution, it increases your power and influence to improve your chances to succeed.

It is always better to control the money printing press rather than hoping that the press does not erase your savings. It is always better to control an entire army rather than hoping that another country with nuclear forces does not attack you. Having such power requires you to become the government.
 

Antifragile

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I am not talking about working for the government or serving. I am talking about becoming the government. And while this is still not a solution, it increases your power and influence to improve your chances to succeed.

It is always better to control the money printing press rather than hoping that the press does not erase your savings. It is always better to control an entire army rather than hoping that another country with nuclear forces does not attack you. Having such power requires you to become the government.

Calm down Adolf, calm down.
 

thechosen1

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I am not talking about working for the government or serving. I am talking about becoming the government. And while this is still not a solution, it increases your power and influence to improve your chances to succeed.

It is always better to control the money printing press rather than hoping that the press does not erase your savings. It is always better to control an entire army rather than hoping that another country with nuclear forces does not attack you. Having such power requires you to become the government.
There is a bit of truth here.

Entrepreneurs who become city councilmen, congressmen, and senators do get a lot of "unfair" advantages.

Of course, you can just network instead.
 

OleksiyRybakov

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For me, becoming the government has nothing to do with getting unfair advantages or becoming a dictator. I am certainly not interested in breaking the laws and consitutions even when having the power. Some people believe that dictators have the ultimate control, but dictators can only make people afraid of them. Dictators do not feel loved by their people and live in constant fear themselves. Also, those unfair advantages do not provide value to the society and I do not need anything unfair.

Taking over control has more to do with protection of your own assets. I am sure that in 2013 there were lots of great entrepreneurs in Donetsk (Ukraine). Some of them were millionaires and maybe even multi-millionaires. However, the president of Ukraine Victor Yanukovich was quite pro-Russian and corrupt and he did not finance the Ukrainian army well enough. In 2014 Russia started a war against Ukraine and those entrepreneurs lost everything. I don't want such things happen to me, my family or any country and becoming politically engaged is a great opportunity to help every entrepreneur in your country succeed.

Of course, networking is also important.
 
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