How do you deal with being wealthy or suddenly having lots of money?

[EMRGLOBAL]

It's strange to go from worring about making money to worring about what to do with all that is coming in.

I started to just, live. Stop worring about how much I have in the bank....what I can and can't afford. I play on cash and cash only, from a car to looking to put half down on property, in cash, cash becomes king.

You can't become to worried about how much money your money will make for you..., what your money will make sitting in a Jumbo, or in a safe but low yield investment. Just beaware of what your have and what investment vehicals are yielding for you ...but don't worry. You, think about more Tangable things, like starting a company, depending on your cash flow.... rebuilding classic cars.....buying land, ....and for me, less about putting money to work in the markets and more on "Hard Assets".

The biggest is having some grounding in spirtual ways...regardless....it keeps you level.

but over all....spend it and enjoy life and give money to Charity, whatever the cause you choose.....and never look back or question why did it happen to me....just roll with it.

 

[ChaosNSX]

Agree wholeheartedly.. Once you have reached a level of success and security the next step is to work and build a legacy utilizing some of the ideals Cutten mentioned.

Quote from Ghost of Cutten:

You get used to it. Personally I haven't noticed much difference from being broke and being well off by normal standards. Overall I think money is massively overrated in importance, and I wish I had focused less time on it.

There is plenty of money in the world. What there is a shortage of is good ideas, creativity, effort, integrity, originality, daring, adventure, wisdom etc. My advice would be to pursue the latter ideals not the former.

One of the sadder sights in the world is seeing a washed-up husk of a former investment banker or trader flailing around at 50, who never loved the game and just did it for the money, and now has a few mill in the bank but nothing interesting to do with their life. Would you sell 30 years of your life for $ million? I wouldn't. Even a lot of the whales are living pointless lives, guys like Steve Cohen end up fat, bald, and old, buying overpriced blobs of paint and stuffed animals to try and convince themselves their lives are not meaningless.

IMO you should not do something you do not find meaningful in the long run.

 

[retaildaytrader]

People in their 20s usually worship money. As you get older, money is not so important as much as time.

 

[blackjack007]

Quote from u21c3f6:


Unfortunately, conversations with someone that does not have the same finances becomes very difficult. I would like to talk about my travel experiences or new restaurants or dishes I have tried but to do so risks getting the response quoted above. So I have to muzzle myself to prevent from looking like "an asshole" or rubbing salt in a wound.

The harder part for me is to listen to people talk about how everything is unfair and what was "done" to them and again I have to muzzle myself because most of them have created their situation from choices they made but to tell them that or even try to help them recognize that so they can do better again risks the response given above.

in this economy, conspicuous consumption does cause jealousy to come out. you know what illicits the most passionate opinions (good and bad) from people, is an exotic car. when i got my f430, word spread among my circle of acquaintances and former co-workers and i knew some of them hated my decision to buy this. an ex-friend of mine got into a very hot debate about why i bought that car instead of donating the money. in reality these people are just disguising their jealousy as compassion, because i know these posers. if they had the money they would have done the same.

in the end i can give a shit about what they think i should do with my money. whether i should spend it on a 200k car that gets 14 mpg and buy gifts for cute 20-somethings, or whether i donate it to some fvcking "save the rare double-tailed desert hummingbird" campaign. it's my money.

 

[blackjack007]

Quote from ChaosNSX:

Agree wholeheartedly.. Once you have reached a level of success and security the next step is to work and build a legacy utilizing some of the ideals Cutten mentioned.

i don't know. some people are driven to succeed more, even once they reach success.

i told myself a few years ago i'd be satifisfied with $xxxx networth, which would be plenty to retire with a upper-middle class lifestyle. well, i have $xxxx now and i'm not satisified.

i believe successful people have a fundamental drive, and it is not achieved simply because they earn $xx or have $zz networth.

 

[ChaosNSX]

I would agreed with that. My point is that fundamental drive you mention shifts from one about "accumulation" for accumulations sake, to one about being driven to "create something" like Cutten mentioned.

Quote from blackjack007:

i don't know. some people are driven to succeed more, even once they reach success.

i told myself a few years ago i'd be satifisfied with $xxxx networth, which would be plenty to retire with a upper-middle class lifestyle. well, i have $xxxx now and i'm not satisified.

i believe successful people have a fundamental drive, and it is not achieved simply because they earn $xx or have $zz networth.

 

[MohdSalleh]

Quote from blackjack007:

i don't know. some people are driven to succeed more, even once they reach success.

i told myself a few years ago i'd be satifisfied with $xxxx networth, which would be plenty to retire with a upper-middle class lifestyle. well, i have $xxxx now and i'm not satisified.

i believe successful people have a fundamental drive, and it is not achieved simply because they earn $xx or have $zz networth.

you will never be satisfied, as the buddhist philosopher Shantideva said," All suffering is due to self cherishing, All happiness is due to compassion."

 

[Debaser82]

Quote from MohdSalleh:

you will never be satisfied, as the buddhist philosopher Shantideva said," All suffering is due to self cherishing, All happiness is due to compassion."

Great quote.

You are like the Morrisey of ET, Modsalleh.

 

[coolweb]

Quote from MohdSalleh:

you will never be satisfied, as the buddhist philosopher Shantideva said," All suffering is due to self cherishing, All happiness is due to compassion."

shantideva yelling that out from his straw hut.
happy = compassion is true though.

 

[retaildaytrader]

A lot of people out there have these high hopes that they can "create something" like the cure for cancer or build a company like Microsoft. The truth of the matter is that the majority of us will never create anything earth shattering. However, we can contribute to society by doing things like donating to the Red Cross, donating blood and other little things every day. We can make a difference by being quality parents or simply being a positive influence and encourage the people around us...our loved ones, our friends.

Quite honestly, I would not focus on wealth accumulation or creating something, but having fun and being a positive influence on the world. Be happy with what you can do, but do not be sad or regretful of what you can't do. Focus on encouraging others to do the right thing and develop themselves. Do your job at work and treat people right. Make them smile and be a positive influence...set the example...

When was the last time any of you went to a blood drive? When was the last time any of you sat down with someone you are related to or friends with and tried to encourage them? How about simply going to a town meeting and seeing how you can help with the issues where you live? I sent in my donations to 7 different charities a month back and will do so again in another 6 months. I went to a blood drive yesterday and will do so again in another 3 months. Such contributions are small, but impact society none the less.

When you wake up in the morning, ask yourself how you can be happier today and what you can do to encourage others and help out even in the smallest way. Stop thinking about cars and such things...simply give your family members a call and have a meeting with them focusing on development and encouragement. Give it a try...

Quote from ChaosNSX:

I would agreed with that. My point is that fundamental drive you mention shifts from one about "accumulation" for accumulations sake, to one about being driven to "create something" like Cutten mentioned.