How do you deal with being wealthy or suddenly having lots of money?
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What I have learned is that most who are without much money are that way because of poor decisions; yet they are not necessarily unhappy. Unhappiness I think is something not correlated very well with wealth. I have known impoverished people that are happy and wealthy that are unhappy. What can I learn from this? I think I know.
This is actually true. One reason maybe is because, they've spent their money unwisely. Since they aren't used to handling that big of a money, they don't know what to do with it. And would end of getting bad advices from the people around them.Quote from dandxg:
Well unfortunately if you look at the stats on those who have won the lottery, a number of them end up miserable and broke within a few years.
It all about your value system. I am generally frugal with some exceptions. If I won or made $1 million in 1 year I won't buy a Ferrari. It's just not me. Mercedes maybe.The value money brings to me is financial security not the lifestyle it can bring.
But if I do actually at one point become wealthy, I would surely invest them. Just like dandxg, I am usually frugal in everything except food. lol. So it's not that hard for me to really save up and invest.
This is very true. I have about 1/4 the friends I used to have. Not anything of my own doing but their wives would get pissed to see the nice things me and my wife could have on a whim. Pretty sad but the truth is you cannot have friends that are not as wealthy as you are.
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.
False. You cannot conspicuously consume in front of poorer friends and expect them none of them to think you're a bit of an asshole. But you can definitely have friends who are far richer or poorer than you.