[StudebacherHoch]

Thanks guys!

[DaveR]

(06-17-2013 10:47 AM)WestCoast Wrote:  

I will take your word for it if you're well off, so to all the people who no longer have to work for a living what do you guys do to burn all the extra free time?

Do you simply chase higher quality girls or are you simply building up new business opportunities?

Hopefully guys like Hooligan Harry see this but, overall assuming your expenses are in check, do you spend your time chasing more capital or do you basically spend all your time chasing down new girls 24/7/365?

I'm not going to indicate net worth here, but I will say I'm a tech. trader, so I can live anywhere I like and do whatever I like.

Some points in no particular order:

- It's very difficult to fill up so much free time, so you need to have some hobbies that take up a bit of your time. I studied Russian for a few years, and now I'm working through some maths that I didn't quite understand the first time in university.
- The fact that most people work to a schedule becomes very frustrating. The trading hours in Italy (with siesta) drive me up the wall. You have to seek out friends who are artists, designers, journalists, strippers and other professions which don't work to a schedule. "Prisoners" become frustrating as friends.
- I thought about getting someone else to trade my account, but I still get a kick out of the wins and it takes up some free time.
- The first few weeks exploring a new place gives me a buzz, so I tend to travel a lot. Sometimes I get friends to fly in if I like the place but not the locals.
- I find myself analysing things a lot in my head, drawing up plans for things I have no intention of doing.
- Find restaurants and cafes where the owner is friends with the patrons. They'll usually hook you up with people and give you interesting stuff to try.
- Really, you need to find your people. Life gets shallow if you don't have the right friends who are on the same plane as you.

[WestCoast]

Thanks! Welcome to the forum, as the year comes to a close I am laughing at my own question, but a lot of the answers in here were helpful.

[scandibro]

Why do lottery winners go broke and commit suicide after a wild spree. Or do you stupid shit like being playing poker professionally?

Why do 'thrifty savers' millionaires end up buying bread on sales even though they could afford imported good stuff?

Why does Mark Zuckerberg walk around in jeans and a grey t-shirt with his chubby asian girl?

Why does the plastic surgeon work 70 hour weeks even after being a multimillionaire?

Because we become our habits. You're not suddenly going to change 20 years of habit. If you want to be able to live a playboy lifestyle without working, then work at making money in a playboy lifestyle. If you want to retire with a beach bar, then get rich in the bar business.

Financial independence is not about 'having fun' or 'ballin out of control' like those retard celebs you see around. It's about security and freedom. That's what you get.

Why don't you look at how the old school rich people spend their time, people who'd never worked a day in their life? Plenty of books written about them.

[DaveR]

(11-16-2013 04:19 PM)WestCoast Wrote:  

Thanks! Welcome to the forum, as the year comes to a close I am laughing at my own question, but a lot of the answers in here were helpful.

So what did you decide in the end? I'm looking for ideas too. Eg. business ideas that would be fun but not tie up a lot of time or keep me in one location.

[JayJuanGee]

(11-17-2013 07:46 AM)DaveR Wrote:  

(11-16-2013 04:19 PM)WestCoast Wrote:  

Thanks! Welcome to the forum, as the year comes to a close I am laughing at my own question, but a lot of the answers in here were helpful.

So what did you decide in the end? I'm looking for ideas too. Eg. business ideas that would be fun but not tie up a lot of time or keep me in one location.

Wasn't some of the point of the thread more about whether or NOT a guy needs to have any business ideas and/or activities b/c he has already achieved a sufficient amount of passive or quasi-passive income in order NOT to have to work more than a few hours a week.

In that regard, guys seem to vary in their answers, and some say that they cannot resist the urge to continue to engage in work related activities and they continue to engage in such, and other guys talk about getting involved in hobbies to pass their time and to bring a certain level of enjoyment - that generally girl chasing is NOT enough of a hobby to keep a guy entertained and fulfilled.

Well, maybe OP has become somewhat bored with this thread b/c he found some kind of balance that works for him or for his planning? And, yes, it may be interesting to hear some of the specifics about what he has found to be his current thinking on this topic.

I remain interested in the ideas of the thread - b/c I continue to go through various planning for myself and in my mind, a guy does NOT need to be a millionaire in order to achieve such a stage, but if a guy has a sufficient income to live within his means and only has to work a few hours a week to sustain such a lifestyle, then what are the other ways that this kind of guy may spend his time for self-fulfillment? Does he engage in money-making activities or something else? And, maybe he plans to carry out a certain kind of lifestyle, yet life circumstances draw him away from his original plan. Maybe he gets bored, and goes back to a 40 hour job?

[DaveR]

When I wrote "business ideas" I meant for entertainment, not for making money...

[Cattle Rustler]

(06-17-2013 11:49 PM)germanico Wrote:  

(06-17-2013 08:35 PM)booshala Wrote:  

I've done actuarial analyses for small, wealthy cities like 90210 and Santa Monica and cops can easily clear $120k one year out of the academy with OT.

Fuck the police. I was making barely $500 a month as a police detective in Mexico, straight out of college.

Now that's something interesting you don't read every day. Germanico used to be a cop. Where you a municipal? 500 in DF sounds rough, my friend is a doc and gets 8000 pesos a month, teacher 6000.

[Vendetta]

I will be able to answer the OP's question in a year or two, all else being equal.

In the meantime....

   

[JohnQPublic]

(11-17-2013 01:36 PM)DaveR Wrote:  

When I wrote "business ideas" I meant for entertainment, not for making money...

You're talking about a "Lifestyle" Business. Those are businesses that people buy/Create to facilitate the lifestyle that they want to live. I met a guy once who was the owner of a top Tier women's fashion brand. He told me, this is not my main business, it's a lifestyle business. I just do it for fun. Other examples are George W. Bush, who owned the Texas Rangers baseball team and JFK Jr who ran George magazine. The lifestyle businesses mean you get surrounded by a certain kind of people and invited to all sorts of social events. People aren't doing these because they make more money doing it than they could make elsewhere, they do it for the fringe benefits.

But I think any business that's successful, even a lifestyle business, requires some kind of management, or they will eventually become less (and less) successful. Because once you can get anything that's good going, you can be sure that there are some guys, who don't care about *anything* else, out there working their butt off to get to where you are, and knock you down.

[JayJuanGee]

(11-17-2013 02:17 PM)Vendetta Wrote:  

I will be able to answer the OP's question in a year or two, all else being equal.

In the meantime....

Are you suggesting you are going to get rich by bitcoins? Hehehehe

And, however, you plan to become rich, or self-sufficient or whatever, it may NOT be too soon to start planning.

However, I would like to point out that sometimes guys will get too occupied with the planning before shoring up the vehicle that is going to achieve such self-sufficiency.. and in that regard, some guys are always just about to achieve the supposed self-sufficiency but never quite there... b/c the planned vehicle to such was a fantasy or a speculation with great odds rather than a realistic plan. Actually, there are a lot of situations like that in which there is a get rich quick scheme that never materialize, b/c it was a gamble, rather than a solid plan (and I will concede that nothing is 100%, even if you have achieved it, sometimes, you could lose it if you do NOT engage in sufficient capital preservation measures).

[Vendetta]

(11-17-2013 02:28 PM)JohnQPublic Wrote:  

(11-17-2013 01:36 PM)DaveR Wrote:  

When I wrote "business ideas" I meant for entertainment, not for making money...

You're talking about a "Lifestyle" Business. Those are businesses that people buy/Create to facilitate the lifestyle that they want to live. I met a guy once who was the owner of a top Tier women's fashion brand. He told me, this is not my main business, it's a lifestyle business. I just do it for fun. Other examples are George W. Bush, who owned the Texas Rangers baseball team and JFK Jr who ran George magazine. The lifestyle businesses mean you get surrounded by a certain kind of people and invited to all sorts of social events. People aren't doing these because they make more money doing it than they could make elsewhere, they do it for the fringe benefits.

But I think any business that's successful, even a lifestyle business, requires some kind of management, or they will eventually become less (and less) successful. Because once you can get anything that's good going, you can be sure that there are some guys, who don't care about *anything* else, out there working their butt off to get to where you are, and knock you down.

This is very interesting - there are a few businesses which always look a lot of fun and always have social events with lots of hot, sexy women at them.

The best way to determine what these are is by looking at the types of students who attend these courses at college/university.

Personally, I have always had a great interest in film but from my experience, film tends to attract quite introverted geeky guys and usually unattractive women.

On the flipside, I noticed that fashion and fine arts always had a high percentage of the very hottest and coolest girls (especially fashion design) And those two worlds often overlap quite heavily, with open Thursdays for example in London (small galleries open every Thursday night to the public and give out free beer) always attended by the hottest girls in those two worlds (hipsters mostly)

I remember as a kid, my mum had a friend who was a fashion designer and worked out of her big house. Always a buzz there, photographers, half-dressed models. The lifestyle business is an interesting concept.

When I have my millions, should I retrain as a fashion designer? No. But I could open a building of studio spaces for them to come and work in, or fund a designer whose work I believed in, or be the money man behind a string of trendy galleries - would I be welcomed to hang out there? Hell yes! Would I be surrounded by interesting and hot women? Hell yes!

A very curious idea...

But first things first... let's make the money.

[Vendetta]

(11-17-2013 03:21 PM)JayJuanGee Wrote:  

(11-17-2013 02:17 PM)Vendetta Wrote:  

I will be able to answer the OP's question in a year or two, all else being equal.

In the meantime....

Are you suggesting you are going to get rich by bitcoins? Hehehehe

And, however, you plan to become rich, or self-sufficient or whatever, it may NOT be too soon to start planning.

However, I would like to point out that sometimes guys will get too occupied with the planning before shoring up the vehicle that is going to achieve such self-sufficiency.. and in that regard, some guys are always just about to achieve the supposed self-sufficiency but never quite there... b/c the planned vehicle to such was a fantasy or a speculation with great odds rather than a realistic plan. Actually, there are a lot of situations like that in which there is a get rich quick scheme that never materialize, b/c it was a gamble, rather than a solid plan (and I will concede that nothing is 100%, even if you have achieved it, sometimes, you could lose it if you do NOT engage in sufficient capital preservation measures).

Haha, not Bitcoin! Too volatile, too many unknowns (although I am of course very jealous of that guy who just bought a house with his re-discovered Bitcoins!)

[Wahawahwah]

I'm 25 and live in a third world country. My current total assets are worth close to 6 mill. Translates to much more where I live.

Being relatively well off is fine and dandy but I want to cross the Billion mark. That's gonna take a long time. One advantage of being rich is it gives you a lot more degrees of freedom. You don't have to worry so much about hospitals, living, family etc.

Sometimes I work 100+hour weeks, sometimes less than 50. Depends. But think about business all the time. That's okay, bec I enjoy doing it usually. Game helped me way more in business than it did chasing tail.

I have only a 30 odd notch count but I'm comfortable with that. I'm in a monogamous relationship right now and that gives me a lot more time to focus on improving other aspects of my life.
When I can, I do amateur theatre. Bungee jumping. Occasional wine and dines.I read a lot. Soccer.

I'm also part of a few social groups in my city, but don't go too often. These clubs give me access to tap the experiences of other men. It helps to have mentors.

But mostly I think about making money.

[JayJuanGee]

(11-18-2013 04:24 AM)Sharkie Wrote:  

I'm 25 and live in a third world country. My current total assets are worth close to 6 mill. Translates to much more where I live.

Being relatively well off is fine and dandy but I want to cross the Billion mark. That's gonna take a long time. One advantage of being rich is it gives you a lot more degrees of freedom. You don't have to worry so much about hospitals, living, family etc.

Sometimes I work 100+hour weeks, sometimes less than 50. Depends. But think about business all the time. That's okay, bec I enjoy doing it usually. Game helped me way more in business than it did chasing tail.

I have only a 30 odd notch count but I'm comfortable with that. I'm in a monogamous relationship right now and that gives me a lot more time to focus on improving other aspects of my life.
When I can, I do amateur theatre. Bungee jumping. Occasional wine and dines.I read a lot. Soccer.

I'm also part of a few social groups in my city, but don't go too often. These clubs give me access to tap the experiences of other men. It helps to have mentors.

But mostly I think about making money.

It seems to me that if you have 6 million in assets and you are living in a third world country, you do NOT need advice from guys on this forum, so your situation seems a bit strange to me - like you have a problem that we all wished that we had.. too good to be true...

Anyhow, I will entertain the idea, for a moment... but maybe first you should indicate whether you earned this supposed 6 million or was it given to you?

And, with 6 million in assets, most guys on this forum would NOT need to work at all, especially if the guy chooses to live in a 3rd world country.

You should be able to find various investments for those assets in which you would earn at minimum 4% interest.. but with that quantity of assets you would likely be able to find higher rates of return.

Nonetheless, with a 4% rate of return, that would be about $240,000 a year or $20,000 a month. We also know that guys can live in 3rd world locations on less than $1,000 per month. However, let's say you want to live a little more upscale style of living, then you could live upscale on $5,000 per month and continue to reinvest $15,000 per month of the interest.

Surely, on its own, that $15,000 per month reinvestment may NOT get you to a billion in the near terms, as your ambitions seem to indicate, but probably every 10 years your assets would at least double without any extra effort on your part, so long as you are living within a budget of lets say about $5,000 per month. With just investing, it seems that you could probably reach close to billion by the time you are in your 70s, without doing anything special, except for investing the money.

Ok.. so this remains a problem that we all wished that we had, yet since you are NOT happy with just living, and you want to cross the billion mark b/c you have ambitions of some sort that you have NOT described, then probably, you already know what you are doing if you are choosing to work 100 hours a week when you do NOT have to.

Anyhow, I do NOT quite believe you or your situation, unless there is some kind of a twist that you need to explain about why this situation makes any sense.

[JohnQPublic]

(11-18-2013 05:29 AM)JayJuanGee Wrote:  

(11-18-2013 04:24 AM)Sharkie Wrote:  

I'm 25 and live in a third world country. My current total assets are worth close to 6 mill. Translates to much more where I live.

It seems to me that if you have 6 million in assets and you are living in a third world country, you do NOT need advice from guys on this forum, so your situation seems a bit strange to me - like you have a problem that we all wished that we had.. too good to be true...

Assets are things that have value. Liquid assets are something that you can spend. You could own a castle in Albania or a chunk of land in Congo with mineral rights worth $6MM but it doesn't mean you will actually be able to sell it tomorrow. OP may have something with a value of $6MM but not cash.

Otherwise, there are probably quite a few guys on here with a great deal more money than that who like to get intel on where to go, and how to do it better. Being good at one thing (making money) doesn't guarantee that you will be good at another (getting girls) or that you don't want to get better. I remember one episode of Star Trek where Spock said, "Superior ability breeds superior ambition".

[JayJuanGee]

(11-18-2013 05:53 AM)JohnQPublic Wrote:  

(11-18-2013 05:29 AM)JayJuanGee Wrote:  

(11-18-2013 04:24 AM)Sharkie Wrote:  

I'm 25 and live in a third world country. My current total assets are worth close to 6 mill. Translates to much more where I live.

It seems to me that if you have 6 million in assets and you are living in a third world country, you do NOT need advice from guys on this forum, so your situation seems a bit strange to me - like you have a problem that we all wished that we had.. too good to be true...

Assets are things that have value. Liquid assets are something that you can spend. You could own a castle in Albania or a chunk of land in Congo with mineral rights worth $6MM but it doesn't mean you will actually be able to sell it tomorrow. OP may have something with a value of $6MM but not cash.

Otherwise, there are probably quite a few guys on here with a great deal more money than that who like to get intel on where to go, and how to do it better. Being good at one thing (making money) doesn't guarantee that you will be good at another (getting girls) or that you don't want to get better. I remember one episode of Star Trek where Spock said, "Superior ability breeds superior ambition".

You make some fair points, and in that regard, I gave a response based on some assumptions and I had asked for further explanation, which probably, further explanation would have been helpful to have in the first place... ...

[Wahawahwah]

I live in said country because i was born here. It is my motherland.

I dont work because I have to.
I work because I enjoy it. It gives me purpose.

Why do i choose to work 100+ hours? Because the situation arises.

For instance, a while back, we had a massive shortage of sugar in the state. Prices were sky high, and we were able to import a large amount of it from a neighbiuring country for a lesser price.

A temporary ban on hoarding sugar had been imposed in the state, and government crackdown on industries was stringent. I had to speak to various internal stakeholders, the govt representatives, industry, the sugar wholesellers in the other country, arrange for immediate transport, track down warehouses capable of storing large quanitites temoorarily on a short notice, consult the inhouse legal team. While there are people and mechanisms in place for doing this, the large amount and extremely short time frame necessiated my attention.

Why do i need advice? Because i dont kniw everything about everything as yet.

Youre free to believe what you like, ofcourse.

ÈDIT - yes total assets, not liquidity.

(11-18-2013 05:29 AM)JayJuanGee Wrote:  

(11-18-2013 04:24 AM)Sharkie Wrote:  

I'm 25 and live in a third world country. My current total assets are worth close to 6 mill. Translates to much more where I live.

Being relatively well off is fine and dandy but I want to cross the Billion mark. That's gonna take a long time. One advantage of being rich is it gives you a lot more degrees of freedom. You don't have to worry so much about hospitals, living, family etc.

Sometimes I work 100+hour weeks, sometimes less than 50. Depends. But think about business all the time. That's okay, bec I enjoy doing it usually. Game helped me way more in busines than it did chasing tail.

I have only a 30 odd notch count but I'm comfortable with that. I'm in a monogamous relationship right now and that gives me a lot more time to focus on improving other aspects of my life.
When I can, I do amateur theatre. Bungee jumping. Occasional wine and dines.I read a lot. Soccer.

I'm also part of a few social groups in my city, but don't go too often. These clubs give me access to tap the experiences of other men. It helps to have mentors.

But mostly I think about making money.

It seems to me that if you have 6 million in assets and you are living in a third world country, you do NOT need advice from guys on this forum, so your situation seems a bit strange to me - like you have a problem that we all wished that we had.. too good to be true...

Anyhow, I will entertain the idea, for a moment... but maybe first you should indicate whether you earned this supposed 6 million or was it given to you?

And, with 6 million in assets, most guys on this forum would NOT need to work at all, especially if the guy chooses to live in a 3rd world country.

You should be able to find various investments for those assets in which you would earn at minimum 4% interest.. but with that quantity of assets you would likely be able to find higher rates of return.

Nonetheless, with a 4% rate of return, that would be about $240,000 a year or $20,000 a month. We also know that guys can live in 3rd world locations on less than $1,000 per month. However, let's say you want to live a little more upscale style of living, then you could live upscale on $5,000 per month and continue to reinvest $15,000 per month of the interest.

Surely, on its own, that $15,000 per month reinvestment may NOT get you to a billion in the near terms, as your ambitions seem to indicate, but probably every 10 years your assets would at least double without any extra effort on your part, so long as you are living within a budget of lets say about $5,000 per month. With just investing, it seems that you could probably reach close to billion by the time you are in your 70s, without doing anything special, except for investing the money.

Ok.. so this remains a problem that we all wished that we had, yet since you are NOT happy with just living, and you want to cross the billion mark b/c you have ambitions of some sort that you have NOT described, then probably, you already know what you are doing if you are choosing to work 100 hours a week when you do NOT have to.

Anyhow, I do NOT quite believe you or your situation, unless there is some kind of a twist that you need to explain about why this situation makes any sense.

[JayJuanGee]

(11-18-2013 06:15 AM)Sharkie Wrote:  

I live in said country because i was born here. It is my motherland.

To me it seems a little difficult to understand and/or relate to your situation, if we do NOT know some further details, and details such as where a guy lives and what is in his surroundings can make a difference in why guys may chose one lifestyle choice over another – whether to work or NOT and whether that working is by choice or NOT.

(11-18-2013 06:15 AM)Sharkie Wrote:  

I dont work because I have to.
I work because I enjoy it. It gives me purpose.

Again hard to know what motivates you and whether you have to work or NOT because you have NOT really described your income or lifestyle, for example how big is your budget and how you plan to make a billion. Additionally, if you are imposing a goal upon yourself to make a billion, then that causes an obligation of your own chosing.. nothing wrong with that, if that’s what you want to do.. and surely it is better if it is your own choice rather than imposed, but here, it does NOT seem clear about whether you are chosing how to spend your time.

(11-18-2013 06:15 AM)Sharkie Wrote:  

Why do i choose to work 100+ hours? Because the situation arises.

If your assets are tied up in a business, then maybe you are forced to work in order to preserve your assets (and to build) and including the goals that you have set for yourself to build. But, as I mentioned, if you were able to make your assets liquid, then you may still reach a billion by the time you are in your 70s with passive or quasi passive investments.

(11-18-2013 06:15 AM)Sharkie Wrote:  

For instance, a while back, we had a massive shortage of sugar in the state. Prices were sky high, and we were able to import a large amount of it from a neighbiuring country for a lesser price.

A temporary ban on hoarding sugar had been imposed in the state, and government crackdown on industries was stringent. I had to speak to various internal stakeholders, the govt representatives, industry, the sugar wholesellers in the other country, arrange for immediate transport, track down warehouses capable of storing large quanitites temoorarily on a short notice, consult the inhouse legal team. While there are people and mechanisms in place for doing this, the large amount and extremely short time frame necessiated my attention.

Yes, when guys are engaged in various aspects of a business, then sometimes that can control a guy’s life to some extent to resolve problems, which can be challenging, interesting and fun… and sometimes causes obligations that go beyond what a guy may have initially wanted.

(11-18-2013 06:15 AM)Sharkie Wrote:  

Why do i need advice? Because i dont kniw everything about everything as yet.

When I responded to your first post in this thread, I was responding along the lines of the subject matter of this thread, which has to do with lifestyle choices once a guy reaches an independent lifestyle status (which can occur at various levels – even if a guy has a small passive income of $1000 a month), and you were suggesting that you made a choice to work 100 hours per week, while suggesting that your choice was independent.
In some sense, in my earlier post, I outlined a passive income scenario that may NOT apply to your circumstances, in the event that your assets are NOT liquid…

So, also, in that regard, your post may be in the wrong thread, especially, if you are forced to work 100 hours a week to maintain (and possibly grow) your assets.

On the other hand, in this thread, it seems that we had been discussing circumstances in which guys were NOT obligated to work beyond more than a few hours a week to live within their means. .and therefore, how do the guys in those kinds of circumstances “choose” to spend his extended free time. In that regard, a guy who lives on $1,000 a month will have a different lifestyle choices from guy who lives on $5,000 a month or $20,000 a month.
For each million dollars of invested assets, a guy should be able to draw a bit more than $3000 a month and still maintain the principle. If a guy is NOT getting that kind of return from his assets (whether liquid or NOT), then the guy may need to consider ways in which he may be able to make his assets to get a sufficient return on the investment. And, in that regard, when you said that you have nearly 6million in assets, then I mentioned that a fair rate of return would be $20,000 a month, and if you are NOT getting anywhere near that, then something may be worth reconsidering.
On the other hand, if you are building a business with that 6 million, then you may be looking at a long-term cashing out, but in my reading that kind of scenario of working to preserve and build ones assets does NOT really seem to fall very well within the theme of this thread, even though some guys may still be interested to hear about such a scenario.

[samsamsam]

I know everyone is different but anyone here stop at a million and been living happily ever after? I don't have a million, I am just goal setting/planning. Thanks.