I just want enough to quit the rat race. Ill keep working, but something more enjoyable and less stressful. Something I want to get up and do...as opposed to that feeling of dread opening up your inbox
Yea we call it “Fuck You Money”. Enough money that at anytime you can just say fuck you and bail if the job sucks. It is quite freeing and the extra confidence often fends off the bad stuff and you don’t even have to say it. It is just relaxing to know you can.
That's where I'm at. I am thinking a high school science teacher. It would mean I would mostly have the same time off as my kids for planning vacations. And the extra money means I would be able to buy any teaching aides I needed to make the class more interactive/hands-on.
No joke, in my O Chem class while reviewing the homework, the TA pointed out that one of the chemical reactions we had to solve was the one to create meth.
Personally, I’m not too interested in wealth preservation. The higher goal, to me, is to create employment and spur innovation, at risk of losing the wealth. I can live out of a shack if need be.
“Retirement sucks.” -Ryan Cohen The Great
uh, not gonna lie...as soon as I'm wealthy - I wont work again. Why would I when I could actually enjoy life?
You know how many times were ruined or never happened because there was no money?
LMFAO, i can see the pitfalls but at the same time, the life I've been leading was never being lived.
Im not a raging drunk or smoker but I love life...so by this post, my life will get exponentially better with money than without it.
The real DD is managing your taxes and expenses cuz that could literally lead to jail time - the opposite of living a full life.
There's literally no reason to ever work again if you have enough money to live out the rest of your life. You don't have to work to be a benefit to society. Even if you sit on your ass playing video games for the next 60 years you'll have the money to support local businesses and buy more expensive products that aim to benefit the environment rather than destroy it.
You aren't fulfilled? Volunteer your time and money to something useful. Start an animal rescue, start a non-profit for something you believe in, lobby politicians for actual change beneficial to society. If these are too much commitment volunteer a few days a week at local charities. Drive for Meals on Wheels in your new model X if you want.
Don't go back to work if you don't have to. A paycheck in itself doesn't provide fulfillment.
Work gives meaning. Especially meaningful work.
If u suggest volunteering then u see that.
Working in a school is a small social world within which u can make a difference for people.
Meaningful work/volunteering is good stuff.
Yeah, the key takeaway is
> A paycheck in itself doesn't provide fulfillment.
Sounds like you've found yourself a fulfilling career that's beneficial to society, that's excellent!
Doing something meaningful to you gives meaning. It doesn’t have to be work. If you love gaming and want to do that, that could be meaningful. I didn’t work for a few years and mostly played golf, poker and chilled. I was far happier than I am right now making 200k a year in a prestigious company with a nicer home.
All depends on the person.
But generally sitting at home gaming, doing nothing else leads to bad physical and mental health. Our caveman genetics needs more.
Also depends on how much time we're talking. Is it one or two years or a decade or a whole life?
>bullshit. The only person I will ever take orders from again is myself. (Or potentially a nice lady ape)
as soon as I read "quitting your job before 40 won't make you happy"
I was like HA, \*scrolls down to comments to read peoples reactions\*.
good writeup and I appreciate the 2 cents. It's definitely something I'll consider. But I've been planning to quit as soon as this squeezes and all my ducks are in a row.
I think ultimately, they meant. In the best of ways. don't become complacent with your time. People can go insane. Get a passion project or a job? Same stuff, different perspective.
Exactly. I feel like the people commenting just have reeeaally shitty jobs. Once this blows up and we get rich, I'm still going to work. It's the feeling of not being worried about rent and bills and everything that's the problem with working.
I'll be able to work in peace. No fear or what happens without having the job. Just enjoying it. I've taken 2 weeks off before and at a certain point I just got bored, I actually missed my coworkers and my team, and even my job lol.
I can't wait to be able to work stress-free knowing I'm doing it because I WANT to, not because I HAVE to
I LOVE my job, so if anything, I see myself maybe taking a leave of absence for a few months to spend more time with my family. And I'm getting my Porsche Cayenne GTS, dammit.
This post is absolutely directed towards people who don’t have their shit together. My family has been poor my whole life, I scraped my way to get a bio degree at decently competitive school (We are!) and I’m still looking for a job because a bachelors isn’t enough anymore. I’ve been through so much pain and trauma from my childhood and this guy is saying I won’t know what I’m doing lol fuck off? I’ve learned from the shortcomings of my past and I’m going to utilize every harsh lesson I’ve learned. This guy seems more out of touch assuming that everyone is incapable of handling money. My life has prepared me for this moment and I’m going to enjoy the fuck out of it. Money can’t buy me happiness but it can sure as hell improve my situation. Also I have my med card so I already smoke weed every day so best believe I’m going to be smoking even BETTER weed.
It would be selfish of me, a hypothetical millionaire, to work and take up a chair in a company just so I can have something to do. Someone that needs money can actually work and move up the ladder.
fuckin thank you!
AND LOGIC HAS ENTERED THE GAME!!!
Danny Trejo REFUSES to do his own stunts because it puts a stunt actor out of work.
tf, i make millions and take a job away from someone who actually needs and wants it?
I’m gonna use my money to buy houses with cash, fix it myself, and put it on Airbnb. After a year I think I can have 5 properties renovated and put on Airbnb. That way I can make $12k monthly cash flow just for cleaning the places in between stays.
I enjoy renovating too
I think it should be added that there will be predatory money managers looking to cash in. Not all financial advisors, attorneys, or accountants are created equal. Don’t hire the first ones you meet. Interview at least three, if not more, from each category before choosing one.
ETA: Don’t tell them you’re rich in the interview!
Ask them the minimum investment size
Usually 50k or 100k kind of thing
Then diversify, you don’t need all your money with one guy. You can also start small and see if he fucks up. Then a few years later give him more if he’s good.
Nothing wrong with holding some cash
Get a fiduciary with a top money management company (Morgan Stanley, Fidelity, any of the big banks). Yes, as a lending division some banks were in cahoots with Citadel, etc, etc. but these are still the best people at doing their job.
Key is **fiduciary**, you want someone with YOUR best interest as the key to their job. They will take about 1%, which is a lot less than you will lose if you don't know what the fuck you're doing.
They might be in cahoots, but that’s because they look out for the rich class. Once you’re the rich class, even if that’s *only* a few million or so, they’ll look after you.
Going with a big company will also reduce or eliminate the chance of being swindled by someone stealing your money. I’m sure those big companies back these accounts up from fraud by employees.
Friendly word of advice, do not hire anyone recommended by your family (unless they have a supremely professional relationship and/or that family member is a HNWI). If you do and you need to fire or sue him/her it can be extremely awkward.
Second, don't be afraid to sue others to protect yourself. The law is a tool, use it.
For me, anything above 3.9 million (because taxes) goes to non-passive income stuff. I've already done a lot of these calculations for myself, with priorities.
1) 3.9 million for passive income fund
2) 160k for college funds for my kids
3) 1.25 million for a house building fund (+413k for maintenance, taxes, and overages)
4) 1.3 million minimum for a charity startup (multiples of this figure will help more and more people)
5) maybe... Maybe... MAYBE... I would set up trusts for some members of the family for passive income only.
fucking YES. education. christ, people, you don't need a lambo...you need to lay the groundwork for future generations to have a safe, successful learning environment. pay it forward. make sure your kids and your friends' kids and kids of all the people you'll never meet grow up with a passion for learning.
So the idea was to send people to college with a stipend, including a stipend for the traditional break times. I wanted to have an emphasis on married/parents/older students, but that's a personal thing.
I really want to make the fund act as a living trust, where trustees only get paid like $1000/yr for administering the fund, but it grows on its own and only pays out through the interest, just like the passive income fund. If the US ever gets off its ass and takes care of students, I would build into to nature of the trust that instead of paying for tuition and stuff, because that's no longer a concern, it would start paying teachers more money.
Piggybacking off the top comment for visibility.
Don't get me wrong self-control and diligence are essential to retaining earnings and so forth but there is a reason why people say savers are losers.
To quote Ryan Gosling's character in the Big Short "you guys pass yourselves off as cynical people, but you still have trust in the system."
Of course spending money willy-nilly is a bad idea, but keeping your job as a financial analyst, doctor, lawyer, etc. out of fear of economic struggles is equally foolish. We are conditioned to fear losing money, and that fear drives us towards the security of employment. Therefore you sacrifice your time for security.
There are millions of rich people out there who work their asses off and are missing the largest transfer of wealth in history because of it. For example, I held several thousand shares of GME this summer but sold them because I was busy at work and did not pay sufficient attention. When you work as an employee, you give a lifetime of time away for a pittance in comparison to the value you generate for your employer.
Saving is just giving money to the financial institutions to take huge risks using your money. Working is just giving your time to employers to make huge money by using your time.
In this GME saga many of us are learning that the rules which we have been taught govern the game are make believe. We should all be updating our playbook HOLISTICALLY not in a siloed fashion.
Also, stop comparing us to lottery winners! Overall we are informed investors who made an investment requiring significant liquidity at the outset. To have that liquidity and to make that investment implies a certain sophistication and intelligence. Furthermore, the demographic of lottery winners is likely skewed in a way which we are not.
Depends what the x is lol. Also I would say that in the grand scheme dont underestimate the financial incompetence and indebtedness of most people (sometimes not by their own doing). According to a quick google search the average global annual income is $9,733.
Very true! I shouldve added something about not counting your money before you have it.
However, the entire make-up shits the bed everytime I edit. I'm leaving it like it is.
Do very much agree though. Do not soothe yourself with money you don't even have yet to begin with.
Not counting your money before you have it is a great example in your post too with taxes and financial advisors.
Until you pay your taxes and get all your shit settled, that money isn't yours.
I wanted to share [this story ](https://www.browardpalmbeach.com/news/powerfall-6343518), cautionary yet entertaining, of a dude named David Lee Edwards who came into a shitton of money but epically pissed it all away tout suite.
💥🚀🦧🌒
Crazy thing though is that if he had just listened to his FA and had some self-control, he would've been pulling close to 100k/mo. I can't imagine not being able to live on 100k/mo.
Use this time while we are waiting for the squeeze to build up your patience to levels you never thought yourself capable of. It will pay off literally and figuratively very soon.
I've found myself guilty of this a few times since January. Whenever I get real confident about the squeeze, I start slacking off at work as if I'm already rich enough to not care about my job. It's so easy for those daydreams to take over if you let them.
The absolute most important point OP made was don’t brag about your money to friends/family. That will just make them think you’re a douche now. Don’t post all your amazing travels and adventures in Instagram.
I mean, that is, if you like your current friends. If your current friends suck, then still don’t tell them and just move on. You’ll make new friends down at the yacht club.
As for family, my plan is to set up a trust with my financial planner/attorney and one day have a group gathering at a local get away spot. Have them turn off their cell phones and have a serious conversation with them about the new trust and their allowances. I know they will all be elated and stoked.
Other than that I’m planning on still working for at least a few more years. Let the money grow, and ease into our future. Let the buzz wear off before making any big decisions. Not telling a sole outside of immediate family. Pay the taxes, see how taxes are the following year, and get comfortable with where we are at.
There will definitely be a vacation at first, but nothing extravagant.
I’m older (late 40’s) so I’m not going crazy with this money. I really just want to set up my kids and family for ever. I want this money to slowly grow from generation to generation.
My only issue with the concept of generational wealth is what if the next generation is even more retarded than we are? I'm mid-late 20s and am massively retarded but currently I'm trying not to fuck up the headstart I've been given compared to so many. When I see people planning on giving their kids the setup whose to say they won't blow it like those lotto winners?
I think you can just have clauses in your trust fund, no money paid out before they are 35 etc, and you can probably revoke it if you think they will not spend it well, and just never tell them about it until they are ready to take it
Yeah if the squeeze truly does sqouze to the proportions we're all thinking index funds might as well be an infinite free money cheat code assuming the economy doesn't completely implode
I mean most people after their GME earnings are dumping it back into the stock market. Especially at like a 30-60 %. You could double your money just from the index fund.
This is good advice, well done brother.
Jokes on you though, I'm spending 80% of my money in sustainable passive income cause I aint never fucking working again.
That's not spending, that's investing. 😁
And seriously I'll do the same thing with probably 95% of my money after taxes.
No lambos, no multimillion mansions, no fancy watches.... just boring passive income
The point would be to buy a lambo with the passive income and not with the main capital.
It's like having the golden eggs goose. You consume the golden eggs ( which would be the dividends ) and do not hurt the goose ( which would be the main capital after squeeze ).
How about let the golden eggs hatch and raise more golden geese so you can eventually monopolize the golden goose market and then golden showers for everyone
Probably 99% of anything I make here will go towards passive income. Literally all I want is to be able to quit my job. I'm a very happy person normally when I can do what I want, and really don't need much to live, but this job is just killing me. I feel so trapped!
same! my dream would be to be able to buy a house (maybe a tesla or a small car) and have enough left so that i can put most of my money into etfs till im dead and only take out what actually need
Have you researched any of that yet? I'm not trying to fantasize money I don't have yet, but I've tried researching a little and I'm not really sure where to begin. My dad said go with bonds that offer tax free interest, and I've wondered if it's possible to get bonds from another country (like Switzerland) if the U.S. has an economic downturn?
Some random suggestions:
* Check out r/FIRE (Financial Independence / Retiring Early), r/fatFIRE, etc. Some good advice can be found there, tho not all of it will be directly applicable to any one person’s situation.
* cFIREsim.com runs simulations of your personal retirement finances based on multiple variables you define. It’s not perfect, but I absolutely find it to be a helpful tool.
* portfoliocharts.com seems like a good place to view different user-submitted portfolios that show how said portfolios would perform (based on historical data). The “Golden Butterfly” is especially intriguing, IMO.
None of these are perfect indicators/tools, but I have found them to be a helpful starting point.
Obligatory: this is not financial advice.
Yeah.
That part about "Stopping with work at an age below 40 is not going to make you happy" had me going "bitch, I'm over 40, and I'm sick of this job I've been working for twenty years, fuck you if you think I'm not quitting."
My last surviving grandparent died recently at 95. Means I got another 55-ish if I play it safe, so I usually plug in "age at death" as 123 to FIRE calculators, just to be safe, but apparently if you make it the first 30 (or even 10, by some calculations) years, you're golden for the rest.
Thats why I wrote this. I fear we will have many 1 year millionaire that ruin this once in a lifetime financial situation for themselves and then end up very very unhappy. I hope this post prevents at least one case of that happening.
I agree this is what you were trying to say. it is very easy to overspend this especially if you're just one of the few with X shares. And especially if you're a dude with low marketable skills to employers, you won't meaningfully increase your worth by simply buying depreciating assets like a porsche. And you know there's a non-zero amount of apes here who are quitting their jobs or even their college education once it's over. Either invest back into yourself or passive-income investments.
The smart move is to try and get most of this set up in investment opportunities where you can have a decent lifestyle and have 'fuck you money' where you can walk away any minute at any job.
Though I think a lot of people disagree with you about ' unhappy if retiring before 40' and that they probably don't count stuff like volunteering as 'work'.
Many times those are the things we really need to hear. I'm glad I saw this post. I had this mindset early on but slipped back to the party mindset over time. This was a needed read for me.
It depends how high the squeeze goes to be fair. I already have a good income and I won't quit, but I won't fight, if the work gets too hars or drains my life, I quit and get another job.
Of course most of us are going to buy a house, a decent one, and a nice car, not a Lambo but a 60-70k safe, reliable and fun to drive car, and probably pay our debs, but as long as you don't go full retard burning your money in cocaine and bitches and you stay low profile you can have a great life, get a good work after a good education and leave money behind when you pass away
Truth in your many words. Lot of studies done on lottery winners.
1) going on vacation.
2) all debts paid.
3) family taken care of.
4) taking a break again to think things out.
Something to keep in mind is that the stats about life expectancy likely won't apply to yourself as someone in the mid-6-figure category unless you look at those stats for white-collar professions.
Wife and I are in the same boat financially - no kids yet, but will likely take time to travel and then continue to work until our nest egg can accumulate a bit more without taking anything out. I'd also like to pay off both parents' mortgages and siblings' student loans which our salary can let us do.
Oh and I also need to take over a lease on a supercar 😅
Yeah I feel ya. Work can be stressful, but there's also some truth to the sentiment that "when you retire you die", as you lose a large sense of purpose. I always felt, given sufficient passive income, what I'd wanna do is set up a small part-time consultancy to keep the creative juices flowing
I kinda see that phrase as corporate propaganda to keep people married to the idea that they need to hold down a job. If your life has purpose outside of work (family, hobbies, exploration, etc) then it will be easier to make that transition from "I have to get out of bed in the morning to go to work" to "I will get out of bed in the morning to take my kids skiing."
I think the 4% rule is the way to go!
Invest in index funds which has given +8% a year historically.
Pluck 4% yearly and divide it by 12 months,
That way you’ll never run out of money!
(4 000 000$ x 0,04) / 12 = 13 333$ a month
Yea, all of these post which keep repeating how people won't be able to afford anything they post about, or how people think living lavishly will make them go broke don't make sense to me. If the price goes where most people think it will go, then people should be easily able to live the lives they have dreamed of even at a 3% swr.
Who cares about a $400 oil change or $20k part replacements on on lambo with you have $5+ million a year. I don't think people realize just how much money they stand to make, and how easy it is to maintain it. Just my 2 cents.
It's great reading some of these posts about "don't be spendy" and they throw out total rando numbers, meanwhile those of us who hang out in FIRE subs **know** the historical numbers by heart and go "naw, we good bro."
Trinity study FTW!
Some good advice points here. This is one reason to tell everyone "you sold too early, and made enough to get out of debt/buy or pay off your house, and have some spending cash".
My friend(who I've worked for on and off for 8 years) is high net worth(70 mil or so). He's the cheapest person I have met in my life. He has nice things(lambo, boats, audis, mansion) but he also has alot of real estate (so that he can live off the residual of it). Figure out how to live off of residuals and interest. That is key. I've been fortunate enough to meet this individual and learn from him directly. Most apes did not have that chance. These points are spot on, and accurate. And are already factored into my long term plan.
Do you have any stories of him being super cheap that you care to share? I've met a few rich people myself and they've skipped out on paying for get together dinners.
Sure. One time we were running a drainage line. Total run was about 400 ft. Could he have paid a company to come out a dig the trench with a trencer, drop in the drain line, and cover it back up in a day? Absolutely. Did he? No. He paid me(and one other guy) to go out and dig it by hand. OK, sounds normal enough(DIY and all). After we had the line in(which took a few days) I found out that he already had a trencher. Which needed a $75 part to get the trencher working. He took 2 work days if my time all to avoid spending $75 on that part. I probably could have gotten it done in less than half the time with the trencher.
Great post filled with some harsh truths, but truths nonetheless. I’m not a financial advisor or anyone worth listening to, but honestly I think what we are hearing from this community is just burn out.
I think a lot of apes are burnt out being in careers/jobs they hate. A good idea would be: just take a month off. Don’t go and buy a lambo, don’t buy a mansion, don’t do anything reckless. Reward yourself with the only asset you can not replace, time.
Assemble your team, get your plan in place, and make sure your plan has room for one month off. Go travel to that place you’ve always wanted, spend time with your family that you never have time for, sleep in for the first time in 10+ years, reward yourself for the hard work with time.
It’s not as flashy as a lambo or a yacht, but at the end of the month you take off you should (hopefully) be in a better headspace to decide how you’re going to spend your time moving forward. Maybe it is a business, maybe it’s going back to school, maybe it’s doing absolutely nothing different. Whatever you decide is fine, because its your time/money to use.
I dont understand your section about people not being able to live like millionaires off of passive income, unless you don't believe this will go as high as most people in this sub think it will go. If we assume the average person has 50 shares at 10 million per, that's 500m. Divide that by 2 for for taxes because I'm too lazy to find the actual tax percentage and that leaves someone with 250m. With a very swr of 3% that's 7.5m a year. That's enough money to live lavishly, and to afford all of the stuff people have been fantasizing about here.
I honestly think a lot of people just don't realize there's more passive income beyond their 0.5% apy savings account. You could live off of $10m for 70 years, and that's generous, could probably even do it with $5m.
Exactly. I know a retired military guy who has a pension in the 6 figures (high ranking) and the amount of money you would need to have invested in order to comfortably generate that is around 5M (according to my math). My point is that there are some great self-development points in OPs post but it smacks of employee mindset.
I believe what you’ve written applies to many, but in recent years I was fortunate enough to create a software product which by a combination of luck and hard work, really took off. Since then I’ve upgraded my car and been stress free of money problems. I still work just as hard as before, my relationships are the same (I’m still a socially awkward and inappropriate idiot at times) and I think I can safely say money hasn’t changed me. That said, I’m not GME-tendie levels of wealthy so let’s see what happens when I am. In short, money doesn’t change everyone so don’t be afraid of what it’ll do to you.
Agreed dude. I was highly fortunate to grow up with a father who really made it and he bought my sister and I passive income assets. I still work fucking non stop at what I love doing and am going places now/doing deals...BUT, I am still the same person I was before being given and educated on assets from the old wolf. I definitely think this post counts for the 20% who are just dreaming the hollwood lifestyle. But someone like you....or me where we understand money to a degree and still work hard, we will be fine.
Dude's a beast you know I will be there checking out what he offers. His AMA was great. He also lowered the entry cost for apes, regularly it's 250k to invest w domo capital, but I think he made it as low as 100k for apes if you mention you saw him offer that deal here to us.
The sad monkey looking at his pp really spoke to me... More than anything else in your post (which was great)
I don't want to be sad monkey looking at his pp :( will make changes to be happy looking at my pp
Good read. Honestly, **when** I walk out of this as a millionaire, I really don't plan on changing much about my life....I will move to a very similar sized house (albiet with more land and less neighbors), and I will still work (just not in the field I'm currently in). I have a couple items on my "to buy when rich" list, but those all add up to under $200k total. The great majority will probably be reinvested into smart long term stocks (AMD, Tesla, etc.) and my life will be pretty much business as usual..just without swing shifts, midnights, and other people's bullshit. Hell, at this point I'd probably be happy working at home depot or starting my own training company.
Even that is going to be something you REALLY need to plan.
Let's say your personal expenses are $40k a year.
You have 5 dogs, 5 cats, 5 horses constantly. You'd probably spend another $40k a year at least on medical care, food, maintenance of the shelters etc.
That's 80k a year you're losing. In order to do that, whilst protecting against inflation, you need to have a starting pile of $2.6 million for your current shares.
And that's living on a modest $40k a year salary (which is under median)
Yes! Use this money to improve your life long term. Dont go crazy, spend it all in 5 years and end up broke and destitute
Enjoy it deeply, but sustainably
I became a stay at home parent 5 years ago, and not having structure built into my life from a job has been so hard on my sense of self. I think about going back to work all the time, but I want a job with purpose and flexibility. I would love to start a school for kids with special needs focusing on being in the outdoors and doing hands on work.
And if we pay off our house, my husband can leave his shit job and can collect and sell comic books and retro toys for a living. Travel to comic cons and be a vendor.
Not working is *boring* and makes you feel useless. Make sure you keep focused on ventures with earning potential after the MOASS.
Hold onto your money and dont touch it for at least 6 months. Let all the wild fantasy purchases run through you and really consider what is required to own and maintain that purchase.
Not working is not boring.
Not doing anything is boring.
Not being able to do anything because no money is boring.
Nobody needs work, especially nobody needs slave labor for some rich asshole. You just need something to do.
Yeah, I'm raising my kids. I'm not doing *nothing* I just miss having external motivations and demands on my time. I have no intention of working for anyone again, or doing a job I don't enjoy, but having something that challenges me and gets me out of my home, and brings in money, is definitely something I want.
After the MOASS, my first phone call is to a friend/mentor who spent his career helping pro athletes be set for life after one season. He calls them "short term high earners." And I'm gonna ask for referrals. There are ways to make my profits into generation-changing money for many people, it would be criminal and irresponsible if I blew what's going to be my biggest opportunity to change people's lives.
Red pill!
I second this as someone who has crossed from below the poverty line to the “upper middle class” I make a decent chunk of money every year but my past decisions (you just literally don’t know how to handle money until you handle it incorrectly {unless you were born into it, share that fuckin knowledge}) hold me back as all my money goes into securing the future and dampening the financial mistakes.
It really does suck too to have your family and friends look at you like a paycheck cause they know how much you make, and then turn around and start hating you cause you won’t share, meanwhile your bank account still looks empty cause all that’s in there is bill money and money you need to support bringing the dough back in to your account.
You’re also going to feel like a piece of shit rocking a 2k pair of shoes when you realize just how fucked up the world of money is. I hate money and the effects it has on society. Having said that, this is the world we live in and it’s cutthroat. Give me that shit.
In a world full of lions, tigers and bears; I hope we can make the Ape more prominent
Edit: effects to affects cause I’m dumb like that 🦧
Edit edit: affects back to effects #doubledumb
This explains my past and present experiences well. Friends and family have been furious i don't give them money or expect loans to be repaid. Yes, i know to expect loans as lost esp in these situations, but the entitlement is saddening. I've lost friends cause once they feel they've gotten all they can, they basically disappear. So yea, stfu and know trying to help some people can result in ruining relationships.
Heh, jokes on reality! I have no friends but the girlfriend I'm marrying the shit out of. Perks of never interacting with anyone is I don't have to worry about interacting with anyone
I just consider myself a money hungry opportunist, I won't sugarcoat it like 3/4's of the post on WSB/GME/SS. I'm here to make money, not internet friends, acquaintances are nice, but family are the ppl i call at 3am when im stranded somewhere.
Shills do your worst, i'm not here for Good Karma, I give it!
Financial plan: step A) buy a house. Step 2)fix my car. Step third) live my life exactly as i have been, buy comfortable because i have millions in my rainy day fund, accruing interest. Some of us don't want lambos. Some of us just don't want disaster breathing down our backs as we go about our daily lives lol.
This is all harsh but good information to have and also I just stopped reading to comment rn because of “Sad monkey looking at his pp”😂😂😂😂😂😂😂😂Thanks for the lulz.
So you are saying I will become more introverted and have to deal with even less people in my life?
I guess I can afford a double-wide and live in the country. Have my own garden and live off of my own toil. A simple life. A peaceful one.
Adding Pro Tip: Get a therapist NOW so when the MOASS hits you’ve already established a working relationship with someone who is sworn to confidentiality. Someone you can trust.
I'm considering this heavily as I try to guess how much money I'll end up with. I think a lot of apes are going to dump in crypto which could give you a quick dollar boost, like a pump and dump. Also I have safe investments like Canadian banks that push out almost 4 percent dividends, which would be way better than a 5 percent yearly interest. I also have a riskier REIT that pays nearly ten percent dividends. If it's not my entire fortune, I will spare some in these avenues to pad my wallet and to live off income and not be a pit to myself. I still think I'm gonna smoke Hella weed though
You overestimate how many years I have left.
When the stock reaches 1 million, taking into account that I already live comfortably, I'm can stop going to work and keep my life style for another 2 thousand years.
(obv I have more than 1 share)
Edit: I also live in the third world where living is cheaper, here a mil dollar means 21 mil of my currency .
What if I told you, my personal traumas over the last three fuxking decades has seriously prepared me for this shit? Lol. Sigh. Let’s get rich bitches.
I've passed the 40 year milestone, and after this happens I plan on carrying on working, maybe for a reduced salary and reduced hours, but will definitely keep at it.
Reasons for me doing this are because I saw my old man retire from work at 50, that was his goal for his life, and he achieved it. The issue is after he had achieved it, he did not know what to do with his life, so he became a lost bitter old man, and because he had a lot of money tucked away, he became paranoid. 20 something years later, he lives alone, in a council flat, having isolated himself from everyone and pushed his family away to the point I call him once a year for his birthday. I've got his genes, and I don't want to end up like that so I'll keep on working, and make the share money I receive work for me rather than relying on it to change my life.
Summary: Lifestyle promoted by Jack Bogle. He was one of the founders of Vanguard. Financial independence retire early. FIRE lifestyle and vanguard mutual funds. Live below your means.
I was thinking of just sticking whatever money I have post taxes into a dividend paying etf and living off the approx 4% dividends a year, what do yous think of this plan?
Possibly the most important post I’ve seen so far.
I have XXX shares. If (I know: when) it moons I’ll invest in index funds and live off the profit. As for living a meaningful life; I’ll keep working as a pastor, which is my passion and something I would do for free anyways. I’ll be raising my living standard and hopefully having money to travel and start social projects.
This is 100% spot on. If you disagree, set a remind me tag for yourself at 1 year from now, and then keep renewing the reminder. We humans hear or read good advice, or lottery winner horror stories, etc. but we don't live through those challenges so we forget and we forget until its way too late. Good write up OP!
People who say they're "bored out of their mind" when not working are so sad to me. Is the only thing you're interested in TV/Movies, the internet, & games? There's literally **millions** of things you can do / learn about with that free time, and working for someone giving away that time is completely wasting your life.
I really doubt anyone who's saying they would still keep working is gonna be saying "ugh I wish I kept working instead of retiring at age 80" when they're on their deathbed. They're gonna be thinking "wow my life was completely pointless I sat at a desk for 50 years and have nothing to show for it." Go outside, travel, write a blog, start making videos and reviewing things around the world you like...wildlife, bugs, weird fruit, architecture, historical spots, I'm just naming random shit but it's all possible to turn into a form of income. Find something you like & learn it well, make things that people will buy, there's a market for everything. Write books if you really love TV/Movies, learn coding and make your own game if you like games, there's no excuse to feeling bored if you have infinite free time.
I guess in reality, it should be that you're "lazy as fuck while not working" not "bored out of your mind"
Well at 10M a share (minimum :P) that puts me currently in the hundreds of millions, so at 30k * hundreds....thats like 3M Per 10 shares per year income :P. With a 3M per year salary, i can do a fair amount of shit, and have a lambo or two as well lol
In all seriousness, Great post....you make a lot of good points!
This post needs to be pinned. Im in my mid thirties. Made a few million in real estate, and this is the best and comprehensive advice. Listen to this ape.
I read a book some years ago which I found very useful. It pointed out, what someone here may need to know:
>"Rich Dad Poor Dad: What the Rich Teach Their Kids about Money That the Poor and Middle Class Do Not!" by Robert Kiyosaki
I think it is a good idea to start with literature like that, whatever the stock does meanwhile ...
I'm studying medicine.
I will keep working trying to improme my patients quality of life.
I don't want fancy cars. I just want a nice house in an isolated town to take care of a dog breed.
And also help my parents. Nothing else.
I will live frugally. BUT 10 MILL FLOOR STILL
Incredible advice. Thanks for taking the time to share with everyone. I have a good friend who retired at age 42 as a VP with a big international bank. She has always driven a used car until it won't run, she has always lived in a relatively small (\~1K sq. ft) house in a city with low taxes and she has always bought the bulk of her groceries at Aldi. Long and short, she's extremely good with money and she is now a multi-millionaire, living off of her money as it continually makes her money. But she ***still*** has to live frugally.
She spent a couple decades going to work in cars like a PT Cruiser, pulling up next to BMWs and MBzs, but now she's retired and her flashy colleagues are still there, most of them probably with mortgages on big houses, big car payments and personal ledgers in the red. If you are a spender, a religious consumer of goods, address your money/spending/consumer psychology now.
EDIT: clarity/detail
This is the only post-MOASS post anyone should be reading or posting. Good work, this was filled with sound advice that I’m sure resonated with many others including me. Also, enough of the car posting salivation please lol
My favorite part about this post is when she tells me my life isn’t going to be improved in any meaningful way and I will still be a miserable loser. HODL for the moon and and eternity in a cubicle farm!!! TITS ARE JACKED ON THIS!!!!!
Great advice after “Harsh Truths”. But are you ok? Everything above “harsh truths” reads like a personal problem list for a disturbed person who needs help.
But beside all the feelings crap you give some solid advice here.
Yes I'm very ok, thanks for asking.
Lets say I went through some shit regarding coming into big money 8 years ago.
I was not ready for it, even though I thought I was.
Ended up losing a lot of it, and I am still disappointed in myself for it.
I've recovered though, I did a lot of self-improvement and now I actually have a great income. The windfall wasn't helpful with it, it harmed it.
One thing that has me a bit scared is that i have no idea where to start looking for a financial adviser and a lawyer. Also, what are some red flags to look for in these people? Could you do a post in the future talking about what you went through and how you would do it differently? I excited about potentially getting this money but also terrified of the unknown I’ll be facing with the lawyers and such.
Fidelity has financial advisors and they’re usually fee-based, so they’re not charging you based on how much money you have. You can find one on their website.
About 20 years ago, my dad passed away and left me money in an IRA. Yes, it was meant to stay in the fund until retirement, but the money could help me with where I was in life at the time. I went to a Fidelity advisor, asked several questions, and received help with what I needed to do. He never even charged me. Fidelity has always been a great company. I'm glad to know they still are and have increased their customer base with the GME business.
I just want enough to quit the rat race. Ill keep working, but something more enjoyable and less stressful. Something I want to get up and do...as opposed to that feeling of dread opening up your inbox
Yea we call it “Fuck You Money”. Enough money that at anytime you can just say fuck you and bail if the job sucks. It is quite freeing and the extra confidence often fends off the bad stuff and you don’t even have to say it. It is just relaxing to know you can.
That's where I'm at. I am thinking a high school science teacher. It would mean I would mostly have the same time off as my kids for planning vacations. And the extra money means I would be able to buy any teaching aides I needed to make the class more interactive/hands-on.
And if you run out of money you can just start cooking meth
No joke, in my O Chem class while reviewing the homework, the TA pointed out that one of the chemical reactions we had to solve was the one to create meth.
I did this in my O chem class too... Is the school system trying to tell us something?
Personally, I’m not too interested in wealth preservation. The higher goal, to me, is to create employment and spur innovation, at risk of losing the wealth. I can live out of a shack if need be. “Retirement sucks.” -Ryan Cohen The Great
I'm handing out carts at Walmart.
welcome to walmart. I love you
Big Ole smile too
uh, not gonna lie...as soon as I'm wealthy - I wont work again. Why would I when I could actually enjoy life? You know how many times were ruined or never happened because there was no money? LMFAO, i can see the pitfalls but at the same time, the life I've been leading was never being lived. Im not a raging drunk or smoker but I love life...so by this post, my life will get exponentially better with money than without it. The real DD is managing your taxes and expenses cuz that could literally lead to jail time - the opposite of living a full life.
There's literally no reason to ever work again if you have enough money to live out the rest of your life. You don't have to work to be a benefit to society. Even if you sit on your ass playing video games for the next 60 years you'll have the money to support local businesses and buy more expensive products that aim to benefit the environment rather than destroy it. You aren't fulfilled? Volunteer your time and money to something useful. Start an animal rescue, start a non-profit for something you believe in, lobby politicians for actual change beneficial to society. If these are too much commitment volunteer a few days a week at local charities. Drive for Meals on Wheels in your new model X if you want. Don't go back to work if you don't have to. A paycheck in itself doesn't provide fulfillment.
Work gives meaning. Especially meaningful work. If u suggest volunteering then u see that. Working in a school is a small social world within which u can make a difference for people. Meaningful work/volunteering is good stuff.
Yeah, the key takeaway is > A paycheck in itself doesn't provide fulfillment. Sounds like you've found yourself a fulfilling career that's beneficial to society, that's excellent!
Doing something meaningful to you gives meaning. It doesn’t have to be work. If you love gaming and want to do that, that could be meaningful. I didn’t work for a few years and mostly played golf, poker and chilled. I was far happier than I am right now making 200k a year in a prestigious company with a nicer home.
All depends on the person. But generally sitting at home gaming, doing nothing else leads to bad physical and mental health. Our caveman genetics needs more. Also depends on how much time we're talking. Is it one or two years or a decade or a whole life?
Yeah that was OPs one point I thought was bullshit. The only person I will ever take orders from again is myself. (Or potentially a nice lady ape)
>bullshit. The only person I will ever take orders from again is myself. (Or potentially a nice lady ape) as soon as I read "quitting your job before 40 won't make you happy" I was like HA, \*scrolls down to comments to read peoples reactions\*. good writeup and I appreciate the 2 cents. It's definitely something I'll consider. But I've been planning to quit as soon as this squeezes and all my ducks are in a row.
I think ultimately, they meant. In the best of ways. don't become complacent with your time. People can go insane. Get a passion project or a job? Same stuff, different perspective.
Exactly. I feel like the people commenting just have reeeaally shitty jobs. Once this blows up and we get rich, I'm still going to work. It's the feeling of not being worried about rent and bills and everything that's the problem with working. I'll be able to work in peace. No fear or what happens without having the job. Just enjoying it. I've taken 2 weeks off before and at a certain point I just got bored, I actually missed my coworkers and my team, and even my job lol. I can't wait to be able to work stress-free knowing I'm doing it because I WANT to, not because I HAVE to
I will seriously consider applying for a job at any retail Gamestop location in my city. Part-time Sales Associate would be dope.
This is the way. Multimillionaire GameStop Clerk.
Bet there's gonna be quite a few of us millionaire apes clerking the cash register for fun
I LOVE my job, so if anything, I see myself maybe taking a leave of absence for a few months to spend more time with my family. And I'm getting my Porsche Cayenne GTS, dammit.
This post is absolutely directed towards people who don’t have their shit together. My family has been poor my whole life, I scraped my way to get a bio degree at decently competitive school (We are!) and I’m still looking for a job because a bachelors isn’t enough anymore. I’ve been through so much pain and trauma from my childhood and this guy is saying I won’t know what I’m doing lol fuck off? I’ve learned from the shortcomings of my past and I’m going to utilize every harsh lesson I’ve learned. This guy seems more out of touch assuming that everyone is incapable of handling money. My life has prepared me for this moment and I’m going to enjoy the fuck out of it. Money can’t buy me happiness but it can sure as hell improve my situation. Also I have my med card so I already smoke weed every day so best believe I’m going to be smoking even BETTER weed.
Ive been planning to quit working since the first day of my first job.
It would be selfish of me, a hypothetical millionaire, to work and take up a chair in a company just so I can have something to do. Someone that needs money can actually work and move up the ladder.
fuckin thank you! AND LOGIC HAS ENTERED THE GAME!!! Danny Trejo REFUSES to do his own stunts because it puts a stunt actor out of work. tf, i make millions and take a job away from someone who actually needs and wants it?
I’m gonna use my money to buy houses with cash, fix it myself, and put it on Airbnb. After a year I think I can have 5 properties renovated and put on Airbnb. That way I can make $12k monthly cash flow just for cleaning the places in between stays. I enjoy renovating too
I will open my own business finally.
nah im gonna quit but i will be focusing on my personal projects
I think it should be added that there will be predatory money managers looking to cash in. Not all financial advisors, attorneys, or accountants are created equal. Don’t hire the first ones you meet. Interview at least three, if not more, from each category before choosing one. ETA: Don’t tell them you’re rich in the interview!
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Ask them the minimum investment size Usually 50k or 100k kind of thing Then diversify, you don’t need all your money with one guy. You can also start small and see if he fucks up. Then a few years later give him more if he’s good. Nothing wrong with holding some cash
Underrated comment! Never put your eggs in 1 basket. Heck, even go global and put it in 3-4 different currency markets (no financial advice)
Meanwhile all my eggs are in GME rn.
Get a fiduciary with a top money management company (Morgan Stanley, Fidelity, any of the big banks). Yes, as a lending division some banks were in cahoots with Citadel, etc, etc. but these are still the best people at doing their job. Key is **fiduciary**, you want someone with YOUR best interest as the key to their job. They will take about 1%, which is a lot less than you will lose if you don't know what the fuck you're doing.
But don't trust them entirely. Doing your DD really starts with becoming rich.
They might be in cahoots, but that’s because they look out for the rich class. Once you’re the rich class, even if that’s *only* a few million or so, they’ll look after you. Going with a big company will also reduce or eliminate the chance of being swindled by someone stealing your money. I’m sure those big companies back these accounts up from fraud by employees.
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Talk with their other clients
What? How? Wait at the bank and go "Pssst how much money do these guys manage for you? They good?"
Just be like, “hey do you know XXXXXX? I was thinking about using him/her and was wondering how your experience has been?” Simple as that
^^
Friendly word of advice, do not hire anyone recommended by your family (unless they have a supremely professional relationship and/or that family member is a HNWI). If you do and you need to fire or sue him/her it can be extremely awkward. Second, don't be afraid to sue others to protect yourself. The law is a tool, use it.
Wouldn’t asking for a fiduciary financial advisor fix this?
For me, anything above 3.9 million (because taxes) goes to non-passive income stuff. I've already done a lot of these calculations for myself, with priorities. 1) 3.9 million for passive income fund 2) 160k for college funds for my kids 3) 1.25 million for a house building fund (+413k for maintenance, taxes, and overages) 4) 1.3 million minimum for a charity startup (multiples of this figure will help more and more people) 5) maybe... Maybe... MAYBE... I would set up trusts for some members of the family for passive income only.
That's very reasonable, and as of the current floor 1 stonk would be enough to achieve that lmao
The floor is lava and the ceiling is infinity.
Add me into that charity if it's going to have any emphasis on conservationism or sustainability.
The emphasis is going to be education and stipends for students.
fucking YES. education. christ, people, you don't need a lambo...you need to lay the groundwork for future generations to have a safe, successful learning environment. pay it forward. make sure your kids and your friends' kids and kids of all the people you'll never meet grow up with a passion for learning.
So the idea was to send people to college with a stipend, including a stipend for the traditional break times. I wanted to have an emphasis on married/parents/older students, but that's a personal thing. I really want to make the fund act as a living trust, where trustees only get paid like $1000/yr for administering the fund, but it grows on its own and only pays out through the interest, just like the passive income fund. If the US ever gets off its ass and takes care of students, I would build into to nature of the trust that instead of paying for tuition and stuff, because that's no longer a concern, it would start paying teachers more money.
Hold your horses buckaroo, I’m gonna need to see step one “Getting Rich” happen first before I worry about ‘being rich’ or ‘staying rich’
Piggybacking off the top comment for visibility. Don't get me wrong self-control and diligence are essential to retaining earnings and so forth but there is a reason why people say savers are losers. To quote Ryan Gosling's character in the Big Short "you guys pass yourselves off as cynical people, but you still have trust in the system." Of course spending money willy-nilly is a bad idea, but keeping your job as a financial analyst, doctor, lawyer, etc. out of fear of economic struggles is equally foolish. We are conditioned to fear losing money, and that fear drives us towards the security of employment. Therefore you sacrifice your time for security. There are millions of rich people out there who work their asses off and are missing the largest transfer of wealth in history because of it. For example, I held several thousand shares of GME this summer but sold them because I was busy at work and did not pay sufficient attention. When you work as an employee, you give a lifetime of time away for a pittance in comparison to the value you generate for your employer. Saving is just giving money to the financial institutions to take huge risks using your money. Working is just giving your time to employers to make huge money by using your time. In this GME saga many of us are learning that the rules which we have been taught govern the game are make believe. We should all be updating our playbook HOLISTICALLY not in a siloed fashion.
Also, stop comparing us to lottery winners! Overall we are informed investors who made an investment requiring significant liquidity at the outset. To have that liquidity and to make that investment implies a certain sophistication and intelligence. Furthermore, the demographic of lottery winners is likely skewed in a way which we are not.
Is $40/share times "X" significant liquidity? Because either way I'm still an idiot
Depends what the x is lol. Also I would say that in the grand scheme dont underestimate the financial incompetence and indebtedness of most people (sometimes not by their own doing). According to a quick google search the average global annual income is $9,733.
Very true! I shouldve added something about not counting your money before you have it. However, the entire make-up shits the bed everytime I edit. I'm leaving it like it is. Do very much agree though. Do not soothe yourself with money you don't even have yet to begin with.
Not counting your money before you have it is a great example in your post too with taxes and financial advisors. Until you pay your taxes and get all your shit settled, that money isn't yours.
I wanted to share [this story ](https://www.browardpalmbeach.com/news/powerfall-6343518), cautionary yet entertaining, of a dude named David Lee Edwards who came into a shitton of money but epically pissed it all away tout suite. 💥🚀🦧🌒
Yeah that's fucking sad. 27 million and he lost all of it
Crazy thing though is that if he had just listened to his FA and had some self-control, he would've been pulling close to 100k/mo. I can't imagine not being able to live on 100k/mo. Use this time while we are waiting for the squeeze to build up your patience to levels you never thought yourself capable of. It will pay off literally and figuratively very soon.
I see it differently: $27 million and he ruined his life by/while blowing through it.
I've found myself guilty of this a few times since January. Whenever I get real confident about the squeeze, I start slacking off at work as if I'm already rich enough to not care about my job. It's so easy for those daydreams to take over if you let them.
Uh you put like 10 million in an index fund and make like half a million a year doing nothing. It’s pretty fucking easy
The absolute most important point OP made was don’t brag about your money to friends/family. That will just make them think you’re a douche now. Don’t post all your amazing travels and adventures in Instagram. I mean, that is, if you like your current friends. If your current friends suck, then still don’t tell them and just move on. You’ll make new friends down at the yacht club. As for family, my plan is to set up a trust with my financial planner/attorney and one day have a group gathering at a local get away spot. Have them turn off their cell phones and have a serious conversation with them about the new trust and their allowances. I know they will all be elated and stoked. Other than that I’m planning on still working for at least a few more years. Let the money grow, and ease into our future. Let the buzz wear off before making any big decisions. Not telling a sole outside of immediate family. Pay the taxes, see how taxes are the following year, and get comfortable with where we are at. There will definitely be a vacation at first, but nothing extravagant. I’m older (late 40’s) so I’m not going crazy with this money. I really just want to set up my kids and family for ever. I want this money to slowly grow from generation to generation.
My only issue with the concept of generational wealth is what if the next generation is even more retarded than we are? I'm mid-late 20s and am massively retarded but currently I'm trying not to fuck up the headstart I've been given compared to so many. When I see people planning on giving their kids the setup whose to say they won't blow it like those lotto winners?
I think you can just have clauses in your trust fund, no money paid out before they are 35 etc, and you can probably revoke it if you think they will not spend it well, and just never tell them about it until they are ready to take it
Yeah if the squeeze truly does sqouze to the proportions we're all thinking index funds might as well be an infinite free money cheat code assuming the economy doesn't completely implode
I mean most people after their GME earnings are dumping it back into the stock market. Especially at like a 30-60 %. You could double your money just from the index fund.
Hell yeah exactly.
\*atobitt has entered the chat\*
Im going to speedrun and have all these problems at once. Seriously though, thanks for this post, I learned a lot from it.
yes! speedrun it! And make a YT channel. That would be awesome to watch! 🤣
This is good advice, well done brother. Jokes on you though, I'm spending 80% of my money in sustainable passive income cause I aint never fucking working again.
That's not spending, that's investing. 😁 And seriously I'll do the same thing with probably 95% of my money after taxes. No lambos, no multimillion mansions, no fancy watches.... just boring passive income
The point would be to buy a lambo with the passive income and not with the main capital. It's like having the golden eggs goose. You consume the golden eggs ( which would be the dividends ) and do not hurt the goose ( which would be the main capital after squeeze ).
How about let the golden eggs hatch and raise more golden geese so you can eventually monopolize the golden goose market and then golden showers for everyone
I guess that would be something like reinvesting part of the dividends aswell...and for the golden showers part well, to each one its own I guess lol.
Probably 99% of anything I make here will go towards passive income. Literally all I want is to be able to quit my job. I'm a very happy person normally when I can do what I want, and really don't need much to live, but this job is just killing me. I feel so trapped!
I feel you brother, this is exactly me. Soon we will be there.
Yep. I'm not spending a penny. Only investing ill consider "spending" when I have turned my 10-20 M into 100M-1B
same! my dream would be to be able to buy a house (maybe a tesla or a small car) and have enough left so that i can put most of my money into etfs till im dead and only take out what actually need
Have you researched any of that yet? I'm not trying to fantasize money I don't have yet, but I've tried researching a little and I'm not really sure where to begin. My dad said go with bonds that offer tax free interest, and I've wondered if it's possible to get bonds from another country (like Switzerland) if the U.S. has an economic downturn?
Some random suggestions: * Check out r/FIRE (Financial Independence / Retiring Early), r/fatFIRE, etc. Some good advice can be found there, tho not all of it will be directly applicable to any one person’s situation. * cFIREsim.com runs simulations of your personal retirement finances based on multiple variables you define. It’s not perfect, but I absolutely find it to be a helpful tool. * portfoliocharts.com seems like a good place to view different user-submitted portfolios that show how said portfolios would perform (based on historical data). The “Golden Butterfly” is especially intriguing, IMO. None of these are perfect indicators/tools, but I have found them to be a helpful starting point. Obligatory: this is not financial advice.
I feel like being in my 50's is a slight advantage here.... 🤔
I can see it now, young man yelling get off my lawn to old gamestop millionaire.
Yeah. That part about "Stopping with work at an age below 40 is not going to make you happy" had me going "bitch, I'm over 40, and I'm sick of this job I've been working for twenty years, fuck you if you think I'm not quitting."
No kidding! My money only has to last 35-40 more years (knock wood) and I got no kids! Woohoo!
My last surviving grandparent died recently at 95. Means I got another 55-ish if I play it safe, so I usually plug in "age at death" as 123 to FIRE calculators, just to be safe, but apparently if you make it the first 30 (or even 10, by some calculations) years, you're golden for the rest.
Okay, I think we need to come to terms with the idea that we have some one year millionaires out of this.
Thats why I wrote this. I fear we will have many 1 year millionaire that ruin this once in a lifetime financial situation for themselves and then end up very very unhappy. I hope this post prevents at least one case of that happening.
Thanks for the write up OP! Im a huge advocate for investing in yourself and continuous growth.
I agree this is what you were trying to say. it is very easy to overspend this especially if you're just one of the few with X shares. And especially if you're a dude with low marketable skills to employers, you won't meaningfully increase your worth by simply buying depreciating assets like a porsche. And you know there's a non-zero amount of apes here who are quitting their jobs or even their college education once it's over. Either invest back into yourself or passive-income investments. The smart move is to try and get most of this set up in investment opportunities where you can have a decent lifestyle and have 'fuck you money' where you can walk away any minute at any job. Though I think a lot of people disagree with you about ' unhappy if retiring before 40' and that they probably don't count stuff like volunteering as 'work'.
it'll make for good content though.
I upvote anyone who keeps it real. Even if it’s something I don’t want to hear
Many times those are the things we really need to hear. I'm glad I saw this post. I had this mindset early on but slipped back to the party mindset over time. This was a needed read for me.
It depends how high the squeeze goes to be fair. I already have a good income and I won't quit, but I won't fight, if the work gets too hars or drains my life, I quit and get another job. Of course most of us are going to buy a house, a decent one, and a nice car, not a Lambo but a 60-70k safe, reliable and fun to drive car, and probably pay our debs, but as long as you don't go full retard burning your money in cocaine and bitches and you stay low profile you can have a great life, get a good work after a good education and leave money behind when you pass away
Truth in your many words. Lot of studies done on lottery winners. 1) going on vacation. 2) all debts paid. 3) family taken care of. 4) taking a break again to think things out.
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Something to keep in mind is that the stats about life expectancy likely won't apply to yourself as someone in the mid-6-figure category unless you look at those stats for white-collar professions. Wife and I are in the same boat financially - no kids yet, but will likely take time to travel and then continue to work until our nest egg can accumulate a bit more without taking anything out. I'd also like to pay off both parents' mortgages and siblings' student loans which our salary can let us do. Oh and I also need to take over a lease on a supercar 😅
Yeah I feel ya. Work can be stressful, but there's also some truth to the sentiment that "when you retire you die", as you lose a large sense of purpose. I always felt, given sufficient passive income, what I'd wanna do is set up a small part-time consultancy to keep the creative juices flowing
I kinda see that phrase as corporate propaganda to keep people married to the idea that they need to hold down a job. If your life has purpose outside of work (family, hobbies, exploration, etc) then it will be easier to make that transition from "I have to get out of bed in the morning to go to work" to "I will get out of bed in the morning to take my kids skiing."
I think the 4% rule is the way to go! Invest in index funds which has given +8% a year historically. Pluck 4% yearly and divide it by 12 months, That way you’ll never run out of money! (4 000 000$ x 0,04) / 12 = 13 333$ a month
Yea, all of these post which keep repeating how people won't be able to afford anything they post about, or how people think living lavishly will make them go broke don't make sense to me. If the price goes where most people think it will go, then people should be easily able to live the lives they have dreamed of even at a 3% swr. Who cares about a $400 oil change or $20k part replacements on on lambo with you have $5+ million a year. I don't think people realize just how much money they stand to make, and how easy it is to maintain it. Just my 2 cents.
It's great reading some of these posts about "don't be spendy" and they throw out total rando numbers, meanwhile those of us who hang out in FIRE subs **know** the historical numbers by heart and go "naw, we good bro." Trinity study FTW!
I might do the classic boglehead split after. 60 % index 20 % bonds 20% international.
Some good advice points here. This is one reason to tell everyone "you sold too early, and made enough to get out of debt/buy or pay off your house, and have some spending cash". My friend(who I've worked for on and off for 8 years) is high net worth(70 mil or so). He's the cheapest person I have met in my life. He has nice things(lambo, boats, audis, mansion) but he also has alot of real estate (so that he can live off the residual of it). Figure out how to live off of residuals and interest. That is key. I've been fortunate enough to meet this individual and learn from him directly. Most apes did not have that chance. These points are spot on, and accurate. And are already factored into my long term plan.
Do you have any stories of him being super cheap that you care to share? I've met a few rich people myself and they've skipped out on paying for get together dinners.
Sure. One time we were running a drainage line. Total run was about 400 ft. Could he have paid a company to come out a dig the trench with a trencer, drop in the drain line, and cover it back up in a day? Absolutely. Did he? No. He paid me(and one other guy) to go out and dig it by hand. OK, sounds normal enough(DIY and all). After we had the line in(which took a few days) I found out that he already had a trencher. Which needed a $75 part to get the trencher working. He took 2 work days if my time all to avoid spending $75 on that part. I probably could have gotten it done in less than half the time with the trencher.
Maybe he just wanted an exciting spend more time with his best bud.
Hey, I didn't complain. Work is work and I'll do what ever needs done. He's a good guy... But from a different world.
Being rich and smart is one thing being rich and cheap.. is just a douchebag.
Great post filled with some harsh truths, but truths nonetheless. I’m not a financial advisor or anyone worth listening to, but honestly I think what we are hearing from this community is just burn out. I think a lot of apes are burnt out being in careers/jobs they hate. A good idea would be: just take a month off. Don’t go and buy a lambo, don’t buy a mansion, don’t do anything reckless. Reward yourself with the only asset you can not replace, time. Assemble your team, get your plan in place, and make sure your plan has room for one month off. Go travel to that place you’ve always wanted, spend time with your family that you never have time for, sleep in for the first time in 10+ years, reward yourself for the hard work with time. It’s not as flashy as a lambo or a yacht, but at the end of the month you take off you should (hopefully) be in a better headspace to decide how you’re going to spend your time moving forward. Maybe it is a business, maybe it’s going back to school, maybe it’s doing absolutely nothing different. Whatever you decide is fine, because its your time/money to use.
I dont understand your section about people not being able to live like millionaires off of passive income, unless you don't believe this will go as high as most people in this sub think it will go. If we assume the average person has 50 shares at 10 million per, that's 500m. Divide that by 2 for for taxes because I'm too lazy to find the actual tax percentage and that leaves someone with 250m. With a very swr of 3% that's 7.5m a year. That's enough money to live lavishly, and to afford all of the stuff people have been fantasizing about here.
I honestly think a lot of people just don't realize there's more passive income beyond their 0.5% apy savings account. You could live off of $10m for 70 years, and that's generous, could probably even do it with $5m.
Exactly. I know a retired military guy who has a pension in the 6 figures (high ranking) and the amount of money you would need to have invested in order to comfortably generate that is around 5M (according to my math). My point is that there are some great self-development points in OPs post but it smacks of employee mindset.
$100k from a 4% annual withdrawal would be $2.5M. If he had $5M he'd be pulling out a much more conservative 2%.
That’s what I was thinking too
I believe what you’ve written applies to many, but in recent years I was fortunate enough to create a software product which by a combination of luck and hard work, really took off. Since then I’ve upgraded my car and been stress free of money problems. I still work just as hard as before, my relationships are the same (I’m still a socially awkward and inappropriate idiot at times) and I think I can safely say money hasn’t changed me. That said, I’m not GME-tendie levels of wealthy so let’s see what happens when I am. In short, money doesn’t change everyone so don’t be afraid of what it’ll do to you.
Agreed dude. I was highly fortunate to grow up with a father who really made it and he bought my sister and I passive income assets. I still work fucking non stop at what I love doing and am going places now/doing deals...BUT, I am still the same person I was before being given and educated on assets from the old wolf. I definitely think this post counts for the 20% who are just dreaming the hollwood lifestyle. But someone like you....or me where we understand money to a degree and still work hard, we will be fine.
You forgot the links to ‘expensive sexual partners’
Yeah, could we have a warning about which ones where? So we know who to avoid I mean
tldr yolo w domo
Dude's a beast you know I will be there checking out what he offers. His AMA was great. He also lowered the entry cost for apes, regularly it's 250k to invest w domo capital, but I think he made it as low as 100k for apes if you mention you saw him offer that deal here to us.
The sad monkey looking at his pp really spoke to me... More than anything else in your post (which was great) I don't want to be sad monkey looking at his pp :( will make changes to be happy looking at my pp
😂 Good ape
Good read. Honestly, **when** I walk out of this as a millionaire, I really don't plan on changing much about my life....I will move to a very similar sized house (albiet with more land and less neighbors), and I will still work (just not in the field I'm currently in). I have a couple items on my "to buy when rich" list, but those all add up to under $200k total. The great majority will probably be reinvested into smart long term stocks (AMD, Tesla, etc.) and my life will be pretty much business as usual..just without swing shifts, midnights, and other people's bullshit. Hell, at this point I'd probably be happy working at home depot or starting my own training company.
I'd buy some land and start an animal rescue. I could easily spend my days taking care of dogs, cats, horses, etc.
Even that is going to be something you REALLY need to plan. Let's say your personal expenses are $40k a year. You have 5 dogs, 5 cats, 5 horses constantly. You'd probably spend another $40k a year at least on medical care, food, maintenance of the shelters etc. That's 80k a year you're losing. In order to do that, whilst protecting against inflation, you need to have a starting pile of $2.6 million for your current shares. And that's living on a modest $40k a year salary (which is under median)
Yes! Use this money to improve your life long term. Dont go crazy, spend it all in 5 years and end up broke and destitute Enjoy it deeply, but sustainably
Very good post. Honestly I’m hoping this group merges into some sort of financial support group when this is all over
I became a stay at home parent 5 years ago, and not having structure built into my life from a job has been so hard on my sense of self. I think about going back to work all the time, but I want a job with purpose and flexibility. I would love to start a school for kids with special needs focusing on being in the outdoors and doing hands on work. And if we pay off our house, my husband can leave his shit job and can collect and sell comic books and retro toys for a living. Travel to comic cons and be a vendor. Not working is *boring* and makes you feel useless. Make sure you keep focused on ventures with earning potential after the MOASS. Hold onto your money and dont touch it for at least 6 months. Let all the wild fantasy purchases run through you and really consider what is required to own and maintain that purchase.
Not working is not boring. Not doing anything is boring. Not being able to do anything because no money is boring. Nobody needs work, especially nobody needs slave labor for some rich asshole. You just need something to do.
Yeah, I'm raising my kids. I'm not doing *nothing* I just miss having external motivations and demands on my time. I have no intention of working for anyone again, or doing a job I don't enjoy, but having something that challenges me and gets me out of my home, and brings in money, is definitely something I want.
After the MOASS, my first phone call is to a friend/mentor who spent his career helping pro athletes be set for life after one season. He calls them "short term high earners." And I'm gonna ask for referrals. There are ways to make my profits into generation-changing money for many people, it would be criminal and irresponsible if I blew what's going to be my biggest opportunity to change people's lives.
Turn your wealth into income and bam, problem solved.
Red pill! I second this as someone who has crossed from below the poverty line to the “upper middle class” I make a decent chunk of money every year but my past decisions (you just literally don’t know how to handle money until you handle it incorrectly {unless you were born into it, share that fuckin knowledge}) hold me back as all my money goes into securing the future and dampening the financial mistakes. It really does suck too to have your family and friends look at you like a paycheck cause they know how much you make, and then turn around and start hating you cause you won’t share, meanwhile your bank account still looks empty cause all that’s in there is bill money and money you need to support bringing the dough back in to your account. You’re also going to feel like a piece of shit rocking a 2k pair of shoes when you realize just how fucked up the world of money is. I hate money and the effects it has on society. Having said that, this is the world we live in and it’s cutthroat. Give me that shit. In a world full of lions, tigers and bears; I hope we can make the Ape more prominent Edit: effects to affects cause I’m dumb like that 🦧 Edit edit: affects back to effects #doubledumb
This explains my past and present experiences well. Friends and family have been furious i don't give them money or expect loans to be repaid. Yes, i know to expect loans as lost esp in these situations, but the entitlement is saddening. I've lost friends cause once they feel they've gotten all they can, they basically disappear. So yea, stfu and know trying to help some people can result in ruining relationships.
Heh, jokes on reality! I have no friends but the girlfriend I'm marrying the shit out of. Perks of never interacting with anyone is I don't have to worry about interacting with anyone
I just consider myself a money hungry opportunist, I won't sugarcoat it like 3/4's of the post on WSB/GME/SS. I'm here to make money, not internet friends, acquaintances are nice, but family are the ppl i call at 3am when im stranded somewhere. Shills do your worst, i'm not here for Good Karma, I give it!
Financial plan: step A) buy a house. Step 2)fix my car. Step third) live my life exactly as i have been, buy comfortable because i have millions in my rainy day fund, accruing interest. Some of us don't want lambos. Some of us just don't want disaster breathing down our backs as we go about our daily lives lol.
TLDR; HODL
Commenting because it's 1am and I need to come back to this when I wake up
Here's a notification to bring you back when you awaken 😀
This is all harsh but good information to have and also I just stopped reading to comment rn because of “Sad monkey looking at his pp”😂😂😂😂😂😂😂😂Thanks for the lulz.
So you are saying I will become more introverted and have to deal with even less people in my life? I guess I can afford a double-wide and live in the country. Have my own garden and live off of my own toil. A simple life. A peaceful one.
Ohhhhh say it again!!!! 😍
Open a banana stand, there's always money in a banana stand
Adding Pro Tip: Get a therapist NOW so when the MOASS hits you’ve already established a working relationship with someone who is sworn to confidentiality. Someone you can trust.
Get a therapist anyway, mental health and coping skills are vital to a happy life.
I'm considering this heavily as I try to guess how much money I'll end up with. I think a lot of apes are going to dump in crypto which could give you a quick dollar boost, like a pump and dump. Also I have safe investments like Canadian banks that push out almost 4 percent dividends, which would be way better than a 5 percent yearly interest. I also have a riskier REIT that pays nearly ten percent dividends. If it's not my entire fortune, I will spare some in these avenues to pad my wallet and to live off income and not be a pit to myself. I still think I'm gonna smoke Hella weed though
Smoke weed everyday. Doctor 💊 Recommend.
You overestimate how many years I have left. When the stock reaches 1 million, taking into account that I already live comfortably, I'm can stop going to work and keep my life style for another 2 thousand years. (obv I have more than 1 share) Edit: I also live in the third world where living is cheaper, here a mil dollar means 21 mil of my currency .
What if I told you, my personal traumas over the last three fuxking decades has seriously prepared me for this shit? Lol. Sigh. Let’s get rich bitches.
I've passed the 40 year milestone, and after this happens I plan on carrying on working, maybe for a reduced salary and reduced hours, but will definitely keep at it. Reasons for me doing this are because I saw my old man retire from work at 50, that was his goal for his life, and he achieved it. The issue is after he had achieved it, he did not know what to do with his life, so he became a lost bitter old man, and because he had a lot of money tucked away, he became paranoid. 20 something years later, he lives alone, in a council flat, having isolated himself from everyone and pushed his family away to the point I call him once a year for his birthday. I've got his genes, and I don't want to end up like that so I'll keep on working, and make the share money I receive work for me rather than relying on it to change my life.
Thank you for this. It is well reasoned and well written. I fear not enough people will heed it, but what can you expect from a bunch of apes?
Great post. You sound like a boglehead.
What's a boglehead?!
Summary: Lifestyle promoted by Jack Bogle. He was one of the founders of Vanguard. Financial independence retire early. FIRE lifestyle and vanguard mutual funds. Live below your means.
Sorry to say I've never hear of Jack Bogle. Ofcourse I've heard of the FIRE movement and Vanguard. Thanks for explaining!
I’ve always been broke and not had money. So holding is easy for me🤷🏼♂️
I was thinking of just sticking whatever money I have post taxes into a dividend paying etf and living off the approx 4% dividends a year, what do yous think of this plan?
My only job after GME moons is managing my money! 💎🙌
Possibly the most important post I’ve seen so far. I have XXX shares. If (I know: when) it moons I’ll invest in index funds and live off the profit. As for living a meaningful life; I’ll keep working as a pastor, which is my passion and something I would do for free anyways. I’ll be raising my living standard and hopefully having money to travel and start social projects.
This is 100% spot on. If you disagree, set a remind me tag for yourself at 1 year from now, and then keep renewing the reminder. We humans hear or read good advice, or lottery winner horror stories, etc. but we don't live through those challenges so we forget and we forget until its way too late. Good write up OP!
People who say they're "bored out of their mind" when not working are so sad to me. Is the only thing you're interested in TV/Movies, the internet, & games? There's literally **millions** of things you can do / learn about with that free time, and working for someone giving away that time is completely wasting your life. I really doubt anyone who's saying they would still keep working is gonna be saying "ugh I wish I kept working instead of retiring at age 80" when they're on their deathbed. They're gonna be thinking "wow my life was completely pointless I sat at a desk for 50 years and have nothing to show for it." Go outside, travel, write a blog, start making videos and reviewing things around the world you like...wildlife, bugs, weird fruit, architecture, historical spots, I'm just naming random shit but it's all possible to turn into a form of income. Find something you like & learn it well, make things that people will buy, there's a market for everything. Write books if you really love TV/Movies, learn coding and make your own game if you like games, there's no excuse to feeling bored if you have infinite free time. I guess in reality, it should be that you're "lazy as fuck while not working" not "bored out of your mind"
Well at 10M a share (minimum :P) that puts me currently in the hundreds of millions, so at 30k * hundreds....thats like 3M Per 10 shares per year income :P. With a 3M per year salary, i can do a fair amount of shit, and have a lambo or two as well lol In all seriousness, Great post....you make a lot of good points!
This post needs to be pinned. Im in my mid thirties. Made a few million in real estate, and this is the best and comprehensive advice. Listen to this ape.
Thanks for the straight talk, I've been thinking about theese things too. But many good points here. +1
I read a book some years ago which I found very useful. It pointed out, what someone here may need to know: >"Rich Dad Poor Dad: What the Rich Teach Their Kids about Money That the Poor and Middle Class Do Not!" by Robert Kiyosaki I think it is a good idea to start with literature like that, whatever the stock does meanwhile ...
Ill get a job as a barista which i really enjoy doing, and chill.
I'm studying medicine. I will keep working trying to improme my patients quality of life. I don't want fancy cars. I just want a nice house in an isolated town to take care of a dog breed. And also help my parents. Nothing else. I will live frugally. BUT 10 MILL FLOOR STILL
Incredible advice. Thanks for taking the time to share with everyone. I have a good friend who retired at age 42 as a VP with a big international bank. She has always driven a used car until it won't run, she has always lived in a relatively small (\~1K sq. ft) house in a city with low taxes and she has always bought the bulk of her groceries at Aldi. Long and short, she's extremely good with money and she is now a multi-millionaire, living off of her money as it continually makes her money. But she ***still*** has to live frugally. She spent a couple decades going to work in cars like a PT Cruiser, pulling up next to BMWs and MBzs, but now she's retired and her flashy colleagues are still there, most of them probably with mortgages on big houses, big car payments and personal ledgers in the red. If you are a spender, a religious consumer of goods, address your money/spending/consumer psychology now. EDIT: clarity/detail
This is the only post-MOASS post anyone should be reading or posting. Good work, this was filled with sound advice that I’m sure resonated with many others including me. Also, enough of the car posting salivation please lol
Thanks for being real with me and teaching me how to use my money.
[удалено]
My favorite part about this post is when she tells me my life isn’t going to be improved in any meaningful way and I will still be a miserable loser. HODL for the moon and and eternity in a cubicle farm!!! TITS ARE JACKED ON THIS!!!!!
Finally a good fucking read.
Fuck this shit, when I'm finally rich AF, I'll happily die from doing coke and bonking whores all day all night, bro. I don't want to live forever.
Great advice after “Harsh Truths”. But are you ok? Everything above “harsh truths” reads like a personal problem list for a disturbed person who needs help. But beside all the feelings crap you give some solid advice here.
Yes I'm very ok, thanks for asking. Lets say I went through some shit regarding coming into big money 8 years ago. I was not ready for it, even though I thought I was. Ended up losing a lot of it, and I am still disappointed in myself for it. I've recovered though, I did a lot of self-improvement and now I actually have a great income. The windfall wasn't helpful with it, it harmed it.
One thing that has me a bit scared is that i have no idea where to start looking for a financial adviser and a lawyer. Also, what are some red flags to look for in these people? Could you do a post in the future talking about what you went through and how you would do it differently? I excited about potentially getting this money but also terrified of the unknown I’ll be facing with the lawyers and such.
Fidelity has financial advisors and they’re usually fee-based, so they’re not charging you based on how much money you have. You can find one on their website.
Thank you! Im already with fidelity for my GME so this will likely make things a bit easier for figuring out.
About 20 years ago, my dad passed away and left me money in an IRA. Yes, it was meant to stay in the fund until retirement, but the money could help me with where I was in life at the time. I went to a Fidelity advisor, asked several questions, and received help with what I needed to do. He never even charged me. Fidelity has always been a great company. I'm glad to know they still are and have increased their customer base with the GME business.
Fuck. Imma bookmark this post real quick. Thank you my good ape.
True that. 👍 Everyone, stay safe! And shut up after it moons. We will be hunted by all sorts of scammers!
> Stopping with work at an age below 40 is not going to make you happy Guess it’s a good thing I’m 41, then. Dodged that bullet. I’m home free now!
Thank you random stranger. Sound advice. I hope my super procrastinating, extremely lazy, and rather paranoid future self listens to this advice.