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> If you're rich then you should make yourself a safety net and chase a high risk-reward strategy with the rest of your money. If you're rich you don't need to

> If you're rich then you should make yourself a safety net and chase a high risk-reward strategy with the rest of your money. If you're rich you don't need to chase rewards, certainly not risky ones; you've already won and can relax and do whatever you want without worrying about whether it rewards or not. That is the point of being rich, getting to do what you want rather than what other people want.

sandworm101 10y ago
I don't think it is so much not trying to earn, but being rich allows you to take advantage of investments that normal people wouldn't or couldn't consider. If you are not rich then you need ready access to your investments. You might need the money one day. A rich person can instead invest in less liquid concepts such as private equity or offshore havens.
- DasIch 10y ago
  That you have that advantage isn't all that interesting. In the end it's not your income that matters, it's your happiness and these two things don't have a proportional relationship. If you're rich, you don't gain more happiness as you gain more income. So the only thing you really care about in regards to your income, is that it doesn't drop low enough to affect your happiness.
  - sokoloff 10y ago
    Many of the rich care about power and influence, so aren't likely to take their foot off the gas and coast, content to merely protect a high passive income. Like many of us, I'm a 2-3 percenter. I care about building wealth for my family, giving my kids a solid financial footing, etc. If I had $10MM in assets (enough to passively generate a 99th percentile income), I don't think I'd only be worried about protecting income.
    - gnaritas 10y ago
      > Many of the rich care about power and influence I'd wager most don't. Sure, some do, but they're a minority. > If I had $10MM in assets (enough to passively generate a 99th percentile income), I don't think I'd only be worried about protecting income. But you won't know until you do, anything you say now is merely a guess that's likely wrong. Once you have a work free income, odds are your evaluation of its value will change drastically and you will become very protective of it due to the freedom it provides.

sandworm101 10y ago

I don't think it is so much not trying to earn, but being rich allows you to take advantage of investments that normal people wouldn't or couldn't consider. If you are not rich then you need ready access to your investments. You might need the money one day. A rich person can instead invest in less liquid concepts such as private equity or offshore havens.

DasIch 10y ago
That you have that advantage isn't all that interesting. In the end it's not your income that matters, it's your happiness and these two things don't have a proportional relationship. If you're rich, you don't gain more happiness as you gain more income. So the only thing you really care about in regards to your income, is that it doesn't drop low enough to affect your happiness.
- sokoloff 10y ago
  Many of the rich care about power and influence, so aren't likely to take their foot off the gas and coast, content to merely protect a high passive income. Like many of us, I'm a 2-3 percenter. I care about building wealth for my family, giving my kids a solid financial footing, etc. If I had $10MM in assets (enough to passively generate a 99th percentile income), I don't think I'd only be worried about protecting income.
  - gnaritas 10y ago
    > Many of the rich care about power and influence I'd wager most don't. Sure, some do, but they're a minority. > If I had $10MM in assets (enough to passively generate a 99th percentile income), I don't think I'd only be worried about protecting income. But you won't know until you do, anything you say now is merely a guess that's likely wrong. Once you have a work free income, odds are your evaluation of its value will change drastically and you will become very protective of it due to the freedom it provides.