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My desire to do this though, causes the problem that I feel like I can't stop working and constantly increasing my savings. The idea that if I take time off fo

by Terry_B 16y ago

My desire to do this though, causes the problem that I feel like I can't stop working and constantly increasing my savings. The idea that if I take time off for a while to work on something at a loss, the damage will be too great due to the long time effects of compounding interest etc and the desire to build a prosperous life for my family. So I think I have the opposite problem. I have a hard time stepping off the gas pedal to pursue things that would probably be more beneficial and enjoyable.

aaronblohowiak 16y ago
it seems as though you are talking about something different from the OP. you are emphasizing building wealth, the OP is emphasizing restraint.
- silvestrov 16y ago
  It is two sides of the same coin: you can't build wealth without exercising restraint. Look at all the professional young sport guys who earned millions in no time, and who wasted it all on senseless bling-bling. And he says, "work on something at a loss", which is definitly not building wealth, it is anti-saving. If you are a saver, you'll always save money no matter how much or how little you earn. Spending your savings is against your nature. Saving money is living in the possibilities, in the mind.
  - Retric 16y ago
    ~30,000$ in rice today was significant wealth 1,000+ years ago. (It's all the calories someone needs over a reasonably long life.) However, IMO wealth is best measured as a multiple of your lifestyle, someone with a billion in the bank who spends 300 million a year can't retire without cutting back, but someone with 1 million in the bank who spends 20k/year can.
- dangravell 16y ago
  It's not just about restraint. His point on frugality (I think) was it's important to release capital for reallocation. It depends what you read into "save", because you'll not build much wealth by holding cash on deposit. I would put it more as "invest, invest, invest". Read "The Intelligent Investor" and go from there.

by Terry_B 16y ago

aaronblohowiak 16y ago

it seems as though you are talking about something different from the OP. you are emphasizing building wealth, the OP is emphasizing restraint.

silvestrov 16y ago
It is two sides of the same coin: you can't build wealth without exercising restraint. Look at all the professional young sport guys who earned millions in no time, and who wasted it all on senseless bling-bling. And he says, "work on something at a loss", which is definitly not building wealth, it is anti-saving. If you are a saver, you'll always save money no matter how much or how little you earn. Spending your savings is against your nature. Saving money is living in the possibilities, in the mind.
- Retric 16y ago
  ~30,000$ in rice today was significant wealth 1,000+ years ago. (It's all the calories someone needs over a reasonably long life.) However, IMO wealth is best measured as a multiple of your lifestyle, someone with a billion in the bank who spends 300 million a year can't retire without cutting back, but someone with 1 million in the bank who spends 20k/year can.
dangravell 16y ago
It's not just about restraint. His point on frugality (I think) was it's important to release capital for reallocation. It depends what you read into "save", because you'll not build much wealth by holding cash on deposit. I would put it more as "invest, invest, invest". Read "The Intelligent Investor" and go from there.