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the reality is you’re doomed if you’re even asking yourself the question. You know what I think? I think people who tell themselves ‘if I make $X million, then

by frossie 16y ago

the reality is you’re doomed if you’re even asking yourself the question. You know what I think? I think people who tell themselves ‘if I make $X million, then I’ll stop working and do what I want’ never make that $X million. I'm not sure the OP has grasped the complete psychology of FU money. Surely the value of FU money is not to allow one to stop working, it is in the emotional pay-off for the security it represents. This is a big deal, especially for people who, for example, experienced financial insecurity as children. I am guessing there are also tangible social benefits to reaching that stage, even if you changed nothing in your life upon achieving it.

sosuke 16y ago
FU money also empowers you to work on riskier and riskier ventures without as much pressure to succeed as the first success presented. Who worked to make $X million dollars and then just stops working? You just work on different things, you never stop working all together.
- hugh3 16y ago
  Who worked to make $X million dollars and then just stops working? You just work on different things, you never stop working all together. Actually I think there are plenty of such people out there. But you rarely hear about them, because they have no reason to publicise themselves. Surely someone must be out there, appreciating expensive luxury goods all day long?
  - andreyf 16y ago
    There's Felix Dennis: http://www.youtube.com/watch?v=iyefDseVCZk http://www.youtube.com/watch?v=iyefDseVCZk I'm not sure how many luxury goods he consumes, but he does write good startup poetry: http://dl.dropbox.com/u/404957/money.txt http://dl.dropbox.com/u/404957/money.txt
jdietrich 16y ago
In the world of high-stakes poker, it is commonly understood that the only way to make a million dollars playing poker is not to want to make a million dollars. If you care about the money, your lizard brain takes over and stops you from taking the risks you need to take. As soon as you see the chips on the table as dollar bills, you're finished. Practically the definition of greatness in poker is the ability to play the same for pennies as you would for millions - as far as the great players are concerned, it's not really money, it's just how you keep score. I think the OP is making a similar argument about startup founders - if you're emotionally invested in the payoff, your ability to make the right decisions will be impaired. You'll choose smaller markets, less ambitious products, make safer design decisions. You think too much about making money and not enough about growing a business. I think it's no coincidence that the likes of Page and Brin and Zuckerberg never really intended to start businesses. I think it's no accident that Warren Buffett still drives an old Cadillac and lives in his old suburban house.
- antongm 16y ago
  You're exactly right. If I had thought of the poker analogy, I would have included it. I'm glad someone on here agrees with me...;)
- revorad 16y ago
  I think it's no coincidence that the likes of Page and Brin and Zuckerberg never really intended to start businesses. I think it's no accident that Warren Buffett still drives an old Cadillac and lives in his old suburban house. I can think of a few counter-examples - Bill Gates, Mark Cuban, Felix Dennis.
  - enjo 16y ago
    There are a lot of examples on an even much larger scale. I know two folks who have sold businesses and now live in Hawaii doing practically nothing. It's really not that uncommon. It's just that those folks fade into memory while the workaholics continue to work and increase in overall profile. It really feels a lot like the 90 hour work week insanity of the tech boom. For years after that I encountered business-types who would enthusiastically tell me during interviews that they're "the type of company where developers keep a sleeping bag under their desk". Apparently that's the key to success, except that very few of the startups I've encountered actually operate that way.

by frossie 16y ago

sosuke 16y ago

FU money also empowers you to work on riskier and riskier ventures without as much pressure to succeed as the first success presented. Who worked to make $X million dollars and then just stops working? You just work on different things, you never stop working all together.

hugh3 16y ago
Who worked to make $X million dollars and then just stops working? You just work on different things, you never stop working all together. Actually I think there are plenty of such people out there. But you rarely hear about them, because they have no reason to publicise themselves. Surely someone must be out there, appreciating expensive luxury goods all day long?
- andreyf 16y ago
  There's Felix Dennis: http://www.youtube.com/watch?v=iyefDseVCZk http://www.youtube.com/watch?v=iyefDseVCZk I'm not sure how many luxury goods he consumes, but he does write good startup poetry: http://dl.dropbox.com/u/404957/money.txt http://dl.dropbox.com/u/404957/money.txt

jdietrich 16y ago

In the world of high-stakes poker, it is commonly understood that the only way to make a million dollars playing poker is not to want to make a million dollars. If you care about the money, your lizard brain takes over and stops you from taking the risks you need to take. As soon as you see the chips on the table as dollar bills, you're finished. Practically the definition of greatness in poker is the ability to play the same for pennies as you would for millions - as far as the great players are concerned, it's not really money, it's just how you keep score. I think the OP is making a similar argument about startup founders - if you're emotionally invested in the payoff, your ability to make the right decisions will be impaired. You'll choose smaller markets, less ambitious products, make safer design decisions. You think too much about making money and not enough about growing a business. I think it's no coincidence that the likes of Page and Brin and Zuckerberg never really intended to start businesses. I think it's no accident that Warren Buffett still drives an old Cadillac and lives in his old suburban house.

antongm 16y ago
You're exactly right. If I had thought of the poker analogy, I would have included it. I'm glad someone on here agrees with me...;)
revorad 16y ago
I think it's no coincidence that the likes of Page and Brin and Zuckerberg never really intended to start businesses. I think it's no accident that Warren Buffett still drives an old Cadillac and lives in his old suburban house. I can think of a few counter-examples - Bill Gates, Mark Cuban, Felix Dennis.
- enjo 16y ago
  There are a lot of examples on an even much larger scale. I know two folks who have sold businesses and now live in Hawaii doing practically nothing. It's really not that uncommon. It's just that those folks fade into memory while the workaholics continue to work and increase in overall profile. It really feels a lot like the 90 hour work week insanity of the tech boom. For years after that I encountered business-types who would enthusiastically tell me during interviews that they're "the type of company where developers keep a sleeping bag under their desk". Apparently that's the key to success, except that very few of the startups I've encountered actually operate that way.