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> The book The Millionaire Next Door provided data to support "Seek wealth, not money or status". […] I like the Tweet thread, but prefer the Millionaire Next D
by throw0101a 5y ago
> The book The Millionaire Next Door provided data to support "Seek wealth, not money or status". […] I like the Tweet thread, but prefer the Millionaire Next Door cause it's backed up by actual data.
Fooled by Randomness by Nassim Taleb, most/more famous for Black Swan, pokes holes in the methodology used in TMND, specifically survivorship bias.
Another observation from FbR:
> I will set aside the point that I see no special heroism in accumulating money, particularly if, in addition, the person is foolish enough to not even try to derive any tangible benefit from the wealth (aside from the pleasure of regularly counting the beans).
* https://www.goodreads.com/quotes/553605-i-will-set-aside-the-point-that-i-see-no https://www.goodreads.com/quotes/553605-i-will-set-aside-the...
- lukas099 5y agoTaleb should know that the benefit is having f*k you money. I suppose that once said money is obtained, there may be no greater advantage in accumulating more.
- shipman05 5y agoPersonally, I find living well below my means leads to a great deal of happiness. I never have to stress about money. Never have to worry about losing my job (as long as it isn't a long term loss). I can make future career decisions based on quality of life a not raw salary. It's an opportunity cost like anything else, but I would argue having more wealth than you need is a tangible benefit all its own.
- throw0101a 5y agoI don't think Taleb was advocating living above one's means, but that aestheticism is not necessarily a high moral accomplishment. You can't take your wealth across the River Styx, and Charon only demands a single coin, so what's the point of amassing it?
- MispelledToyota 5y agoasceticism. I think we can all agree aestheticism is the highest moral accomplishment of all.
- aj7 5y agoWarning. Taleb is a kind of performance art.