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And there's something else to consider as well: The more money you have, the more you have to loose. When you're worth 20 Mil. you've got to worry about where

And there's something else to consider as well: The more money you have, the more you have to loose. When you're worth 20 Mil. you've got to worry about where it's invested and hope it doesn't all go down the drain. you certainly can't leave it in cash otherwise, you'll lose 75% in just 14 years. the root of all evil is not money. the root of all evil, is requiring humans to have money to live. i aspire to require the least amount of money to live happily ~ combined with some money, that's true freedom.

inglor_cz 4y ago
True, but at the same time, you are insulated against some sudden shocks. I always try to have enough money to live on for about a year, so that I don't panic and start making bad decisions if business goes wrong for a month or two.
gowld 4y ago
The traditional saying is "the love of money is the root of all evil" You don't need $20Mil to live. > lose 75% in just 14 years. What currency had 400% inflation in 14 years?
- throwaway-blaze 4y ago
  Venezuelan Bolivars have been worse than that. I think the Turkish Lira is too, and lately the Russian Ruble. We in the US are super lucky the world considers our currency the most favorable, although printing 80% of all dollars in existence over the last few years could impact that...
jjice 4y ago
> The more money you have, the more you have to loose. When you're worth 20 Mil. you've got to worry about where it's invested and hope it doesn't all go down the drain True, but there are plenty of safe investment options if you're willing to have lower yields (CDs, bonds, the S&P, given time). Of course anything can fail, but that applies to everything and everyone. > you certainly can't leave it in cash otherwise, you'll lose 75% in just 14 years. I'm not familiar with this stat. How is this calculated? Inflation and expenses?
- throw8383833jj 4y ago
  10% inflation over 7 years will 1/2 it's worth. Rule of 70: the formula goes like this 70/percent = # of years. So if you assume inflation is 7% over the long term then 70/7= 10 years to loose half and 20 years to keep 1/2*1/2=1/4 (lose 75%)

inglor_cz 4y ago

True, but at the same time, you are insulated against some sudden shocks. I always try to have enough money to live on for about a year, so that I don't panic and start making bad decisions if business goes wrong for a month or two.

gowld 4y ago

The traditional saying is "the love of money is the root of all evil" You don't need $20Mil to live. > lose 75% in just 14 years. What currency had 400% inflation in 14 years?

throwaway-blaze 4y ago
Venezuelan Bolivars have been worse than that. I think the Turkish Lira is too, and lately the Russian Ruble. We in the US are super lucky the world considers our currency the most favorable, although printing 80% of all dollars in existence over the last few years could impact that...

jjice 4y ago

> The more money you have, the more you have to loose. When you're worth 20 Mil. you've got to worry about where it's invested and hope it doesn't all go down the drain True, but there are plenty of safe investment options if you're willing to have lower yields (CDs, bonds, the S&P, given time). Of course anything can fail, but that applies to everything and everyone. > you certainly can't leave it in cash otherwise, you'll lose 75% in just 14 years. I'm not familiar with this stat. How is this calculated? Inflation and expenses?

throw8383833jj 4y ago
10% inflation over 7 years will 1/2 it's worth. Rule of 70: the formula goes like this 70/percent = # of years. So if you assume inflation is 7% over the long term then 70/7= 10 years to loose half and 20 years to keep 1/2*1/2=1/4 (lose 75%)