7 ms·

If you keep working past $10M net worth (as all these people undoubtedly are) its usually always for legacy. I actually think Sam's vision probably scares them

If you keep working past $10M net worth (as all these people undoubtedly are) its usually always for legacy. I actually think Sam's vision probably scares them.

hiddencost 2y ago
$10M doesn't go as far as you'd think in the Bay Area or NYC.
- ForHackernews 2y ago
  ...the only two places on Earth.
- _se 2y ago
  $10M is never work again money literally anywhere in the world. Don't kid yourself. Buy a $3.5M house outright and then collect $250k per year risk free after taxes. You're doing whatever you want and still saving money.
  - mewpmewp2 2y ago
    The problem is if you are the type of person able to get to $10M, you'll probably want more, since the motivation that got you there in the first place will keep you unsatisfied with anything less. You'll constantly crave for more in terms of magnitudes.
    - keeptrying 2y ago
      No. Know lots of people in this bucket. Of course there are some who want $100M. But most are really happy that they most likely don’t ever have to do anything they don’t like.
  - kolbe 2y ago
    Assuming they're 40, how far do you think $250k will go 20-30-40 years from now? It's not a stretch to think dollars could be devalued by 90%, possibly even worthless, within 30 years.
    - user90131313 2y ago
      If portfolio is diversified enough it can be enough for decades? If dollar goes down some other things will go up. gold, Bitcoin etc.
      - kolbe 2y ago
        The original comment was premised on them being income-generating assets, which gold and btc are not
    - chairmansteve 2y ago
      They obviously don't keep it dollars. Diversify into equities, property etc.
      - kolbe 2y ago
        I love how the comment I'm responding to literally says "then collect $250k per year risk free after taxes," and then you all pile onto me with downvotes telling me that's he's not just going to invest in treasuries (which is exactly the implication of HIS comment and not mine).
  - vl 2y ago
    With 3.5M house just taxes, utilities and maintenance cost will ruin your remaining 7.5.
    - mindslight 2y ago
      The neat part is that for a 3.5M house in the Bay area, the only maintenance required is changing the rain fly every year and the ground pad every couple.
      - saagarjha 2y ago
        And who is going to fix your shower when it leaks, and install solar panels, or redo your kitchen because your parents are living with you now and can't bear to leave their traditional cooking behind?
        mindslight 2y ago
        A whole new shower is less than $200 at REI, and solar generators ship directly to your house. (And on a serious note - if your parents are both still alive and moving in with you while they have hobbies and self-actualization, you're way ahead of the game)
        saagarjha 2y ago
        And labor is free, right?
        mindslight 2y ago
        I mean, you can pay someone to hold the sprayer up for you if you want. That is probably nicer when you've got soap in your hair.
    - wil421 2y ago
      Buy a house on a private beach in Florida and rent it out for $25k a week during the hottest months.
- BoorishBears 2y ago
  Maybe it doesn't if you think you're just going to live off $10M in your checking account... but that's generally not how that works.
  - fldskfjdslkfj 2y ago
    at 5% rate that's a cushy 500k a year.
- talldayo 2y ago
  Which is why smart retirees don't fucking live there.
- FactKnower69 2y ago
  hilarious logical end progression of all those idiotic articles about $600k dual income households in the bay living "paycheck to paycheck"
- ssnistfajen 2y ago
  Only if you have runaway expenditures due to the lack of self-control and discipline.
brigadier132 2y ago
> its usually always for legacy Legacy is the dumbest reason to work and does not explain the motivation of the vast majority of people that are wealthy. edit: The vast majority of people with more than $10million are completely unknown so the idea that they care about legacy is stupid.
- squigz 2y ago
  What do you think their motivations might be?
  - mr90210 2y ago
    Speaking for myself, I'd keep working even if I had 100M. As long as I am healthy, I plan to continue on being productive towards something I find interesting.
    - presentation 2y ago
      What would you be working on though? I agree that I’d keep working if only since I like my work and not having that structure can make your life worse, not better; but if it’s “how I get to 1B” then that’s the kind of challenge that turns me off. I’m all for continually challenging yourself but I don’t want that kind of stress in my life, I’d rather find my challenges elsewhere.
  - mewpmewp2 2y ago
    There's also addiction to success. If you don't keep getting the success in magnitudes you did before, you will get bored and depressed, so you have to keep going and get it since your brain is wired to seek for that. Your brain and emotions are calibrated to what you got before, it's kind of like drugs. If you don't have the 10M you won't understand, you would think that "oh my if only I had the 10M I would just chill", but it never works like that. Human appetite is infinite. The more highs you get from success, the more you expect from the future achievements to get that same feeling, and if you don't get any you will feel terrible. That's it.
  - 2y ago
patcon 2y ago
When enough ppl visibly leave and have real concerns, they can be in touch in exile, and all break NDA in synchrony. If the stakes are as high as some believe, I presume ppl don't actually care about getting sued when they believe they're helping humanity avert existential crisis.

If you keep working past $10M net worth (as all these people undoubtedly are) its usually always for legacy. I actually think Sam's vision probably scares them.

hiddencost 2y ago

$10M doesn't go as far as you'd think in the Bay Area or NYC.

ForHackernews 2y ago
...the only two places on Earth.
_se 2y ago
$10M is never work again money literally anywhere in the world. Don't kid yourself. Buy a $3.5M house outright and then collect $250k per year risk free after taxes. You're doing whatever you want and still saving money.
- mewpmewp2 2y ago
  The problem is if you are the type of person able to get to $10M, you'll probably want more, since the motivation that got you there in the first place will keep you unsatisfied with anything less. You'll constantly crave for more in terms of magnitudes.
  - keeptrying 2y ago
    No. Know lots of people in this bucket. Of course there are some who want $100M. But most are really happy that they most likely don’t ever have to do anything they don’t like.
- kolbe 2y ago
  Assuming they're 40, how far do you think $250k will go 20-30-40 years from now? It's not a stretch to think dollars could be devalued by 90%, possibly even worthless, within 30 years.
  - user90131313 2y ago
    If portfolio is diversified enough it can be enough for decades? If dollar goes down some other things will go up. gold, Bitcoin etc.
    - kolbe 2y ago
      The original comment was premised on them being income-generating assets, which gold and btc are not
  - chairmansteve 2y ago
    They obviously don't keep it dollars. Diversify into equities, property etc.
    - kolbe 2y ago
      I love how the comment I'm responding to literally says "then collect $250k per year risk free after taxes," and then you all pile onto me with downvotes telling me that's he's not just going to invest in treasuries (which is exactly the implication of HIS comment and not mine).
- vl 2y ago
  With 3.5M house just taxes, utilities and maintenance cost will ruin your remaining 7.5.
  - mindslight 2y ago
    The neat part is that for a 3.5M house in the Bay area, the only maintenance required is changing the rain fly every year and the ground pad every couple.
    - saagarjha 2y ago
      And who is going to fix your shower when it leaks, and install solar panels, or redo your kitchen because your parents are living with you now and can't bear to leave their traditional cooking behind?
      - mindslight 2y ago
        A whole new shower is less than $200 at REI, and solar generators ship directly to your house. (And on a serious note - if your parents are both still alive and moving in with you while they have hobbies and self-actualization, you're way ahead of the game)
        saagarjha 2y ago
        And labor is free, right?
        mindslight 2y ago
        I mean, you can pay someone to hold the sprayer up for you if you want. That is probably nicer when you've got soap in your hair.
  - wil421 2y ago
    Buy a house on a private beach in Florida and rent it out for $25k a week during the hottest months.
BoorishBears 2y ago
Maybe it doesn't if you think you're just going to live off $10M in your checking account... but that's generally not how that works.
- fldskfjdslkfj 2y ago
  at 5% rate that's a cushy 500k a year.
talldayo 2y ago
Which is why smart retirees don't fucking live there.
FactKnower69 2y ago
hilarious logical end progression of all those idiotic articles about $600k dual income households in the bay living "paycheck to paycheck"
ssnistfajen 2y ago
Only if you have runaway expenditures due to the lack of self-control and discipline.

brigadier132 2y ago

> its usually always for legacy Legacy is the dumbest reason to work and does not explain the motivation of the vast majority of people that are wealthy. edit: The vast majority of people with more than $10million are completely unknown so the idea that they care about legacy is stupid.

squigz 2y ago
What do you think their motivations might be?
- mr90210 2y ago
  Speaking for myself, I'd keep working even if I had 100M. As long as I am healthy, I plan to continue on being productive towards something I find interesting.
  - presentation 2y ago
    What would you be working on though? I agree that I’d keep working if only since I like my work and not having that structure can make your life worse, not better; but if it’s “how I get to 1B” then that’s the kind of challenge that turns me off. I’m all for continually challenging yourself but I don’t want that kind of stress in my life, I’d rather find my challenges elsewhere.
- mewpmewp2 2y ago
  There's also addiction to success. If you don't keep getting the success in magnitudes you did before, you will get bored and depressed, so you have to keep going and get it since your brain is wired to seek for that. Your brain and emotions are calibrated to what you got before, it's kind of like drugs. If you don't have the 10M you won't understand, you would think that "oh my if only I had the 10M I would just chill", but it never works like that. Human appetite is infinite. The more highs you get from success, the more you expect from the future achievements to get that same feeling, and if you don't get any you will feel terrible. That's it.
- 2y ago

patcon 2y ago

When enough ppl visibly leave and have real concerns, they can be in touch in exile, and all break NDA in synchrony. If the stakes are as high as some believe, I presume ppl don't actually care about getting sued when they believe they're helping humanity avert existential crisis.