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$100k lands on my bed. Poof go my student loans and credit card debt. With enough left over that I could take a nice vacation and take a 6 month break from work

by rquantz 13y ago

$100k lands on my bed. Poof go my student loans and credit card debt. With enough left over that I could take a nice vacation and take a 6 month break from work if I live very frugally. Sounds like a worthy goal. Edit: this is why claims of finishing returns with the ratio of earnings/happiness are unconvincing to me, or at least setting them as low as $70-80k (which some people do) seems wrong. Additional capital produces happiness because it provides security -- I can afford not just to service debt, but to eliminate it, making me free to take a lower paying job in the future. I can afford to buy a house outright instead of just a down payment. I can fund my own business ventures. I can provide for the people I love. I can bend the law and government to my personal interests. I don't see a real cap where more money stops providing more happiness and peace of mind, at least not before reaching sums that make you truly wealthy. Any middle class person in America is still incredibly subject to the vagaries of fortune, and the more money you have the more you alleviate your risk. N.B., I personally can't afford any of these things.

ChuckMcM 13y ago
FWIW I get/understand the goal directed version (exemplar: I'm looking to pay off credit debts (student loans, CC) and save for down payment on a house.) The fastest way to make money "now" is to sell something you already own. The second fastest is to create a service business which pays for your labor. The third fastest is to sell things for someone else, where they let you keep a commission on everything you sell. The fourth fastest is to take a professional job (Doctor, Lawyer, Engineer) at a large firm, and work your way up to a senior position. The slowest is start a company, build a product, make it successful, and then sell the company. The tricky bit is navigating the path in a way that you enjoy or are fulfilled by. My observation is that not doing so puts you in a less useful place at the end of your life. But I by no means have a statistically valid sampling of that.

by rquantz 13y ago

ChuckMcM 13y ago

FWIW I get/understand the goal directed version (exemplar: I'm looking to pay off credit debts (student loans, CC) and save for down payment on a house.) The fastest way to make money "now" is to sell something you already own. The second fastest is to create a service business which pays for your labor. The third fastest is to sell things for someone else, where they let you keep a commission on everything you sell. The fourth fastest is to take a professional job (Doctor, Lawyer, Engineer) at a large firm, and work your way up to a senior position. The slowest is start a company, build a product, make it successful, and then sell the company. The tricky bit is navigating the path in a way that you enjoy or are fulfilled by. My observation is that not doing so puts you in a less useful place at the end of your life. But I by no means have a statistically valid sampling of that.