Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have a trust fund that contains more than I could spend, and am also a high earner which means I dont have to touch my trust to live the lifestyle I like.

What does that mean? It means that I have a deep innate understanding of the notion that money does not make one happy. Rather than spending years of my life focusing on earning so I can spend, so I can learn that lesson, it means I learned it way faster than other people. That leaves me with the question of "What does bring happiness", and for me, it is my kids and travel. Now, I spend all of my time and focus on those things, and I am much happier.

Money gave me the time to sit and consider what makes me happy.

Money tends to be a requirement for travel

What do you do for a living as a "high earner"?

I manage the "bank of Mom & Dad"

Anonymous wrote:It's a saying for common folk coming into a windfall. Suddenly your extended family shows up with hands out, your kids are addicted to drugs, and you're headed towards bankruptcy.

This is pretty well documented for lottery winners. Windfalls can be a curse if you come from a modest background and don’t have the infrastructure and knowledge to set up to deal with a huge influx of cash.

It's a saying for common folk coming into a windfall. Suddenly your extended family shows up with hands out, your kids are addicted to drugs, and you're headed towards bankruptcy.

Anonymous wrote:Sting (of the band The Police) said he plans to give most of his money away and not saddle his children with "an albatross around the neck" which is what a huge sum of money can be.

You have failed as a parent, if you've raised children that cannot deal with the level of wealth you've managed to accumulate in your life. Human progress is precisely preparing our children to be able to take what we've accomplished and build on top of that. We would all be wearing loincloths and living in straw hats if we didn't want to saddle our children with the albatross of woven clothes and brick houses. Just shows you that many very successful people are terrible parents and have failed at one of the most important things that give their life meaning.

Having money exposes you to a new set of problems that you otherwise would not encounter if you had less money. So the phrase of "mo money mo problems" is true. The problems typically revolve around taxes, cash flow, and investment management. For those with less money, these are usually much simpler in scale.

However, the problems are 1:1 in scale with the increase in money, such that people are not discouraged by the additional problems so much as to avoid making more money. Hiring outside help goes a long way towards resolving the problems, but it only goes so far. I'd say at the 1MM HHI income level, depending on your source of income, your tax situation alone can get extremely complicated. You have to be personally involved in managing your own tax situation because the accountants will just take the path of least resistance.

Sting (of the band The Police) said he plans to give most of his money away and not saddle his children with "an albatross around the neck" which is what a huge sum of money can be.

Anonymous wrote:

Anonymous wrote:Dealing with attorneys, accountants, financial advisors, property managers, relatives asking for money, getting your kids to not depend on Bank of Daddy

vs.

Being poor. Like, broke-ass poor in a bad neighborhood with terrible schools, not having health insurance, and a car that always needs work.


It's a no-brainer which is worse. Rich people who whine about their money problems are infuriating.

Not our experiences. No downside except for work.

Huh? No one knows what you're talking about.

There are many problems that can’t be solved with money. Eg mental health issues in your family. Look at how many celebrities die from drug overdoses etc.

The only people I know who earn that much have horrible jobs that seriously compromise family life/personal life.

Anonymous wrote:Dealing with attorneys, accountants, financial advisors, property managers, relatives asking for money, getting your kids to not depend on Bank of Daddy

vs.

Being poor. Like, broke-ass poor in a bad neighborhood with terrible schools, not having health insurance, and a car that always needs work.


It's a no-brainer which is worse. Rich people who whine about their money problems are infuriating.

Not our experiences. No downside except for work.

Anonymous wrote:I have a trust fund that contains more than I could spend, and am also a high earner which means I dont have to touch my trust to live the lifestyle I like.

What does that mean? It means that I have a deep innate understanding of the notion that money does not make one happy. Rather than spending years of my life focusing on earning so I can spend, so I can learn that lesson, it means I learned it way faster than other people. That leaves me with the question of "What does bring happiness", and for me, it is my kids and travel. Now, I spend all of my time and focus on those things, and I am much happier.

Money gave me the time to sit and consider what makes me happy.

This post is funny!!

More money, different problems. Insanely more money, insanely different problems.

Anonymous wrote:I think it can be an issue for those who grew up with less and are the only ones in their families that make a good living. Everyone wants (and needs) financial help. It's harder to save and get ahead financially without feeling guilty.

Very much agree with this. There are many hands outstretched and a pretty staggering level of entitlement to other people’s money. We have helped many members of our family but eventually it grates on you, particularly for people who make bad choices.

I think it can be an issue for those who grew up with less and are the only ones in their families that make a good living. Everyone wants (and needs) financial help. It's harder to save and get ahead financially without feeling guilty.

There are no downsides.

Money Can’t cure cancer but it can buy better healthcare. It cant make your kids smarter but it can buy a better education. It cant stop global warming but it can let you vacation in better climates.