But anyone who makes $10m is also an outlier, which comes back to my point: if you want ‘right tail’ outcomes, you are unlikely to get it with ‘median’ actions and efforts.
Sure, many may have tried and got left by the roadside. But at least they tried. How many more want the results of Zuckerberg but didn’t even try to do anything at all?
For those who want to quickly make $1m or aim for $10m, do an honest stock take: in the last 60 days, how much time did you spend watching TV and doom-scrolling? Compare that with how much of your free time you spent working towards the $1m/$10m goal.
If you take the 4-5 hours that the average person spends watching TV every day and use that to work on something, where’s the ‘left tail’ risk there? It’s all just potential positive outcome, right?
You seem very sure of yourself as for how I got to where I am and that it must be do to inheritance, extreme exception (lotto? Crypto?) or otherwise. None is the case but yes I do earn more than most. there is nothing exceptional about me or how i got to FI beyond that.
this is why I nolonger post actual numbers on my salary or NW - personal finance it’s like driving - people that pass you are f**** maniacs and must have f**** problems and people you pass are f** idiots that should be banned from driving on the same roadd
Somehow however well intended, topics ends up being taken hostage because people cant reflect themselves in the that reality. Curious.
One of the best phrases I had the honor of quoting!
Just my 2 cents: in investing there is no additional performance without additional risk, no such thing as a free lunch.
But unfortunately not all risks lead to better performance. The main work of an investor is to find out which risks do and which not. And then depending on your strategy take more or less of the first type of risk and never ever the second type.
BTW: 4 hours a day is way too much, maybe in the beginning when searching for your way / your rules. After that you run on autopilot or at least you should…
Now for the 10 Million the OP claims to have made: I was after the first for almost my whole life. Then compounding did its work and the next came quite fast. For me it is just a number, a measurement of how good I do my work. But for the universe probably it is just a measurement of how much luck I had…
People said this may lead to burnout, but I think you have a good point there. 4-5 hours may not be attainable for most, however, working an hour or even just half an hour a day on something consistently - which is attainable for most - may already create an opportunity to have great success.
I read nuggets post very differently to your interpretation…
As an analysis of what it would take for a random person starting out to achieve what you achieved.
I think consistency is more important than the time you invest.
It takes me only a few minutes every day to follow my two strategies. Running a shell script and then depending on the output typing in some orders, that’s it. And if I would trust myself a bit more I could automate even that.
I did that every single day since I retired in 2014. Not one single day without it! Because if you miss one single day it could be the decade-defining moment…
I am enjoying now the effects of compounding. Every Cent earned long ago is many Dollars now. Same for my methods: every hour invested early in my career in developing investment rules is worth months or even years of holidays now! (I have to spend some minutes every day on investing… I see that like cleaning my teeth.)
If you ask me what are the most important skills in investing I would say consistency and patience. And a sane amount of distrusting yourself!
I think we often ignore what salaries are paid for certain positions, I know many individuals that have annual compensations betweek 400-700kCHF without pillar 2. Be it in Pharma (on Director or Exec. Director level) or in Consulting (Partners, Principals)…. so for me all of this is absolutely reasonable and not a surprise. But what I find impressive is how the TO has managed to completely avoid lifestyle inflation.
I agree. That for me was not a problem. I had so many counterexamples, stuff are such a mental burden for me, and social competition looks and sounds so ridiculous to me that it was easy to avoid, at least on buying things and showing off.
Experience, travel, restaurants, some comfort to make life more easy going, I do spend more than in my 20ies and I enjoy it. (40ish now)
I was late to combine high savings with investments. Knowledge, risk aversion had to be trained, and external unsolicited crap bearing more risk had to be dealt with during a decade.
My advice to young risk-averse people; don’t pile up cash, train your risk aversion by investing asap, with all good advice you find on forum like this one. The cash stash might just refrain you from investing (it) later on.
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