Quote:
Originally Posted by For The Lead
“Riches” to one person may not be “riches” to another person, but it was extremely easy to earn $100,000 a year and all you had to know is when NOT to play a machine, when TO play a machine and when to STOP playing a machine. Simple!
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I found that an interesting statement, because over the years, some, (many), of my younger friends have said to me, "oh you're so lucky, you have everything, if only I had .... bla bla bla". I usually point out to them that they need to think about how they will see things when they GET something/"everything".
In Economics, there is the concept of "marginal utility"...which "approaches zero", the more you have of something. That means the more bucks you have, the more ONE more, means less and less. For many, it really does not take a LOT of $$ to get to the point where the marginal utility of another dollar, really IS "0". So I agree with the point, "riches" depends on where you are coming from. If one has had some success, then more $$ is no longer an issue, and meaning and satisfaction come from "mentoring", and assisting someone to move along, and gain self-confidence, and is FAR more satisfying, than a few, (or even a lot), more dollars.
My advice to my nieces and nephews, is that you damn well better be doing what you find fun, interesting, and satisfying, cuz when you DO get some riches, you're going to be awfully bored and unhappy, if all you wanted was the "riches", (a by-product...not a direct goal)... and not be involved in something you are passionate about.
My most humorous example of this was my wonderful godfather, (uncle), who loves cars. He went to Europe with his buddy, and they watched their Lamborghinis come off the line, all excited. When he got it home, turns out it was SO uncomfortable, due to his bad back, he couldn't drive it. Better watch out what ya wish for, ya might just get it.
A bit off topic but, here is a "secret to riches" ... (which Dick Mitchell put me on to years ago)...
The "secret" to riches, is patience. If you open an option account, and wait...wait for a geo-political/financial , "event", the market will drop dramatically, for at least a few days, (9/11, the recession of 2007, the S & P downgrade of the US bonds, etc etc.) If you buy "just" out-of-the-money 'Puts', your % return will be astronomical. It happens maybe about 3 times in ten years. Fear is stronger than greed...pateince is the key.
http://en.wikipedia.org/wiki/List_of...market_crashes