da goat
you need to remember that money isn't everything
I saw the original hand drafted version you could see where he had a eraser that he used to remove one line
I look carefully in that line said
after the first five or six billion it really didn't matter at that point.. I'm really not going to be able to spend it anyways.. now I'm happy..
when you're worth a hundred billion dollars plus or minus of course money isn't everything
......
I'm sure you understand there's a little joke in what I said above the reality is I've interacted with people that are extremely wealthy not of his level but people that are over a billion net worth and most are genuinely good people they're gracious they listen surprisingly most of them do not wear jewelry that I've interacted with they don't wear the big rolexes and gold and diamonds things like that because it's not a status symbol to them they don't need to prove anything to anybody else.. they don't need to show off.
money does make a difference and don't kid yourself when somebody who's Uber Rich says money isn't everything.. when you don't have a mortgage when you don't have to worry about how much is your car repair going to be when you don't have to worry about coming up with $1,000 to fill your oil tank or you're going to be wearing a lot of clothes around the house because you don't have heat when you don't have to worry about how much your health care premium is going to go up when you don't have to worry about the trip to the hospital you don't know what the actual bill is going to be because it's virtually impossible to understand insurance company policies nowadays what the actual cost is when you go in and what you're going to be responsible for.. when you don't have to worry about explaining to your family I know you want to go on vacation but we really can't do it this year the money is not there..
you get the idea and I can rattle off a hundred more because I've lived every single one of those many a times over in my life
money does make a difference when it comes to paying bills money does not make you happy from one day to the next you may buy a sports car that you've always wanted but what you come to the realization it's better to want something and work towards it then actually have it
I think people understand that statement to set goals and to bust your ass and persevere through every headwind that is the victory that is the accomplishment it is as they say the the journey and not the destination
so worth $100 billion dollars of course money isn't everything because you get to a point you could buy whatever you want whenever you want you're never going to be able to spend it so you look for the simple things in life such as helping other people and that's where you find satisfaction...
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37+ yrs in the trenches, raised 100mil for start ups, syndicate ipo's, yrs on trading desk
opinion not financial advice
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Adipose fin : at what point does money stop mattering?
Samyyyyyyy Adipose fin : he just mention read the last paragraph
10baggerbamm OP Adipose fin : it's a great question
I think it depends on the individual and what their aspirations what their goals are and how competitive they are
how much is too much how much do you need?
I can only speak myself I'm extremely competitive in everything and I always have been the Japanese have a term in manufacturing kaizan
it basically means the pursuit of perfection you're not satisfied with the status quo with complacency
and that's kind of me in a nutshell that it's not a matter of one more dollar is going to make a difference it's chasing the wind it's validating you versus the market versus other people which obviously comprise the market. it's the dopamine high that you get but it does not last it ends sometimes within minutes and then it's okay I have to find something else that's going to let me win again.
I'm just never satisfied with where I am I don't think I ever have been
I look back from a business standpoint when I started off as a stockbroker I was told well your goal should be to get 10 new accounts every month because you will have 120 at the end of your first year and you'll get some referrals some people will leave but you're always adding your customer base you're always growing it
and then you work those numbers backwards how many phone calls does it take to get 10 leads 10 people that say yes they'd be interested in hearing back from you with a good idea and what's the conversion ratio when you call them back to the ones that say yes buy me a thousand shares
so for me I think back when I first started out the record was like $700 and some odd phone calls in one day there were dialers on the telephone that could count how many times you picked up the receiver and dialed and made a connection..
so I wanted to set a record that would last and I dialed over 1200 times in a day and if you think that's easy try it it was a very very long day starting when I was in Colorado so I'm playing the time zones all the way to sunset West Coast time.
so when I think back in business I've always been pushing to be better when I had my businesses my mind would never shut off late at night if I'm back home at 10:00 I'm sitting there till 1:00 a.m. 2:00 a.m. reviewing everything that I did that day what did I do right but more importantly what could I have done better.
when you start employing people everything changes they are entrusting you with their livelihood. you have to have all of the pieces in the puzzle in place from process moving the paperwork from A to z as efficiently as possible compliance all of the different state and federal regulatory agencies they audit you some on an annualized basis some just random will walk in so everything has to be right the first time. so you're always pushing to be better you can't accept where You are and figure it's good enough
in sports I always played for the win and in a team environment you can't accept what I would call knuckle drag or somebody that gets pissed off because they strike out or they drop a ball you got a rally behind them and tell them look man you're good you're really good things happen let It Go I believe in you we believe in you and together we're going to win..
all of this ultimately comes down to money because it's how you monetize wins it is the ultimate way to keep score in life from a financial perspective not self-actualization not family but financial
so how much is enough?
another thousand on the next trade another $100,000 week another million on the year
It's never enough
for me I get more satisfaction and seeing other people succeed with what I'm able to guide them with, teach them, then the money that I make at this point in my life
Jen1109 10baggerbamm OP : Under teacher’s guidance, my unrealized gains reached the highest level in my account last month, but I couldn’t bear to sell. This month, the profits were given back — I know I still have a lot to learn.
Kaibotski Adipose fin : when you know you can't spend it. imagine finding out about having a terminal illness suddenly and there isn't much time left. money can always be made but not time. it's not everything but without it you have nothing.
10baggerbamm OP Kaibotski : the one commodity that you can never get back is time, I have been in the hospital with family members and with friends that were on their last days the general reoccurring statement that I heard across the board is I would give everything away if I can have my health back because nothing matters if you don't have your health
AigooHensemboi :
e3338 : haha @10baggerbamm you have arrived at brk.
10baggerbamm OP e3338 : I remember in the '80s when I got started there was a group of guys we're huddled in the manager's office and I walked in I said what's going on and they all shushed me they were listening to a paid subscription service one of the early ones that existed were an analyst would get on and talk about stock of the day that type of thing
and he was saying Warren Buffett is getting up in years and the rumors are he's ill and the breakup of Berkshire Hathaway is significantly greater than the current price of Berkshire Hathaway.
and I remember back then couple of the guys and this was at a penny stock firm.. they said out loud something to the extent why should I put $5,000 or $10,000 of clients money into Berkshire Hathaway because this guy thinks it's worth twice the current price when I can buy back then it was a company called nam-tai electronics that was our stock that had a big spread.. and they were saying I could put 5k client's money into that and put $3,000 into my pocket for commissions.
ASteffie 10baggerbamm OP : Heavy sigh. I'm well trained in the way of the Kaizan. 5S. Etc. Probably why I'm your loyal groupie. I don't like that stuff. Other people move too slow for me in Kaizens.
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