Category: Being Rich

Being Rich, Happiness

How to think about spending money

Chris Labs

What’s the point of working hard? It’s to make someone, like your wife, proud and happy. Just don’t be cheap on the things that actually matters. Dude you’re never gonna go out of the country again with your family. It’s the one thing that they will never stop talking about. The whole point of working hard is to spend my money on stuff that will make my family happy and that they will talk about forever. -Sam Parr, MFM #201 Continue reading How to think about spending money

Being Rich

Sample your lifestyle

Chris Labs

Whether you think you want a fancy car, a chef or a gigantic house, you think that because you’ve never experienced it. Maybe you want a ferrari, then you buy one to realize that driving a 400k car is too stressful and the enjoyment you get out of it is nothing compared to the worrying it causes you. That’s why, before making any purchase, go out and test it. Usually the result is that you want that thing 10x more or 10x less You want a chef? Well hire one for a dinner with friends. Experience what it’s like to … Continue reading Sample your lifestyle

Being Rich

Never loan money to friends.

Chris Labs

If you loan money to a friend, you will lose your friend as well as your money. Give them whatever you feel like giving. Then forget it. Ditto with relatives. If you diligently follow this one piece of advice, you will be saved a sackful of misery. Trust me. Broadcast your policy loudly. This will spare you from many embarassing demands that will otherwise vex you. -How to get rich, p.276 Continue reading Never loan money to friends.

Being Rich

As soon as you’ve spent it, gifted it, loaned it or invested it, forget it.

Chris Labs

More angst and worry comes into the worldfrom concern over past investments, loans and gifts than can be imagined. It’s gone. Forget it. If any of reutrns to you, fine. But that should not be your primary concern, unless you invested for safety’s sake. Do not waste time playing the “blame game” over investments, loans or outright gifts, however large. The blame, if there is any, is yours. -How to get rich, p.276 Continue reading As soon as you’ve spent it, gifted it, loaned it or invested it, forget it.

Being Rich

This business of piling up wealth is an easy business.

Chris Labs

Easy, that is, compared with giving birth, or raising children, or pressing on a parent’s doorbell at midnight to tell them their child has died in an accident. If people can do this, you can certainly become rich. But remember this rule once you are rich and powerful, many people have accomplished far greater and harder things than you. Stay humble, stay polite. -How to get rich, p.118 Continue reading This business of piling up wealth is an easy business.

Being Rich

How rich?

Chris Labs

Wealth Measured by Cash-in-hand or Quickly Realizable Assets $100,000-$400,000 The comfortable poor $400,000-$1,000,000 The comfortable off $1,000,000-$2 million The comfortably wealthy $2 million-$10 million The lesser rich $10 million-$30 million The comfortably rich $30 million-$70 million The rich $70 million-$100 million The seriously rich $100 million-$200 million The truly rich Over $200 million The filthy rich and the super rich Wealth measured by Total Assets $2 million-$4 million The comfortable poor $4 million-$10 million The comfortable off $10 million-$30 million The comfortably wealthy $30 million-$80 million The lesser rich $80 million-$150 million The comfortably rich $150 million-$200 million The rich … Continue reading How rich?