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Message
Stupid Money
Posted on 7/1/25 at 9:44 am
Posted on 7/1/25 at 9:44 am
What do you consider a stupid amount of money and why?
8
Posted on 7/1/25 at 9:54 am to Rabt
I don’t like that phrase. No amount seems “stupid” to me.
And short of being a billionaire, you can blow through just about any sum if you are dumb enough.
And short of being a billionaire, you can blow through just about any sum if you are dumb enough.
Posted on 7/1/25 at 9:58 am to Rabt
If this isn't the lowest IQ post I have seen on Money Talk it is close.
Posted on 7/1/25 at 10:06 am to Rabt
The term is "frick you Money" and both terms are dumb.
Posted on 7/1/25 at 10:09 am to LSURoss
Yeah. I mean it’s all relative unless you are the richest guy on earth even that changes from time to time.
Posted on 7/1/25 at 10:12 am to GeauxTigers123
Zero amt is the only answer
Worse is less than zero (Call Dave Ramsey)
Worse is less than zero (Call Dave Ramsey)
Posted on 7/1/25 at 10:12 am to Rabt
quote:
What do you consider a stupid amount of money and why?
I have stupid money.
Turns out that amount is under $500 in my BofA savings account and it was costing me $5.00 a month in penalty’s for being under $500 balance
Posted on 7/1/25 at 10:16 am to Rabt
A bajillion dollars. No reason.
Posted on 7/1/25 at 10:28 am to Rabt
PSA: “Stupid Money” is a term usually reserved for retail investors. As in, they call us that because we’re stupid.
Posted on 7/1/25 at 10:53 am to GeauxTigers123
quote:
don’t like that phrase. No amount seems “stupid” to me. And short of being a billionaire, you can blow through just about any sum if you are dumb enough.
I find it almost impossible to avoid rising costs with increased wealth. In my experience everyone needs money, even the people you think shouldnt.
Years ago during the NBA strike they held a fundraiser to help players get through the difficult times of no paychecks. I think it was Shaq that explained that while they make big money they also have big bills.
Posted on 7/1/25 at 11:20 am to I Love Bama
quote:
If this isn't the lowest IQ post I have seen on Money Talk it is close.
Posted on 7/1/25 at 1:25 pm to Rabt
Dumb question for this group, but I'll attempt to answer. It really depends on the person. I'll give you a little bit of perspective from my life.
I grew up poor in Appalachia. I remember when my mother got out of the housing projects and we moved into a single wide trailer on my grandparent's property. I know what a government cheese sandwich tastes like.
My mother didn't work, she drew "disability." I shopped mainly at thrift stores. It was a treat to go to Birmingham to the thrift stores because there was a chance you'd get discarded name brand clothes. As I got older, things got a little better. My grandparents came into a little bit of money and things got better, but I was no where near rich. My mother - the draw of random men and heroin suited her better than being a parent - the state took me from her and gave me to a family member. You know how bad things have to be for a court to take a child from a mother?
There were two ways out of Appalachia - education and drugs. JD Vance's story is very similar to my own, except I didn't go to Yale, I went to Mississippi State. My first job out of college, I made more than my household ever did. I was ill prepared for this because growing up, an extra $100 paid late bills or turned the water back on. Having extra money in the budget never happened. I am not the biggest fan of Dave Ramsey for his dumb investing advice, but I will always credit him with helping me understand the basics of money that I was never taught.
25 years later, I've been somewhat successful by most measures. I'm a failure next to Bill Gates, but I am extremely rich compared to how I grew up and most people I grew up with.
I remember the first day that my investments made $100, $1,000, $10,000. It is fairly common that I make more in my portfolio in a month than I do in my job. Within three years or so, I am likely to have a month that will surpass my yearly income. Within 7-10 years, those months will be common. When that happens - an average month in the market nets me more than a year's salary, I will consider that stupid money.
I grew up poor in Appalachia. I remember when my mother got out of the housing projects and we moved into a single wide trailer on my grandparent's property. I know what a government cheese sandwich tastes like.
My mother didn't work, she drew "disability." I shopped mainly at thrift stores. It was a treat to go to Birmingham to the thrift stores because there was a chance you'd get discarded name brand clothes. As I got older, things got a little better. My grandparents came into a little bit of money and things got better, but I was no where near rich. My mother - the draw of random men and heroin suited her better than being a parent - the state took me from her and gave me to a family member. You know how bad things have to be for a court to take a child from a mother?
There were two ways out of Appalachia - education and drugs. JD Vance's story is very similar to my own, except I didn't go to Yale, I went to Mississippi State. My first job out of college, I made more than my household ever did. I was ill prepared for this because growing up, an extra $100 paid late bills or turned the water back on. Having extra money in the budget never happened. I am not the biggest fan of Dave Ramsey for his dumb investing advice, but I will always credit him with helping me understand the basics of money that I was never taught.
25 years later, I've been somewhat successful by most measures. I'm a failure next to Bill Gates, but I am extremely rich compared to how I grew up and most people I grew up with.
I remember the first day that my investments made $100, $1,000, $10,000. It is fairly common that I make more in my portfolio in a month than I do in my job. Within three years or so, I am likely to have a month that will surpass my yearly income. Within 7-10 years, those months will be common. When that happens - an average month in the market nets me more than a year's salary, I will consider that stupid money.
This post was edited on 7/1/25 at 1:31 pm
Posted on 7/1/25 at 2:10 pm to RoyalWe
quote:
PSA: “Stupid Money” is a term usually reserved for retail investors. As in, they call us that because we’re stupid.
Actually the correct term for retail investors is "Dumb Money". Gotta love Wall Street hubris.
This post was edited on 7/1/25 at 2:12 pm
Posted on 7/1/25 at 2:20 pm to LSURoss
quote:
The term is "frick you Money" and both terms are dumb.
If memory serves, the phrase originates in James Clavell's novel Noble House.
In the novel, a young woman is on a quest to secure her own F-You Money. By this, she means enough money to be completely free of the demands of others and able to do exactly what she wants with her life and time.
Posted on 7/1/25 at 2:23 pm to CHGAR
Yep. I stand corrected.
Posted on 7/2/25 at 4:58 am to anc
quote:
There were two ways out of Appalachia - education and drugs.
Tyler Childers spoke to that:
Daddy worked like a mule minin' Pike County coal
He messed up his back, couldn't work anymore
He said, "One of these days you'll get out of these hills
Keep your nose on the grindstone and out of the pills"
Well, Daddy I've been tryin', I just can't catch a break
There's too much in this world I can't seem to shake
But I rememb?r your words, Lord, they bring me to chills
"Keep your nose on th? grindstone and out of the pills"
Posted on 7/2/25 at 9:52 pm to Rabt
Never liked that term.
Who cares?
Enough = able to do what you want, with whom you want, where you want, for as long as you want.
Cost/time/effort to increase money above enough is stupid cost/time/effort to me.
Who cares?
Enough = able to do what you want, with whom you want, where you want, for as long as you want.
Cost/time/effort to increase money above enough is stupid cost/time/effort to me.
Posted on 7/3/25 at 9:37 am to Artificial Ignorance
There's an interesting post on Reddit about this.
I can answer this one. For some reason, I attract these people into my life. I don't do anything super extraordinary. I am not famous. But I count many peoplewith ultra high net wealth among my close friends and I have spent more time than even I can believe with 8 different billionaires. This is not just meet-and-greet time. This is small group and even one-to-one time. I dated the daughter of one billionaire several decades ago. So I have gotten a peek into this life.
Let's get one thing out of the way. There are gradations of rich. I see four major breaking points:
Worth $10mm-$30mm liquid (exclusive of value of primary residence). At this level, your needs are met. You can live very comfortably at a 4-star/5-star level. You can book a $2000 suite for a special occassion. You can fly first class internationally (sometimes). You have a very nice house, you can afford any healthcare you need, no emergency financial situation can destroy your life. But you are not "rich" in the way that money doesn't matter. You still have to be prudent and careful with most decisions unless you are on the upper end of this scale, where you truly are becoming insulated from personal financial stress. (Business stress exists at all levels). The banking world still doesn't classify you as 'ultra high net worth'
Net worth of $30mm-$100mm
At this point, you start playing with the big boys. You can fly private (though you normally charter a flight or own a jet fractionally through Net Jets or the like), You stay at 5 star hotels, you have multiple residences, you vacation in prime time (you rent a ski-in, ski-out villa in Aspen for Christmas week or go to Monaco for the grand Prix, or Canne for the Film Festival--for what its worth, rent on these places can run $5k-20k+ per NIGHT.), you run or have a ontrolling interest in a big company, you socialize with Conressmen, Senators and community leaders, and you are an extremely well respected member in any community outside the world's great cities. (In Beverly Hills, you are a minor player at $80 million. Unless you really throw your weight around and pay out the nose, you might not get a table at the city's hottest restaurant). You can buy any car you want. You have personal assistants and are starting to have 'people' that others have to talk to to get to you. You can travel ANYWHERE in any style. You can buy pretty much anything that normal people think of as 'rich people stuff'
$100mm-$1billion
I know its a wide range, but life doesn't change much when you go from being worth $200mm-$900mm. At this point, you have a private jet, multiple residences with staff, elite cars at each residence, ownership or significant control over a business/entity that most of the public has heard of, if its your thing, you can socialize with movie stars/politicians/rock stars/corporate elite/aristocracy. You might not get invite to every party, but you can go pretty much everywhere you want. You definitely have 'people' and staff. The world is full of 'yes men'. Your ability to buy things becomes an art. One of your vacation home may be a 5 bedroom villa on acreage in Cabo, but that's not impressive. You own a private island? Starting to be cool, but it depends on the island. You just had dinner with Senator X and Governor Y at your home? Cool. But your billionaire friend just had dinner with the President. You have a new Ferrari? Your friend thinks their handling sucks and has a classic, only-five-exist-in-the-world-type of car. Did I mention women? Because at this level, they are all over the place. Every event, most parties. The polo club. Ultra-hot, world class, smart women. Power and money are an aphrodisiac and you have it in spades. Anything thing you want from women at this point you will find a willing and beautiful partner. You might not emotionally connect, but damn, she's hot. One thing that gets rare at this level? friends and family that love you for who you are. They exist, but it is pretty damn hard to know which ones they are.
I can answer this one. For some reason, I attract these people into my life. I don't do anything super extraordinary. I am not famous. But I count many peoplewith ultra high net wealth among my close friends and I have spent more time than even I can believe with 8 different billionaires. This is not just meet-and-greet time. This is small group and even one-to-one time. I dated the daughter of one billionaire several decades ago. So I have gotten a peek into this life.
Let's get one thing out of the way. There are gradations of rich. I see four major breaking points:
Worth $10mm-$30mm liquid (exclusive of value of primary residence). At this level, your needs are met. You can live very comfortably at a 4-star/5-star level. You can book a $2000 suite for a special occassion. You can fly first class internationally (sometimes). You have a very nice house, you can afford any healthcare you need, no emergency financial situation can destroy your life. But you are not "rich" in the way that money doesn't matter. You still have to be prudent and careful with most decisions unless you are on the upper end of this scale, where you truly are becoming insulated from personal financial stress. (Business stress exists at all levels). The banking world still doesn't classify you as 'ultra high net worth'
Net worth of $30mm-$100mm
At this point, you start playing with the big boys. You can fly private (though you normally charter a flight or own a jet fractionally through Net Jets or the like), You stay at 5 star hotels, you have multiple residences, you vacation in prime time (you rent a ski-in, ski-out villa in Aspen for Christmas week or go to Monaco for the grand Prix, or Canne for the Film Festival--for what its worth, rent on these places can run $5k-20k+ per NIGHT.), you run or have a ontrolling interest in a big company, you socialize with Conressmen, Senators and community leaders, and you are an extremely well respected member in any community outside the world's great cities. (In Beverly Hills, you are a minor player at $80 million. Unless you really throw your weight around and pay out the nose, you might not get a table at the city's hottest restaurant). You can buy any car you want. You have personal assistants and are starting to have 'people' that others have to talk to to get to you. You can travel ANYWHERE in any style. You can buy pretty much anything that normal people think of as 'rich people stuff'
$100mm-$1billion
I know its a wide range, but life doesn't change much when you go from being worth $200mm-$900mm. At this point, you have a private jet, multiple residences with staff, elite cars at each residence, ownership or significant control over a business/entity that most of the public has heard of, if its your thing, you can socialize with movie stars/politicians/rock stars/corporate elite/aristocracy. You might not get invite to every party, but you can go pretty much everywhere you want. You definitely have 'people' and staff. The world is full of 'yes men'. Your ability to buy things becomes an art. One of your vacation home may be a 5 bedroom villa on acreage in Cabo, but that's not impressive. You own a private island? Starting to be cool, but it depends on the island. You just had dinner with Senator X and Governor Y at your home? Cool. But your billionaire friend just had dinner with the President. You have a new Ferrari? Your friend thinks their handling sucks and has a classic, only-five-exist-in-the-world-type of car. Did I mention women? Because at this level, they are all over the place. Every event, most parties. The polo club. Ultra-hot, world class, smart women. Power and money are an aphrodisiac and you have it in spades. Anything thing you want from women at this point you will find a willing and beautiful partner. You might not emotionally connect, but damn, she's hot. One thing that gets rare at this level? friends and family that love you for who you are. They exist, but it is pretty damn hard to know which ones they are.
Posted on 7/3/25 at 9:37 am to STLhog
$1billion
I am going to exclude the $10b+ crowd, because they live a head-of-state life. But at $1b, life changes. You can buy anything. ANYTHING. In broad terms, this is what you can buy:
Access. You now can just ask your staff to contact anyone and you will get a call back. I have seen this first hand and it is mind-blowing the level of access and respect $1 billion+ gets you. In this case, I wanted to speak with a very well-known billionaire businessman (call him billionaire #1 for a project that interested billionaire #2. I mentioned that it would be good to talk to billionaire #1 and B2 told me that he didn't know him. But he called his assistant in. "Get me the xxxgolf club directory. Call B1 at home and tell him I want to talk to him." Within 60 minutes, we had a call back. I was in B1's home talking to him the next day. B2's opinion commanded that kind of respect from a peer. Mind blowing. The same is true with access to almost any Senator/Governor of a billionaires party (because in most cases, he is a significant donor). You meet on an occassional basis with heads-of-state and have real conversations with them. Which leads to
Influence. Yes, you can buy influence. As a billionaire, you have manyways to shape public policy and the public debate, and you use them. This is not in any evil way. the ones I know are passionate about ideas and are trying to do what they feel is best (just like you would). But they just had an hour with the Governor privately, or with the Secretary of Health, or the buy ads or lobbyists. The amount of influence you have can be heady.
Time. Yes, you can buy time. You literally never wait for anything. Travel? you fly private. Show up at the airport, sit down in the plane and the door closes and you take off in 2 minutes, and fly directly to where you are going. The plane waits for you. If you decide you want to leave at anytime, you drive (or take a helicopter to the airport and you leave. The pilots and stewardess are your employees. They do what you tell them to do. Dinner? Your driver drops you off at the front door and waits a few blocks away for however long you need. The best table is waiting for you. The celebrity chef has prepared a meal for you (because you give him so much catering business he wants you VERY happy) and he ensures service is impeccable. Golf? Your club is so exclusive there is always a tee time and no wait. Going to the Superbowl or Grammy's? You are whisked behind velvet ropes and escorted past any/all lines to the best seats in the house.
Experiences. Dream of it and you can have it. Want to play tennis with Pete Sampras (not him in particular, but that type of star)? Call his people. For a donation of $100k+ to his charity, you could probably play a match with him. Like Blink182? There is a price where they would simply come play at your private party. Love art? Your people could arrange for the curator of the Louvre to show you around and even show you masterpieces that have not been exhibited in years. Love Nascar? How about racing the top driver on a closed track? Love science? Have a dinner with Bill Nye and Neil dGT. Love politics? have Hillary Clinton come speak at a dinner for you and your friends, just pay her speaking fee. Your mind is the only limit to what is available. Because donations/fees get you anyone.
The same is true with stuff. You like pianos? How about owning one Mozart used to compose music on? This is the type of stuff you can do.
IMPACT. Your money can literally change the world and change lives. It is almost too much of a burden to think about. Clean water for a whole village forever? chump change. A dying child need a transplant? Hell...you could just build and fund a hospital and do it for a region.
RESPECT. The respect you get at this level is just over-the-top. You are THE MAN in almost every circle. Governors look up to you. Fortune 500 CEOs look up to you. Presidents and Kings look at you as a peer.
PERSPECTIVE. The wealthiest person I have spent time with makes about $400mm/year. i couldn't get my mind around that until I did this: OK--let's compare it with someone who makes $40,000/year. It is 10,000x more. Now let's look at prices the way he might. A new Lambo--$235,000 becaome $23.50. First class ticket internationally? $10,000 becomes $1. A full time executive level helper? $8,000/month becomes $0.80/month. A $10mm piece of art you love? $1000. Expensive, so you have to plan a bit. A suite at the best hotel in NYC $10,000/night is $1/night. A $50million home in the Hamptons? $5,000. There is literally nothing you can't buy except.
Love. Sorry to sound so trite, but it is nearly impossible to have a normal emotional relationship at this level. It is hard to sacrifice for another person when you are never asked to sacrifice ANYTHING. Money can solve all problems for someone, so you offer it, because there is so much else to do. Your time is SOOOO valuable that you ration it. And that makes you lose connections with people.
I am going to exclude the $10b+ crowd, because they live a head-of-state life. But at $1b, life changes. You can buy anything. ANYTHING. In broad terms, this is what you can buy:
Access. You now can just ask your staff to contact anyone and you will get a call back. I have seen this first hand and it is mind-blowing the level of access and respect $1 billion+ gets you. In this case, I wanted to speak with a very well-known billionaire businessman (call him billionaire #1 for a project that interested billionaire #2. I mentioned that it would be good to talk to billionaire #1 and B2 told me that he didn't know him. But he called his assistant in. "Get me the xxxgolf club directory. Call B1 at home and tell him I want to talk to him." Within 60 minutes, we had a call back. I was in B1's home talking to him the next day. B2's opinion commanded that kind of respect from a peer. Mind blowing. The same is true with access to almost any Senator/Governor of a billionaires party (because in most cases, he is a significant donor). You meet on an occassional basis with heads-of-state and have real conversations with them. Which leads to
Influence. Yes, you can buy influence. As a billionaire, you have manyways to shape public policy and the public debate, and you use them. This is not in any evil way. the ones I know are passionate about ideas and are trying to do what they feel is best (just like you would). But they just had an hour with the Governor privately, or with the Secretary of Health, or the buy ads or lobbyists. The amount of influence you have can be heady.
Time. Yes, you can buy time. You literally never wait for anything. Travel? you fly private. Show up at the airport, sit down in the plane and the door closes and you take off in 2 minutes, and fly directly to where you are going. The plane waits for you. If you decide you want to leave at anytime, you drive (or take a helicopter to the airport and you leave. The pilots and stewardess are your employees. They do what you tell them to do. Dinner? Your driver drops you off at the front door and waits a few blocks away for however long you need. The best table is waiting for you. The celebrity chef has prepared a meal for you (because you give him so much catering business he wants you VERY happy) and he ensures service is impeccable. Golf? Your club is so exclusive there is always a tee time and no wait. Going to the Superbowl or Grammy's? You are whisked behind velvet ropes and escorted past any/all lines to the best seats in the house.
Experiences. Dream of it and you can have it. Want to play tennis with Pete Sampras (not him in particular, but that type of star)? Call his people. For a donation of $100k+ to his charity, you could probably play a match with him. Like Blink182? There is a price where they would simply come play at your private party. Love art? Your people could arrange for the curator of the Louvre to show you around and even show you masterpieces that have not been exhibited in years. Love Nascar? How about racing the top driver on a closed track? Love science? Have a dinner with Bill Nye and Neil dGT. Love politics? have Hillary Clinton come speak at a dinner for you and your friends, just pay her speaking fee. Your mind is the only limit to what is available. Because donations/fees get you anyone.
The same is true with stuff. You like pianos? How about owning one Mozart used to compose music on? This is the type of stuff you can do.
IMPACT. Your money can literally change the world and change lives. It is almost too much of a burden to think about. Clean water for a whole village forever? chump change. A dying child need a transplant? Hell...you could just build and fund a hospital and do it for a region.
RESPECT. The respect you get at this level is just over-the-top. You are THE MAN in almost every circle. Governors look up to you. Fortune 500 CEOs look up to you. Presidents and Kings look at you as a peer.
PERSPECTIVE. The wealthiest person I have spent time with makes about $400mm/year. i couldn't get my mind around that until I did this: OK--let's compare it with someone who makes $40,000/year. It is 10,000x more. Now let's look at prices the way he might. A new Lambo--$235,000 becaome $23.50. First class ticket internationally? $10,000 becomes $1. A full time executive level helper? $8,000/month becomes $0.80/month. A $10mm piece of art you love? $1000. Expensive, so you have to plan a bit. A suite at the best hotel in NYC $10,000/night is $1/night. A $50million home in the Hamptons? $5,000. There is literally nothing you can't buy except.
Love. Sorry to sound so trite, but it is nearly impossible to have a normal emotional relationship at this level. It is hard to sacrifice for another person when you are never asked to sacrifice ANYTHING. Money can solve all problems for someone, so you offer it, because there is so much else to do. Your time is SOOOO valuable that you ration it. And that makes you lose connections with people.
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