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What's your net worth (denominated roughly in USD (k in 1000s, M in 1,000,000s and B in 3 commas!))?

  • 0-499k

  • 500k-999k

  • 1M-1.999M

  • 2M-4.999M

  • 5M-9.999M

  • 10M-19.999M

  • 20M-49.999M

  • 50M-99.999M

  • 100M-199M

  • 200M-499M

  • 500M-999M

  • 1B-1.999B (3 commas baby!)

  • 2B-4.999B

  • 5B-9.999B

  • 10B-19.999B

  • 20B-49.999B

  • 50B-99.999B

  • 100+B (so you're Elon Musk, Bezos, Gates, etc.)

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Investing is not like gambling in the traditional sense, at all.
Correct. If there is any gamblers out here.

There’s something the casinos called. “Theo”. Which is the average bet/house edge/time
Calculation. That’s how your “comps” or free stuff they give u is calculated from this number.

Each game has a theoretical loss calculation. So over time a losing proposition. But on occasion we get lucky and beat it. Ooh the rush is bigger than driving at times.
 

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Correct. If there is any gamblers out here.

There’s something the casinos called. “Theo”. Which is the average bet/house edge/time
Calculation. That’s how your “comps” or free stuff they give u is calculated from this number.

Each game has a theoretical loss calculation. So over time a losing proposition. But on occasion we get lucky and beat it. Ooh the rush is bigger than driving at times.
So basically when you play in a Casino, you are gambling while the casino is investing :ROFLMAO: ...
 

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I would submit that most of the individuals in that group, got there by owning a small business. I am not Paul Tudor Jones when it comes to personal investing, but in my businesses, where I have complete command of the subject material, I routinely turn 50-100IRR. As a result, I push most all of my money towards my business pursuits and not towards “the market”.
I've made most of my money building, selling and investing in businesses. I don't mess with the stock market much at all but do own a lot of commercial real estate. I prefer having some control over a business vs. leaving it to risk in others I don't know. I've probably left a lot of money on the table but I sleep well at night and I know where we stand at any given time.
 

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I tend to avoid these conversations because it's never a one size fits all type situation.

What I will say is your priorities play a big role. I have friends, family, coworkers who spend in a year on private schools what I spend on cars.

I'm mid 30s, no kids now and we don't think we'll have kids, good amount saved/invested (low seven figures), good income that should steadily go up. Fiance is a doctor ( I say that not to brag, but because I'm proud of her) and while her practice doesn't bring in the biggest bucks she'll make a strong steady income for as long as she works (which as of now, will be a long time). We also keep our finances almost completely separate minus the biggest items (i.e. house).

Take my net worth, salary, etc. and apply it to someone who has kids and is supporting their significant other and although on paper our earnings and worth look similar, all of a sudden we're worlds apart financially. Ergo, I feel comfortable spending more on cars than most people would probably advise...but it's all a balance for me.
 

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I tend to avoid these conversations because it's never a one size fits all type situation.

What I will say is your priorities play a big role. I have friends, family, coworkers who spend in a year on private schools what I spend on cars.

I'm mid 30s, no kids now and we don't think we'll have kids, good amount saved/invested (low seven figures), good income that should steadily go up. Fiance is a doctor ( I say that not to brag, but because I'm proud of her) and while her practice doesn't bring in the biggest bucks she'll make a strong steady income for as long as she works (which as of now, will be a long time). We also keep our finances almost completely separate minus the biggest items (i.e. house).

Take my net worth, salary, etc. and apply it to someone who has kids and is supporting their significant other and although on paper our earnings and worth look similar, all of a sudden we're worlds apart financially. Ergo, I feel comfortable spending more on cars than most people would probably advise...but it's all a balance for me.
Makes sense, a live human child is like a Debt. This is not to be insensitive, children cost money and we prioritize that investment over spending. It costs substantial money to raise a child regardless of your personal income/wealth level. Still, spending on largely depreciating assets that are purely for fun is a choice that comes at the sacrifice of other options such as investing. Im happy with my investments, so I spent some on fun.
 

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Makes sense, a live human child is like a Debt. This is not to be insensitive, children cost money and we prioritize that investment over spending. It costs substantial money to raise a child regardless of your personal income/wealth level. Still, spending on largely depreciating assets that are purely for fun is a choice that comes at the sacrifice of other options such as investing. Im happy with my investments, so I spent some on fun.
Once they get to about age 12, kids are also a depreciating asset......
 

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Before I’m accused of being sexist or misogynistic, there is a male corollary out there somewhere. Ladies, feel free to find it & post. I’ll laugh at my own gender, too!
 

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Okay, I'll set the record straight, my wife is expensive, but mostly worth it. And she's not as expensive as many wives. She's a great mom and there's no chance she reads this forum so you know I'm not full of it and trying to win points.

Funny story, I got my first Mac (the 570) and she asks for a ride. We go about two blocks and she says, "take me home". I say, "What do you think?". She goes, "It's nice, if you like this sort of thing".

Last time she was ever in the car.

Fast forward 3 years to delivery of 720 S. Similar thing. At the end she says "The white one (570) looked cooler". I don't expect she'll ever want to go in the car again.

This makes the Mac a valuable asset (i.e. wife sanctuary). LOL
 

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I am very fortunate that my wife loves to drive fast and loves exotic sports cars. We are finally on the right path to get into a position to afford one (albeit the cheapest 12C), she fully supports the purchase and will probably drive it as much if not more than I will since I work so damn much.

I have full confidence though, as she is an amazing driver who has turned some damn quick laps at our local track (New Jersey Motorsports Park), and her daily driver currently is an Explorer ST. I wouldn't trade her for anything honestly.
 

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Discussion Starter · #199 · (Edited)
It is not right to tar everyone with the same brush because everyone comes from a different environment and has different opportunities in life.
and yet...

Most rich people had way more possibilities to become rich than others. They usually have rich parents who give them good education and their first money. They at least have a parent who doesn’t need their constant support.
 

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It is not right to tar everyone with the same brush because everyone comes from a different environment and has different opportunities in life. Most rich people had way more possibilities to become rich than others. They usually have rich parents who give them good education and their first money. They at least have a parent who doesn’t need their constant support.
Welcome to mclaren life. Totally ignorant first post.
 
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