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Money Now vs Money Later

Discussion in 'BlackHat Lounge' started by oatmeal, Aug 14, 2019.

  1. oatmeal

    oatmeal Regular Member

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    Hi guys!
    I think it's pretty obvious we'd all want money now than money later. The reality is that building wealth often takes a lot of time and effort for it to grow. Of course, it is less truer now in the past couple decades than it was in the last 100 years. It's easier and faster now to make a lot more money than you'd ever believed possible in a lot shorter amount of time. I don't need to give you the examples as you can find them all yourselves, just look at the social media millionaires out there that have all been created within the last decade or so (even just months or a couple years).

    I've always known and heard about the traditional models of wealth building like compound interest (start early!), investments (stocks, mutual funds, bonds, real estate/property, etc.), and of course for working all the years of your life until 65, you get pension and whatever other benefits came with your job.

    The problem is this: why do we spend 80-85% of our lives working our tails off to make money, but can't really spend it all or enjoy it until the last 10-15% of our lives? It's not even just the percentage, but moreso, the quality of your life, too! Nevermind that you get to start travelling or spending all the money you've saved up in the last 10-15 years of your life but those 10-15 years are "physically/health wise" your worst quality of living. You'd much rather wish you could have spent your hard earned money and savings when you are young, healthy, and able-bodied to enjoy all that life has to offer and more.

    The old model of living seems to be quite illogical. Obviously, you can find ways to enjoy life and be happy in the process (that is a must, otherwise you'll just be depressed and life will seem like it has very little meaning in the first 65 years of your life) . Sorry if this starts getting into the "what is the point of living/life?" question, but one of the greatest sources of my troubles and depression is questioning and wondering why I am saving up all my money? For what? Why would I want to be happy when I'm 65 (assuming that I even reach that age), than to be happy in my 20s, 30s, 40s, 50s etc.? We all assume that we'll get married, have kids, therefore you need to save up all that money for those things, take care of your family and their future, etc. But we all know life is changing. More than ever, people are not getting married, don't have a spouse or kids/dependants to support, etc. What if you're living a single's life your whole life? What am I saving up hundreds of thousands of dollars for? Who is going to benefit from it? There will come a point in my life when all my family is gone. I'm not particular close with any of my relatives either (who is?), so I can see a pretty bleak old-age future for me with nobody around (including good health disappearing) and the only thing I might have left is money I've saved up.

    So as I'm here everyday sitting at my office in front of the computer and working my 9-5 job, I'm often sad that I don't feel like I'm doing more with my life, and getting more significance and meaning mainly because most of the money I earn I'm putting it away. I'm spending enough to obviously sustain myself, have a comfortable room to live in, a nice car, feed myself some yummy food from time to time, buy some goodies like computers/cameras/other tech gadgets, but overall, I'm only spending maybe 30% of my total income. The rest, I'm saving it/putting it away. I know I could just decide to spend a lot more and enjoy my life more, but then we run into the same risk of, how well off will I be when I can no longer work and need to support myself? It's this balancing teeter-totter effect. Spend too much and live lavishly now, but risk having nothing or very little later and struggling in old age. OR live a modest conservative life now, and set yourself up to be well-off later when you're old and wrinkly.

    I often think to myself, if I knew that I wasn't going to make it to 65 years or 55 years with good health, I would rather just live it up now and live paycheck to paycheck and really enjoy everything I possibly can (burning up your life). But we always assume or think we're going to live til we are 85 or 100 and have lots of needs then such as taking care of your family and kids, grandkids, etc., having a spouse to tick off the bucket list of things to do together before you croak. But most of this won't apply to me. It's such a dilemma!! It's so hard to decide what to do when there's not enough to go around for BOTH (live large now and live large later). Most of us can only choose ONE and for the most part, I've been choosing the latter.

    So the solution seems to be something that is quite possible and reachable now. Get wealthy now/fast/early and have money NOW, and still have money LATER. When I see all the Dan Bilzerian's of this world, it just makes me wonder.....why can't we live like them? (maybe some of you do already). It sounds so cliche but yes, the solution for my issue is to have enough money that you can splurge and enjoy life NOW and still have plenty of it tucked away for later, or how about just keeping earning big money even after retirement or even better....there is no more such thing as retirement (because you don't even have to work 9-5 job anymore), you can get paid while you sleep in your bed at 75 years old.

    Thanks for stopping by. I'd be interested to hear what some of you have to say and I'm sure some of you are in the same boat as me, and others are living the life that I'm referring to in my solution hehe.
     
  2. MountainGuy

    MountainGuy Regular Member

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    Humans always think what is happening now will always be. The reality is life rarely goes like we imagine it will.

    If you want a wife and kids you can still have that.. Even late into life. In the United States there is a huge need for adoptive parents and I image that is true in most countries.

    Find a balance. Do some ab testing... Try spending 35 percent of your income and you see how you feel... Then try 40 percent.

    If it makes you a lot happier do it.. if your living off of 30 percent there is alot to play with before your living paycheck to paycheck
     
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  3. oatmeal

    oatmeal Regular Member

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    I do agree. That's why a couple years ago, I bought myself a nicer car than I'd normally be able to afford but since I had saved up so much over the last decade and was feeling rebellious, I thought I should just treat myself and get a car I really wanted. To this day, I'm still very happy about my car, I love driving it and the feeling when you get looks and comments and such, but I have to tell you, somedays I think to myself when I realize I'm not making a ton of money to splurge like that, it adds extra unwanted stress thinking about what I'd do if I had to sell it, or take care of expensive maintenance, repairs, etc.

    The thing is, anyone can buy a lambo if they wanted (not that I did). 100K is not out of reach for most people who have worked most of their lives. The problem is, how much money would you have left after spending 100K on a supercar or something like that. How much money would you need to make every year to maintain a car like that and pay the bills and expenses. Most people would put 100K towards a house/property or in some kind of investment/compound interest etc. So someone who has 100K saved up vs someone who earns 100K per year in salary is a very different story. Both could afford to buy a lambo, but the first dude would be screwed because they can't keep it up after they purchased it. The second dude keeps making 100 grand every year so they can easily afford the extra costs of owning a supercar. For what I am, what I've done in my life, I have done very well to save up a lot of money, but it doesn't mean I'm making a lot every year, which is why splurging is bad for me because it takes me much longer to build back the wealth than someone who can easily recoup the expenses within a year or less.

    I guess what I'm getting at with all this is something that is making a big splash lately in the discussion of Jordan B. Peterson, Joe Rogan, Andrew Yang, and a whole slew of other people in the media gaining a lot of traction and attention on their issues that focus on today's changing technology, economy, lifestyle, and meaning in life.
     
  4. IamNRE

    IamNRE Jr. VIP Jr. VIP Premium Member

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    oh hell no. I'm not reading that.

    Keep your content under 2 paragraphs unless you're sharing a business model, new method or something useful like that.

    Hell noooo helll nooooooooooooooooooooooo.

    [​IMG]
     
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  5. MountainGuy

    MountainGuy Regular Member

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    lol the scary wall of text
     
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  6. GoodBook

    GoodBook Newbie

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    Money cannot buy you happiness. We all want happiness, some are happy and some are suffering, irrespective of how much money they have, even the rich are suffering. We all assume money will solve all problems, but suffering cannot be solve with just money plus money isn't easy to get, it's much better that we earn little and spend little and try to be happy without money. You have to choose a lifestyle, whether you want alot of money and be happy/sad or a little money and be happy/sad.

    So, to your question, I think you should not decide to save up money and be happy in the future because you never know you will live pass 35 years or not. There are so many case I see where young people are dieing nowadays. Do little work that you do to support yourself and be happy NOW every moment. If you don't want to make money then be a monk if you want or have a freelance job that you can always turn back to do if you need some money. Make your own way and plan but don't live in the future, be happy now and the reality is you don't need money to be happy. Gain true knowledge which kills suffering.
     
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  7. RebeccaThomas

    RebeccaThomas Newbie

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    TL;DR (Because nobody is gonna make it to the end of that wall of text)

    Money/stuff can't make you happy if you already came to it from a place of unhappiness. You need to actually fix or recieve therapy for the underlying issues in your life/mind.

    Myself and my parter are now reasonably well off (own our home, cars, decent careers etc etc) and believe it or not the "stuff" we've aquired as a result actually ended up weighing us down! The old saying "you don't own things, they own you" is very true - expensive cars cost more to run, houses are the same, expensive watches/designer clothes are a nightmare to look after properly and often make you a target for those who can spot such things.

    There's also another angle to wealth people don't talk about - the way others see you. If you're seen as "rich", no good deed is accepted and people can be very jealous - especially within a workplace senario! Recently, we've started selling old stuff that we just never use and I traded in an expensive car for a smaller model thats easier to maintain. When people see me now, they see a fairly average girl with a normal car that's a few years old - not a rich person. I believe this is called "stealth wealth" and is far more widely practiced that you think!

    That being said, the one thing money does buy you, is time and a less stressful life. You can get a cleaner to clean your home, cars can be maintained and repaired quickly and with no fuss - plus unexpected costs are paid easily. IMHO the way to tell if someone has money is to look at their face. If it's well maintained and showing little stress then it's likely that cash is smoothing out their passage through life. All the BMW's on finance and credit fueled designer stuff can never make up for a face that screams "I'm just about holding my financial life together".
     
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  8. coolbreez

    coolbreez Regular Member

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    I read the whole text and whilst I understand your concerns I also think you are adding unwanted stress by thinking so much about this. Critical thinking is extremely important to understand situations and act in the best way but overthinking and trying to solve everything in one go can be very taxing on the body/mind. As Rebecca excellently pointed above "treating" yourself may not even be a positive thing. We've been told it's a positive thing by society. What if you don't want really want that car but want people to see it? You mentioned the looks you get in your car. Why does it have to be a choice between now and the future? What do you really enjoy? What is your choice?

    "Enjoying" yourself can also make you a target for many reasons. There is no right or wrong answer here but the most important thing I think you should know is the benefit of having a choice (living a stress-free/reduced life). Aiming for both is nice but don't put too much pressure on yourself.
     
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  9. oatmeal

    oatmeal Regular Member

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    Hahaha, I like that, "scary wall of text". These memes are brilliant.
    Isn't that how all the TOS / license of agreement stuff is, too? Whenever I see oodles of pages of those small fine print text, who the heck besides a lawyer will actually read all that (until something bad happens and you have to read the fine print to see what you signed on for).

    I like the term "stealth wealth" as well. It's very true many people adopt this mode. I also understand minimalism. It's making a bit of a comeback now that we live in an age of excess. Less really is more.

    The part that I am trying to point out here is all the good and sound advice is usually about living modestly, being happy/content with the little things, and not over reach or extend yourself.
    I do agree, but life is heading in a different direction where the opportunities to build wealth today is far greater than it has ever been in the history of civilization. I feel that because I have avoided and ignored all the new technologies and methods to make income, I've lived a rather comfortable and simple life, but have fallen behind on the information technology race. My pursuit
    of trying to learn these new methods and ideas both adds more stress and adds more potential growth and happiness down the road. So how can one choose both? It seems you have to choose one or the other and that is in large part what the majority of the world does.

    Being an entrepreneur and going out doing your own thing has great risk, stress, and hard work, but also has greater potential reward. Most people don't want to even try. So they would
    prefer to live simpler and just be an employee, live a salary life, be under contract and rules set by someone else on you, and let the owners/employers deal with the stress of maintaining their company.
     
  10. coolbreez

    coolbreez Regular Member

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    In terms of methods it's mainly the same ways rehashed. The main ways to earn income are still the most dominant, but I think the main changes are the opportunities. They used to be reserved for the privileged or people in certain positions/situations but now more regular people can achieve wealthy status. Methods and ideas can be great for the short term but ultimately a strategy will be what decides how rich you become.

    With methods and ideas it can be overwhelming, especially if you look on Youtube, Udemy or even on here with different tactics to earn money. It produces that urge to follow a certain direction and you become more whimsical rather than strategic. It's difficult to explain, but if you less pressure on yourself to try and maximise on every new trend/tech wave then you will find more opportunities will open up.

    Learning (new tactics and in general) will become more enjoyable and more of a lifestyle change. As you say, being en entrepreneur is not a lifestyle for everybody as some prefer the simplicity of employment and not having to worry about the legal stuff, accounting and creative stagnation. Enjoyment and suffering can happen in both lifestyles.

    TL;DR: Probably not explained myself well, but what I am trying to say is that some people can spend now and not enjoy the life and some can spend later and still not enjoy their life. It's all about what you make of it in the end.