Sublime
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Rich people only take financial advice from people who are as rich as they are or richer. Poor people only take financial advice from people who are as poor as they are or poorer.
Myron Golden • From The Trash Man To The Cash Man
Few things last forever, and an assured stream of earnings at your highest level is not one of them. So even the best business managers can’t help you if you overspend on jets, yachts, houses, cars, and controlled substances.
Donald S. Passman • All You Need to Know About the Music Business: 10th Edition
I could never tell from inspecting such a load whether it belonged to a so-called rich man or a poor one; the owner always seemed poverty-stricken. Indeed, the more you have of such things the poorer you are.
Henry David Thoreau • Walden (AmazonClassics Edition)
Tobin didn’t have a mortgage: he had bought the trailer park for $2.1 million in 1995 and paid it off nine years later.2 But he did have to pay property taxes, water bills, regular maintenance costs, Lenny’s and Office Susie’s annual salaries and rent reductions, advertising fees, and eviction costs. After accounting for these expenses, vacancies,
... See moreMatthew Desmond • Evicted: Poverty and Profit in the American City
Illiquid, paper-millionaires can’t buy Ferraris and palatial estates; money does. And to get the money, you must increase profit and save it or go for the big exit: liquidation. Fastlaners accelerate wealth by building cash-flowing assets that can be sold in the marketplace to realize gains. Their wealth equation has controllable, unlimited leverag
... See moreMJ DeMarco • The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime
1. Patricians
high wealth, low need for status
ex: Loro Piana
2. Parvenus
high wealth, high need
ex: Birkin lawsuit
3. Poseurs
low wealth, high need
ex: dupes, Stanleys
4. Proletarians
low wealth, low need
ex: Carhartt
Danielle Vermeer • Tweet
Rich is a current income.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
Nobody becomes superwealthy through paychecks—it takes equity in growing assets to create real wealth. Just compare the net worth of CEOs to the founders of their companies. Cash compensation will improve your lifestyle, but not your wealth—it isn’t enough, and saving is counterintuitive and just plain hard. High-income individuals tend to flock to
... See moreScott Galloway • The Four: The Hidden DNA of Amazon, Apple, Facebook, and Google
Vanderbilt later said that being the richest person in the world brought him nothing but anxiety.17 While we are unlikely to ever become the richest person in the world, you can imagine the stress and scrutiny created by large amounts of wealth. The responsibility one might feel toward society. The guilt of having so much while others have so littl
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