11/19/2021 7:57:36 AM sertra2002 |
Its' great to see a person with your net-worth and obvious commitments have the time and diligence to post on this site. I always like to read your comments with interest. I wish I could have a portfolio like yours, but doesn't most of the world:)! Keep posting and commenting. Wish you continued success and good health! |
11/19/2021 11:58:09 AM auzzieyank |
Always nice to see a UHNW individual here to learn from. |
11/20/2021 12:00:28 PM EscapeVelocity |
Thanks for your graciousness and kind wishes; I'm glad to be able to contribute a different perspective. As for me, it's been another big year (i.e., happily, I was wrong, as usual, in my pessimistic earnings prognostications above), but even bigger changes are on the horizon as I continue to wrap up my law practice (my primary source of income) ... |
11/20/2021 12:00:37 PM EscapeVelocity |
That is slated to occur in the next 4-5 months when I'll transition from "(egregious) wealth accumulation mode" to "(hopefully) stoic wealth maintenance mode," or whatever you call someone living off of dividends. That may seem like no big deal to some, especially with my having saved so much, but as an ordinary person I have no idea what it's like not to grow a business, earn money and continue to save; it's what I've been doing for a long time. Indeed, I wonder whether there's a kind of "hedonic adapation" to earning millions of dollars and then abruptly stopping. How will that *really* feel? I'm about to find out ... so while so many come here for insight on how to grow their wealth, I'm actually interested in how to transition the other way. Namely, how to confidently enjoy "the back nine." |
12/7/2021 10:53:31 AM auzzieyank |
There are a lot of youtube videos and podcasts in the F.I.R.E.(Financial Independence Retire Early or Financial Independence Recreational Employment) community that discuss this very thing. You will probably enjoy the first year or so, but after that you'll be back at doing something to earn money or you will just be sitting around bored. The first thing you should do is work on your health if you need to and find your passion hobby(right now) which could turn out to be profitable. |
1/2/2022 1:41:18 PM Appliedvalueinvestor |
Hello
I was reading your note from back in 2011 when you were talking about your beach property purchase. You comment on market bottom for real estate was precinct! Been inspiring to go through your detailed notes over the years! |
1/2/2022 5:28:33 PM EscapeVelocity |
Ahh, the good 'ole days! I, of course, know the place you mentioned and bought it sight unseen (ok, I saw photos). Also, about 6 months later I bought a beach-close tri-plex too (I was at Coachella and left my friends at the concert to go buy the triplex the day it came on the market). While they were ultimately both great investments, being a landlord was a nightmare and I sold them circa 2017. Residential real estate is, in my opinion, a young man's game. |