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The wealth-building thread

Ingenieur

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I was never money hungry. I just worked and saved. Just like I eat and sleep. Just a 'function', not a lifestyle. Some love $, the pursuit of it, that's cool.

I prefer happiness, knowledge, adventure.
By seeking some of those $ can fall out of the endeavor.

I prefer frugal & content over wealth and dissatisfied. When people start the $ trip it seems enough is never enough. It morphs into a control and power trip, it some how elevates them. I don't get it. I guess I was not wired that way.
 

PatentLawyer

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I was never money hungry. I just worked and saved. Just like I eat and sleep. Just a 'function', not a lifestyle. Some love $, the pursuit of it, that's cool.

I prefer happiness, knowledge, adventure.
By seeking some of those $ can fall out of the endeavor.

I prefer frugal & content over wealth and dissatisfied. When people start the $ trip it seems enough is never enough. It morphs into a control and power trip, it some how elevates them. I don't get it. I guess I was not wired that way.
I find a lot to respect in your views, and there was a time that I agreed with a number of them. But having kids changed my perspective entirely, for better or worse. I feel a deep obligation to provide a secure future for my children, a feeling made more acute given my predictions about the opportunities (or lack thereof, to be specific) for my kids' generation to be financially secure.

I think a person's relationship with money is influenced by their rearing, and I grew up knowing that my well off parents won't leave me a nickel (on principle, not because they hate me!). So that had good effects, but maybe also messed me up a little bit. :)
 

Ingenieur

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I find a lot to respect in your views, and there was a time that I agreed with a number of them. But having kids changed my perspective entirely, for better or worse. I feel a deep obligation to provide a secure future for my children, a feeling made more acute given my predictions about the opportunities (or lack thereof, to be specific) for my kids' generation to be financially secure.

I think a person's relationship with money is influenced by their rearing, and I grew up knowing that my well off parents won't leave me a nickel (on principle, not because they hate me!). So that had good effects, but maybe also messed me up a little bit. :)

Please do not mistake my not being money centric with not wanting financial security, free from worry, that promotes peace and happiness. When I need it, I get it.

When I had kids I saved for their college. When I bought my house I worked extra until paid off in 7 years.I ran a 100+ year old engineering firm for 10 years to do it, pita, 60 hour weeks, 10 evening meeting a month, but big $.

I looked at it like a stint in the Service, you don't have to like it, you just have to do it. It set us up nicely.

I'll likely (hopefully) go before my wife.
She'll be set. The kids are good, nurse & engineer. Plus they'll get what's left over.

I gave my kids home down payments and they started with no college debt.

Life changing to me?
Your dad leaving when you are young
Wife being diagnosed with MS
Son deployed to Iraq....twice
If I could buy my way out, I would have spent my last cent.

My retirement plan:
Fat 401
Max SS
small mil disability
Gov pension about same as SS
Part time work, because I want to. I can bill $150/hour and have more work than I want.

So yes, $ is important to live without stress, but imo not a 'goal'.
 
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PatentLawyer

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I'm sorry that you faced those troubles. But you seem (and I bet I'm right) all the stronger as a result, and I wish you and your family well. And thank you and your son for your service.
 

Ingenieur

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I'm sorry that you faced those troubles. But you seem (and I bet I'm right) all the stronger as a result, and I wish you and your family well. And thank you and your son for your service.

Thanks, we keep moving forward. My wife was diagnosed a few months after married, ~30 years now. I was out of town for work, we went Christmas shopping and I noticed her dragging her foot, the toe was worn. Also her writing was sloppy and speech slurred. So we go to the doc, mri/cat scan, etc. They send us home.

We get a call the next day come to the hospital (3' snowstorm!), I asked a friend who was a state trooper to follow a DOT plow to our house and give us a ride (I had 2WD car). We get there and are shown the results, golf sized blob in her head. They rush her to the big city hospital, the ambulance we are in wrecks! Comedy of errors.

We get there, they say brain tumor they can't get to. I'm a wreck, holding back tears. She's like 'show me the images', no big deal. I'm crumbling.
They do more tests: MS, I was HAPPY she at MS.


Got a question for you:
When I ran the firm I retained an attorney that guest lectured in a grad class on contract law for engineers.
He was a USMA grad, 15 years CoE, 2 tours in Viet Nam then went to law school.
He was an engineer PE, etc.
A patent lawyer, or qualified to be.
But mostly construction and design stuff.

Do patent lawyers still need to have training in engineering or science? iirc it used to be a requirement.
 

PatentLawyer

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Thanks, we keep moving forward. My wife was diagnosed a few months after married, ~30 years now. I was out of town for work, we went Christmas shopping and I noticed her dragging her foot, the toe was worn. Also her writing was sloppy and speech slurred. So we go to the doc, mri/cat scan, etc. They send us home.

We get a call the next day come to the hospital (3' snowstorm!), I asked a friend who was a state trooper to follow a DOT plow to our house and give us a ride (I had 2WD car). We get there and are shown the results, golf sized blob in her head. They rush her to the big city hospital, the ambulance we are in wrecks! Comedy of errors.

We get there, they say brain tumor they can't get to. I'm a wreck, holding back tears. She's like 'show me the images', no big deal. I'm crumbling.
They do more tests: MS, I was HAPPY she at MS.


Got a question for you:
When I ran the firm I retained an attorney that guest lectured in a grad class on contract law for engineers.
He was a USMA grad, 15 years CoE, 2 tours in Viet Nam then went to law school.
He was an engineer PE, etc.
A patent lawyer, or qualified to be.
But mostly construction and design stuff.

Do patent lawyers still need to have training in engineering or science? iirc it used to be a requirement.
Good grief. What a tough experience that must have been; sadly, I know a bit about one's spouse having a health scare, so you have my complete empathy.

To call oneself a "patent lawyer" in the US, one must be a lawyer admitted to at least one state bar, and also be admitted to the bar of the US Patent Office. The rules of eligibility to sit for the Patent Office bar exam have evolved somewhat, but suffice to say a science or engineering degree is generally required.
 

MRC01

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... I grew up knowing that my well off parents won't leave me a nickel (on principle, not because they hate me!). So that had good effects, but maybe also messed me up a little bit. :)
Yep, same here. That approach definitely has good effects: eliminating the entitlement mentality, fostering an appreciation that wealth is something you earn through work, and being financially well organized and prioritized. However, my college years remind me of the downside. Working my way through college because my parents wouldn't give me a nickel created a lot of stress and anxiety. The academic stress alone would have been plenty, adding work & financial stress onto it made those very difficult years. After graduation, getting started with nothing made more hard times. I don't want to put my daughter through that. I want her to have to worry about only one thing: academics. As long as she studies hard in a STEM major and earns good grades, I cover the expenses. I think it's only fair to treat college like a job: work hard and you don't have to worry about money. It resembles the real world. And she'll have a little left over after graduation to get started in life. So far, it's working. She's doing great and while she thinks it's hard academically and psychologically, she has no idea how much harder it could be. And that's a good thing.
 

PatentLawyer

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Yep, same here. That approach definitely has good effects: eliminating the entitlement mentality, fostering an appreciation that wealth is something you earn through work, and being financially well organized and prioritized. However, my college years remind me of the downside. Working my way through college because my parents wouldn't give me a nickel created a lot of stress and anxiety. The academic stress alone would have been plenty, adding work & financial stress onto it made those very difficult years. After graduation, getting started with nothing made more hard times. I don't want to put my daughter through that. I want her to have to worry about only one thing: academics. As long as she studies hard in a STEM major and earns good grades, I cover the expenses. I think it's only fair to treat college like a job: work hard and you don't have to worry about money. It resembles the real world. And she'll have a little left over after graduation to get started in life. So far, it's working. She's doing great and while she thinks it's hard academically and psychologically, she has no idea how much harder it could be. And that's a good thing.
WOW, we had a similar journey.... My kids are toddlers, so your perspective on your daughter is helpful; thank you.
 

Ingenieur

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In my college years I never stressed, even when I should have. I paid for everything.
Loans
Grants
Senatorial Scholarship
Part time jobs
ROTC

Honestly, I thought, that is just the way it is,
I think after my parents broke up when I was ~12 I realized soon after that, worry and stress gets you nowhere.
Work and action will.

Much to the consternation of others I seldom get excited, animated, agitated.
I never really worry, or if I start to, I 'snap' out of it quickly. Early on in our marriage it would drive my wife crazy, lol, bills, tuition!!!
Oh woe is me, what will happen to us?!
We'll think, work and find our way thru.
Worry will not help.
I think it's one thing I taught her.
Wife 999
Me 1
:)
 

Ingenieur

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I'm sure this is how my lovely wife sees it.
lol
 

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jonfitch

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What are your thoughts on stablecoins? With the crypto market crashing any of you considering rotating your cypto portfolio into some interest accruing stablecoins instead?
 

Jim Matthews

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What are your thoughts on stablecoins? With the crypto market crashing any of you considering rotating your cypto portfolio into some interest accruing stablecoins instead?
Oxymoron du jour, "stablecoins"

God forbid investing would involve support of companies that make things people actually use.
 

cookiefactory

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What are your thoughts on stablecoins? With the crypto market crashing any of you considering rotating your cypto portfolio into some interest accruing stablecoins instead?

Not yet. If you do look more at the likes of MakerDAO or FEI and less at the likes of USDT.
 

eriksson

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No point in working too hard here, the pinkos and/or politicians will take it away via a dazzling amount of taxes, direct or indirect. Anyway, am I the only one completely disgusted with the concept of "finance" aka playing around with money? Even if this can be a great boon, as your post explain, I just don't want to have anything to do with it; nor the worry I'm sure it'd bring me.
No, you are not alone.
Many of us choose the path - if you can't beat them - join them. It doesn't mean we agree with the situation. Perhaps we have left our principles behind or ethics. I hope not though.
 

bigjacko

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No, you are not alone.
Many of us choose the path - if you can't beat them - join them. It doesn't mean we agree with the situation. Perhaps we have left our principles behind or ethics. I hope not though.
Actually people used to provide service around money, then earn some money along the way because they provided service, both party wins. But things will get played out differently when time goes by, people will start to focus on the making money part instead of providing services. That's the world, that's human.
 

Descartes

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Diversification, patience and discipline!
In addition, just keep working until 70 if you can that way you can maximize your savings and have golden years!
 
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