Re: Different types of wealth
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type 1 wealth seems like masturbation, and fairly stupid to have as a goal.
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type 1 wealth leads to security and having free time to do whatever you want, which I think most people value pretty highly.
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most of the wealth gained from this style doesnt come until later in life, 50 to 60 years old, after your portfolio has time to matured etc (Im obv making generalizations), but I dont want a couple million when Im 60, its seems like striving for that goal would make my life miserable.
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This is exactly the type of debate that I was looking for.
Also, in type 1, you don't necessarily pick up every penny you see on the ground - rather, you save 15% or more of your pretax income, buy cheaply, etc. You're not living a third world life. Rather, you're just not living "like a millionaire" - you're living like an average blue collar worker.
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my grandpa is a prime example of this, he is worth at least a million, not including his house that he has lived in for about 50 years (its worth about 500k now). he was a pharmacist, working in a small pharmacy, started his own until barnes jewish bought him out, and still works. He has a very low key life style, other than traveling overseas. I think its great if thats your style, but for me, having a couple million when Im 85 years old doesnt seem worth it
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