My grandfather made a lot of money when he was young. He spent it as fast as he made it, never bothered to buy a house, and didn’t believe in saving for a rainy day. After all, he was a living ATM machine, an artist of sorts, refinisher of furniture at a time when people cared about craftsmanship. He had famous clients, such as “Mr. Progresso” and wore a yamaka whenever a jewish client walked into his shoppe. He knew how to make money and provided for his family for decades, until he woke up one morning without the ability to see.
High blood pressure was always an issue; but he never imagined it would take his vision and part of his hearing to boot. He could see a little bit, but not enough to cross a street, drive a car and definitely not enough to refinish furniture for Mr. Progresso.
Since he didn’t save any money and his business was 100% reliant upon his craftsmanship, he was thrusted into poverty, almost overnight. For years, until his death, he agonized over his missteps, almost daydreaming about “all of the money” he blew on bullshit. He had cars, clothes and rubbed elbows with the Sinatras and other unsavory characters, and then nothing. Total and absolute dependence on social security checks that amounted to no more than $1,000 per mo, because he was creative with his accounting when he was making money, if you know what I mean.
Seeing him struggle like that always motivated me to do something with my life. I didn’t want to just make a bunch of money, blow it on cocaine parties, then end up grilling a swordfish over a flaming barrel of garbage. Some men are like peacocks, dressing themselves up in flamboyant clothes, tattoos, and creative hairstyles, in order to attract the female species. These people have not evolved in over 400,000 years, base instincts on display like savage beasts.
Life has to be more than that. Happiness must derive from accomplishments and then using said accomplishments to make the world a better place. The world doesn’t have to be “the world” per se, but your sphere of influence.
I’m rambling a bit here. But the point is this: if you’re banking coin now, save for a rainy day. Live within your means and make sure you continue to grow as a person. Read things you wouldn’t normally read. Be curious and always adapt to change. As an advisor for people with a lot of money, the biggest mistake I see people making, aside from tax planning, is retirement planning.
Own your house. Build equity. Invest in stocks. Bank the coin. Build Orbital Space Cannon. That’s my life strategy. What’s yours?
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Nice post Fly
probably the best post of the year. An essential factor I would like to add is creation of life, in order to achieve exponential family growth. You will nothing find more motivating than building a large family tree which is going to withstand tragic events(loss of life) fairly well.
ROFLMAO
I think you help your sphere of influence by banking coin for your readers, Fly.
long orbital space cannons and death stars
Another gem.
thinking the same thing.
Gold.
Bravo
The most challenging thing for me has become; do I focus in on one activity or dilute myself and become moderately skilled in a broad spectrum of activities. I find myself more fulfilled choosing the latter. I suppose I am fortunate enough to have the choice.
The jack of all trades is a master of none.
…And so the vernacular goes but I believe a well rounded individual is better off in the long run. Per your blogs you have tried your hand at literature, film art, weightlifting, trading, and raising a family, certainly a plateful for any layman.
I think the cliché is false. In history, folks were jacks of all trades and still able to master many. Ben Franklin, Thomas Jefferson, and Da Vinci come to mind.
i think you meant “yarmulke”
That is good stuff sir, I want to take my massive coin, dress up like a superhero with a cape & shit, and pass out hot meals & $100 bills to the less fortunate.
My uncle was once a multi-millionaire businessman. He lived in the most expensive neighbourhood of my city until he blew all his money on gambling and hookers. Last I heard he was collecting pogey and living out of a motel room.
I used to talk to lottery winners. People who won 30 million + were miserable and most of them lost all of their money inside of 10 years.
I agree money isn’t everything but some people will never be content with what they and remain unhappy regardless. Respecting money is a big thing.
sorry ‘some people will never be content with what they have and remain unhappy regardless’
Great post.
I am worth more dead than alive. If I were dead tomorrow, i wouldn’t have to work anymore. Even if i were somehow able to keep living.
Tax policies are inhibiting my ability to reach my goals. It is surprisingly difficult to attain enough money to actually achieve “wealth” due to egregiousness of tax rates.
Once wealthy, easy to stay wealthy. But getting to true wealth, very very difficult.
You definition of wealthy is perverted.
He isn’t saying wealth is happiness. I think he knows what he’s talking about.
Get a better tax attorney.
Wealth is a combination of freedom of choice and elimination of risk. No more, no less.
An annual salary that is fantastic is great, but it is not wealth. It offers neither freedom of choice nor elimination of risk. To the point of Fly’s entire post.
My only point is that it is surprisingly difficult to turn what most people would consider an exceptional annual income into true wealth, largely due to the impact of a progressive tax system.
However, once wealthy, it is very easy to stay wealthy. Assuming a reasonable aversion to risky endeavors.
I agree with you Mr. H. Bear for the most part however, perhaps you should stop worrying about, ‘..what most people would consider an exceptional annual income,’ and concentrate on making the most of the resources at hand.
yes h.pope, it is true that the expense side of the ledger is the most important side. I am mindful of that and respect it moderately.
The greatest lie the super wealthy ever spun was the get rich quick nonsense. It takes generations. Which makes socialism fascism. Control every slave.
It doesn’t take generations anymore.
For some. That is the rub. For most they gamble to much. They get picked off like ducks. But the talented can achieve anything.
People need to dream, else life is too moribund. Even I dream. We all do.
Absolutely agree. Was not trying to be a fucking doomer. Just relating to Huggie and the difficulty in getting wealthy all quick.
Fastest way to achieve wealth is definitely through starting your own business. That way you can manipulate the tax code to no end and do well if you run your business successfully.
You just need a ‘better’ accountant!
Cheers good sir!
Interesting that your grandpappy (no swan) was involved in fine furniture. Don’t think you ever mentioned that. Our family been making furniture for over 100 years. We made furniture for Sinatra in the 1980s. Your current furniture custom made?
Amen
You are an incredibly, complexly, cool dude. There’s a reason for your success. No homo.
Top tier blogging.
You da man, Fly. Keep ya shit correct
Bravo,
very articulate Master Fly,
you are well educated, brilliant even, sensitive(rarely though)&(no homo), refined and precise, with a juxtaposing paradoxical mixture of rough noxious street harshness.
Quite an exceptional soul you are
well said
wishing you and your family well
Seconded wolf! Here here (no British homo).
When I was starting out in the basement apartment, I’d spend 1200 per month on my expenses– total. Now I spend twice that amount daily.
Truth is, the more you make, the more you spend. Most people hope to get rich via windfall, the Tsla, yelp, ftk runs.
That’s why we’re here ain’t it?
So you spend around 900K per year in expenses?!?
Maybe I do. Maybe I don’t.
The point is I spend an infinite amount more now than I did then.
I want to change the game so people without our level of intelligence aren’t required to play.
More than half of the people I know with money aren’t necessarily “smart”. They are savants and most were at the right place at the right time.
I understand your point. I just think that those examples are always going to be rarities in the population. The planet is filled with unintelligent, non-savant, and unlucky people. I want them to have a shot.
Sorry, but these “things” (including money) that you believe will make you happy are a mirage. Ask Steve Job’s family.
Dude. Take a seat. Enjoy a Shasta. Money is happiness. Money is freedom. Money is the conduit to everything. Now go back to being poor.
Money doesn’t provide happiness. But it eliminates one of many reasons to be unhappy.
Thanks for the post ‘Fly’, actually very meaningful if anyone bothers to truly read it closely. The theme people is the same one I said earlier today back on my soapbox; there MUST be more to life than simply getting short term material gain. That’s why I was/am so pissed off about the whores on CNBC saying how wonderful the Iran ‘deal’ is, when what it really is is selling out our future tomorrow for some quick material gain today. In this case, it is so transparently evil that the minority of Americans (those with an IQ over 85) are stunned and upset by it, yet the Wall street crowd who SHOULD know better and be smarter are simply going along with ANYTHING as long as it gives them temporary enrichment (pun intended). This is the definition of evil. Morality, not materialism, must be restored in America, Iran must be stopped immediately. Welcome back to my soapbox folks…
What Iran has to do with mine? Is so utterly unknown. But to each his own.
It is symbolic Ironbird. Obama holds back Israel from dealing with Iran despite the fact that he promised BEFORE the election that he would not allow them to go nuclear. This new ‘agreement’ is the ‘Munich moment’ of the 21st century. Review your history and you can see clearly this does not portend well for our future
– it is also morally bankrupt
Well put, Pirate. We will be paying dearly for our immorality. The greed will also stop tomorrow.
Pirate
Don’t look for morality on wall st
Where is the generation of people who have savings accounts, don’t use credit cards unless they can pay the full balance each month, live within their means, oppose evil and danger (like Iran’s government) and care about their fellow man today?
I bet you many of them are here
he is I..I am here…those are my virtues as described…….pay my AMEX each month..work everyday..volunteer to the point of exhaustion for the benefit of my children and the youth in my community….as FLY says…WE are here
Fly says…..
“Live within your means”.
Yep, I agree Fly.
Others don’t have to like it…….Fuck ’em. For example, I’m still driving a car that’s almost 10 years old. Runs great. (i can afford more)
Also, let people earn your trust…..not burn your trust.
My Strategy..1. Find your Passion in Life 2. Own Home, Never take a loan on it. Pay it off as fast as you can. The more home you have, the more you have to take care of….which robs life energy to impress people who only hate you for having a big stupid house. 3. Get the best education possible and always keep learning everything you can 4. Always have more insurance then you need 5. Enjoy every moment you have..life is amazing 6. Try to get out of doing a 9 to 5 job as soon as possible, unless that is your passion.
Maybe your best post in years…at least since you didn’t censor yourself.
It is always striking that your writing can resonate so deeply. A sincere thank you for keeping it real.
Nice post and a good lesson. Though I’ve to admit some of the best years I’ve had were when i was blowing money partying and traveling – this is how most of people I know live in London…we’re not great savers. I’m just now starting to think about the future and retirement and it’s boring as hell. Did your grandfather have fun when he was young..he sounds like a cool dude?
He had a lot of fun, not so much in his later years though, enough to sap him of his pride.
I ended up paying for his funeral when I was just 21 years old.
Great post and thoughtful comments as well. As someone who is now old enough to have a good idea of how my “movie” will most likely end, I know Fly’s comments ring true and are good advice. Best regards to all.
A great Fly post (the late night posts are usually good-when I am asleep).
I chuckled about the yarmulke.
When my non-Catholic brother opened his medical practice in a heavily Cuban Catholic area (Hialeah) his office manager got a HUGE picture of Jesus (looked like an Elvis painting) and put it in the waiting room.
Fly, since your Dad died early in your life Grandpa Fly influenced your life even when he was broke. For that, you are grateful and understanding I am sure.
‘make the world a better place’ and ‘continue to grow as a person’. If you can accomplish these two things, you will be a ‘wealthy’ person. Great post, Fly
A friend of mine was super smart, street-smart, people-smart and created his own luck … way back when
he got in the bizz when the Boesky’s and Milkens were making their own rules & coining hundreds of millions when hundreds of millions were something
he made himself 40 mill by the time he was 40, bought a mansion on the ocean, quit work, started drinking full time
now 20 years later, in & out of rehab, hanging on to life by a thread …. several of his drinking pals were worth 20 mill and now are living off the kindness of the bars they frequent
you may accomplish your goals but that is not the end … there is no end .. learning, evolution, progress, development is endless .. the alternative is hedonism, stagnation, degeneration, the abyss
Alcoholism is a tough act to follow
great post Sir. You really are good at articulating your ideas
I hope you mean Orbital Space “Laser” Cannon. Otherwise it will fall out of orbit the first time you fire it. Don’t ask how I know this…
Will the magazine cover jinx, jinx the old-time old-schooler who has been playing knock-out with his peers, young or old, for decades?
Fantastic post Fly. Thanks.
many people mistake cash flow for wealth. The truly wealthy do not have conversations like “I make $500,000/yr”, or whatever. Their conversations are “My net worth is $X million(s)”.
As far as the peacocks Fly talks about, too many people fronting with nothing to back it up. A buddy of mine is an insurance salesman and was trying to sell life insurance policies to up and comers in a new upscale neighborhood. Cheap first/last to die. Many of the couples were tapped out and couldn’t afford the $50 or $70/mth in premium. Shit, property taxes can change that in a year.
Bottom line. It not what you make its what you spend, and hopefully lady luck is on your side.
Agreed
a fitting tribute to all holders of SOL
Thanks Captain.Your Grandfathers last years are a constant worry and reality in my families lives. My brother and I are doing our best to break this cycle. My wife and I don’t even clear 65k a year together. But we try to do our best to build equity in our home, pay extra on our mortgage, and buy a few shares(less than 3k invested) for future grand kids (My oldest son turns 8 this Friday). I am a craftsman myself and luckily sense nobody cares about craftsmanship, nobody cares to learn the trade anymore. At least my skill in carpentry and fine woodwork are in continued demand even though I am expected to work for slave wages, Which is something I am ending. The odds are stacked against 20 something year old parents like us, and as proud Americans with colonial roots we would never rely on the state for a dime, out of principle. Yet every trip to the hospital for a hurt kid or my broken hand puts thousands of dollars in bills that makes us feel like we will never be able to end the struggle or climb out of debt. We sometimes feel like we may never reach something that even resembles the American dream. We will always march on, plan, and most of all hope for a better day. With your sage advice and enough luck maybe we can break this cycle that has continued to plague my young family. Slavery did not die, it just had its bylaws rewritten.
I have to say ole chap, if your expertise in the financial advisement sector doesn’t pan out, i would follow your scribble on a daily basis. Your mastery of the English language is a true gift.
I now commence the bulls to run. Onward and upward…
Fly, what the fuck happened to you? How about taking a position some bullshit issue, ramping up the price to get people excited, hold out until they are selling their children into slavery for a tiny little piece, and then laughing maniacally as the fools get their face smashed in by the market, which has the additional benefit of producing a whole new slave class to harvest more cocaine?
Seriously Fly, we’ve had 3 bubbles now and that has been the script. The middle class is no more. There are no jobs anyways and anyone who has anything is forced into the grand money tournament the Fed is running.
Stocks may be going up, but the ship is going down. You might want to brush up on your history, say France 1700’s, and get yourself a nice little place that’s well out of the way.
All paths of glory lead to the grave!
Great post Fly.For pure joy I ‘m partial to your holiday party post.
The U.S.A. is going to boom
for years.Things seem frothy now but the
consumer will catch up.
cheers
Fly – you are the Raymond Chandler of Wall Street noire. A fabulous writer you are sir and that was a very compassionate post.