Observations from running a tax/law firm for over 10 years:
- The biggest financial mistake most men make is never starting a business.
- The second biggest financial mistake most men make is marrying the wrong woman and getting divorced.
- The third biggest financial mistake most men make is dying with lots of money in the bank (what was the point then?).
- The fourth biggest financial mistake most men make is not teaching their children about money. The money they leave is wasted on them.
- Alcohol can very quickly become your biggest discretionary expense if you get a drinking habit.
- Your biggest costs will always be rent and taxes. If you want to save money, minimize those.
- Business seems to be in people's genetics. Some clients are obsessed with it and will continuously be trying something or the other till one works out. Others are comfortable at their job and have accepted their fate as a servant.
- Women will generally find a man who makes 2-3x more than her. If the guy makes $100k, his wife will make $30k.
- Women spend more on experiences like travel and consumables. Men spend more on hard goods. For example, women will pay for a massages regularly. Men will buy an expensive computer.
- Most men get bored as hell during retirement and deteriorate fast. Age 55-60 is much better for most than 61-65 because of this.
- Getting rich is not about spending less but about making more. You will not get rich cutting expenses (unless you're really a spendthrift). You will get rich if you 10-1000x your income with online money.
- Inflation is a tax on broke people because they have no assets. If you want to reduce wealth inequality, you need a deflationary economy so broke people can buy assets.
- Smart people minimize taxes legally from day 1. Dumb people do it illegally and eventually get caught.
- The bigger a woman's job, the less likely she is to have children. Careers are the antithesis of children.
- If you only make money but live like a miser and never enjoy life, you're doing it wrong. You're going to die sooner or later anyway. You got to use the money.
- Teach your children skills and leave them enough so they can do anything, but not so much that they do nothing.
- The biggest financial mistake most men make is never starting a business.
- The second biggest financial mistake most men make is marrying the wrong woman and getting divorced.
- The third biggest financial mistake most men make is dying with lots of money in the bank (what was the point then?).
- The fourth biggest financial mistake most men make is not teaching their children about money. The money they leave is wasted on them.
- Alcohol can very quickly become your biggest discretionary expense if you get a drinking habit.
- Your biggest costs will always be rent and taxes. If you want to save money, minimize those.
- Business seems to be in people's genetics. Some clients are obsessed with it and will continuously be trying something or the other till one works out. Others are comfortable at their job and have accepted their fate as a servant.
- Women will generally find a man who makes 2-3x more than her. If the guy makes $100k, his wife will make $30k.
- Women spend more on experiences like travel and consumables. Men spend more on hard goods. For example, women will pay for a massages regularly. Men will buy an expensive computer.
- Most men get bored as hell during retirement and deteriorate fast. Age 55-60 is much better for most than 61-65 because of this.
- Getting rich is not about spending less but about making more. You will not get rich cutting expenses (unless you're really a spendthrift). You will get rich if you 10-1000x your income with online money.
- Inflation is a tax on broke people because they have no assets. If you want to reduce wealth inequality, you need a deflationary economy so broke people can buy assets.
- Smart people minimize taxes legally from day 1. Dumb people do it illegally and eventually get caught.
- The bigger a woman's job, the less likely she is to have children. Careers are the antithesis of children.
- If you only make money but live like a miser and never enjoy life, you're doing it wrong. You're going to die sooner or later anyway. You got to use the money.
- Teach your children skills and leave them enough so they can do anything, but not so much that they do nothing.
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