comments:
Read Strangers in Paradise by James Grubman for practical advice on how to manage your wealth as a first generation wealth creator. It was a real eye opener for me as someone raised in a modest blue collar household. It will be difficult for anyone to offer specific advice on “how to be rich” since everyone is different. I’ll offer a few personal anecdotes. Clubs. I have no interest in joining a club. I don’t enjoy golf, and most people who belong to these clubs in my area are not my people. I have no need to network with them, and no desire to spend time with them. I would much rather spend as much time as possible with my lifelong friends and many of the great families we’ve met along the way (primarily through our kids’ activities and sports). Travel. I spent a lot on travel with the family when the kids were young, and spend even more on travel with my spouse now that I’m FIRE. We tried several ultra high end luxury resorts in various places, and quickly learned that they’re typically polluted with many folks from the country club crowd that I’m trying to avoid. Instead, we stay at comfortable properties in world-class locations (mountains, beaches, major cities) and spend as much as we want on experiences (skiing, museums, historical sites, etc. with private guides are great). We’ve met a lot of great people (locals and fellow travelers) by exploring neighborhoods and small restaurants in cities all over the world. Clothes (and other “stuff”). I have no interest in luxury brands, logos, fancy watches, etc. I focus on buying the highest quality basics that fit me perfectly, and that will last a long time with proper care. I try to buy fewer, but better, things. I definitely spend more on “stuff” now, but in much lower quantities with much higher price points. Cars. We drive made-in-Japan Acuras and Lexuses and keep them for a very long time. I’m not a car guy. Hobbies. I enjoy fishing, skiing, photography and woodworking. I spend a lot on fantastic gear for each of these hobbies, and I take excellent care of all of it. I thoroughly enjoy using and carefully maintaining this gear, much of which is made in Japan. We also own a cabin on a lake, with a lot of “toys” (boat, wave runner, e-bikes, etc.). I’ve learned that spending in this area is most fulfilling, since it creates lasting experiences and memories with family and our closest friends. Otherwise, just continue to be yourself. You sound like an interesting guy with an interesting story. No need to conform to a series of artificial “norms” that typically accompany wealth.