What caught my eye this week.
Those of you who needed a lie down in a dark room after the middle class etymology wars we had a couple of months ago might want to pre-load on painkillers before clicking though to hear what FIRE V London thinks it takes to be proper rich.
The ever-interesting F-ing-Fat-FIRE blogger has re-run his numbers, and he now concludes that:
“…based on the people I know who are at least 2x as rich as me, I would say the amount needed to be ‘enough’ is around £50m. That seems to be the number where conventional economic activity stops, and I don’t discern any perceivable ‘just a couple more years’ nor any obvious pegging.
£10m definitely isn’t enough to reset mindsets these days – though it might have been 20 years ago.”
Clearly bonkers numbers, even for most of the considerably more affluent than thou readers of Monevator.
But I’m sure plausible given the circles FvL moves in. London is like that.
Of course we can all see that the hedonic treadmill is permanently jammed on a steep incline – and that if we can afford sufficiently powerful binoculars then we’ll always be able to spot some Joneses down the road who are much richer than us.
Clearly it’s an infinite game you can’t win. Even the world’s temporarily richest billionaires invariably suffer reversals.
But it’s easier to sound wise about this than to consistently live it.
Doing my own thing. Mostly.
Personally, I occasionally get jealous of bloggers who made a fortune – or even just make enough – as well as university friends who made their nut at global banks (often in technical roles, not even profit centers) by their late-40s, and the fund managers I once daydreamed of becoming.
Not to mention all the self-made multi-millionaires I’ve seen do that deed in what we shall ironically call my professional life.
So the feeling is there sometimes, fine. But I acknowledge it and it passes.
To that extent, rather some of them than me.
Have a great weekend.
p.s. Judging by the comments last week, we have quite a few 1990s indie music fans among our subscribers. If that’s you, then you might be interested to read about what some cassette tapes from the era are fetching at auction. I once owned six of that top ten in physical form – and at least three as cassettes, including Pearl Jam’s Ten. Alas all sold long when I ‘liquidated my position in solid-state music’, as a friend put it at the time. Ho hum. Fine. Again.
From Monevator
Warren Buffett explains why passive investing is a winning strategy – Monevator
From the archive-ator #1: Stress testing your mortgage as rates rise – Monevator
From the archive-ator #2: An investor among the anti-capitalists – Monevator
News
Note: Some links are Google search results – in PC/desktop view click through to read the article. Try privacy/incognito mode to avoid cookies. Consider subscribing to sites you visit a lot.
Interest rates hiked by 0.5% by Bank of England in tenth consecutive rise… – Sky
…as CPI inflation comes in at 8.7% for a second month in a row – Which
BoE boss denies wanting a recession – BBC
UK lenders agree to 12-month grace period on repossessions – Guardian
Mortgage crunch sends average house price down £7,000 from peak – This Is Money
New Which? study puts comfortable retirement income at £20,000 a year – Which
Council four-day week trial may have saved £333,000 – BBC
Call to make short naps part of the working day – Guardian
Hong Kong’s multinationals and global funds prepare for the worst [Search result] – FT
A growing weighting towards target-date funds has driven higher equity allocations among participants in Vanguard’s defined contribution retirement plans – Vanguard
Products and services
What to do if you face mortgage misery as rates rise… – This Is Money
…and how other countries’ rates compare with the UK – Guardian
New one-year fixed-savings deal pays 5.7%; FCA protected – This Is Money
Open a SIPP with Interactive Investor and pay no SIPP fee for six months. Terms apply – Interactive Investor
Premium Bond prize rate increases to 3.7% in July – Be Clever With Your Cash
What really happens when you return an online purchase – Slate
Santander withdraws 1-2-3 product, launches new Edge account – This Is Money
Open an account with low-cost platform InvestEngine via our link and get £25 when you invest at least £100 (T&Cs apply. Capital at risk) – InvestEngine
Homes for sale near lidos, in pictures – Guardian
Comment and opinion
25 years of the £2 coin – Bond Vigilantes
What role should cash play in your portfolio? – Morningstar
“I moved abroad to save but still can’t afford a mortgage” – BBC
How one coupled unretired – Humble Dollar
Inaction is not inactivity – Best Interest
Five reasons to contribute to your child’s pension – The Orchard Practice
The joy of cooking – Money Talks
The science of happy retirement [Podcast] – Standard Deviations via Spotify
What is the safest investment asset? [PDF] – Cambria
When simpler isn’t better [Note: US tax issues, linking for the thought process] – Cullen Roche
Smart spending mini-special
Swimming pools make you happy – Klement on Investing
Looking forward – Humble Dollar
Naughty corner: Active antics
Active management is no ‘sham’ [Nice story, shame about the data. Search result] – FT
Will private equity blow-up in 2024? – Behind The Balance Sheet
Meet the ex-social worker turned short-seller – This Is Money
Excellence gone missing [PDF, essay] – Richard M. Ennis
Is Bitcoin worth the gamble? – Morningstar
The impermanence of permanent capital – Capital Allocator
What sectors are seeing the most seed-stage startup funding? – Crunchbase
Kindle book bargains
A Man for All Markets by Edward O. Thorp – £0.99 on Kindle
The Tetris Effect: The Cold War Battle for the World’s Most Addictive Game by Dan Ackerman – £0.99 on Kindle
Liar’s Poker by Michael Lewis – £0.99 on Kindle
Love, Pain, and Money: The Making of a Billionaire by John Caudwell – £0.99 on Kindle
Environmental factors
ESG investors play the long game [Search result] – FT
Coastal flooding will be more extensive sooner than we thought – Hakai
Farm the ocean (and soak up carbon) – Uncharted Territories
How America solved its first air pollution crisis – Vox
Mosquito-borne diseases becoming increasing risk in Europe – BBC
The silent rise of solar power – Contrary
Robot overlord roundup
AI is a lot of work – The Verge
The man behind Alexa’s voice on what AI can, can’t, and shouldn’t do – Semafor
“I used AI to double my income in a year” – Business Insider via MSN
Psychedelic reboot mini-special
Psychedelics reopen the social reward ‘critical learning’ period [Paper] – Nature
Easier take: the scientist who sends brains back to childhood – Wired
How a dose of MDMA transformed a white supremacist – BBC
The history of psychedelics and why it matters – Open Access Government
Off our beat
The happy art of grandparenting… – The Atlantic via MSN
…and the best workouts to do with your aging dad – Inside Hook
How the Brexit vote would go today [Spoiler: Remain] – Guardian
Five stars or bust – Oversharing
Cultivate optimism – Abnormal Returns
Why you believe the things you do – Morgan Housel
Avoid these six sunscreen mistakes – NPR
The rapid decline in global birth rates [Infographic] – Visual Capitalist
Nick Drake at age 75 – The Honest Broker
3 Body Problem official trailer [Video] – via YouTube
And finally…
“Why can’t people have what they want? The things were all there to content everybody; yet everybody has the wrong thing.”
– Ford Maddox Ford, The Good Soldier
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The post Weekend reading: Are you rich enough? appeared first on Monevator.
