Dealing with Greed

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Sclass
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Re: Dealing with Greed

Post by Sclass »

bryan wrote:
Fri Dec 08, 2017 11:29 pm
True. I could have bought a couple specific houses some years ago.. would have made 100s of thousands of dollars within a few years.
Uh oh, there’s that could’ve would’ve talk again.

How close were you to this reality? You had the capital to secure loans on two Bay Area homes simultaneously and the time/cash flow to service the debt? If you did, that’s a good way there. But I’m trying to say it’s a big waste of time to look back like this...unless it is to temper your ability to pull the trigger on an upcoming deal.

bryan
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Re: Dealing with Greed

Post by bryan »

Not Bay Area. One was in Dallas while I was living there, in an up and coming neighborhood that I thought was the best in the city. Didn't pursue that because I didn't want to deal with renting it out in the likelihood of me moving to CA. The other was in AL, my family home that my mother was selling. I told her I would buy it for sure if she seller financed it to me, but I would have to think about it a bit more if not. Well, she wanted a big check instead of many small checks.. after giving me fair warning, she sold it to a flipper, without even listing it on the market, instead (can't recall exact figures.. but something like $300k->$700k; was renovated and re-sold in less than 12 months). Clearly I was more angry about the later situation (the first was a more typical regret).. I posted about it here when it happened! Got some comfort from the replies..

I've never even considered buying a house in the Bay Area :lol:

Jason

Re: Dealing with Greed

Post by Jason »

halfmoon wrote:
Sat Dec 09, 2017 12:04 am

Chinese Siamese twins??
Sorry. I should have said Thai Siamese Twins. As a 13 year old, I wasn't aware of the distinction. Now, I'm somewhat aware.

Anyways, Greed is the one to your left.

https://nypost.com/2014/11/01/the-sex-l ... ese-twins/

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Sclass
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Re: Dealing with Greed

Post by Sclass »

Sounds like you had those within grasp.

I made too many assumptions while reading your post and projected myself. While living in the Bay Area I passed up lots of RE due to high capital requirements and insufficient rents to cover interest. And I had too many friends pointing out the car window saying “I could have bought that for...,” when in reality they were maxed out on the house they lived in.

In your cases I would actually give things a second thought. Mostly I like to think about what led me down the path away from the payout. That way I can try to see if I have some built in mental blocks that will just keep letting them slip by. Like when you’re fishing and you lose fish while landing you might want to check the condition of the barb.

In 2000 at about 30yo I would lie on my bed dreaming about how I shoulud’ve put $30k into this dot com or that dot com stock and sold it to have my first million. I’d do this and just calculate the fantasy gains out while saying “if I bought it here, then sold it here I’d...”. It was pathetic. I was lying on a cheap futon bed in a basement I rented cheap. I had ants and rats as roommates. :lol: I’d wonder how I’d get outta there.

Somehow I outgrew that mindset. I had a lot of buddies playing the same game. One told me “if I just had bought JDS Uniphase” or another said “please God give us another dot com this time we won’t piss it away.” It was totally unproductive behavior. The guys who said that are financially messed up now. Fifty somethings working in Silicon Valley tech and totally reliant on salary. Geezers at hiding at Cisco, HP and Intel. Burned in the dot com, indebted in the 2006 real estate bubble.

I look back on those days and just laugh. What a waste of time. Glad it only consumed a few Saturday mornings. :lol: Yes, it took a lot longer to make that million but I wasn’t making too much progress back then dreaming of 20/20 hindsight.

Sitting around dreaming and regretting wasted more than time, it wasted opportunity. Don’t indulge yourself too long in self pity.

bryan
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Re: Dealing with Greed

Post by bryan »

Well, I (think, hope I) know myself fairly well. RTS videogames taught me at an early age that I am too conservative with my investments and fairly "risk-averse" (by some not-common connotation).. I like seeing the numbers rising as opposed to keeping the balance at zero via constantly re-investing a la Amazon. I am hesitant to use leverage. Watching STORAGE WAR$ grokked me that only making 20% on a big item 15k purchase is better than making 100% on a 2k purchase of various types of knick-knack goods (i.e. absolute gains vs. percentage profit and slightly hidden costs). I make sound bets (but maybe not Kelly Criterion optimal) based on my perception of the probabilities (e.g. Bitcoin), annoyingly so (i.e. diversification is a blessing and a curse..).

I'm not sure if I took anything away from the home purchase failures other than additional emphasis on getting over stuff (i.e. being at peace) quickly. I did learn a bit more about real estate and rentier behaviour, though. I don't tend towards self pitying, fortunately. I'm about quite certain that in ~5 years I will regret not having started specific business opportunities that I've identified.

Still struggling to internalize lessons about how one's personal situation (e.g. financial wealth) biases your investment/risk decision making (relates to all of the above).

Farm_or
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Re: Dealing with Greed

Post by Farm_or »

Thanks to everyone for sharing. I think we are all in the same boat.

Behavior Based Science, as I understand it, says you can do the wrong thing nine times out of ten without paying the consequences.

The luck factor is the only difference between no consequence and that real biggy "life is a bitch!" consequence.

Developing strategy to eliminate or at least minimize the luck factor takes study and discipline. A sound strategy works in good times and bad times.

Right now, it seems like everybody who's a risk taker is genius, but what did they look like in 2008?

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Sclass
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Re: Dealing with Greed

Post by Sclass »

Farm_or wrote:
Sun Dec 10, 2017 10:18 am
Thanks to everyone for sharing. I think we are all in the same boat.
:lol: oh no I hope not!

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Re: Dealing with Greed

Post by Farm_or »

Sclass wrote:
Sun Dec 10, 2017 2:28 pm
Farm_or wrote:
Sun Dec 10, 2017 10:18 am
Thanks to everyone for sharing. I think we are all in the same boat.
:lol: oh no I hope not!
Ah c'mon! I've had a shower. Recently.

I think that everyone of us can come up with a story of how we could have done better?

Jason

Re: Dealing with Greed

Post by Jason »

At this very moment, we are approximately $700.00 away from $400K net worth not including the house. It's a big landmark to us, and its killing me to see that number.

There's a lot of ways to beat myself up over that "missing" $700.00 and as I do it, there's $100K's of "missing" money. But if I look at it as a pedagogical moment, it's easier to see the "missing" $700 as planning or savings/spending mistakes than investing mistakes which leads me to believe that it's easier to get to where you want to get through discipline than luck or hitting a home run.

Farm_or
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Re: Dealing with Greed

Post by Farm_or »

That's a great milestone!

You are already 650% better than mainstream (according to recent data that I remember).

Sometimes we are so focused about looking up and ahead of ourselves, we don't look back and realize the altitude gained by slow consistent progress.

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fiby41
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Re: Dealing with Greed

Post by fiby41 »

Matrikas represent mental qualities which are counterintuitive when obsessed over. Each Matrika (matriarch) is a form of the Divine Feminine who has conquered Her corresponding mental quality. Contemplating Her form helps deal with that corresponding mental quality.

Accordingly, Yogesvari regulates kama or desire;

Image

Vaishnavi, who has vanquished lobha or covetous gread;

if you long for bitcoin not because it could help you fi,
not because you treat cryptocurrency as an asset class; but others are making money off of it.

Image

But Kaumari representing moha or illusion would be appropriate if you consider bitcoin to be a bubble and just want to cash in while the going is good.

Image

Jason

Re: Dealing with Greed

Post by Jason »

Farm_or wrote:
Tue Dec 12, 2017 10:25 am
That's a great milestone!

You are already 650% better than mainstream (according to recent data that I remember).

Sometimes we are so focused about looking up and ahead of ourselves, we don't look back and realize the altitude gained by slow consistent progress.
Thank you. The encouragement helps and I truly appreciate it.

I admit that I can be remiss on the gratitude. "Wealth" is such a relative thing. But, as one who lived on the financial precipice i.e. bill collectors, uncertain housing situations et al, I am motivated by never having to return to a certain past. And when it comes down to it, its really just a matter of discipline. You can win the lottery in certain ways, but making money and not being stupid with it is like 90% of the battle.

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Re: Dealing with Greed

Post by Farm_or »

You could be very inspiring for a whole lot of other people that are hopeless because of a lack of good examples?

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Re: Dealing with Greed

Post by Farm_or »

Or, you could be mugged?

Might want to play it safe?

Jason

Re: Dealing with Greed

Post by Jason »

There are many better examples on this board than me. But contextualizing it within the subject heading, I think there are classifications of "greed". One, and probably the worst, infers negative impact upon others. The extreme example would be slavery. But if you are merely speaking in terms of investment decisions, well, is Warren Buffet "greedy?" I think the answer is who the fuck cares. So if one is just looking to maximizing investment returns, well looking at instruments that can return high gains should be analyzed and considered within the parameters of one's risk tolerance. "Greed" frames the decision in somewhat negative connotations and it might be best to use another way of describing the decision like "Dealing with muses whispering in my ear to invest in risky things". I am sure Warren Buffet is looking at Bitcoin and is not making his decision as to whether he should invest in it in terms of naval gazing about being "greedy." The first thing he's going to do is try to understand what the fuck Bitcoin is. And usually, when he takes a major stake, its put out there for public consumption. He's just going to make an informed decision. Am I greedy? Again, who the fuck cares. All I know is I have been poor and it sucks. As John Bogel said, the goal is to get as far away from zero as possible. So if you think Bitcoin can help you create distance, go for it.

SavingWithBabies
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Re: Dealing with Greed

Post by SavingWithBabies »

@bryan Why don't you pursue those business opportunities now? What is holding you back? I'm pursuing one while working a day job. It's a fairly safe bet in some ways but I'm in a crowded market and it's going to take time to differentiate ourselves and grow (but there isn't a lot of churn -- it's some work to move into our product and then move out so it is fairly sticky). I can understand if the business costs are high to get started by my experience so far is that everything has been fairly easy and low cost for a Software as a Service business. It's mostly time.

(My apologies if I've asked you this already, seems familiar)

bryan
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Re: Dealing with Greed

Post by bryan »

Mostly procrastination/inertia, my worst enemy. There's also the matter of having too many good ideas and not enough time or money. I'm sure I'll do one, then two, etc., eventually; but I'm sure others will pass me (early mover) by.

Hankaroundtheworld
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Re: Dealing with Greed

Post by Hankaroundtheworld »

slowtraveler wrote:
Wed Dec 06, 2017 11:11 am
Currently, I am considering putting in 500->1000 USD in the 2 main fiat cryptocurrencies in case they do end up being dominant forms of currency and skyrocketing in value. Enough to make a difference if they 100x but not enough for me to hurt if they go to 0. I remember seeing BTC at 200 something a while back and thinking, "no way, too expensive." Now, I'm on the flip side of buying much higher due to fear of missing out.

As currencies, they seem a pain in the ass to deal with at their current level of development compared to dollars based on my few hours of interacting with various wallets. Robbery seems common. A different currency that is not yet developed or still early and unknown may end up the dominant currency as the current main contenders get wiped out for various reasons. In spite of all these obstacles/risks, here I am, considering a purchase of something just because it went up so much in value relative to the dollar and may continue to do so.
Some of my personal views on this:
(1) The Blockchain technology is a real innovation and could influence many Industries.
(2) Although I agree that we are inflating a speculatieve bubble (short-term view), in general it is not a Pyramid scheme. There are a few Coins that are based on a Pyramid scheme, but that does not mean that this whole new Blockchain domain is a Pyramid scheme.
(3) Currently the world is truly awake with regards to this domain, and FOMO and Greed do kick in. This means that we will see further growth in 2018. I think we will see 1.5 Trillion overall valuation at the end of 2018. At the moment it is close to 0.5 Trillion. Conclusion: I think you can do 3x growth (overall), or higher or lower if you start picking certain coins.
(4) What not many people know, you can also create a "passive income" stream from this if you stake your coins as part of the Consensus network. This is possible with certain Coins and related Networks. Several are going alive in Q1-2018. The payout is in Coins, so you can exchange this into USD/EUR. More and more this is possible with Debit cards that are linked to Coins, see e.g. TenX

My personal opinion, despite the risk of being part of a short-term bubble, you should not ignore this Crypto asset. Please study this thoroughly before you start investing. You will see that you will be part of a global transformation to decentralized business models.

Good luck and I wish you all the wisdom in this

bryan
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Re: Dealing with Greed

Post by bryan »

Yeah. Seems more akin to the dot-com bubble than anything like tulips, beanie babies, or PokeMon or some Ponzi scheme.

@Hank, your post does sound a bit scammy though..

Hankaroundtheworld
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Re: Dealing with Greed

Post by Hankaroundtheworld »

bryan wrote:
Tue Dec 12, 2017 9:13 pm
Yeah. Seems more akin to the dot-com bubble than anything like tulips, beanie babies, or PokeMon or some Ponzi scheme.

@Hank, your post does sound a bit scammy though..
Care to explain? This is the 1st time ever that somebody accuses me of being scammy..... I only described my honest personal opinion after following this domain over 2 years. Not saying that I am right, nobody knows for sure, but it is not a scam... Anyway, if you attack me, then please be clear why

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