A Billionaire Gave Me Advice

Cant answer this one wrote:

"A lot of people tell me 'If I made 100 million dollars a year I'd retire and move to the beach'. And I tell them 'Well, that's why you'll never make 100 million dollars'".

Great quote.

I never earned any money towards a car and my parents were quite wealthy. I guess that's just what we called "earning your living."

Who the hell cares? Good for him that he is a billionaire. Is there any point to your post.

Stay hungry. I'm assuming he didn't inherit his cash; he worked for it and achieved it. Glad to see he's got the right attitude for his daughters.

Cant answer this one wrote:

Yes, billion with a B. He is my girlfriends aunt's husband.

"A lot of people tell me 'If I made 100 million dollars a year I'd retire and move to the beach'. And I tell them 'Well, that's why you'll never make 100 million dollars'".

For the record, this guy lives in a very nice, but not ultra extravagant house in a very nice but not ultra expensive part of Philly. He is the richest person I know, but both of his daughters do chores around the house everyday with the money going to a car-fund for them.

When they turn 17, they can use the money THEY earned and saved to buy their car. And their dad is a billionaire. I'm very impressed by them.

this post is difficult to believe when the cutoff for the Forbes 400 list of wealthiest Americans is $1.05 billion and the only one who lives in or near philly is Jeffrey Lurie, owner of the Eagles.

is it possible that your contact was with Lurie? of course. if it was, then his attitude/advice is hard to understand given that nearly all of his net worth is from the appreciation in value of the Eagles franchise.

You do realize that 0.05 billion is 50,000,000, right? There's a lot of room for someone else to fit in there.

OP here.

Maybe he is not a billionaire. I don't keep close tabs on him and I've only met him twice. But he certainly has upwards of 500million. That really really is not the point.

He is a self made man, almost all the way. He inherited a failing business from his dying father 15 years ago and built it into the biggest and most successful in the industry. I could say what it was, but then it would be easy to identify who it is with minimal effort.

The point, Forman, is to never settle. He can obviously retire anywhere he wants. He doesn't even spend much of his money. But he is obsessed with creating new things and challenging the way the world works and never be satisfied.

Youth is wasted on the young. Money is wasted on the wealthy.

Cant answer this one wrote:

He is a self made man, almost all the way.

He inherited a failing business from his dying father

does not compute

Wow what a douche! If i had that much money id be sharing my good fortune with all my friends and family (including my nieces making you only luck boyfriend.) Sure he worked hard for it, but so do millions of other people and they get nothing compared to 1,000,000,000. I understand the lesson he's trying to teach, but come on! I'm sure his daughters can't wait for him to croak so they can get their hands on his money.

Cant answer this one wrote:

"A lot of people tell me 'If I made 100 million dollars a year I'd retire and move to the beach'. And I tell them 'Well, that's why you'll never make 100 million dollars'".

.

I think alot of the self-made wealthy are wealthy partly because they are wired are certain way most people are not. Not just wealthy but successful people in general keep plugging away even though they are rich enough to retire. Why? Because its in their blood to keep going when others would probably call it a day.

Fine. What does that have to do with being a billionaire? There are probably millions of people in the world who fit that description.

Cant answer this one wrote:

OP here.

The point, Forman, is to never settle. He can obviously retire anywhere he wants. He doesn't even spend much of his money. But he is obsessed with creating new things and challenging the way the world works and never be satisfied.

selfish! wrote:

Wow what a douche! If i had that much money id be sharing my good fortune with all my friends and family (including my nieces making you only luck boyfriend.) Sure he worked hard for it, but so do millions of other people and they get nothing compared to 1,000,000,000. I understand the lesson he's trying to teach, but come on! I'm sure his daughters can't wait for him to croak so they can get their hands on his money.

That makes his daughters selfish. He's teaching a good lesson. I'm sure when his friends and family are in need he'll be there for them.

Additionally, his daughters are doing chores in order to receive a car. Most people do chores and don't receive cars. When it comes down to it, he's a dad buying his kids cars.

That's nothing. I have trillions . . .

of cells in my body.

Cant answer this one wrote:

OP here.

Maybe he is not a billionaire. I don't keep close tabs on him and I've only met him twice. But he certainly has upwards of 500million. That really really is not the point.

so what would he do if he made $100 million a year? would he retire and move to the beach?

p.s. you don't know now if he is a billionaire, which you knew earlier, but you are certain now that he has upwards of $500 million. i'd love to know what allows you to have this certainty.

p.p.s. who would want to accumulate hundreds of millions of dollars, or even tens of millions of dollars, without spending large sums of it? isn't that the point of money? once you have enough to live the remainder of your life in extreme comfort, saving beyond that seems like nothing other than vanity. i don't see how it is admirable.

I thought about saying this earlier...

Maybe he has the money invested in his company, but it isn't exactly liquid. He may also give it away to causes he believes in.

Cant answer this one wrote:

... both of his daughters do chores around the house everyday with the money going to a car-fund for them.

When they turn 17, they can use the money THEY earned and saved to buy their car. And their dad is a billionaire. I'm very impressed by them.

You should ask him what the hourly rate he's paying them for doing house chores. I hope it is competitive with the going rate for housework.

I wonder if the kids will pay the appropriate taxes on their "earnings".

Truly Awesome Time wrote:

Cant answer this one wrote:

... both of his daughters do chores around the house everyday with the money going to a car-fund for them.

When they turn 17, they can use the money THEY earned and saved to buy their car. And their dad is a billionaire. I'm very impressed by them.

You should ask him what the hourly rate he's paying them for doing house chores. I hope it is competitive with the going rate for housework.

I wonder if the kids will pay the appropriate taxes on their "earnings".

Maybe he could have one of his corporations hire them as maids for hire, then pay them through the corporation and have said corporation write off their salaries as a business expense.

Cant answer this one wrote:

Yes, billion with a B. He is my girlfriends aunt's husband.

...

Ummm...wouldn't that make him your girlfriend's uncle?