The concept of GREED

[Bill M]

To retire Financially Independant we need to have un encumbered wealth in excess of 4 Million at a constant 3.1% inflation rate.

I have been retired for 7 years now and I can assure you that you don't need 4 million $$, that is too high a figure.

 

[krisbarry]

The greatest example of greed is the River Murray, a few contol it and squander it, just like the housing market. Taking a step back from both examples we see a choking filthy mess on the horizion. Greed kills us all!

 

[krisbarry]

Here is a great example of filthy greedy behaviour...Cathy Jane and Myles Pearce. Both well known property gurus, buying squillions of properties. Looks like they have been caught in their own little web. Beaten at their own game...lol

I have no sympthay!!!!!!!!!!!!!

Got caught up in the greed thing

http://www.search.asic.gov.au/cgi-bin/gns030c?acn=007_861_716&juris=9&hdtext=ACN&srchsrc=1

 

[Wysiwyg]

Greed is not sharing.I like the Robin Hood story.

 

[krisbarry]

Greed can also be defined as a person who begins hoarding a basic need, item or service, which in turn hikes up prices above inflation, then average folk are denied that basic need item or service.

 

[xoa]

It's true that greed manifests itself in selfishness. But everybody wants money, most of us want as much as possible - this does not necessarily equate to greed.

I think greed emerges when a person's lust for money overcomes rationality. Their subprime cognitive state then causes them to do stupid things, like give money to Nigerian scammers, or borrow to "invest" in $800,000 Perth townhouses. The greed syndrome is inevitably cured by massive financial losses.

 

[julius]

Gekko

The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind.

 

[theasxgorilla]

Re: The Concept of GREED.

I know you are a business man and I am sure respect honest financial success as much as I do...but we should spare a thought for the other side of the argument. Even honest money is not necessarily deserved - markets have a path dependence (QWERTY), chance can and does play a huge part...

So true.

Should we also have threads, 'The Concept of ARROGANCE' and 'The Concept of HUMILITY'? Failure to acknowledge what you describe above and disproportionately attributing success to oneself is what I find distasteful. Humility is a virtue. If you make a mint, I don't expect you to give it away or let people live in your IPs for free. I don't think you're greedy if you set your sail and managed to catch a big gust of win which takes you even thrice around the world. But please, at least acknowledge that it was the wind that blew you there.

ASX.G

 

[wayneL]

Re: The Concept of GREED.

So true.

Should we also have threads, 'The Concept of ARROGANCE' and 'The Concept of HUMILITY'? Failure to acknowledge what you describe above and disproportionately attributing success to oneself is what I find distasteful. Humility is a virtue. If you make a mint, I don't expect you to give it away or let people live in your IPs for free. I don't think you're greedy if you set your sail and managed to catch a big gust of win which takes you even thrice around the world. But please, at least acknowledge that it was the wind that blew you there.

ASX.G

Profound, that is.

Henry Blodget has a good article on the topic of luck in investing.

 

[motorway]

That is why one way or another
it is important to say grace ( as in thanks giving)

Wealth is not having all the gold ( what would you do with it.. eat it ? )

Wealth is a network effect
Wealth is a win win effect

Gold is only useful if there are good things to buy, see and do.

This only happens when everyone has some gold..
Wealth comes from trade and exchange..

Greed destroys wealth
because it would hoard , monopilize
and stifle...



motorway

 

[theasxgorilla]

Re: The Concept of GREED.

It is wanting what everybody else has
but free riding..

Some of your points remind me of Mark Hudson's talk on the real estate bubble in the US in late 2006. I remember distinctly when he refutes the statement by Milton Friedman that there is no such thing as a 'free lunch'. He contends that the economy is all about getting a free lunch, because if it's not free it's not worth having because everyone else is getting that free lunch. The only people who say there isn't a free lunch are the people who are getting it

ASX.G

 

[2020hindsight]

I notice the new dental check govt assistance ( $150 towards $300 cost) will be effectively means-tested.

We are starting to talk "need" vs "greed" I suspect.

I wonder what the key to happiness is? Wealth and poverty have both been shown to have failed. (quote by .. forget .. let's say 'anon')

 

[wayneL]

I wonder what the key to happiness is? Wealth and poverty have both been shown to have failed. (quote by .. forget .. let's say 'anon')

Epicurus had some good ideas. imo

Regarding money, it's hard to be happy without enough. So to have a chance of happiness, enough money is required. How much is that? Debatable, but enough to function in society, eat well, roof over your head etc. Anything over that amount, does not help with happiness.

In fact Seneca noticed that the wealthier people are, the shorter the temper.

Back to Epicurus; good friends, good food/sharing meals, conversation etc.

I think he got fairly close to a formula

 

[2020hindsight]

Wayne , found the origin - good ole google

"It's pretty hard to tell what does bring happiness; poverty and wealth have both failed." by Kin Hubbard

"money is of no consequence ... unless you have none." (anon)

http://www.ivmdl.org/quotables.cfm?category=Wealth and Poverty

"A rich but miserly man who was unloved in his community went to a wise man to ask why.
The wise man took him to a window. "Look", he said, "And tell me what you see." "People," said the rich man.
Taking him to a mirror, the wise man asked, "What do you see now?"
"Behold", said the wise man, "in the window there is glass and in the mirror there is glass. But the glass in the mirror is covered with a film of silver. As soon as the silver is added, you cease to see others and see only yourself."" Source: Anonymous

 

[Julia]

I notice the new dental check govt assistance ( $150 towards $300 cost) will be effectively means-tested.

We are starting to talk "need" vs "greed" I suspect.

I'm not sure what your point is here?
As I read the article in today's paper the $150 was to become available to parents for an annual check up, clean and scale (average cost $295) for their children.
There was no mention of it being means tested. It appeared to only be available to parents for their children.
I've not seen anything which indicates any free dental treatment for adults.
So much for the great Rudd "free dental care"!
Even if the $150 were to be made available to everyone, it wouldn't cover the cost of a single filling.

 

[nioka]

The point I'm attempting to make on the Concept of Greed by SOME I have made here.

https://www.aussiestockforums.com/forums/showthread.php?p=266315#post266315

To retire Financially Independant we need to have un encumbered wealth in excess of 4 Million at a constant 3.1% inflation rate.

Have a look at the charts and I look forward to comment.

Tech,
In coming to that figure are you still counting on having the $4m intact when you die?. You can't take it with you.

 

[Julia]

Tech,
In coming to that figure are you still counting on having the $4m intact when you die?. You can't take it with you.

Hey Nioka,
How about having the $4M to spend in paradise?
Or alternatively, to bribe Satan to keep you safe from the fires of Hell?
Whichever suits your philosophy.

 

[2020hindsight]

I'm not sure what your point is here?
As I read the article in today's paper the $150 was to become available to parents for an annual check up, clean and scale (average cost $295) for their children...

Minister for Health and Ageing, Nicola Roxon said on Insiders this morning that it would be means tested, i.e. only available to children of those families that don't qualify for top tax rate (I think I heard her right - but this detail / cut off level may be incorrect).

yes - refund of $150 - towards total cost of (very roughly) $295 (varies).

 

[nioka]

Hey Nioka,
How about having the $4M to spend in paradise?
Or alternatively, to bribe Satan to keep you safe from the fires of Hell?
Whichever suits your philosophy.

$4m might be enough to do a lot of bribery in NSW the way things appear to be being done.Can't see it being a tradeable item otherwise. It would be better spent in the paradise we are in while alive and kicking than run the risk of it being any use later on. If only we knew how much time we had left it would solve the budgeting problems. The perfect result would be to leave enough behind for a decent funeral and that only needs to be a cardboard coffin and a deep hole. That assumes you leave your kids in a position where they can take care of themselves. If they haven't done that by the time you retire they aren't capable of properly using whatever you leave them.

 

[theasxgorilla]

I wonder what the key to happiness is? Wealth and poverty have both been shown to have failed. (quote by .. forget .. let's say 'anon')

There is no KEY to happiness. Learn to live with that reality or just live with it. The choice is ours.