Thread

1. dugmartin · 1789732295 · focus · HN ↗

   I guess Warren’s quote only applies to other people, not him. &quot;It’s like choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics.&quot; (<a href="https:&#x2F;&#x2F;www.nytimes.com&#x2F;2001&#x2F;02&#x2F;14&#x2F;us&#x2F;dozens-of-rich-americans-join-in-fight-to-retain-the-estate-tax.html" rel="nofollow">https:&#x2F;&#x2F;www.nytimes.com&#x2F;2001&#x2F;02&#x2F;14&#x2F;us&#x2F;dozens-of-rich-america...)

   1. nlitened · 1789734152 · focus · HN ↗

      As I understand, the son is there not to lead the company (Greg Abel is the CEO), but to oversee their family&#x27;s share in the enterprise.

      1. yuuu · 1789734967 · focus · HN ↗

         I thought he was giving away 99% of his wealth?

         1. mrlonglong · 1789735636 · focus · HN ↗

            Can he give me a few million then?

            1. ozim · 1789739614 · focus · HN ↗

               Few million?

               I would be set for the rest of my life if I got half a mill falling from sky today, I guess I could even make it work with 250k.

               Currently I am pondering how absurd amount of money a billion of dollars is. When loads of people can only -earn and eat through&#x2F;spend not save- $1 million; working their asses off for something like 20 years.

               1. david-gpu · 1789740068 · focus · HN ↗

                  For what it is worth, if you want your withdrawals to last for decades, then you are limited to around a yearly inflation-adjusted cap of around 3% of the original principal per year, gross of taxes, if you invest in low-cost passive index funds. That is a budget of $30K&#x2F;year for every million you have invested in the market.

                  If you are interested, the &#x2F;r&#x2F;fire and &#x2F;r&#x2F;financialindependence subreddits are useful.

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