Author Topic: Overheard at Work 2  (Read 1314245 times)

41_swish

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Re: Overheard at Work 2
« Reply #4200 on: April 04, 2025, 10:29:46 AM »
You know, maybe I just don't get it because I am not married. However, I only even really posted about this because he has 25k in a car loan, 40k in student loans, and some credit card debt.

If it was just the ring, I would actually not even bat an eye, but it was all the other stuff.

You can go see an old post of mine where this same guy wanted to buy a condo that would have stretched his finances RAZOR thin. The mustache lifestyle is very foreign to him. He doesn't understand that I enjoy a modest life. He thinks since we work respectable engineering jobs that I should drive a big Toyota 4Runner like him and being doing something literally every single weekend.

Smokystache

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Re: Overheard at Work 2
« Reply #4201 on: April 06, 2025, 06:54:31 AM »
Well, reportedly Warren Buffet spent 6% of his net worth on an engagement ring... and tried to convince his friend Bill Gates to do the same (but Gates didn't).

Then again, 6% of some people's net worth isn't that much.

I had to look that up. Here's the details....

"When Buffett bought his future wife's diamond ring as a 21-year-old in 1951, his net worth was $10,000, so the ring price was about $600. Accounting for inflation, the value of the ring today would be about $6,000."
https://www.familyjewelers.com/blog/2019/Dec/20/warren-buffett-tried-convince-bill-gates-buy-370-m/

NorthernIkigai

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Re: Overheard at Work 2
« Reply #4202 on: April 06, 2025, 02:55:00 PM »
Well, reportedly Warren Buffet spent 6% of his net worth on an engagement ring... and tried to convince his friend Bill Gates to do the same (but Gates didn't).

Then again, 6% of some people's net worth isn't that much.

I had to look that up. Here's the details....

"When Buffett bought his future wife's diamond ring as a 21-year-old in 1951, his net worth was $10,000, so the ring price was about $600. Accounting for inflation, the value of the ring today would be about $6,000."
https://www.familyjewelers.com/blog/2019/Dec/20/warren-buffett-tried-convince-bill-gates-buy-370-m/

That’s not the point. The point is that Buffet tried to get his multibillionaire friend to do the same. Gates only got engaged in 1993, 6 years after becoming a billionaire and 2 years before becoming the world’s richest person.

Smokystache

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Re: Overheard at Work 2
« Reply #4203 on: April 07, 2025, 12:29:20 AM »
Well, reportedly Warren Buffet spent 6% of his net worth on an engagement ring... and tried to convince his friend Bill Gates to do the same (but Gates didn't).

Then again, 6% of some people's net worth isn't that much.

I had to look that up. Here's the details....

"When Buffett bought his future wife's diamond ring as a 21-year-old in 1951, his net worth was $10,000, so the ring price was about $600. Accounting for inflation, the value of the ring today would be about $6,000."
https://www.familyjewelers.com/blog/2019/Dec/20/warren-buffett-tried-convince-bill-gates-buy-370-m/

That’s not the point. The point is that Buffet tried to get his multibillionaire friend to do the same. Gates only got engaged in 1993, 6 years after becoming a billionaire and 2 years before becoming the world’s richest person.

Maybe I'm not getting your point and being overly literal. According to the article, Gates was visiting Buffet and Buffett took Gates to Borsheim's -- a jewelry store that he owns through Berkshire Hathaway. So, I'm assuming this was tongue-in-cheek, "You're going to spend the same percentage as I did - right my friend!" (and I'll get a big sale out of it). Of course, Buffett --  the man known for buying a McDonald's breakfast sandwich each morning and knowing exactly how much it costs -- would think it would be silly to drop millions on an engagement ring ... but he'll happily sell you one.

NorthernIkigai

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Re: Overheard at Work 2
« Reply #4204 on: April 07, 2025, 02:16:23 AM »
Well, reportedly Warren Buffet spent 6% of his net worth on an engagement ring... and tried to convince his friend Bill Gates to do the same (but Gates didn't).

Then again, 6% of some people's net worth isn't that much.

I had to look that up. Here's the details....

"When Buffett bought his future wife's diamond ring as a 21-year-old in 1951, his net worth was $10,000, so the ring price was about $600. Accounting for inflation, the value of the ring today would be about $6,000."
https://www.familyjewelers.com/blog/2019/Dec/20/warren-buffett-tried-convince-bill-gates-buy-370-m/

That’s not the point. The point is that Buffet tried to get his multibillionaire friend to do the same. Gates only got engaged in 1993, 6 years after becoming a billionaire and 2 years before becoming the world’s richest person.

Maybe I'm not getting your point and being overly literal. According to the article, Gates was visiting Buffet and Buffett took Gates to Borsheim's -- a jewelry store that he owns through Berkshire Hathaway. So, I'm assuming this was tongue-in-cheek, "You're going to spend the same percentage as I did - right my friend!" (and I'll get a big sale out of it). Of course, Buffett --  the man known for buying a McDonald's breakfast sandwich each morning and knowing exactly how much it costs -- would think it would be silly to drop millions on an engagement ring ... but he'll happily sell you one.

OK, I had not heard it was meant as a joke, fair point.

It's also often mentioned that Buffett is cheap for still living in a house he bought for 31,500 $. Sure, it's not a McMansion, but it's just that he's owned it for a very long time and that that sum in today's money is a lot more and that the current value of the house would be about 1,3 M$. And that he used to also own a beach home he sold for 7.5 M$. So he's not quite another MMM. 

partgypsy

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Re: Overheard at Work 2
« Reply #4205 on: April 07, 2025, 05:47:46 AM »
Considering his net worth and the rules and values how he lives his life, I would certainly count warren Buffet as mustachian. Go back and look at mmm rules for living, and then look how warren Buffet loves. The only thing he hasn't done is retire early but that's an optional step.

NorthernIkigai

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Re: Overheard at Work 2
« Reply #4206 on: April 07, 2025, 07:32:20 AM »
Considering his net worth and the rules and values how he lives his life, I would certainly count warren Buffet as mustachian. Go back and look at mmm rules for living, and then look how warren Buffet loves. The only thing he hasn't done is retire early but that's an optional step.

I get that he loves working. But he's certainly not optimized the health part of life... Nor the environmental impact (no one who has their own jet plane has, regardless of how useful it is and how much money you have).

Metalcat

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Re: Overheard at Work 2
« Reply #4207 on: April 07, 2025, 07:52:26 AM »
Considering his net worth and the rules and values how he lives his life, I would certainly count warren Buffet as mustachian. Go back and look at mmm rules for living, and then look how warren Buffet loves. The only thing he hasn't done is retire early but that's an optional step.

I get that he loves working. But he's certainly not optimized the health part of life... Nor the environmental impact (no one who has their own jet plane has, regardless of how useful it is and how much money you have).

I wouldn't assume this. A lot of extremely powerful people have a really excellent work-life balance because they have extremely successful/powerful/competent people below them to take care of the vast majority of day-to-day tasks.

When you're at the very, very top of an Empire and you have a really functional hierarchy, you're essentially just a final decision maker for critical issues. You stay briefed on things, but typically you won't even hear about a problem, even a major problem, until the person you trust beneath you had already solved it, or they're coming to you for final approval on the solution they've already come up with.

I've spent quite a bit of time with billionaires and the ones I've known have had pretty amazing work-life balance and virtually no one has access to them even in emergencies. An emergency has to make its way through a giant pyramid of perfectly capable problem solvers to even get to the top, and by the time it does, their briefing can usually wait until regular business hours the next day.

It's the junior and mid-level executives who are burdened by the insane demands of running companies, not the top, top brass.

Now, if the business doesn't have a solid hierarchy, the top brass are control freaks who refuse to effectively delegate, then they'll have to do TONS of management labour, which definitely happens quite often.

But given the way Buffet does business, I wouldn't be surprised if his work-life balance is excellent, and continuing to work is just what he enjoys as part of his overall best life.

A quick google says that he never works late, always gets home at the same time every evening, and heavily prioritizes work-life balance.

I saw this up close in my family on a much smaller scale. My aunt was the president of a major multinational corporation, and I remember in the 90s/2000s assuming that she probably worked crazy long hours and was constantly having to be available to her work. I assumed this because my mom was an executive for a large national corporation at the time and worked like a dog, so I assumed her sister must work that much harder since she made over 20 times as much as my mom.

But no, she had put in her time as a corporate slave to get to her position, but once she was well-ensconced and seen as essential, like Buffet, she never once got home late. Ever. For decades. She didn't have to, she had people for that.

So Buffet may be making essentially zero sacrifices in terms of his health and well-being by continuing to work. You have to fill your time with *something* and there's nothing inherently unhealthy about filling it with work if that works for you.

My health is my #1 priority, and I have no intention of ever retiring. It helps that I'm the top of the pyramid at my company, so I determine exactly what my work is like. Granted, I'm also the bottom of the pyramid at my company because it's *just* me, so I probably have to deal with more bullshit than Buffet does, lol.

NorthernIkigai

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Re: Overheard at Work 2
« Reply #4208 on: April 07, 2025, 08:07:05 AM »
I was talking about his Coca Cola and McDonalds habit, not about how he organizes his work.

41_swish

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Re: Overheard at Work 2
« Reply #4209 on: April 07, 2025, 10:26:43 AM »
The Oracle from Omaha just enjoys drinking sugary pop and eating McDonalds. He is basically a normal guy

Metalcat

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Re: Overheard at Work 2
« Reply #4210 on: April 08, 2025, 06:26:02 PM »
I was talking about his Coca Cola and McDonalds habit, not about how he organizes his work.

Lol, well, I look like a moron now. Oops.