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You're suddenly well off, your lifelong friends are not. Now what?

Discussion in 'TSLA Investor Discussions' started by Ameliorate, Jul 12, 2020.

  1. Featsbeyond50

    Featsbeyond50 New Member

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    Unfortunately I'm not having this dilemma, but it seems easy to maintain lifelong friendships after becoming wealthy in the stock market. Let's look at two scenarios:

    In one scenario we have four life long friends. One becomes an accountant, one an electrician, a grocery store manager while the fourth becomes a neurosurgeon. In this case there's an obvious socioeconomic gap. Being a neurosurgeon is more than how much you can make and what you can afford. It's part of who you are and how people see you. In this scenario I think the neurosurgeon will have a very hard time maintaining his friendship with his lifelong buddies.

    In the second scenario, let's keep everything the same except the fourth member of our posse is a school teacher. This school teacher happened to see the Tesla vision early and put everything he had into the stock as early as 50 bucks a share. Say he had 50 grand in cash and 200 grand in a retirement account. Now he's got 1.5 & 4.5M. He's 50 years old so 1.5 million isn't enough to carry him to retirement but he pays off his house and stops adding to his retirement funds so he has a lot more cash on hand. Buys a Tesla, adds onto the house, goes on more vacations with his wife. None of this is enough to cause a rift with his 3 buddies. When they comment about the fancy vacations he jokes with them "Hey, I told you teaching was a great gig. Three months vacation in the summer and a month in the winter, what do you expect me to do, sit at home and watch tv?". He's living the good life, enjoys the peace of mind of financial security and gets to keep his lifelong pals.

    Suppose our guy did even better than I described above and did well enough to retire. All he'd have to do is make his hobby his career. Instead of being a teacher, he's now a track coach or a hunting guide or a dance instructor. His buddies don't need to know if he doesn't make any money doing those things.
     
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  2. UnknownSoldier

    UnknownSoldier Unknown Member

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    This is why you literally don't talk about money with your friends. I mean it's not that hard, just don't do it. There's nothing to be gained from doing it, so just don't.

    I hardly talk about money with my family except my parents. The only people who know just how much I've made from TSLA are Mom and Dad and I plan to keep it that way.
     
  3. Ameliorate

    Ameliorate Member

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    Victoria, BC Canada
    Who said anything about talking about it? if your friends all drive 20 year old beater cars and you buy a 2020 tesla and a house, you don't have to say "hey I have x dollars" for them to realize something is different. Hence the thread.
     
  4. petecrayton

    petecrayton Supporting Member

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    jacksonville, florida USA
    Normally it makes sense NOT to finance a depreciating asset. However,
    Normally it would be smart if you didn't finance a depreciating asset, but when I bought my MS'17 Tesla was offering 1% so I thought it better to leave my cash working at a considerably better rate, mostly in high yield dividend stocks. Of course, 3 years later after taking a 30% haircut and some dividend cuts I am not sure how far ahead, if any, I am.
     
  5. Featsbeyond50

    Featsbeyond50 New Member

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    Friends can be left to assume you're reaching for the tesla and they don't have to know the house is paid off.

    If your talking about an upper class home, that might be a matter of priorities. Is it more important to you to not risk your friendships or is it more important to live in luxury. Personally I'd take the friendships and I think I'd be a better friend in this scenario. Without the stresses of making ends meet and providing for the future, I'd probably be a lot better to be around.

    I actually think I'd make a better employee too. I'd be a lot more inclined to say what I really think and not worry about who I might piss off.
     
    • Like x 2
  6. ammulder

    ammulder '98 GS400 -> P3D+

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    • Helpful x 2

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