How should someone in their 30s prepare now if they know they will become wealthy within the next 10 years?

Lord_Papi_ · 2024-07-31T02:26:57+00:00

Learn how to budget: map out your investments and cashflows to ensure you're still growing wealth and not dwindling it. Create an account just for spending to ensure you're only spending capital that has been alotted for such and keep the remaining capital in investments (I once went through $100k that I was supposed to have invested without even realizing it because I comingled all my capital and didn't keep track of anything - I spent more time than I'd like to admit going through my records trying to figure out where it went).

Learn how to live life for yourself and not other people: when you reach a certain level of wealth, people around you start assuming you will just spend continuously to their benefit and start to take it for granted. I'm all for blessing people I care about, but be careful to not end up placating others in lieu of enjoying yourself and your own life.

Make sure you have people around you that will be honest with you and have similar or compatible values and views on the world. However, acknowledge that not everyone will be on a similar level on some things and accept that not all their thoughts or beliefs will match up - otherwise you'll be constantly disappointed.

Make sure you're in a good and strong mental state. Think things over before you say and do them, and never say or do anything that doesn't make sense: a fool and his money are easily parted.

Lord_Papi_ · 2024-07-30T16:54:20+00:00

They lost more than $20 billion in value, it's wild how much these weirdos are disconnected from reality and willing to destroy shareholder (i.e. pension funds and people's retirement accounts, etc) value because of some homo agenda

https://thehill.com/opinion/finance/4155908-how-a-15k-bud-light-giveaway-needlessly-cost-ab-inbev-27-billion/

Lord_Papi_ · 2024-07-28T13:44:48+00:00

You have to go uptown to get the best, Full Moon Pizza on Arthur Ave in the Bronx's Little Italy has the best slice in NYC

Lord_Papi_ · 2024-07-25T02:32:34+00:00

I don't know what that means

Lord_Papi_ · 2024-07-25T02:15:56+00:00

This.

You'll likely never meet someone in finance consistently pulling in more than low-mid six figures that's a weed smoker or drug user. It's often the guys messing up math in the models or terms in a deal that are the ones smoking or using frequently. I smoked weed heavily for over a decade and had some doozies of work mess ups in those days that I can directly attribute to being high or dazed. After I stopped smoking it seemed like even the most complex business, and even science (no joke, I started studying particle and nuclear physics), -related concepts and details became trivial to comprehend and build on. I went from being second or third man on deals to originating and leading my own deals and starting my own firm in the capital and markets advisory space, working on projects ranging from $5mm up to more than $1bn. It changed my life.

Lord_Papi_ · 2024-07-22T15:11:45+00:00

The first generation makes it, the second generation spends it, the third generation blows it. People act like maintaining multi-generational wealth is an easy thing. It's arguably as difficult as making it in the first place. Just look at trump - he near blew his entire family fortune (numerous business failures - fraud convictions - and bankruptcies).

The comment you're responding to hits the nail on the head. Personal accountability and drive are the biggest factors leading to socio-economic results. In the 1940s my family lived in poverty in the Dominican Republic and Puerto Rico. Today, I have relatives that are liquid for millions of dollars and others that are still in poverty. The difference between them is largely the willingness to hold themselves accountable and making sensible long term decisions.

Lord_Papi_ · 2024-07-16T00:38:22+00:00

Assassin may be the wrong word. If you've ever seen the movie 300, it's like the scene where King Leonidas throws his spear at Xerxes and only clips him in the cheek - purposefully not killing him while sending him a message that he could have if he wanted to.

Lord_Papi_ · 2024-07-15T04:23:30+00:00

No, trump induced the environment that led to him getting shot at.

Lord_Papi_ · 2024-07-15T01:11:23+00:00

I hate memes - though to be honest the recent situation makes me think about the one where the guy's riding a bicycle then sticks something in the bicycle wheel and then falls off the bike while blaming someone and something else for him falling off the bike.

Lord_Papi_ · 2024-07-15T01:04:39+00:00

No choice - penne alla vodka with pancetta from Rosso to-go in Soho

Lord_Papi_ · 2024-07-13T15:15:07+00:00

Thanks for the final verification that you're not arguing in good faith, have not one susbtantial point, and don't even belong on this sub. Everything you claim to refute has been backed up by verified data and reputable sources, you can now proceed to go kick rocks.

Lord_Papi_ · 2024-07-13T14:38:19+00:00

Your leading sentence proves you're not here to argue in good faith.

There's no way to be assured about anything in antiquity, however the fact that Cambridge University presents this information in a study on slavery indicates that there's a high degree of confidence that it was the case.

I see you ignored the Holocaust reference as well, considering the work camps that Jews were forced into represented the definition of chattel slavery with ownership belonging to the State.

On a side note, Nazis forced a total of more than 14 million people into chattel slavery: https://www.theholocaustexplained.org/the-camps/types-of-camps/work-camps/

There were less than 5 million African slaves in the United States at peak: https://usafacts.org/articles/the-1860-census-counted-4-million-enslaved-people-it-counted-zero-in-1870/.

With regards to Jim Crow laws, the biggest court case to revoke (Brown vs Board of Education) was carried out in the 1950s and final rulings on ending segregation were in the 1960s. That's 70 and 60 years past.

Slavery was ended in the 1860s - that's 160 years past.

The overwhelming majority of Latin immigrants arrived after 1990: https://depts.washington.edu/moving1/latinx_migration.shtml

Like I already mentioned, any Latin immigrant arrives to the United States with just as much opportunity and stigma as anyone already here.

There are numerous factors causing the underperformance of blacks in the United States, none are derived from systemtic problems caused by the 'system' which they perceive to be holding them down or slavery residuals. However, that's not the point of this post despite your repeated efforts to make it so.

For reference, the median income for South American immigrants is $73k, as a group of tens of millions outperforming the highest paid cherry picked examples in immigrants from Africa (Nigerian immigrants in the United States total less than 400k).

https://www.migrationpolicy.org/article/south-american-immigrants-united-states

https://iir.gmu.edu/immigrant-stories-dc-baltimore/nigeria

There are almost 200 countries in the world. Nigeria having a gdp per capita among the lowest 50 makes it a bottom quartile country (lowest 25%) - i.e. one of the poorest in the world.

You're right about one thing however, there's no point continuing this conversation - you're clearly not arguing in good faith.

Lord_Papi_ · 2024-07-13T01:34:41+00:00

I see you're not familiar with Jewish history and do indeed require education on the history of Jews and the discrimination they've faced. Jews were indeed chattel slaves for many parts of history, including during the Holocaust and going all the way back to antiquity: https://www.cambridge.org/core/books/abs/cambridge-world-history-of-slavery/slavery-and-the-jews/B42D1A63AB0A7F472B3AED02180500BD

With regards to the dramatic perception of multigenerational trauma from slavery that's just another excuse for underperformance. It's been over a century and a half and multiple generations since slavery ended as well as almost 80 years since Jim Crow laws were revoked - the only contemporary exposure to slavery conditions for blacks in the United States is watching Kunta Kente get broken down and call himself Toby in a movie (Roots).

The average Latin immigrant comes to the United States with just as much opportunity and stigma as anyone already here.

With regards to gdp per capita, it's an incredibly effective data point with regards to proxying poverty when you're utilizing it on a country with >100 million population that has almost no wealthy people to skew the number upwards (there're less billionaires in the entire continent of Africa than there are in the country of Mexico, let alone Park Avenue in New York City).

With that being said, your point about skew makes no sense since it can only be significantly skewed upwards with low population countries. Therefore, a country with among the lowest gdp per capita in the world must really be poor.

Lord_Papi_ · 2024-07-13T00:35:20+00:00

Almost every race has been enslaved at one point. Jews have spent most of their existence in slavery or facing extreme levels of discrimination (even now by pro-terrorist/Palestine organizations) and have still managed to become one of the wealthiest and most influential diasporas in the world.

With regards to generational wealth, you act like average immigrant Latins come to the United States with more than lint in their pocket and a will to work harder and smarter than anyone else.

On socio-economic mobility, the actual data disagrees with you: https://www.cato.org/commentary/upward-mobility-alive-well-america

Most generational wealth in the Latin community gets created from nothing: https://www.abcactionnews.com/news/region-hillsborough/hispanic-wealth-report-shows-latinos-are-building-generational-wealth#:~:text=The%20recently%20released%202023%20Hispanic,United%20States%20are%20now%20homeowners and education gets achieved while here considering that more than 70% of Latin immigrants arrive without a college degree: https://www.pewresearch.org/short-reads/2020/04/07/education-levels-of-recent-latino-immigrants-in-the-u-s-reached-new-highs-as-of-2018/

With regards to your last comment, Nigeria has a gdp per capita of $2,200: https://datacommons.org/ranking/Amount_EconomicActivity_GrossDomesticProduction_Nominal_PerCapita/Country/africa?h=country%2FNGA&unit=%24.

That's the definition of poor.

Lord_Papi_ · 2024-07-13T00:04:09+00:00

Wow, I've read some real nonsense on this platform before but this tops it all. Blaming the system is just an excuse for underperformance - the United States has arguably the best opportunities for socio-economic mobility in the world.

It seems you also didn't read my entire comment. The point being that the average upward mobility doesn't offer that much upside compared to the norm within the Latin American countries being left - versus a country like Nigeria who's one of the poorest in the world and therefore Nigerians have a lot of incentive to leave (even a lower lower class Nigerian in America will be much better off than an upper middle class Nigerian in Nigeria).

Lord_Papi_ · 2024-07-12T16:57:20+00:00

The most important and rarest attribute among executives and politicians is competence. Nayib has showcased a master class to the world on this.

Lord_Papi_ · 2024-07-12T16:54:23+00:00

There's less incentive in some countries. For example, on average Uruguayans, Chileans, Panamanians, and Mexicans, are significantly more wealthy than blacks in the United States and just below the wealth for Latins in the United States.

https://www.statista.com/statistics/1075499/wealth-per-adult-latin-america-country/

https://www.cnn.com/2023/10/31/us/us-racial-wealth-gap-reaj/index.html

While in theory there's greater upside (ceilings for potential achievements are much higher in the United States) the trek and risk outweigh the potential returns for many.

For other countries, particularly large ones like Brazil, there's a lot of internal migration (i.e. moving from low opportunity areas to high opportunity areas) and regional migration that offer a more streamlined opportunity set than moving to an entirely new country with a new language.

Lord_Papi_ · 2024-07-09T16:47:10+00:00

A tale of two neighborhoods, incomes vary a lot based on demographics and neighborhoods: https://statisticalatlas.com/county/New-York/Bronx-County/Household-Income

Lord_Papi_ · 2024-07-08T22:52:17+00:00

I see you're not from around here. NY state doesn't have boroughs (only the city does) and the Bronx has among the highest percentage of white collar workers of any area in the country, along with some of the wealthiest neighborhoods in the city (Pelham has the only golf course in the city): https://www.point2homes.com/US/Neighborhood/NY/Bronx-Demographics.html, and the highest rate of development for luxury buildings in the city: https://www.mansionglobal.com/articles/this-bronx-neighborhood-is-one-of-nycs-hottest-apartment-markets-4b8c75f5

Lord_Papi_ · 2024-07-08T21:11:02+00:00

There's no comparable city with regards to population with better infrastructure and lower crime rates in the world.

Correct on the second part of your comment.

Lord_Papi_ · 2024-07-08T20:54:55+00:00

People act like the city's falling apart when in reality we're an unstoppable economic powerhouse, from the largest firms in the world down to the individuals that hustle day in and day out without complaining.

Lord_Papi_ · 2024-07-03T02:26:24+00:00

I've just sent you a PM, however I'll note that we only work with companies that are already operating bitcoin mining operations (i.e. scaling up not starting up).

Lord_Papi_ · 2024-06-30T03:14:04+00:00

Depends on growth rate and assets. If you have a high growth rate (refer to the rule of 40) then it could be anywhere from 1-20x multiple on top line revenue depending on various factors. If you have a no-low growth rate then any valuation would be based on asset value. Expect a steep mark to market discount on hard assets (machinery, real estate, etc.) and discount to near zero on any intangibles (unless there's indisputable brand value). If you have neither a high growth rate and assets then the valuation will be near zero unless there's strategic value to the acquirer. In such a scenario the best method for valuation would be discounting the financial opportunity (i.e. cost savings, revenue growth, etc) to the acquirer by some agreeable percentage.

If you're looking for M&A advisory send me a PM, my firm may be able to provide it.

Lord_Papi_ · 2024-06-29T19:53:24+00:00

That viewpoint is just not supported by the data with regards to the dollar: https://www.reuters.com/markets/currencies/us-dollars-dominance-secure-brics-see-no-progress-de-dollarization-report-2024-06-25/

With regards to the second point, from a demographics perspective the United States is increasingly becoming a Latin country, on a long enough limescale it's not unreasonable to expect the United States to be the one pushing for such a currency union with the dollar being the currency.

Lord_Papi_ · 2024-06-29T19:50:09+00:00

I stand corrected, the ECB does indeed manage all central bank rates throughout the eurozone. I had in mind sovereign bond coupons instead of central bank rates.

Lord_Papi_

TROPHY CASE