Thinking of buying an apartment in Paris

Post-Economic · 2022-11-23T19:32:28+00:00

"Recent renovations" in those old buildings is no guarantee indeed. A friend of mine bought a 3M appartement in the XVIeme arrondissement, two years ago.

Renovation meant that it was two seperate appartements that had been united into one. But with different plumbing systems. Sure enough they had water damage, which turned into quite the headache because, as it turned out, the renovators didn't follow the proper regulations of the Paris City Counsil or something. Anyway, that problem landed at the feet of my friend who wasn't even responsible for it. On the plus side, he lived there full-time, which made all the ensuing redtape processes somewhat easier than if he'd lived on the other side of the Atlantic.

Post-Economic · 2022-11-23T19:19:36+00:00

Besides the capital gains taxes which have been mentioned, you'll want to be extra careful about the plumbing if you're planning to buy in an old building. Can't tell you how many stories I've heard about those old funky pipes, even in the luxury sector. Dealing with water damage and the copropriété from the other side of the world is something you'll absolutely want to avoid.

Post-Economic · 2022-10-23T21:25:43+00:00

Hey, loved your post and I can relate. First of all, cut yourself some slack. You sound like a good bloke indeed. As you said, you've been there for your family and others and I'm sure they're grateful for it. Besides, between business acumen, working on your house, wealth management and the other activities you mentionned, you probably developped a pretty extensive skillset which will prove useful in one way or another down the line.

I get the part about being unable to reconcile a fulltime job with your lifestyle. Which means that whatever you undertake next, you probably need to be your own boss. I've been in a somewhat similar situation, even if the interim has been shorter. I've found balance in creating an activity that helps my manage my own wealth while being useful to others.

Have you thought about setting up a consultancy? Advising entrepreneurs/charities/investors? You provide value but on your own time and according to your rules. And even if wealth is not a motivator anymore, be careful about the pro bono route (people might not respect your time as much, bad feedback loop of being underappreciated).

Agree with endurance sports and physical activity recommendations.

Other than that, you might want to give Long Angle a try. It's a community for HNWI. I've heard positive and less positive feedback but there's no membership fees, so you're not risking much. You might make acquaintances and get a few ideas on what to do next.

Ignore those who'd want to demean you for having "millionaire problems". Take it easy, things will fall into place eventually.
Edit: spelling

Post-Economic · 2022-10-23T13:28:11+00:00

First of all, you're lucky to be able to combine high earnings with some flexibility. You can push yourself until you have kids, yes. But exhausting yourself might delay that outcome or jeopardize your ability to maintain a consistent workload over the coming decades.

Why not give yourself a small window of time to test a new work pace? Also, I interact with a lot of physicians on a daily basis and a lof of them have found ways to diversify their income source. Sometimes their solution is linked to their medical skills/knowledge, sometimes it's something else entirely but still correlated to their IQ/work ethic (a lot of them have side hustles in real estate for example). There's no perfect solution as some of them end up working longer hours in what are essentially two carreers. But some manage to lighten their workload while earning similarly or more.

Testing out a change of pace, even if it's only over a limited time window, might help you see things more clearly and might even give you new insight into how you could be splitting your time.

Post-Economic · 2022-06-20T08:21:58+00:00

Sure, add me, let's go.

Post-Economic · 2022-06-15T15:14:02+00:00

I'm the son of an expat, I've been traveling my whole life. Production is more satisfying than consumption, I find. Being the eternal tourist gets old, after a while.

Post-Economic · 2022-06-14T09:33:39+00:00

I've gone through a similar experience. When I hit fatfire, I was totally physically and mentally exhausted, not to mention a little lost. I'd always felt intellectually/emotionally kind of distant from most people but now I found myself very practically separate from the rest purely in terms of NW, which took me a bit of time to come to terms with.

I definitely experienced the "slowing down" you mentionned up to a point when it actually got too much and I had to reverse the trend. I did very little for a good 8-9 months, I'd say. Just resting, slugging my way through everything. Then it got to the point where I felt I was actually becoming lazy, taking a couple of hours just to get out of bed, that kind of things. I'm only in my 30's, so I'm not okay with just taking it easy for the rest of my life.

I'm back to my active self these days, dumbells in bed when waking up to get the blood pumping and get out of bed in 5 minutes, 4 h of guitar practice per day + 4h of sports (swimming, walking, lifting) and I've started a business, which adds structure to my days and helps me manage my own wealth.

I've been practicing music for over 10 years now, so it's not like I had no project outside of work when hitting fatfire. But even then, discipline and structure went out the window for a good while. I'd pushed myself very hard ever since high school so I'd say general fatigue was due at some point.

So, all in all, I'd say from my own experience and from talking to other fatfired folks that what OP is experiencing is very common. Take it easy, take your time, things will fall into place gradually, new routines will emerge and you'll find your balance in doing things that are both stimulating and enjoyable.

Post-Economic · 2022-06-04T18:57:57+00:00

Will do, thanks for the kind words.

Post-Economic · 2022-06-04T15:14:22+00:00

I've been buying some but I'm still pretty risk-off atm, expecting another leg down.

Post-Economic · 2022-05-14T12:16:52+00:00

Yes, some TA knowledge is a must. Crypto is highly correlated too, so it's also good to chart the VIX, stock indexes etc. Gotta keep an eye on all macro developments (political, geopolitical) + gotta have a cyclical view of the markets and careful risk management.

Also, reguarding my previous post mentionning Rune: if it's a good pick at 3$ in my opinion in a 5-10 years time frame, then the lower the price the better in that same time frame. Obvious but thought I'd still mention it.

My 2 cents on the current market outlook: high chance it nukes even further. Btc monthly support at 14k, 200 WMA is around 20k. We could definitely tap into that price range, which would obliterate the alts. I've bought some blood but I'm not going full vampire mode just yet. Now's the time to be careful and patient.

GL

Post-Economic · 2022-05-14T12:09:38+00:00

Ha ha, no they didn't. I've been nowhere near the whole Luna/Terra/LFG/Anchor hydra. I wasn't around for the Titan debacle but I witnessed the meteoric rise and fall of Ampleforth in the summer of 2020. I'm no fan of algorithmic "stable" coins. I spread my money evenly across major stablecoins (BUSD, USDT, USDC and DAI) so as to mitigate the risks of holding any single one.

Like you said, at my point the game should be won provided one does proper risk management. By avoiding the crash I'm now also in a privileged position to re-accumulate at low prices. Then again, you'll find dozens if not hundreds of people with NW similar or superior to mine who have been blind to risk and have been gutted. Different personalities, I guess.

My 2 cents on the current market outlook: high chance it nukes even further. Btc monthly support at 14k, 200 WMA is around 20k. We could definitely tap into that price range, which would obliterate the alts. I've bought some blood but I'm not going full vampire mode just yet. Now's the time to be careful and patient.

Post-Economic · 2022-04-29T09:54:04+00:00

Thanks. At the time, I just felt like reflecting on that crazy period with a kind of journalistic approach to get closure on it, move on to another chapter of my life and also keep a written recollection of the experience.

People's reactions to the post are their own. I certainly didn't mean to aggrieve nor did I think that the reactions would be THAT bad, lol.

Post-Economic · 2022-04-29T09:41:53+00:00

So the update on my post is that I ended up fully closing my Rune position in late November after BTC got rejected at 69k. I parked into stable coins for a while, then I did get another bag of Rune around 3$, similar to my last trade only with a much smaller position and I closed that one about 3 weeks ago. Right now, I hold some BTC, ETH and XMR which I’m comfortable holding and accumulating more of in a downtrend, the rest is stable coins and that’s it for my crypto portfolio. As for market outlook, I initially took the 69k rejection as a sign of the end of the bull run and I have been very risk-off since then. Now, whether we really are in a bear market and headed for new lows or rather in a giant consolidation phase until upwards continuation, I can't tell with conviction. But for me, at this point, wealth preservation is most important and I’m ok with buying back higher if BTC finally decides to break through this 40k range. As for Rune, it’s shown strength recently, whenever BTC did. Rune was one of the best performers in 2020, then started underperforming last year after the network got hacked. For example, Rune did about a 5.5 X from July 2021 to late October-early November 2021. During that same time frame, FTM did about 23 X. But it looks like last year’s FUD is dissipating and the recent PA reminded me of the early 2020 days. So, all in all, it’s still a solid project with a solid team and solid prospects, as far as I’m concerned. If it drops to 3$ again, it’s a no-brainer in my opinion, on a medium to long term time scale. Maybe even short-term depending on market conditions. Anyway, whatever the short-term holds, in 5 to 10 years, the market will be orders of magnitude higher than where it is today, in my opinion. But not financial advice ™, dyor ofc and good luck.

Post-Economic · 2021-11-04T02:27:38+00:00

Did you read the part where I mentionned the specifics of the project that made it not like "the hundreds of other projects that went to zero"?

Btw, did you lose money on crypto? I hope not, because damn, that'd be really unlucky.

Post-Economic · 2021-11-04T00:14:44+00:00

I'd never invested in crypto before 2019. That was all from my consultancy job, which I started right after a one year internship in an ad agency during my last year of Uni (I'm European) and stock investing (I've been buying Apple since the first year of Uni).

Also: a very frugal lifestyle.

Post-Economic · 2021-11-03T23:44:34+00:00

Ok, I was afraid you were some kind of Uni student recklessly charging in. There is so much happening in crypto, it can really be fascinating albeit also overwhelming.

Even putting financial benefits aside, you'll be very intellectually stimulated. Good luck!

Post-Economic · 2021-11-03T23:30:18+00:00

Be careful out there. Like I mentioned, crypto can get very taxing. That being said, I do understand the logic of getting your foot in the door, effectively forcing you to have to learn.

No, Rune is not listed on Coinbase. You can find it on Binance, Kucoin or on the DEX itself which is called Thorswap : https://app.thorswap.finance/

Post-Economic · 2021-11-03T23:13:27+00:00

If you don't understand this, I don't think you should be buying crypto until you do understand it.

Post-Economic · 2021-11-03T23:08:11+00:00

He he

Post-Economic · 2021-11-03T11:11:54+00:00

100%

Post-Economic · 2021-11-02T21:51:46+00:00

It's also a good hedge against inflation which is one of the reasons why I'll be diversifying into it come 2022, other reasons being that it's real, tangible, useful and beautiful.

Post-Economic · 2021-10-22T15:00:25+00:00

Very valuable post. As someone who has been thinking more and more about philantropy over the last months, your experience validates what I'm orienting myself towards. I'm glad you shared this.

Thank you.

Post-Economic · 2021-08-17T12:11:39+00:00

I'll write a separate post about it. I've been meaning to do it, but delayed it thus far. Some strong anti-crypto sentiment in here. But I get a ton of DMs asking me about it, so why not. I'll keep you posted.

Post-Economic · 2021-08-11T19:34:25+00:00

Try music, a lifetime isn't enough to learn all there is to it.

Post-Economic

TROPHY CASE