Who here trades for the freedom, and not for the riches that may derive from this profession? Who here would resort to frugality, if it meant continuing to trade and be free - instead of opting for a corporate career with a higher income and social status? In the hypothetical scenario of receiving less income from my trading, I would opt to reduce my standard of living, than look for another way to make more money. I guess I am in this for reasons other than the wealth. The fact that I am my own boss, live and work the way I want, think independently and act accordingly, accepting both my triumphs and failures without anyone to answer or compare to. This freedom is worth more than millions, in my humble opinion. What are your thoughts? Would you sacrifice digits in your annual income in order to continue trading and doing what you like most? Or does society, or your own material wantings, condition the way you need to live?
I like your point and the way you think. I also enjoy the freedom that trading provides. The money, while I would like to make as much as possible, is not as important to me as the lifestyle I can have without being tied to a desk job. Although I would say that you mention the word "millions" and I think at that level I would sacrifice some of my freedom for a 7 figure paycheck. All in all though, I am fairly happy with where I am.
I like your point too. Last time I worked for someone was during school doing part time jobs....and I hope I will never have to work for other than myself....but I will if the situation forces me. I can't support my standard of living only from trading, so I have other things on the side that help me to be free and independent. Wealth is not a big deal, rather the freedom to do what I want....as long as I have the money to do these things I'm happy....however this mentality is a double edge sword: I tend to slow down, become less dedicated to work and trading if I have all I need...so I need a goal, or pretend I'm competing
I think there is a relationship between trading and frugality. I believe there is a difference between being frugal and cheap. Frugal is someone who wants to get the BEST price. So it is with trading, I want to get the best price on entry and the best price on exit. I do not believe I am cheap, I can afford to overpay for a lot of purchases, but somehow I am driven NEVER to overpay in my routine everyday purchases and I am compelled not to overpay my trading. My point is not exactly on what you intended when you started this thread, but I wanted to make it anyway.
Interesting comment and quite close to home for me. A short story: had an uncle who did quite well in the insurance business. I was pretty close to him from youth thru adult years. He finally passed away last year. He was always watching his money and we would talk about the stock market quite often. He funded my daughter's college education account with a nominal amount ($1500) a few years back, and I thought it was a nice gesture....and I was wondering if he was going to supplement it at some point in time. Never happened....and then I was just a wee bit disappointed to have learned that I received 0.1% of his entire estate. The remainder going to a college to fund orphaned children, and the remainder to his wife and daughter. Now I ask you: Was he cheap or frugal here ?
I have quite a few millions in liquid asset/incoming producing assets. My monthly expenses amounts to around $800-$1200 (depends if I go travel the month) Ain't shitting yah fking a lot of women ,eating good food, living in doormen buildings. ain't shitting yah.
Who he left his money to has little to do with how I regard frugality or cheapness. IMHO, the rich often give away their wealth to achieve a worldly immortality. It is a Christian tenet although not one that is often taught, that if you give publicly then you have received your reward through the world's attention, and if you give secretly, you will be rewarded in secret. If they give it anonymously, and most do not then that is another matter.
You really can't put a price tag on freedom. I've been trading full time for 13 years. I've had some great years where I did well and some mediocre years. Would I be better off financially to have stayed at my corporate job? Perhaps, as I would have had more years accumulated towards a company pension, I'd have matching amounts on 401K, be buying company stock at 85% of market value, have paid health insurance. But ---- the "price" I'd have to pay would be getting up each day, 5 days per week, doing the daily commute (1 hour total daily), playing politics at work, etc. It just isn't worth it -- at least to me it wasn't. Each and every day I can do as I choose. I can trade part of the day, all of the day or skip trading entirely. I can live anywhere in the world I wish. I always lived below my income during my years in the corporate world and was able to save up some $$$ as well as having no debt (house paid off, no credit card debt or no car loans). And how I achieved that was in part to be frugal (or resourceful). My wife likes to spend a bit more than I but that's okay. Last, my freedom allows me to volunteer 2 afternoons a week at an inner city school. What I get from that experience is more than money can buy.
Great thoughts. When I made multiple 7 figs trading back in 2000, I still lived like I was making 50K. Bought one nice car, bought a house on the water. All the money I saved back then has alowed me to continue trading. Since 2000, I have had some meager years of relearning to trade in the "new market". No more 1/8's at the drop of a hat. "sticks" are hard to come by these days, and I am content to be dept free and still living lean. Am I frugal or cheap. I have always lived well below my means, and affords me the chance to truely watch my kids grow up. It is about lifestyle, not status. At my kids private school, I am a no-one. That is ok with me. I don't get called away at 6pm for some emergency back at the office. In this business, being frugal can go a long way to your sucess.!