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Cake day: June 15th, 2023

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  • Elon Musk & Sergei Brin are Gen X, but Bezos, Gates, Tim Berners-Lee, Steve Wozniak, and most of the people who built the technology GenX grew up with are Boomers. Zuck is a Millenial, but just barely. You could make a decent start of life as GenX knowing nothing about the technology, but they were still young enough to learn new developments easily.



  • The usual math goes something like

    Annuity: $2B paid monthly over 30 years is $5.5M/month; $3.5M after taxes.

    Lump sum: $1B, $670M after taxes. Invested in index fund at, say 8%, can be expected to earn $4.5M/month, $3.6M after more taxes, which are lower for capital gains & dividends.

    There’s more complicated maths, if you want to model taxes, future values, and variable market returns, but they all say pretty much the same thing. They have to: the annuity works because They put the lump sum into escrow, pay a trustee to manage it well enough to pay the annuity and pay the trustee’s salary. That means the trustee will invest said lump sum (before taxes) in low-risk, low-return assets, take his vig, and pay out the annuity from what’s left.



  • Congress makes a big show of restricting their official compensation. Have voted down “cost of living” pay raises every year since 2009. Voted away speaking and publication fees. All these things to “prove” that they hold their positions for civic duty more than money, but the flip side of this is that only people with independent wealth can afford to be in congress. If most of their money comes from investments or unofficial sources, then it can be even easier to funnel money to them - insider trading tips, legislation favorable to their own companies or investments, jobs for their relatives. Benefits structured not to count as compensation or salary, like free travel on “official” business or below-market rent.




  • Having a single, central receiver to collect inputs from 5+ A/V sources and deal them back, arbitrarily? to 6 different outputs seems awfully complicated. Something like Jellyfin or mythtv with one or more TV tuners would let you originate all of the TV & streaming signals from your central source to client players - kodi or whatever - in the player rooms. Most of those have at least some control through homeassistant. Kodi on RPis with some basic class D amplifiers in each room, run through the TV, if the room has a TV. Probably couldn’t get synchronized audio in all rooms that way.




  • tburkhol@lemmy.worldtomemes@lemmy.worldThe only good billionaire
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    2 months ago

    They probably do not get the same tax cuts: a “normal” person, making a paltry $250,000/year only reduces taxes by 24% of their giving, where the ultra-rich get 37%.

    But the real difference is scale. A million people each giving $100 to their favorite charity is going to distribute that money more-or-less according to the community’s overall priorities. One person giving $100M to their favorite charity has no connection to the broader community and social goals. They supercharge that one thing, which takes attention and resources from everything else.


  • tburkhol@lemmy.worldtomemes@lemmy.worldThe only good billionaire
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    2 months ago

    4 - High-end philanthropy is subsidized by regular taxpayers.

    I feel like this is really under-appreciated. Like, Rich Dude decides he wants to donate $100M to…whatever - early childhood education. In the US, he avoids up to $37M taxes, which you can either look at as other taxpayers making $37M matching donation or $37M taken from other society objectives.

    To the extent that government is a (marginally) publicly accountable system for funding a society’s competing goals - education, health, defense, research - charity allows the very wealthy not just to bypass the social structure for prioritizing goals, but to force other taxpayers to adopt their personal priorities. Maybe the goal is good, maybe it’s not - the point is that they’re completely unaccountable.


  • It sounds like he’s not being given a house, but cash that the donor intends OP should use to buy a house.

    To me, this sounds like a combination of “you’re going to inherit significant money” and “here’s a strategy to survive on it long-term.” If OP’s family member has made their life as a landlord, then that’s just them passing on their own experience. OP is unhoused, and it’s reasonable to imagine their family member distrusts OP’s financial awareness.

    The inheritance may or may not specify how the money is to be used. If OP just gets some lump sum of money, then there’s the financial question of how to extract the greatest quality of life from that money and each strategy has its own ethical question. Would it ethical to buy two homes - even if they’re the same physical building - and rent one out to pay for both? Plus OP’s living expenses? Would it be ethical to invest it all in United Healthcare and live off the dividends? To open a restaurant?

    If OP gets a lump sum, there is also the ethical question of whether they are bound to use it in the fashion recommended by their family member.




  • 1200 sf townhouse. I can clean it top to bottom under an hour. It takes 5 minutes to mow the lawn. Only time my electric bill tops $100 is August, and gas only in January. No one even thinks about you hosting family gatherings or parties. Don’t have to buy a monster TV so you can see it across the 20’ room.

    I suppose, if you really like gardening, or hosting parties, then those could be negatives, but it seems like the main reason to have a big, fancy house is so other people know you can afford a big, fancy house. Personally, they make me uncomfortable, and I would hate to live in one, nevermind the maintenance.