My thought:
It takes more wisdom to USE wealth (than to simply acquire it).
It is pretty straight-forward in accumulating wealth (live extremely frugally, have a higher income than your expenses).
For myself personally, I grew up poor and now (with the guidance of Cindy), I got many racks in the safe. Now the more interesting question:
How should I use my wealth? What is the ‘wise’ way to use wealth, and for what?
Money thoughts
Some quick thoughts:
- The goal is ‘financial freedom‘ (to live extremely frugally on little money). The goal isn’t “billionaire freedom”. I think it is relatively straight-forward to gain ‘financial freedom’ in one’s life. Hard to be frugal. But once you get financial freedom, then what?
- There is a limit to all the stuff you can buy. After much philosophizing it seems the best use of money is to buy tools of artistic creation (MacBook laptop, iPad, RICOH GR III).
- For clothes “all black everything” (all merino wool everything — I like merino wool products from Outlier.nyc, as well as the merino wool you can buy on Amazon). For shoes a good pair of lightweight NIKE trainers.
- As for cars, it seems the best car is no car (better to just UBER/LYFT everywhere). It is superior to NOT own a car, as you have more freedom to travel, live nomadically, etc.
How to use wealth
Now this is the question which is really fascinating to me:
Once one has accumulated wealth, how should one best use their superfluous wealth?
I don’t think the goal is to keep on accumulating and hoarding more money for the sake of your future children. Better to have them become financially independent by learning to apply to scholarships for college, and to work for a living (the upside of having them have part-time jobs really is the ultimate way to teach the value of a dollar).
1. Food (meat)
In ancient times, cattle was a counter of money. From a very basic level it makes sense to me:
First, money and wealth is used to purchase food.
I personally believe that meat (red fatty meat) is the supreme form of nutrition. I just eat how the ancient heroes of Homer ate in the Iliad/Odyssey (no eating during the day, with massive meals and festivals in the evening after a victorious day of fighting).
I’ve learned recently: don’t be too cheap when it comes to your food or your nutrition. A practical tip is this:
Shop at ‘discount’ grocery stores, and purchase all the delicious meats you want.
I personally like to buy tons of eggs, fatty cuts of steak, ground beef, ground pork, pork chops, pork belly, etc. Currently it seems that the best regimen for me is ‘intermittent fasting’ during the day (no food during the day, only coffee and water) and to eat insane amounts of food in the evening/dinner.
Even if you go to more expensive grocery stores like Whole Foods (which I find is actually far more affordable now), just buy the cheapest cuts of meat (whatever is discounted), and eggs. Don’t spend trillions of dollars on Avocados, strange hipster foods, and almond milk.
2. Experiences
I never regret spending money on experiences. This includes traveling, going on cruises, and transit/accommodations associated with traveling/nomadic living (AirBnb, Uber, flights, etc). I still prefer to travel on the cheap (I always buy cheapest flights on Kayak or Google Flights), and I don’t like staying in expensive places. Why? No matter how nice the place is (as long as it is expensive), I feel like I got suckered somehow. So even my travels are on the cheap.
3. Building things
Money to pay for the hosting of this website (as well as any other internet marketing/entrepreneurship services like my email newsletter on mailchimp.com). Money to pay for Dropbox Pro for cloud storage, etc.
I think the term ‘investment’ is a poor one. Why? I don’t think there are any true investments. Generally speaking investing in yourself is the best (not investing in the speculative stock market, etc).
Perhaps money is best used as a tool. As a tool to build things. To build companies (arsbeta.com), build structures, build your artistic dreams.
4. Having money to NOT think about money
I think you’re only truly rich if you no longer think about money. As long as you are still thinking about money, you probably don’t got enough.
And this is the interesting thing:
No matter how many dollars you got in your bank account, you can still feel ‘poor’ (or that you lack). For example if the billionaire still feels like they don’t have enough money and is always anxious about their finances, they will probably still be ‘poor’.
5. Spending money on others
I’ve personally discovered that spending money on others is always the best ‘bang for the buck’ in terms of giving joy (paying for the meals of others, friends, and family). Even Cindy and I have traveled with our moms quite a lot, and paying for their flights, accommodations, and expenses has always brought us (and them) great joy.
There needs to be more philosophizing on wise ways to use money
It seems for myself, it seems the best way to be ‘wise’ when it comes to money is this:
Don’t use your money UN-WISELY.
This is a ‘via negativa’ (Nassim Taleb) approach to thinking about wealth.
Wisdom in using wealth isn’t HOW you use it, it is how you DON’T waste it.
Wisdom in financial procrastination
It seems then following your gut is the best bet. Wise procrastination on purchasing things is always good. For example, I haven’t purchased a phone in almost 5+ years because I didn’t think any new phone on the market was “worth it”. Now the new iPhone 11 Pro got released, it is the first phone I actually want to buy. Thank God I waited — because now I am not stuck with some older iPhone (like an iPhone X or iPhone XS) in which I would feel guilty for upgrading.
What is your personal wealth philosophy?
It also seems wise to ignore the ‘financial wisdom’ of others. Why? No matter how rich or smart they are, their personal preferences and lifestyle will be different than yours. They will always have different aims than you.
Furthermore the big problem about money and wealth is this:
There are too many moralistic judgements about money, how to use your money, how NOT to use your money.
For example even in America, there are still lots of notions of ‘prudence’ attached to wealth. Unless you’re a rapper, it is still frowned upon to “waste” your money (Protestant work ethic, and old Puritan/British thinking on money).
In truth, when others are telling you that you’re “wasting your money”, you actually might be most wisely using your money. I think the goal is this:
Strive to create your own comprehensive theory and philosophy about money, economics, value, and wealth. Then follow your gut, your personal plan, and also allow for yourself some flexibility.
I want to die with $0 in the bank
After I die, I cannot use my money. I will never create a trust fund for my future children (if I did, they would probably become lazy, not appreciate the ethic of hard work and hustle, they wouldn’t learn self-reliance, and it would probably do them a major DISSERVICE). So it seems my personal goal is to wisely leverage my money while I am still alive, and never go broke.
And perhaps that is another thing:
Being rich is NOT being in debt, and NEVER going broke.
If you’re a millionaire and in debt, you’re still “poor”. In ancient times, being in debt meant being a slave. And it don’t matter how rich you once were (like MC HAMMER), you want to NEVER GO BROKE while you’re still alive!
My current life goals
My current life goals:
- Never run out of artistic creative energy, innovative ideas, and physiological power to create.
- Continue to think, philosophize, on life and art.
- Never stop making new images, artwork, and photos, while pushing the culture and genre of photography forward.
- To deadlift 500 pounds.
- To continually experiment with different modes of living, to create and share ideas which empower others.
It seems that money isn’t really associated with these goals.
Then perhaps ‘wealth’ is simply physiological health, mental and physical strength, and creative power?
ERIC
Photography Entrepreneurship 101
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Entrepreneurship Philosophy
- Proof of Concept
- Unified Field Theory for Photography
- Build a Company You’d Never Sell
- Play the Long Game
- Entrepreneurship and Art
- What is the Source of our Strength?
- What’s the Future for Photography?
- Full-Stack Visual Artist
- Why Scale?
- What is Your Unfair Advantage?
- Substance Marketing
- Share Your Dopeness with Others
- Frugality is Freedom
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- Entrepreneurship born from Superabundance, not Need/Necessity
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- How to Master Marketing in Photography
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- Don’t do it for the money
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- Zen Entrepreneurship
- BOLDER IS BETTER.
- Streamers Shall Inherit the Earth
Photography Blogging
- Daily Blog of Activities
- How to Monetize a Blog Without Advertising
- How to Publish Yourself
- How to Blog
- The future of photography publishing is photography blogging.
- Why Become a Photography Blogger?
- Why You Must Become a Photography Blogger
- Why You Should Delete Your Instagram and Start Your Own Blog
Money
Self-Empowerment
- Life is Too Short to Be Negative
- Why You Must Follow Your Passion in Life
- How to Conquer Shyness
- Don’t Ask for Permission
- Onto the Next One
- Why You Must Self-Promote Yourself
- Why You Must Conquer Your Fears in Life
Marketing and Branding
- Why You Must Become a Photography Blogger
- Why Blog?
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- Create Substance, Not Content
- Photography Marketing and Branding 101
- How to Master Marketing in Photography
- 10 Tips How to Become a More Famous Photographer
Entrepreneurship Lifestyle
- Why Hustle?
- Why Save Money?
- Ascetic is Sexy
- Why You Must Become Self-Employed
- How to Push Yourself Beyond the Limit
- Is Location Independence Overrated?
Entrepreneurship Mindset
- How to Get Discovered
- Financial Independence
- Disregard Success or Failure; Always Attempt More!
- In Praise of Stubbornness
- Success is Personal Bravery
- Why You Must Become an Entrepreneur
- How to Brand and Market Yourself as a Photographer
- How to Conquer Haters
- How to Accumulate Capital
- Why Be Different?
- How to Master Marketing in Photography
- Don’t Play it Safe
- Why Blog?
- How to Be a More Productive Photographer
- How to Hustle
- True Productivity
- What Can Only You Do?
- Love Risk
- What is Success?
- Fill a Vacuum
- Think Big
- What is Your Dream in Life?
- 8 Blogging Productivity Tips
- Why Be Normal?
- How Much Suffering Are You Willing to Endure to Achieve Your Dreams?
Photography Entrepreneurship 101
- Don’t Sit Still!
- Bitcoin for Photographers
- Don’t Be Timid
- Why Start Your Own Photography Blog?
- Fill a Void
- 1,000 True Followers: How to Build Your Own Niche in Photography
- Photography Entrepreneurship 101: Why You Must Start Your Own Email Newsletter
- TURBO CREATION: Why a Maxed-Out MacBook Laptop is the Best Investment You Can Make for Photography Entrepreneurship
Life and Productivity Hacks
- My Ultimate Productivity and Life Hacks
- Life/Productivity Hack: Write (Type on a phone) While Walking on a Dynamic Treadmill
- ERIC KIM Life, Creativity, and Productivity Hacks
How to Make a Living from Your Passion
- Digital Nomad Photographer
- Build Your Own Instagram!
- How to Be More Ambitious
- Do It Your Way
- How to Measure Your Progress as a Photography Entrepreneur + Come Up With New Ideas
- How to Make a Living From Your Passion in Photography
Put a Dent in the Universe.
- Fear Disguised as Reason
- Distraction is the Enemy
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- Reality is Malleable!
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- Against Self-Preservation
- The Purpose of Life is to Make New Stuff!
How to Succeed as an Entrepreneur
- You Have No Limits.
- Calculated Risk-Taking
- Invest in Yourself
- The Secret of Happiness: Shoot for the Moon!
- Moonshot Thinking
- Why We Should all Be Photography Entrepreneurs
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- Why it is Better to Beg For Forgiveness than Ask For Permission
- How to Become a Digital Nomad
- Why You Must Own Your Own Platform
- First Principle Thinking for Photography Entrepreneurs
- How I Became a Digital Nomad
- Better to Beg For Forgiveness than Ask For Permission!
- Spurn Pleasing Others!
- Create Your Own Niche
- How to Gain More Exposure For Your Photography
- Intense Focus
- How to Conquer Your Fears as an Entrepreneur
- Define Yourself
- Let Dissatisfaction Drive You Forward!
- It Doesn’t Matter if Someone Else Has Done it Before!
- How to Succeed as a Photography Entrepreneur: Be Extremely Resourceful
- Open Source Business Model in Photography Entrepreneurship
- Entrepreneurship 101: Growth and Innovation Over Self-Preservation
- How to Create Value as a Photography Entrepreneur
- Why Become a Photography Entrepreneur?
- Why You Must Ignore Nay-Sayers to Succeed in Entrepreneurship, Business, and Life
The Modern Photographer: Tips, Strategies, and Tactics to Thrive as a Visual Artist in the Digital Age
Marketing, Branding, Entrepreneurship Principles For Success
MODERN PHOTOGRAPHER is your new philosophical and practical primer to succeed as a modern photographer in today’s digital world.
Business Mental Models
- How to Succeed as a Photography Entrepreneur: Be Extremely Resourceful
- Open Source Business Model in Photography Entrepreneurship
- Entrepreneurship 101: Growth and Innovation Over Self-Preservation
How to Monetize Your Photography
- Photography Entrepreneurship 101: INFLUENCE
- Should I Monetize My Passion for Photography?
- 10 Practical Photography Monetization Strategies: Pricing, Google SEO, & Entrepreneurship
- How to Make Money From Street Photography
Why Become a Photography Entrepreneur?
Take control of your own photographic destiny:
THE MODERN PHOTOGRAPHER
- CREATIVE CAPITALISM
- How to Monetize Your Photography
- 5 Practical Photography Career Tips and Advice
- 10x Thinking
- How to Hustle as a Photographer
- How to Become Your Own Master Marketer
- The ‘T’ Technique of Success
- Go Ahead and Sell Out
- What is Your Unique Voice?
- Why You Must Self-Promote Yourself
- What is Your Unique Angle as a Photographer?
- Photography Content Marketing 101
- Why You Must Become Your Own Publisher
- The Art of Cross-Pollination in Photography
Photography Entrepreneurship Articles
- Why You Shouldn’t Trust Your Pictures to Facebook, Instagram, Snapchat, and Flickr
- How to Make Money From Your Photography
- Photography SEO and Blogging: How to Become Number One on Google
- Intrinsic vs Extrinsic Motivation
- Now is the Best Time to Be a Photographer
- PRODUCERISM
- What Is The Value of a Picture?
- Your Photographic Labor is Not Free
PHOTOGRAPHY WORKSHOPS 101
- Chapter 1. How to Make a Photography Blog
- Chapter 2. How to Price Yourself
- Chapter 3. How to Find Your Market
- Chapter 4. Why Teach Workshops?
- Chapter 5. How to Build Trust
- Chapter 6. How to Market Yourself
- Chapter 7: Why Should Someone Attend Your Workshop?
KEYS TO SUCCESS
- Why You Must Be a “Personality” in Order to Succeed
- THRIVE OR DIE.
- Impatience is a Virtue
- Create Your Own Category
- HOW TO DREAM BIG.
- Will Not or Cannot?
- Why Not?
- How to Think BIG
- How to Stay Ahead of the Curve
- How to Invest in Yourself
- The Two Camera Rule
- MEANINGFUL DIFFERENTIATION
- Advice For College Students
- How to Thrive in Uncertain Times
- CANNIBALIZE YOURSELF.
- DO AND GROW RICH
- Does Fear of Punishment Hold You Back?
- HOW TO GET MORE FOLLOWERS
- How to Innovate
- How to Build Your Own Empire
- YOU ARE ENTITLED TO HARD WORK.
- PICK YOURSELF.
- OWN YOUR PLATFORM
- 10 KEYS TO SUCCESS
Table of Contents
Learn how to make a living from your passion:
- Preface. BRAVE NEW WORLD OF PHOTOGRAPHY
- Chapter 1. How to Create Value
- Chapter 2. ZEN CAPITALISM
- Chapter 3. Scarcity
- Chapter 4. How to Brand Yourself
- Chapter 5. How to Build a True Following
- Chapter 6. The Blueprint to Success in Photography
- Chapter 7. HOW TO BE BOLD
- Chapter 8. How to Sell Out
- Chapter 9. GO AGAINST THE GRAIN
- Chapter 10. EXTREME ABUNDANCE
- Chapter 11. Photography Experience Economy
- Chapter 12. Why You Should Make Money for Your Photography
- Chapter 13. How to Become a Famous Photographer
Photography Business 101
How to Make Money with Photography
- How to Charge More Money in Your Photography
- Why You Should Not Pursue Photography as Career
- Can Photography Make You Rich?
- How I Earn $200,000+ a Year From Photography
- How to earn $10,000 a month as a photographer
- Why you must be an expensive photographer
Photography Marketing 101
- Why Have More Followers?
- Why You Should Do Photography Work For Free
- How I Became an Internet Famous Photographer
- Photography Blogging Ideas
- Why You Should Promote Your Own Name
- How to Build a Following
- How to Stand Out as a Photographer.
- HOW TO GO VIRAL AS A PHOTOGRAPHER.
- How to Master Marketing
- How to Sell Yourself
How to Hustle.
- Entrepreneurial Advice to My 18 Year Old Self
- How to Become Insanely Productive.
- 5 Lessons From Hesiod on Hustling
Entrepreneurial Principles
- It is Better to Beg For Forgiveness Than Ask For Permission
- The Free Way to Become Rich
- JUST DO IT.
- 7 Steps: How to Make a Living From Your Passion
- How to Do What You Love for a Living
- How to Create an MVP (Minimum Viable Product)
- How to Fail Big
- How to Invest in Yourself
- How to Be Bold in Photography and Life
- Mission: Cover Your Rent and Food
- 1,000 True Fans
- The “10x Principle”: The Only Difference Between “Success” and “Failure”
- Make More Value Not Money
- We Live in a Photo Utopia
How to be a Full-time Photographer
- How to Make a Living From Photography
- The 3 Principles of Making Money With Photography
- Advice for Aspiring Full-Time Photographers
- Don’t Go Into Debt For Your Photography
- How to Brand Yourself as a Photographer
- Trust: The Most Important Thing You Need to Succeed as a Photographer
Photography Blogging
- How to become rich from photography blogging
- How to Make a Living with Blogging
- 50 Blogging Tips For Beginners
- How to Start Your Own Photography Blog
- A Photographer’s Guide to SEO, Blogging, and Social Media
How to Teach Photography
- How to Become a Photography Teacher
- How to Teach a Street Photography Class
- Why I Teach Street Photography Workshops
Social Media
- Why I Deleted My Instagram
- The Social Media Blackbook for Photographers
- Why Do You Need More Likes or Followers?
- Instagram is Going to Be the Next Facebook
- Don’t Trust “Free” Photography Social Networks