[jpdoctor]

> Most people now want something out of you

This is a common mistake, esp among the newly wealthy who are young: The last thing you want is for anyone to know that you are wealthy.

There are many ways to make sure people stay ignorant of your wealth. For the people (and dates) that don't know your wealth, then you sure as hell don't educate them by words or bling. For people that know you had an exit, they never saw the documents and don't know what your number was. And if they probe, then "the investors got most of it, and uncle sam took half of the rest. At least I made a profit."

And the truth is: Yes, having the money is nicer than not having it, but it really doesn't make your life worth living or give it meaning. That requires a great deal more effort.

Edit: I think Prawks should be top HN comment. http://news.ycombinator.com/item?id=5182922

[theorique]

Do what sivers did - create a trust to pay you a livable income, and lock up the rest. That way, all the vultures and insects can't go for your "wealth" - because it isn't really yours, it's just this legal vehicle that pays you until you die.

[malandrew]

The other piece of advice I always here is that as soon as you have the money, put it away in some safe financial instrument (after you've paid any outstanding debts) for at about a year and keep living your life on exactly the same income you had before you became rich.

[jonnathanson]

This is a good idea. But even this strategy isn't foolproof, in so far as someone can just start buying things on debt in anticipation of getting access to their money.

Best way to save your money and not go crazy with it? Take responsibility for something. Have something to keep you occupied and engaged every day. Something that depends on your time, care, and attention. That something could be a job you find meaningful and challenging. It could be a child and a family. It could be a big project that you now have the ability to pursue, having come into financial freedom. The point is: have something to focus on other than material.

(Hell, this might even be another company, in which case, even more money flows in. Not the worst problem to have).

We're all familiar with the old saying "A fool and his money are soon parted." Well, in the case of the very smart who happen to come into money, I'd warn "A bored or unhappy person and his money are soon parted."

Money can indeed be a ticket to freedom. But too many people conflate "freedom" with "freedom from responsibility." That line of thinking is dangerous. It leads to boredom and idleness at best, and recklessness at worst.

[lifeisstillgood]

That sounds an excellent idea - plus, to be fair, it kinda solves the "what if I go crazy and spend it" - if the right amount is tied up in trust funds for your children (enough to do something, not enough to do nothing) then you can consider the rest risk-potential and worry less (one hopes)

In general however, people who win lotteries tend to go back to their norm of happiness within a year. By the time you are 18 you are either a happy person or not. Sorry.

[jcbrand]

> By the time you are 18 you are either a happy person or not. Sorry.

I agreed with everything until your last sentence, which I can tell from personal experience is not true :)

[run4yourlives]

The quantifier of 18 is not really accurate, although I agree with the general sentiment.

For many (most?) people, 18 is simply the start of the journey. That journey may be short or it may take decades, but the idea that you are somehow static after a certain age is certainly something coming from a very young mind.

[lifeisstillgood]

perhaps it was phrased wrongly - certainly there are convincing studies that one gets happier (by whatever metrics) as one progresses through the decades.

However if we have happy as a spectrum, I contend people are placed by the end of childhood on a point on that spectrum - some lucky ones far to the right, others not. One can move up the spectrum, but not everyone ends up crowded to the right - we can easily imagine two people, one in left 2nd std dev, one in the right. THey both get happier as they get older, but the person on the far left of the bell curve just never gets to be as happy as the other was in their twenties.

I colloquially would say one is a happy person. The other not.

[mc32]

Just to reenforce that.

I knew a family where one member made wise investments and eventually became wealthy (but didn't announce it). These were older people, close to retirement. But once the sibling sought to give some of his wealth to siblings as a nice gesture, the other siblings wanted to gang tackle him for more. Now that he was wealthy, how could he be so cheap as to only give them X? They demanded X+Y, or threatened to make his life miserable (they'd come by drunk, repeat expletives, threaten force, say nasty things, etc.) They only turned 'nice' once he relented and gave them what they thought was appropriate.

Anyhow. A man now sees his brothers and sisters in a different light. He probably wishes he'd never become wealthy, in some ways.