If computing power brings about technological advances without human input, and enough of the pay-off is reinvested in building still more powerful machines, wealth could accumulate at unprecedented speed https://t.co/RMwdxm4PJW ...

Technological Advancement - Computing power can lead to technological advances without human input [1] - Reinvestment in more powerful machines could accelerate wealth accumulation at unprecedented speed [1] Economic Impact - Wealth could accumulate at unprecedented speed if the payoff from computing power is reinvested [1]

Technological Advancement - Computing power can lead to technological advances without human input [1] - Reinvestment in more powerful machines could lead to unprecedented wealth accumulation [1]

Core Insights - The debate over renting versus buying in California has evolved into a critical factor for long-term wealth accumulation, with homeownership providing a significant advantage [2] Cost Considerations - Despite the impressive long-term returns of real estate, buyers face a lengthy cost accumulation period. A simulation of a $900,000 home indicates that, when accounting for mortgage, taxes, insurance, and maintenance, renting (at $4,000 per month) is more cost-effective for nearly two decades. However, over a 30-year period, the total costs of buying will be slightly lower than continuous renting. Additionally, the tax-deductible benefits of mortgage interest and property taxes further mitigate the initial high costs of homeownership [3] Affordability Crisis - For many families in California, the "rent or buy" debate is moot due to a persistent and steep affordability crisis. High-paying jobs have driven up housing costs, making it difficult for the average wage earner to afford homeownership. This has resulted in many renters, often earning less than homeowners, facing extreme financial pressure, with housing costs exceeding 50% of their household income. This indicates that while homeownership is key to wealth accumulation, the high entry costs have barred many from accessing long-term wealth creation opportunities [4]

If computing power brings about technological advances without human input, and enough of the pay-off is reinvested in building still more powerful machines, wealth could accumulate at unprecedented speed https://t.co/Oos62JVZxr ...

Core Insights - Millennials have been perceived as the 'broke' generation, but recent data shows they have significantly increased their wealth since the Covid-19 pandemic [1][2] - Wealthfront's study indicates that millennials' total wealth quadrupled from $3.94 trillion in Q3 2019 to $16.21 trillion in Q3 2024, outperforming Gen X and Baby Boomers [2] - The number of millennial millionaires in Wealthfront's user base rose by 144% over the past five years, indicating a shift in their financial status [3] Wealth Accumulation - Millennials have outpaced other generations in wealth accumulation, with Gen X's wealth increasing by 57.9% and Baby Boomers by 41.6% during the same period [2] - The Great Wealth Transfer is contributing to millennials' wealth growth, alongside their adoption of effective investing habits [3] Investment Strategies - Wealthy millennials are utilizing time-tested investment strategies, such as focusing on low-cost index funds and dollar-cost averaging [4] - The majority of Wealthfront's millennial clients hold over 90% of their invested assets in globally diversified portfolios of low-cost ETFs [5] - This cohort views market volatility as an opportunity rather than a risk, embracing the 'buy the dip' strategy [5]

Economic Shift & Wealth Accumulation - Teton County has become a hub of remote work, diminishing the impact of geographic isolation on its economy [1] - Teton County's average per capita income is approximately $500,000 per year [2] - Teton County surpassed New York County (Manhattan) in wealth accumulation in the early 2000s and has accelerated since the pandemic, with New York falling to fourth place [1][2] Community & Culture - The cowboy culture and friendly, outgoing nature of the residents are significant attractions for newcomers to Jackson Hole [3][4] - The cowboy culture is authentic to many long-time residents of Jackson Hole [3]

If computing power brings about technological advances without human input, and enough of the pay-off is reinvested in building still more powerful machines, wealth could accumulate at unprecedented speed https://t.co/gyscHQzgcO ...

Nick: If you want to go past 10 million, aka level five, you have to completely change your strategy. Nick: Let's say you have a million dollar portfolio. I'm just trying to make it very Nick: easy.It's earning 5% a year and you're saving $100,000 a year. Nick: Do you know how long it would take you to get to 10 million. The answer is 28 years.Nick: So once you start to do the math on this, you realize like, oh my gosh, Nick: like there's just like no way I'm going to get there by doing this standard, Nick: ...