Comments on: Even Counterfeiting is Work http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/ Fri, 19 Mar 2010 11:58:21 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Frugal Bachelor http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7496 Frugal Bachelor Sun, 27 Jan 2008 02:28:55 +0000 http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7496 In a previous life, I used to hang in the company of international drug traffickers, particularly the "look-outs", the guys who monitored the streets and alerted the insiders whenever rival cartels or government authorities were approaching their turf. These guys were the hardest working people I have ever known in my life, and worked 24-36 hours straight without sleeping. Typically went from nothing to living in a huge house and driving an Escalade in a matter of months. In a previous life, I used to hang in the company of international drug traffickers, particularly the “look-outs”, the guys who monitored the streets and alerted the insiders whenever rival cartels or government authorities were approaching their turf. These guys were the hardest working people I have ever known in my life, and worked 24-36 hours straight without sleeping. Typically went from nothing to living in a huge house and driving an Escalade in a matter of months.

]]> By: Andrew Stevens http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7494 Andrew Stevens Sun, 27 Jan 2008 00:21:46 +0000 http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7494 Minimum Wage, it is certainly true that lots of smart people aren't rich. In fact, intelligence doesn't correlate terribly strongly with wealth (though it does correlate pretty well with income). Simple Tarn's formulation isn't bad, but I would put more emphasis on "learning to work the system" rather than "being smart." In particular, it is behaviors, discipline, ability to defer gratification, etc. which have far more effect on one's wealth than intelligence. Minimum Wage, it is certainly true that lots of smart people aren’t rich. In fact, intelligence doesn’t correlate terribly strongly with wealth (though it does correlate pretty well with income). Simple Tarn’s formulation isn’t bad, but I would put more emphasis on “learning to work the system” rather than “being smart.” In particular, it is behaviors, discipline, ability to defer gratification, etc. which have far more effect on one’s wealth than intelligence.

]]> By: Minimum Wage http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7493 Minimum Wage Sun, 27 Jan 2008 00:18:19 +0000 http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7493 >i?But “Don’t get caught” ? There are plenty of ways to get rich legally, just by being smart and learning to work the system.</i> You'd be surprised how many smart people are not rich. >i?But “Don’t get caught” ? There are plenty of ways to get rich legally, just by being smart and learning to work the system.

You’d be surprised how many smart people are not rich.

]]> By: Kiran http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7492 Kiran Sun, 27 Jan 2008 00:06:29 +0000 http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7492 A life of crime is probably a lot harder than a normal life. You have to be careful about spending your ill gotten gains. You have to watch your back lest you get shot. Changing careers is difficult. Not being able to trust your friends and colleagues. Thats why I guess criminals are either desperate people, or people who want to live wealthy lives, or people who want to be unimaginably rich (think Enron guys). If a criminal's reward was a nice blue collar paycheck, or even a low-end college graduate salary, they would never try it. Why bother being a counterfeiter if you are only going to be able to spend 50 to 60 thousand a year. Living on the up and up can get you there. If you are going to live a life of crime, it so high risk it requires a high reward , the quarter of a million a year lifestyle. A life of crime is probably a lot harder than a normal life. You have to be careful about spending your ill gotten gains. You have to watch your back lest you get shot. Changing careers is difficult. Not being able to trust your friends and colleagues.

Thats why I guess criminals are either desperate people, or people who want to live wealthy lives, or people who want to be unimaginably rich (think Enron guys). If a criminal’s reward was a nice blue collar paycheck, or even a low-end college graduate salary, they would never try it. Why bother being a counterfeiter if you are only going to be able to spend 50 to 60 thousand a year. Living on the up and up can get you there. If you are going to live a life of crime, it so high risk it requires a high reward , the quarter of a million a year lifestyle.

]]> By: Simple Tam http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7477 Simple Tam Sat, 26 Jan 2008 21:41:13 +0000 http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7477 @ Early Retirement Extreme. Freakonomics is indeed a good book. I do agree that the lesson is "don't lose money". But "Don't get caught" ? There are plenty of ways to get rich legally, just by being smart and learning to work the system. A book I like but do not totally agree with is Rich Dad Poor Dad. It gives us a glimpse of this. @ Early Retirement Extreme. Freakonomics is indeed a good book. I do agree that the lesson is “don’t lose money”. But “Don’t get caught” ? There are plenty of ways to get rich legally, just by being smart and learning to work the system. A book I like but do not totally agree with is Rich Dad Poor Dad. It gives us a glimpse of this.

]]> By: mrsmicah http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7463 mrsmicah Sat, 26 Jan 2008 19:49:50 +0000 http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7463 I think they got away with it for well over a year. 2-3 perhaps? The money was actually so good that it passed all the normal tests. The only reason they lost out was when one of them (the guy who designed the bills) pimped his new car with cash but used some counterfeits with the same serial number. The guy got suspicious and called the police about it. Since he'd done it with so much cash in hundreds, police started keeping tabs on him and his friends--watching their spending patterns and that kind of thing. I think they got away with it for well over a year. 2-3 perhaps?

The money was actually so good that it passed all the normal tests. The only reason they lost out was when one of them (the guy who designed the bills) pimped his new car with cash but used some counterfeits with the same serial number. The guy got suspicious and called the police about it.

Since he’d done it with so much cash in hundreds, police started keeping tabs on him and his friends–watching their spending patterns and that kind of thing.

]]> By: Catherine Lawson http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7462 Catherine Lawson Sat, 26 Jan 2008 19:43:58 +0000 http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7462 Mrs M - how long did they get away with it? It seems that many of these criminals get caught because they get too greedy and actually steal more than they first intended. Mrs M – how long did they get away with it? It seems that many of these criminals get caught because they get too greedy and actually steal more than they first intended.

]]> By: RacerX http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7459 RacerX Sat, 26 Jan 2008 18:59:06 +0000 http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7459 Although the facts were mangled, American Gangster was interesting from a Business perspective as well. Frank Lucas grew $250K into $125MM+ in less than ten years... Although the facts were mangled, American Gangster was interesting from a Business perspective as well.

Frank Lucas grew $250K into $125MM+ in less than ten years…

]]> By: Hilda http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7455 Hilda Sat, 26 Jan 2008 18:44:20 +0000 http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7455 What gets me is that these criminals are so smart if only they put in the same amount of time and effort in doing legal activities, they probably would have succeeded just the same without the risk of going to jail. What gets me is that these criminals are so smart if only they put in the same amount of time and effort in doing legal activities, they probably would have succeeded just the same without the risk of going to jail.

]]> By: plonkee http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7453 plonkee Sat, 26 Jan 2008 18:12:04 +0000 http://financefreelancelife.com/2008/01/26/even-counterfeiting-is-work/#comment-7453 Lesson in being a criminal genuis no.1 - Don't get so greedy that you end up working harder than people do in real jobs. Lesson in being a criminal genuis no.1 – Don’t get so greedy that you end up working harder than people do in real jobs.

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