Why Aren’t Rich People Happy With the Money They Have? • Hacker News Board

Re: Why Aren’t Rich People Happy With the Money They Have?

#101

Post by Namrog84 » Mon, Dec 10, 2018, 9:13 AM UTC

rgbrenner wrote: post #53

10122018 wrote: post #46

Earlier quoted context omitted.

> in the $10-30 million range you can live a comfortable life without having to worry about finances again This statement strikes me as very disconnected from the reality that the vast majority of people on this planet live in, and honestly, a little bit irritating. I'm well aware that many here on HN would be millionaires, but as somebody who grew up in poverty and is now a full-time uni student with no savings in t…

100k * 10% = 10k/year. 10% is about the best return you can count on (very optimistically) I don't know what country you live in, but 10k in the US, even for a single person, would put you far below the poverty line. No way you could afford that dental work after you pay rent on that. And let's not even talk about all of the other huge expenses that will come up later in your life. $10m * 3% = $300k/year That's a hig…

> You could cut this number in half, and that would be ok too IMO. Less than some developers make.

I think you might have a bias in your viewpoint here. At half would be 150k/year and is still significantly above what most developers make. And I am assuming only United states.

Re: Why Aren’t Rich People Happy With the Money They Have?

#102

Post by tonyedgecombe » Mon, Dec 10, 2018, 9:13 AM UTC

rgbrenner wrote: post #73

cyberferret wrote: post #20

But isn't it the well oiled marketing and advertising industry that is keeping us constantly unhappy and forcing us to compare our own (projected) shortcomings against others? My hypothesis is that wealthier people are even deeper in this trap, as once you can afford nice clothes, accessories, cars, houses etc., you are immediately exposed to others in the same (or higher) wealth bracket, thus exacerbating these feel…

It isn't the marketing and advertising industry. Greed, Pride, Lust, Envy, Gluttony - 5 of the 7 deadly sins.. Aristotle might not have reduced it to such a short list, but he wrote plenty on similar ideas. So there's 2300 years on paper... It's really human nature.

Yes but the marketing industry fans the flames. Edward Bernays has a lot to answer for.

Re: Why Aren’t Rich People Happy With the Money They Have?

#103

Post by jacquesm » Mon, Dec 10, 2018, 9:15 AM UTC

nostrademons wrote: post #47

catacombs wrote: post #31

Earlier quoted context omitted.

For the curious: https://news.ycombinator.com/leaders

It actually used to be one of the top tabs but was removed when PG realized that people trying to score points off each other hurt the quality of discussion. IIRC it was the same time that point totals for each comment were hidden from everyone but the author.

Credit to user jackowayed:

https://news.ycombinator.com/item?id=460631

Re: Why Aren’t Rich People Happy With the Money They Have?

#104

Post by hueving » Mon, Dec 10, 2018, 9:17 AM UTC

CalRobert wrote: post #90

rgbrenner wrote: post #53

Earlier quoted context omitted.

100k * 10% = 10k/year. 10% is about the best return you can count on (very optimistically) I don't know what country you live in, but 10k in the US, even for a single person, would put you far below the poverty line. No way you could afford that dental work after you pay rent on that. And let's not even talk about all of the other huge expenses that will come up later in your life. $10m * 3% = $300k/year That's a hig…

Am I weird? I spent a year living somewhat frugally (still enjoyed myself, still took a trip now and then) in San Diego and spent about 20,000. That was only my share tbf, my wife covered her half of expenses. We had a flat in a nice neighbourhood, shared an old but decent-condition car, took one trip to New England that year.. We had obamacare which helped a lot. I see people on HN talking about needing massive amou…

Retirement, buying a home in the bay area, saving for kids college funds.

You're right, spending 40k for a couple is plenty to live on. It's all of the above that sucks up the rest if you want to retire (let alone retire early).

Re: Why Aren’t Rich People Happy With the Money They Have?

#105

Post by tonyedgecombe » Mon, Dec 10, 2018, 9:20 AM UTC

seibelj wrote: post #44

The more money and assets I accumulate, the safer I feel. This is one driver that will likely prevent me from retiring early - the fear of destitution.

The "one more year" problem, I'll just work one more year to top up my funds.

In reality I suspect most people have the decision forced on them either by their employer, the jobs market or health problems.

Re: Why Aren’t Rich People Happy With the Money They Have?

#106

Post by dang » Mon, Dec 10, 2018, 9:22 AM UTC

baroffoos wrote: post #61

gammateam wrote: post #49

Earlier quoted context omitted.

HN will shadowban your account if you dont conform to popular opinion enough Aside from saying unpopular things, a net negative karma will also do it, which is a reflection of the same outcome Always check your post history from an incognito browser to see if others can see it

90% of the stuff I post is upvoted but I don't care if one opinion I stand behind is downvoted. I also create a new account every month so that probably wont affect me.

That's against the rules, so please don't: https://news.ycombinator.com/newsguidelines.html

Plenty of explanations about why: https://hn.algolia.com/?sort=byDate&dateRange=all&type=comme...

Re: Why Aren’t Rich People Happy With the Money They Have?

#107

Post by dang » Mon, Dec 10, 2018, 9:23 AM UTC

lihaciudaniel wrote: post #67

baroffoos wrote: post #61

Earlier quoted context omitted.

90% of the stuff I post is upvoted but I don't care if one opinion I stand behind is downvoted. I also create a new account every month so that probably wont affect me.

Isn't that against the rules, if not then I should do it, I just realised I was shadow banned 4 days ago and posted like an idiot

You can also email us to get unbanned if you want to use the site as intended. We're happy to unban people who give us reason to believe that they'll follow the rules in the future.

https://news.ycombinator.com/newsguidelines.html

Re: Why Aren’t Rich People Happy With the Money They Have?

#108

Post by brazzy » Mon, Dec 10, 2018, 9:24 AM UTC

> Where did Norton find his rich people? For that particular study, an investment bank connected him with some of its high-net-worth clients. But Norton also told me that he had previously consulted with a pool of Dutch millionaires willing to respond to researchers’ questions

Sounds like that would impose a pretty hefty sampling bias.

I'm fairly sure there is a large pool of people who are very quite and quite happy with the money they have, enabling them to focus on doing things they love.

But such people probably won't show up in this survey.

Re: Why Aren’t Rich People Happy With the Money They Have?

#109

Post by _justpassingby_ » Mon, Dec 10, 2018, 9:25 AM UTC

osrec wrote: post #89

belorn wrote: post #80

Earlier quoted context omitted.

This might sound odd, but there is some real health benefits in perceiving oneself as having high social status. A few of those are better immune system, successful aging, lower stress hormones, lower risk for illness and depression, faster recovery, and just general higher energy and confidence. It can have a very strong positive effect on ones social network. It is a very powerful and deeply biological aspect of li…

I think it's generally assumed that more money equals better physical health, but the psychological aspects are very underrated. Money equals certainty for a lot of people. It lets them count on certain things always being there. Having your own home, respect, clout totally builds your confidence and lets you face life with positivity. You can afford to be wrong more often, so you don't mind sticking your neck out -…

It's scary to think what that background stress is doing as the years roll on.

I imagine having that whole weight lifted... and then I read articles like this. Maybe we're all doomed. Call the Buddhists.

Re: Why Aren’t Rich People Happy With the Money They Have?

#110

Post by hueving » Mon, Dec 10, 2018, 9:27 AM UTC

jamesb93 wrote: post #93

10122018 wrote: post #72

Earlier quoted context omitted.

Nowhere have I said that $10K per year is comfortable. I have a dentist appointment tomorrow that I don't yet know how I am going to pay for. I can't remember the last time I got a Christmas or birthday present, or the last time I went on a holiday. It sucks, but there are people worse off than me. And there are three orders of magnitude between $10K and $10M. If anyone thinks they need $10M to feel secure and comfor…

Similar situation here. I live on 7000 GBP p/a and any other income I can find elsewhere which isn't guaranteed. There was a post on Reddit personal finance sub the other day asking for advice on whether they should leave their 320k USD p/a job for a 325k GBP p/a job as an entry level analyst for a hedge fund. Most people just have no idea what it actually is to live close to poverty and so 10 million is easy to come…

FFS that $10m figure isn't about being comfortable. It's about never having to work again and never having to be concerned about paying for things in an upper middle class lifestyle.

You might be happy as a PhD student, but your housing and life is entirely dependent on the university. You are one academic violation away from that all being in jeopardy.

What happens if you get a spouse and child? Will your current housing and savings be enough to support them and yourself if you both decide you want to stay with the baby instead of working?

What if your government passes legislation that costs you your job, your housing, or your healthcare?

The $10m money is about not worrying about anything other than global economic collapse and/or massive wars.

"Not worrying about money again" means never again. Not just while you manage to hold down a job.