11–20 of 190 posts
Every time I read an article like this, I think of all the people I know who are well off, yet appear to be miserable. Then I want to share with them this old wisdom from "The Ethics of the Fathers": "Who is wise? One who learns from every man." "Who is strong? One who overpowers his inclinations." "Who is honorable? One who honors his fellows." "Who is rich? One who is satisfied with his lot."
I think from a certain comparatively low threshold, my worry would be how to use my money to make the world a better place, not how to get a even more luxurious lifestyle.
Because they don't know what it means to be poor?
Now I own a big house, drive nice cars, and earn a lot more than back then, but I still don't feel rich. The rise in income over 12 years, was more or less matched by a rise in lifestyle and spending. Don't get me wrong, life is more comfortable, and I'm able to do lots of things I want to do that weren't possible before, but I still don't feel "rich" (I do feel lucky and blessed, etc...). I hate my 1/2 working 30 year old electric cooktop. I want a new gas cooktop, but that means new counter tops, and running a gas line, and if I'm doing new counter tops I should probably re-do the cabinets at the same time, and if I'm doing those, I should do the floors, and if I'm doing cabinets I should really replace the wall oven and fridge while I'm at it. But I don't have that kind of money! And I still have to bust my ass every day at work. So until you're really "RICH", and you still have to set the alarm and work every day, and you have things you want, but can't afford, you don't "feel" "rich".
Is this a healthy well adjusted mindset, probably not. Just pointing out that slow acclimation can make you feel like you really haven't moved much, regardless how far you've travelled. I've lost 35+ lbs in the last 3 years, but I don't feel "thin".
Perhaps it's because the definition of "rich" that they would need to feel is one where they'd never have to work again if they didn't want to. The article points out an annual income of $172,000 as being rich, but by implication, these people still have to work for their money. Therefore probably don't feel "rich" If they could maintain that income or even half that income in perpetuity without working. If they coul…
If they define satisfaction as being top 5% in wealth, then they'll probably have a long road to satisfaction.
As for me, and I suspect others here, I'm satisfied when creating value. Dollars made is just a fallible measure of how much value has been created.
Perhaps it's because the definition of "rich" that they would need to feel is one where they'd never have to work again if they didn't want to. The article points out an annual income of $172,000 as being rich, but by implication, these people still have to work for their money. Therefore probably don't feel "rich" If they could maintain that income or even half that income in perpetuity without working. If they coul…
I think the real issue is that someone making 300,000 probably doesn't have much more disposable income than someone making 80,000. Whatever extra money they have is likely just going to a slightly nicer house, their IRA, dental insurance, a slightly better preschool for their kids, etc. In other words, if you're making 300,000 per year then you probably can't afford to fly to Hawaii for the weekend on a whim any more than someone making 80,000 can.
I don’t think you become Press Secretary of the White House because of the salary, you become Press Secretary because you are passionate about it. (For all you cynics out there: replace “passionate about it” with “power hungry”.)
You certainly don’t have to feel ashamed or poor at cocktail parties if you are the Press Secretary of the White House, I would much rather suspect that you don’t actually have time to go to any cocktail parties and that that could be the much larger problem.
Press Secretary is not a job you have forever (eight years seem like the natural maximum) and I’m certain that you have great chances of landing a highly paid job after that.
It's easy to see why somebody making $200,000 wouldn't feel rich if they own a $600,000 house. Their mortgage costs almost $50,000/year! Design your life to maximize the money in your pocket and you'll feel much richer.
It's simple. Make $100K, live near people making $90K = rich. Make $100K, live near people making $110K = poor.
Because they don't know what it means to be poor?
For one example I moved to an apartment not infested with mice and roaches and it's cost me an extra $2,000 a year in rent. And honestly the roach place was overpriced and my current apt is a pretty good deal.
Basically, someone in the 90th percentile but not feeling rich is probably living somplace nice, buying a lot more reasonably-nice clothes (and bicycle and ski gear maybe), brand-name groceries (Whole Foods, etc.), newer cars, an entertainment center, college and retirement savings, etc. No individual item seems like a massive luxury, like a Yacht or a mansion or luxury penthouse; and you can't invest a million in startups just for the fun of it; but across the board it all adds up.