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Life lessons from the very wealthy

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Re: Life lessons from the very wealthy

#11

Post by pspeter3 »

ahoyhere wrote: post #8
pspeter3 wrote: post #3

Does anyone know if Tech companies do similar things to what banks and law firms do in terms of golden handcuffs?

Absolutely, only it's more subtle. When you work at a company that feeds you gourmet lunches, does your oil changes and laundry for you, arranges shuttles from your apartment to the office, etc., you begin to feel like you couldn't possibly live any other way. That is the dark side of perks. Another way to keep people stuck is to pay them too much, much more than they could ever earn elsewhere. They will then rationa…

Thanks for the tips. I'll make sure to be cognizant of the perks I'm getting. Any advice on how to survive a workplace like that and keep your mind in reality?

Re: Life lessons from the very wealthy

#12

Post by pacemkr »

ahoyhere wrote: post #8
pspeter3 wrote: post #3

Does anyone know if Tech companies do similar things to what banks and law firms do in terms of golden handcuffs?

Absolutely, only it's more subtle. When you work at a company that feeds you gourmet lunches, does your oil changes and laundry for you, arranges shuttles from your apartment to the office, etc., you begin to feel like you couldn't possibly live any other way. That is the dark side of perks. Another way to keep people stuck is to pay them too much, much more than they could ever earn elsewhere. They will then rationa…

You seem to be talking about different things.

I read "golden handcuffs" as extending a line of credit to employees to support and _encourage_ living beyond their actual means. This is very very different from being pampered and spoiled as you describe.

Re: Life lessons from the very wealthy

#13

Post by hugh3 »

gmkoliver wrote: post #10

From what I've found with a quick search it seems like most held wealth is earned rather than inherited. Does anyone know if this is accurate, and what the typical 'pre-earnings' demographic background of the very wealthy is in the U.S.?

Anecdotally, it seems that practically every billionaire in the US comes from an upbringing in the comfortable middle class.

This is basically what we'd expect, given that:

a) Folks who become rich are generally pretty darn smart.

b) People who are smart generally have smart parents.

c) The vast majority of smart people are in the comfortable middle class. (Not the poor, since they're smart enough not to be poor, but not the very rich, because statistically there ain't that many of 'em)

Therefore, if you're rich you probably had comfortably middle class parents.

Re: Life lessons from the very wealthy

#14

Post by therandomguy »

rahulvohra wrote: post #7

"Work is the process of exchanging your time for money." I never want to "work" in an organisation where this is true.

Then start your own business because that is true for 100% of the business. But they do spend a lot of money to make employees feel that they are very valuable and their work is worth a lot and they are adding a lot of value etc. Watch the move Matrix to understand the philosophy.

Re: Life lessons from the very wealthy

#15

Post by sukuriant »

hugh3 wrote: post #13
gmkoliver wrote: post #10

From what I've found with a quick search it seems like most held wealth is earned rather than inherited. Does anyone know if this is accurate, and what the typical 'pre-earnings' demographic background of the very wealthy is in the U.S.?

Anecdotally, it seems that practically every billionaire in the US comes from an upbringing in the comfortable middle class. This is basically what we'd expect, given that: a) Folks who become rich are generally pretty darn smart. b) People who are smart generally have smart parents. c) The vast majority of smart people are in the comfortable middle class. (Not the poor, since they're smart enough not to be poor, but…

Careful with the "smart enough not to be poor" claims, especially among the lower socioeconomic classes.

Re: Life lessons from the very wealthy

#16

Post by gaius »

pacemkr wrote: post #12
ahoyhere wrote: post #8

Earlier quoted context omitted.

Absolutely, only it's more subtle. When you work at a company that feeds you gourmet lunches, does your oil changes and laundry for you, arranges shuttles from your apartment to the office, etc., you begin to feel like you couldn't possibly live any other way. That is the dark side of perks. Another way to keep people stuck is to pay them too much, much more than they could ever earn elsewhere. They will then rationa…

You seem to be talking about different things. I read "golden handcuffs" as extending a line of credit to employees to support and _encourage_ living beyond their actual means. This is very very different from being pampered and spoiled as you describe.

A line of credit? Never heard of that. Golden handcuffs are generally in the form of deferred bonuses, vesting periods, etc.

Re: Life lessons from the very wealthy

#17

Post by evangineer »

pspeter3 wrote: post #11
ahoyhere wrote: post #8

Earlier quoted context omitted.

Absolutely, only it's more subtle. When you work at a company that feeds you gourmet lunches, does your oil changes and laundry for you, arranges shuttles from your apartment to the office, etc., you begin to feel like you couldn't possibly live any other way. That is the dark side of perks. Another way to keep people stuck is to pay them too much, much more than they could ever earn elsewhere. They will then rationa…

Thanks for the tips. I'll make sure to be cognizant of the perks I'm getting. Any advice on how to survive a workplace like that and keep your mind in reality?

Referring back to the article, setting your own goals and having a gameplan for your career and finances that transcends your current gig and workplace.

Re: Life lessons from the very wealthy

#18

Post by pacemkr »

gaius wrote: post #16
pacemkr wrote: post #12

Earlier quoted context omitted.

You seem to be talking about different things. I read "golden handcuffs" as extending a line of credit to employees to support and _encourage_ living beyond their actual means. This is very very different from being pampered and spoiled as you describe.

A line of credit? Never heard of that. Golden handcuffs are generally in the form of deferred bonuses, vesting periods, etc.

From the article under number 4:

"They encourage up-and-comers to spend extravagantly; they extend lines of credit to their rising stars. You need a big house with a jumbo mortgage; you cannot pull up to a business meeting in anything less than the best luxury car. It is part of their corporate culture."

Re: Life lessons from the very wealthy

#19

Post by adestefan »

therandomguy wrote: post #14
rahulvohra wrote: post #7

"Work is the process of exchanging your time for money." I never want to "work" in an organisation where this is true.

Then start your own business because that is true for 100% of the business. But they do spend a lot of money to make employees feel that they are very valuable and their work is worth a lot and they are adding a lot of value etc. Watch the move Matrix to understand the philosophy.

You spend even more time in exchange for money when you start your own business. The real fix is to do what you love because then work never feels like work.

Re: Life lessons from the very wealthy

#20

Post by 6ren »

WalterSear wrote: post #2

Misses several important ones: - It's good to be the king - Money doesn't buy happiness, but carefully spent, it can buy several happiness factories. - Little people don't understand me.

I think the initial quote better addresses your point 2

> Money won’t buy happiness, but it will pay the salaries of a large research staff to study the problem. - Bill Vaughan

Also, Zaphod: If he was asked at this moment where he would like to be he would probably have said he would like to be lying on the beach with at least fifty beautiful women and a small team of experts working out new ways they could be nice to him, which was his usual reply. http://www.otostopcu.org/yazi/h2g2/b2c7.php

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