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Why Don't Rich People Just Stop Working?

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Re: Why Don't Rich People Just Stop Working?

#91

Post by laurent92 »

moate wrote: post #80
lbriner wrote: post #41

Earlier quoted context omitted.

We had a talk once from a man who had sold his company at around 23 years old for several million, a lot to a young man. He said he thought he would live the dream, travel the world, go and do whatever he wanted, waking up at 10am every day and having a cooked breakfast! Then he realised how boring and lonely it was. His friends were all at work while he was "free" and most people don't want to sit by themself at a b…

Giong to make some bold guesses here: This is a single man without children. The idea of a single guy in his mid-20s being unable to find meaning in his life seems pretty normal. I'm not saying getting married or having kids mean you're winning at life or are the only ways to have meaning, but as a married person in his 30s, I'll gladly take a few million and retirement to go on adventures with my wife for the rest o…

If you feel depressed and lazy, pick someone else’s load and carry it…

Re: Why Don't Rich People Just Stop Working?

#92

Post by gruez »

pasquinelli wrote: post #66
gruez wrote: post #33

Earlier quoted context omitted.

This reads like rich people fan fiction. Is there any evidence backing this?

backing which part?

>if the rich "work" it's to pretend that that isn't the arrangement; to maintain the illusion that they work for their money rather that owning the surplus value created by their workers.

Re: Why Don't Rich People Just Stop Working?

#93

Post by nly »

swiftcoder wrote: post #49

If you actually want to stop working when you have enough, you'll quickly discover that society doesn't count "enough" as "rich". Signed, someone semi-retired from tech

I agree with you, it's all in the framing.

According to Expatistan[0] a typical family of four in the US need $55K/yr just to cover living expenses. At a SWR of 3% (Reasonable if you're young and looking to ride out a lot of market variance before you shuffle off rock) that means you need ~$1.8M fully invested just to live a typical middle class existence.

If you say you have $2M in the bank some might say you're 'rich'. If you say you earn $55K/year most people certainly won't. The best case scenario of course, is to have both.

[0] https://www.expatistan.com/cost-of-living/country/united-sta...

Re: Why Don't Rich People Just Stop Working?

#94

Post by 0_____0 »

boyadjian wrote: post #18
0_____0 wrote: post #13

Earlier quoted context omitted.

But unlike going to the gym, acquiring a certain level of wealth gives you the means to continue to accumulate wealth. At the point that you're worth $10MM, you could live an upper middle class existence indefinitely with even a fairly pedestrian set of investments.

richness is not only money, it's human relations, quality of life, all things that need some kind of work

True but I don't think the article was referencing work that goes into maintaining social standing, rather direct professional work.

Re: Why Don't Rich People Just Stop Working?

#97

Post by duxup »

HWR_14 wrote: post #83
duxup wrote: post #67

Earlier quoted context omitted.

CEO asked us about it too. We discussed the pros and cons of laptops vs desktops and etc (this was when laptops were still a big tradeoff vs a desktop in power and etc). IIRC we recommended a nice desktop for the kids that could be upgraded / changed they were inclined but also plenty useful if they chose not to. Also told him to get a nicer monitor than they were thinking.

> e recommended a nice desktop for the kids that could be upgraded / changed they were inclined This seems to be where you probably mislead him. If the CEO is making enough money, you buy a new computer, never bother upgrading. Depends on how much he wants to spoil his grandkids (the answer is usually too much.) But yes, people spend a lot of time on specs and completely neglect the monitor.

When I built my first PC a wise man once told me "Your monitor IS your computer."

Re: Why Don't Rich People Just Stop Working?

#98

Post by racl101 »

lbriner wrote: post #41
racl101 wrote: post #16

I find that rich people, like the millionaires and billionaires, are driven people and driven not necessarily only by money. Extreme financial success is but a side effect of whatever is driving them whether it be building a huge company or a revolutionizing and industry. And if getting rich is not the end game whether entirely or partially then the work is never done. They are still on a mission and there are more c…

We had a talk once from a man who had sold his company at around 23 years old for several million, a lot to a young man. He said he thought he would live the dream, travel the world, go and do whatever he wanted, waking up at 10am every day and having a cooked breakfast! Then he realised how boring and lonely it was. His friends were all at work while he was "free" and most people don't want to sit by themself at a b…

I know this statement is controversial but honestly: for some people, work gives life meaning. Whether for a salary, or stock or for free.

But it should be revised to meaningful work. Not schlepping a mop at 7-11 to eke out next month's rent.

Heck, I don't have that level of success, am very middle class in fact, but even I think it's so boring to just sit in a beach sipping drinks for the rest of my life.

It means more to me when it's a nice well earned break from the work but for that to be the rest of my life .... I couldn't. I'd always find something else to work on as long as I was able bodied and of sound mind.

Re: Why Don't Rich People Just Stop Working?

#99

Post by awillen »

HWR_14 wrote: post #22
busterarm wrote: post #11

We have a real societal disconnect and it's clear that we don't communicate enough with our elder generations. While some people are content to retire and stay home in bed, not having something meaningful to do every day makes quite a lot of people absolutely miserable.

But that's not the option open to the uber-rich. Look at Tom from MySpace. He took a ton of money and is on a permanent vacation. He certainly seems to have a more enjoyable life than Zuckerberg. Although I guess he cannot afford the biggest yachts in the world.

He seems to? How do you judge that? I feel like most people who make statements like that really mean "if I were given the choice between the two lives, I would choose Tom's over Zuckerberg's." That doesn't tell you anything at all about who's enjoying their life more, since you're neither Tom nor Zuckerberg, and their goals/priorities/values are probably very different from yours.

Re: Why Don't Rich People Just Stop Working?

#100

Post by jinushaun »

brendoelfrendo wrote: post #79
lbriner wrote: post #41

Earlier quoted context omitted.

We had a talk once from a man who had sold his company at around 23 years old for several million, a lot to a young man. He said he thought he would live the dream, travel the world, go and do whatever he wanted, waking up at 10am every day and having a cooked breakfast! Then he realised how boring and lonely it was. His friends were all at work while he was "free" and most people don't want to sit by themself at a b…

Sounds to me like he left a lot of options on the table. There's a lot more out there than working in corporate or sitting alone at a bar in Tahiti. I'd love to be able to get creative and indulge hobbies as full-time work; it'd be nice to brew beer, or write a book, or take up woodworking, without having to worry about financing or making a profit from any of those activities.

Lots of down votes, but I totally agree. I have more hobbies than time. I would not be one of those people bored during retirement.
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