How your life changes at different levels of wealth (2015)
1–10 of 19 posts
Re: How your life changes at different levels of wealth (2015)
#2Very interesting. This guy not only seems to attract rich people, but rich people who display their wealth. I wonder how "hard“ it is to live a fairly normal, modest life with that kind of net worth. Could you restrain yourself and not buy that Porsche?
It‘s hard to say if you‘re far away from being able to afford things like that, and content with it. It‘d surely weaken the problems with relationships they mention at the end.
Re: How your life changes at different levels of wealth (2015)
#3This part of the post is what amazes me the most.
"PERSPECTIVE. The wealthiest person I have spent time with makes about $400mm/year. i couldn't get my mind around that until I did this: OK--let's compare it with someone who makes $40,000/year. It is 10,000x more. Now let's look at prices the way he might. A new Lambo--$235,000 becaome $23.50. First class ticket internationally? $10,000 becomes $1. A full time executive level helper? $8,000/month becomes $0.80/month. A $10mm piece of art you love? $1000. Expensive, so you have to plan a bit. A suite at the best hotel in NYC $10,000/night is $1/night. A $50million home in the Hamptons? $5,000. There is literally nothing you can't buy except."
Re: How your life changes at different levels of wealth (2015)
#4Very interesting. This guy not only seems to attract rich people, but rich people who display their wealth. I wonder how "hard“ it is to live a fairly normal, modest life with that kind of net worth. Could you restrain yourself and not buy that Porsche? It‘s hard to say if you‘re far away from being able to afford things like that, and content with it. It‘d surely weaken the problems with relationships they mention a…
Its also not clear how easy it is to get that kind of net worth if you live a fairly normal and modest life. Lunch with the president is not just about bragging rights. If you are rich enough, it can pay for itself.
Re: How your life changes at different levels of wealth (2015)
#5Very interesting. This guy not only seems to attract rich people, but rich people who display their wealth. I wonder how "hard“ it is to live a fairly normal, modest life with that kind of net worth. Could you restrain yourself and not buy that Porsche? It‘s hard to say if you‘re far away from being able to afford things like that, and content with it. It‘d surely weaken the problems with relationships they mention a…
Its also not clear how easy it is to get that kind of net worth if you live a fairly normal and modest life. Lunch with the president is not just about bragging rights. If you are rich enough, it can pay for itself.
I think basically entrepreneurship is your only shot. Finance maybe, but probably not
Re: How your life changes at different levels of wealth (2015)
#6The one thing that sets many ultra wealthy, especially the self made ones apart from a lot of people is how much they value time. I especially liked the fictional evolution of ultra wealthy into immortals in "altered carbon" because it alleviated time as the most important and finite thing they have.
Re: How your life changes at different levels of wealth (2015)
#7In a way these are not life changing events. Whether I travel coach or by private jet is largely irrelevant to me.
A bigger impact on your life would be any of the following.
- Your health and exercide.
- The strength of your relationships.
- Having 1 or 2 close friends.
- Being grateful for what you already have.
- Enjoying your work.
- Having a dog.
- Learning new things.
- Giving back.
Re: How your life changes at different levels of wealth (2015)
#8Very interesting. This guy not only seems to attract rich people, but rich people who display their wealth. I wonder how "hard“ it is to live a fairly normal, modest life with that kind of net worth. Could you restrain yourself and not buy that Porsche? It‘s hard to say if you‘re far away from being able to afford things like that, and content with it. It‘d surely weaken the problems with relationships they mention a…
> but rich people who display their wealth
This is the key IMO. I know a few people who fall into various of the categories mentioned and, well, you wouldn't know it meeting them. The place they live is probably the only real tell besides maybe watches and acessories. Apart from the occasional splurge - weddings, the occasional destination getaway - they're pretty thrifty. They didn't get rich by throwing money around uselessly.
And that "perspective" concept doesn't really work that way in practise from what I've seen. If first class tickets were $70 instead of $7k i would never fly anything else, but people I know worth 100x more than me sure don't act like they are.
Like any group of people I don't think it's possible to draw these generalisations. Culture and individual personality plays a huge role. I also imagine the more you feel you have something to "prove" the more likely you are to engage in conspicuous displays of wealth, but for a large number of people that doesn't seem to be the case.
Re: How your life changes at different levels of wealth (2015)
#9I'd be curious to see somebody do this for lower levels too. It'd be interesting to see where the step changes are.
Right now, if the money fairy came down and doubled my salary, I don't think I'd live that differently. Or if say $1M just landed in my bank account. I would worry less, but don't see me going out and finding things to spend more money on.
I think there's a lot of "wealth inertia" but it'd be interesting to see the idea explored. I think most people tend to live a certain lifestyle, and even if they could afford a higher level one, you probably don't immediately. The reverse is also true and tends to get people into trouble. I know if my salary started creeping downward it'd be very hard for me.
I wonder if this has been explored in any real detail - how much extra income really triggers lifestyle changes. Is it just affordability steps as the author claims?
Re: How your life changes at different levels of wealth (2015)
#10In a way these are not life changing events. Whether I travel coach or by private jet is largely irrelevant to me. A bigger impact on your life would be any of the following. - Your health and exercide. - The strength of your relationships. - Having 1 or 2 close friends. - Being grateful for what you already have. - Enjoying your work. - Having a dog. - Learning new things. - Giving back.
Yes. What you need for happiness is very different from what you need to be able to collect sportscars as a hobby.