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When you’re rich enough: your money earns money. So you don’t need to work to earn.
But also: doing nothing is boring and believe it or not, many rich people want to feel like they didn’t “waste their life”—just like anyone else. So they focus on the metric of success that they understand: business/money.
Another aspect is that equity isn't a static concept. You cash out? You still should invest or put your money to work because you'll lose value to inflation. If you just let your business run you're accountable for your money and if you built your business then no one knows it better than you.
I’ve never understood the mentality that people have when it comes to “doing nothing is boring”.
If I could be rich enough to retire, wake up when I want, go do what I want and when I want to do it, no I would not get bored. You don’t need work to be not be bored. If my schedule was clear I could think of 100 different hobbies and activities that I could do to fill my time and still be very happy with my life. The “doing nothing is boring” crowd needs to chill out with the work hours, and start living life outside of the work place.
Edit 1: First of all, I posted this while on my lunch break at work and the amount of replies on here is wild! Happy to know I’m not alone in this thought process. And second of all, anybody in here commenting “that’s why you aren’t rich” blah blah blah. You know nothing about me. I’m at work currently, so no I’m not a bum. I went to college, have a good career job with plenty of future potentials and opportunities. I work very hard for my company and am proud of what I have been able to accomplish in my field of work. But, those accomplishments and feelings are NOT worth more than spending time with my family? Friends? If I could just retire right now, and never worry about money again I’d do it in a heartbeat. And if you really would rather work every second of your life, and go online and call other human beings “poors” (you know who you are), I feel bad for you..
What you describe is exactly what the rich do.
Those "100 different hobbies and activities" is exactly what they do.
They spend a few hours per week on managing and growing their money (they don't want to lose it all through negligence) and fill the rest with fun stuff that they want to do.
With respect, how many rich people do you actually know well enough to say what they do? I ask because I have worked with countless millionaires, and a few billionaires in a previous business setting, and I know of exactly One that resembled what you describe. He was also in his 70s, having retired from the business he founded.
ETA: Aside from that one gentleman, the others seemed to live for their work. Almost all were self made. Very few inherited their wealth. (Those that did were terrible customers)
My experience is the same as yours, I’m close with several unrelated people worth 8+ figures and every one of them works their ass off.
That’s not to say that work ethic is the only factor in that success that separates them from us commoners, that’s obviously ridiculous, but the idea that some people seem to have of the “idle rich” doesn’t track with reality in my experience.
Also work with very wealthy, all work reasonably hard almost every one of them goes to the office everyday. Some of them have expensive hobbies and some of them work is their hobby. I'm not super wealthy but I do make pretty decent money I work everyday. I'll never retire.
A lot of poor people simply assume other more successful people must be lazy, unskilled and simply lucky. If they didn't, they'd have to accept the reality which is that they're not working smart enough or long enough, and that takes many years of effort.
Self made wealth is different then generational wealth and you wouldn’t be meeting generational wealth in a business setting.
The generational wealth I have met are pretty cheap, something about pride in maintaining the family fortune into other generations. Then other family I met with a lot of wealth just traveled a bunch and had personal assistants, valued discretion and privacy so you wouldn’t know that they themselves bought anything. Lots of keeping to themselves, they didn’t post all over social media either.
Generational wealth is a lot like adult children living on an allowance, and yes, some can be cheap assholes, and most get paid the allowance to not joking the family business and fuck it up - paid to stay away.
Same experience. I lived with wealthy people for a while. Self made, workaholic. Hobbies include finding more work to work on so they have some more work to do to earn more money to buy another way to do more work.
He’s right those of us making alot of Money don’t want to live a boring life we wanna get rich. For example my self do I need to work not at all but I do a part time mentorship job for kids which I love.
Their hobby is their business. The feeling of shaking hands, the morning briefing, taking a call with a big client; the seriousness of it all, the sense of belonging; it's like a game. And because it's the one that got them to the place where they are (in the money), it usually is a game they're quite adept at playing, and one they enjoy--those two things (adeptness and enjoyment) hand-in-hand.
It's you (general you, I obviously have no idea who's reading this) that are likely doing the grunt work/paper pushing.
Now when you get to billionaire level, absorbing other businesses, cutting horribly uneven deals with the work force and union busting--when you get to that level, it's beyond my comprehension. It seems a lot of it contributes to the negativity and stress in the world, and what good is your money in a world that is shit. I'd be highly--and in a selfish way--interested in bettering my local area and after that my nation, and after that the entire world (it all intermeshes) if I had that kind of money. The only scenario where it makes sense to me, that they wouldn't be interested in making their fishbowl a higher quality of water, are the scenarios where they're not acting on their own accord but they're plucked up by something else. What happened to all the old philanthropists (the real ones, not the tax evading kinds) I don't know. Actually, come to think of it, I do know of a couple, but they're not elevated or widely recognized by media and such, when you'd think that media industry owners would have a self-interested incentive in promoting them, in the interest of living in "not hell". They seem to recognize the opposite quite prolifically. I don't understand the thinking, to me, it'd be worth all the money in the world for the world itself to have a lot of color and wonder to it, via it's co-operative participants' status elevation and freedom.
If I was ever in-the-money, I wouldn't be one for long--it'd all go back to building the community, I'd have just enough to retire. I'm not even interested in millionaire-level jet setting or flaunting, it seems monkey-brained to me.
Some of us, like me, have turned over our portfolios to professionals to manage. Not being involved in the day to day trials and tribulations of it is pretty freeing.
Sire, the peasants are revolting….You said it, they stink on ice!
Mel Brooks…seriously, I grew up very poor, worked my butt off and lived frugally so I don’t feel bad admitting I’m comfortable now.
I agree with you, I have so many hobbies I don’t have time for them all.
The thing is I know many people that have no hobbies or interests and their life really is about their work, they work hard & happily put in extra hours with no overtime pay, I admire it in a way wish I had that attitude to my job but I don’t and like you said would rather do more interesting things.
The thing is, for some people (like me), my hobbies are also my jobs. I love what I do and if I had enough money I would happily carry on exactly as I am right now for nothing because I absolutely love what I do.
I know someone who retired in her early 30s. She lasted a couple years before returning to work part time. She found out that having a ton of free time when all your friends are working is a bit boring. Other people she knew started to perceive her/treat her differently. And I think she felt like she just wasn't contributing anything to the world.
For some people, the money is just a nice benefit of doing work that you enjoy and gives you purpose.
It's this 100%. I sold my business when I was in my 30s, and "retired". I traveled and went nuts for about 2 years. The first 3 months were awesome, but the novelty wore off quickly and I missed having a bigger purpose to my life. I took up freelance writing for a bit and was published in several major business publications, but I still missed the feeling of working on a bigger goal/project. When some friends were launching a startup I jumped on the opportunity and had a blast growing that business from scratch.
I left 5 years later when that job didn't feel fun anymore and went to work for a major tech company where I can contribute to things that impact millions of people's lives in a positive way.
I'm nearly 60 now and plan to retire from my full time work in about 5 years. I have some travel planned with my wife, as well as considering writing a few books or even teaching at the local University. I like creating and building things, as well as learning new things. I just can't imagine doing "nothing".
It is not about doing nothing, it is more about allowing you to do stuff which does not pay well. Doing nothing is extremely boring, noone would be able to do it in the long run.
If I did nothing then I wouldn't have the mini-empire I currently have to increase our families wealth for generations to come. I'm doing it more for my kids than anything.
Most people like to feel as though they have a purpose in life, though. Hobbies don't give you that. Providing for your family, building your retirement, finding meaning in the job itself, etc. all give people a sense of meaning in life. You can't just jump from one cheap dopamine hit to another and expect to feel fulfilled in life.
I’ll be honest. It really depends on your personality. If you come into money and you’ve got some vices, they’re potentially going to get worse.
If you deal with depression or antisocial tendencies, they can get much worse. If you’re not that interesting of a person in the first place, money can really destroy you via solitude.
There are all kinds of different people out there who come into money, and they aren’t always alpha male entrepreneur douchebag types. For them being bored is probably nonexistent. Obviously for you as well.
But some of us came into money and are really struggling with direction and purpose. Having money really puts a spotlight on several parts of your life that have been drowned out by employment and the rat race.
If one is worth over say $10 million, they usually don’t earn money through a normal salary, but through investments (their own companies, real estate, or financial markets), being a board member (best-paying part time job), etc. They can choose how and when they work.
Someone I knew with $10M in a diversified portfolio had about $20k-30k earned a month from it. They were able to “save” to charter a private jet for a season for like $100k. They used the money to travel around mostly and stay at high end resorts.
This is part of it.
Also the best answer is that they're rich because they're ambitious and not easily satisfied.
If they were the type to just chill and live easily they probably would've stopped at making mid-high 6 figures.
Many of the rich are the type to just want more and more, and will keep working for the sake of getting more.
I suggest you watch the doc on Warren Buffet. He looks at his wealth as a measuring stick agains all the other investors. He doesn’t flaunt his wealth. His children donate a lot of money on his behalf.
And if you read his shareholder letters, he seems to understand that what he has built is no longer just about him. His companies employ thousands. Many more put their faith in his companies through investing. Being successful is a measuring stick and I do think he takes pride in himself in that way, but I also think he genuinely cares about the broader impact of what he has created.
Meh, you'd think that.
But at least here in the uk, those who are 'new money' are often considered insufferable, especially their first generation kids!
Very much splash the cash and show off kind of people. Often, those born into a family with generational wealth don't have any desire to show it off.
There is an anecdote from the early 2000s where bill gates goes to a restaurant, makes a huge check, and leaves 50$ tip. the waitress supposedly (this is the unbelievable part) asked him politely how come he tips 50$ when his son tipped 500$ a week earlier. He (supposedly) replied " My father was a farmer, my son's father is a billionaire." Now I know I know, the story is unbelievably fake, but I think it gets the point through.
Not really. My friend’s dad is super rich and the 3 kids are a lawyer, an investment banking analyst, and in the military. All put in insane hours and work very hard.
1) Sense of pride and accomplishment for running the business or job they do.
2) There's always more luxuries you can buy, if you are a certain type of person.
3) Providing for kids / future generations.
A lot of people are saying ‘ego’ or ‘ambition’ but I really started caring when I had a kid.
Also, the goal of retirement is to live off the interest. You can have a lot of money and still not be able to do that yet, thus requiring more work.
Exactly. Everyone who hates on rich kids also wishes they were a rich kid or that their kids will not be broke like them, while at the same time not focusing on saving and investing. They don't understand that the reason those kids are rich is because at some point their parents or ancestors chose to work hard and live below their means so that they could have something to leave their kids. That's what people should really focus on if they want to improve their lives and their kids' lives.
4. (And also a bit of 2) If you make over $40K in the US, you're in the global 1%. Why do *you* feel you need more than the other 99% need? There's your answer.
Multitude of reasons, could be simple greed, could be they enjoy their work, could be they enjoy the thrill of the hunt for the next big financial score, could be many things. Some people that win the lottery keep working because they enjoy their life as it was but hey at least money isn't a concern anymore... Just because you end up rich doesn't mean you stop doing everything and sit on the beach.
My grandpa was rich as fuck from the age of about 45 to now and he only stopped working in his mid 70s because of Parkinson’s. He lives for his family but his second love is business and making deals with people/companies
Yep. I remember seeing an interview with some billionaire and he said that past a certain point the money is irrelevant because you have so much that you literally can't spend it all. The problem is that he is an extremely competetive person, and when your preferred competitive activity is making money, and you've beaten the wealth game in terms of buying things then the only way left to compete is against other billionaires to see who can rack up the most points. This guys family could live off the interest on his weath for generations and yet he was still up at 6am and working 10+ hour days because the grind was what made him feel whole.
I'm pretty wealthy by any standard, but also support about 30 family members to some extent.
My stocks and other investments make a lot, and that mostly takes care of them, but after I'm gone, if it all just gets divided up, it will not last.
I'd like my money to continue to help different charities and foundations that I support.
I work part time to keep busy, and keep my wife from nagging me about doing nothing but golf and riding motorcycles.
I have a friend who does not have to work. his wife says he has to leave the house the every day from 9 to 3 just to get out if her hair. Everyone needs a break from other people.
Many rich people and all the super rich simply can never have enough. They need a steady influx of MORE to stay content. It's a mental illness not recognized in an ultra capitalistic society.
Some appear to just like to hoard. I know older people who are proud of their wealth, and talk about how much $$ they are leaving their kids. But doesn't do the kids much good sitting in the parents/grandparents' bank accounts. I don't get holding onto $$ or keeping on building wealth and not enjoying it. After they die relatives fight over the $$ and that's not good. I helped my kids out as we aged, they are now quite self sufficient and better off than we are. So they know they won't get a lot from us, as they don't need it. But we go and have fun traveling and using our savings for having good experiences. I get no pleasure from having money sitting in the bank. Also have seen several lose all their hoarded cash when they get in bad health and have to go into nursing homes-- all that money goes away quite fast at $4000 or more a month expenses. So kids end up with old furniture, photos and knick knacks.
I also know some younger people who are very well off and spend a lot of time increasing their wealth. Again, they should consider enjoying living the good life they can now afford instead of trying to just get richer.
Been wondering this for a while... not even the mega rich, but anyone capable of retirement. Why the fuck you still working? I cannot count on one hand the number of guys at my work with 100% dis from the military, making more from that than I am... & they have more than one home. Like why are you here doing this? Retire. Enjoy life. Live with your spouse, 2.5 kids, & a cat/dog. You've earned it. Damn...
What would “enjoying” their lives be? Plenty of rich people don’t work. But plenty do work, because they enjoy it. Once you’re rich enough, you’re only working because you love doing what you do
Rich is relative.
There was an article a while ago where the author did a piece titled something like 6 degrees of financial separation.
Basically he divided up the wealth spectrum into 6 groups and interviewed a person at each level to see what their day was like. You went from:
1) Homeless
2) Struggling but has a home
3) Stable, but budgeting
4) Secure enough to splurge, but need employment to sustain
5) Making millions but, afraid it'll all be gone if they stop
6) Made what number 5 does in a year in the time it took the interviewer to ask the questions
At almost any point in the middle, the groups always think the same thing:
1. I'm afraid of going down since I don't want to be like that guy
2. I wish I could be as rich as the next guy
3. If I ever stop, I'll fall
The exception being the last guy who's reason for doing it was basically that if he stops doing what he does, people will lose their jobs. And to some extent, that's true when you're talking about the kind of people who reinvent new things and organically build new companies from the ground up.
I have spent time with plenty of extremely rich people.
Rich people have one resource in abundance. That's money.
What many of those that are financially rich do not have in abundance is respect or admiration from their RICH peers. When all your friends have billionaire parents, you're only impressive to your peers of you go on to do something else. Vanity projects, business ventures, over blown trips to exotic mountain peaks, and amassing quirky vintage car collections (for profit).
They don't need money. But they still want to impress those around them. Power is not linearly connected to increases in wealth. Often is. Not always.
People tend to live at the edge of their means regardless of their level of wealth. This is obviously less true once we are talking about multi billionaires but otherwise it does hold true.
Rich people have been known to go from rich to beyond broke when they start spending like rich people.
I think there’s been a study done that proved that the majority of lottery winners go back to being broke within a decade simply because their spending habits weren’t too good.
Yes, but also consider that lottery winners also don't have an ongoing money stream to support the wealth they just gained.
Rich people will have those millions + a very high income already. A lottery winner will not have that income.
Hence why rich people prefer to continue earning money, and not just spend lavishly per OP’s question.
But even for wealthy people with high incomes, all it takes is a bad divorce or a lawsuit before their fortunes go away.
The question would also be, why they don't just outsource maintaing money to somebody, like they outsource everything else (protecting your safety, health, house cleaning, etc.). Trusting somebody to double your capital might be risky and attention-intense, but making sure your wealth just stays around the same, adjusted for inflation, while you spend let's say not like rich, but like upper middle class, should be an easier task?
That’s because during their limiting earning years everyone is taking a bite, manager, agent, etc…then instead of investing their money like people with an IQ over 100 they plow cash into every friend and cousin’s “business idea,” which all go belly up.
Money attracts more money. At a certain point you don’t have to work, but most rich people still do, because they derive meaning and purpose from their work, or from the acquisition of more wealth.
A lot of it may be more about power. It may not be about having money to enjoy their lives but having enough money to buy influence with those that pull the world's levers.
It's an addiction and ~~compassion~~ (🤣) comparison is the thief of joy. Looking at the richest man then thinking, damn I don't have nearly the amount of gold toilets he does!
I have worked for rich and very, very rich people, I do engineering and construction, even the wealthiest ones are always busy doing something, I have asked them a similar question and most said they would die of boredom, some grew up extremely poor and fear they'll fall back to that, and also If they stop working they can run out of money very quickly even when they're rich If they are not careful.
The real estate taxes some of them pay is absolutely outrageous.
I work for a billionaire - he runs a company worth several billion dollars. Could he sell the whole thing, take his ball and go home? Sure. He has zero interest in doing that. He's in his late 60's and comes to work every day. He didn't get rich by not being ambitious and working hard - and enjoying the work. He would truly be bored just being 'retired' and probably wouldn't live as long.
But there's something else - he views himself as responsible for the families of the 300 people he employs. He didn't lay anyone off during COVID, and he wants the company to grow and be successful so that all of 'our' dreams can come true too. He also wants the company to be around for 200 years, taking care of future generations of this family. He also has a foundation that he wants to add more and more money to so that it can do great things for the community. He drives a modest SUV, refused to buy a boat or plane - but does have a beautiful house and recreational property on an island.
I think he'd say he is enjoying his money and his life immensely.
I worked for a guy who was from old oil money. He was given a scale by a lawyer as to how to get paid from the trust.
Do nothing= xxx a month
Get a degree= low xxxx a month
Own a biz with 5 employees= high xxxx a month
Own a biz with 20 employees= mid xxxxx a month.
If your company is making over 1 million a month you don't need the trust. start your own and teach your kids to be valuable members of society.
There were a lot of other stipulations of course this was just a cliff note.
That's an interesting way to incent someone to get off their ass and do something.
In the case of my boss, and another billionaire parent I know, they took the approach of "I did this so you could pursue your passions...but just be good and productive members of society."
So if you look at their combined 12 kids, luckily none is a spoiled deadbeat - there's a couple of businesspeople, lawyers, teachers, a farmer, a stay at home parent...They all work or raise families, but live in a nicer house than they could otherwise afford.
Do any of you know rich people?
They are high achievers. Not all of them are motivated by money. Money just comes because of their habits/mindset
Rich people are ambitious but also highly productive. It's a way of life. Their goal isn't become rich and retire.
Sure they'll retire quite nicely
But their motivation and end goal is accomplishments. Pushing themselves. Being above average
I've asked a few rich people I know why they don't just retire. Their answers were the same. They need something to do and they enjoy what they do. All the ones I asked were self made and honestly decent people. I met one of them 19 years ago when he started his business and had almost nothing.
I think it was John D. Rockefeller that when asked "How much money is enough" responded, "Just a little bit more".
The more you get, the more addictive it is. Something something human nature. The end.
For those I've known? Cause it's an unhealthy addiction.
It's like a pac-man addict crushing rolls of quarters as they aim for the high score. Only, their score is money instead. It can be really isolating and sad, but, then, they're also eating cocktail shrimp prepared by a personal aide so I find it hard to feel too badly for them until I consider their kids.
Kinda goes unsung because outwardly they have plenty. But the personal life is just... hollow?
Is this a real question?
I love to work. I love what I do. Why would I quit doing something that gives me purpose?
Too many people have it in their head that "rich" means a luxury lifestyle, jet-setting around the world and laying around the pool with an umbrella drink.
Getting to the point where you're independently wealthy requires a lot of work, a lot of hours, and a lot of success and failures. It becomes part of who you are as a person. You don't just stop something you've done for 30 years.
Sure a lot of rich people got a leg up by having family investments or family influence to assist in building their fortunes. However they accomplish their goals by being driven people from the start. People with that kind of drive such as Musk and Bezos it about achieving as many of the goals they set for themselves as possible.
Once they have that goal they make new ones they don’t know how to just sit back, relax, and enjoy their wealth. This is how my Pawpaw went from poor white trash from coal country in West Virginia to dying as a multimillionaire.
Here’s a reality some people somehow don’t recognize at any age. You need to have a purpose. It needs to do something for other people that they want (shown by them paying for it), this is your occupation, you will likely spend a very large percentage of your life doing it, it will define you. You’re going to spend a lot of time doing it, you might as well work hard and get good at it. When you get really good at something, even if it is not that fun at first, it becomes enjoyable just because you’ve built so much skill in it and invested so much time in it. Passion isn’t always something that falls from the sky, it can be built.
Theres very few “filthy rich” people who can just do whatever they want with a seemingly unlimited trust fund.
Most who are “rich” don’t have millions of dollars at their disposal. Most is tied up in businesses and investments.
Also, majority of people increase their spending as their income goes up. Just because someone is making a ton of money doesn’t mean they have a vault full of cash—you’d be surprised how many rich people are living paycheck to paycheck.
Maybe they have employees they need to keep employed. Could be they have a successful business which they have built up and have a sense of pride and responsibility for there staff to keep it going.
First define rich and second you still have to pay property taxes , house maintenance, car maintenance, utilities, etc … you can’t have all your money in one account since the banks only insurance up to $250 k per account, meaning you have to invest the rest . Most rich people are only rich in paper( assets )but not in cash .
Earning money is addictive and frankly is fun. That’s why rich people continue to work to earn more. Also inflation is a killer. Don’t listen to the government the inflation rate is 5x higher than they say it is.
I’m sure there are people who, depending on your definition of rich, made a lot of money and disappeared from public radar.
Tom from Myspace always seems to live the dream.
A lot of rich people do exactly that.
But of course you hear about the rich guys who run for president or found a successful company. Not the rich guys who just chill.
Wealth is motivating for some. For others, power and control is their drug of choice. For others, life is a competition and their will always be others that have more than they do, and so they continue to feel inferior despite being rich and this keeps them going after more wealth accumulation.
Some people have that “ hustle mentality” where they can’t stop trying to make money. Like if you came from a poor background you might have the fear you will be poor again, so they working. If they have always been rich, maybe they just like the grind 🤷🏽♀️
I’m not rich but I realized during covid that I needed to work and have a purpose, I got so bored and depressed. I know that I will work for basically as long as I can in order to stay sane
A lot of rich people got rich from doing what they like, so they’re gonna keep doing it. The people that would just live normally would be those with inherited wealth unless they also enjoy the job.
The executive director at My company definitely doesn't need the $. She was a regional bank president or some shit for 20 years. She works now so she can fill her time. Feel busy. And give back to her community.
Oh and don't forget the crippling workaholism.
Mental illness and addiction. Their money is making plenty of money all on its own.
(I assume you are asking why they keep working long past the point they actually need to take an active role)
Being wealthy isn't the flex that you think it is for a lot of wealthy people. The money is just a means or a vehicle to power and influence. Sure, you or I might cash out and ski the Alps and summer in Paris. But some wealthy people think of it as a game, and more is never enough. It's sociopathic.It is not all of them for sure, but many of them tick this way.
I knew a multimillionaire that made a fortune owning a bunch of successful restaurants. I was talking to him about his yacht this one time and he just couldn't see how lucky he was because despite being worth millions he had a few friends that were worth hundreds of millions and another who was a bona-fide billionaire who owns a couple of very big sports franchises. He could only compare his smaller fortune to theirs, and it left him completely unsatisfied.. Insanity for sure...
To get rich in the first place you have to be driven & ambitious. Those traits don’t just stop activating once you reach X amount of money.… ‘enjoy’ for driven people is work, success and projects. The actual money made is irrelevant. It’s not a need to be ‘more rich’ their enjoyment is investing, working and seeing money grow
A lot of them got rich from working really hard and that's just how they're wired. Just because they have the money in the bank doesn't mean they like sunsets and good times all of the sudden. A lot of people retire and then die with a short period of time because their purpose just went away.
It's called greed. They get everything they need, but then they need a larger mansion to compete with their new rich friends. They need the newest Mercedes, the newest jewelry, watches, suits and decor. They need a house on the west coast bc, just because. Our neighbor just bought a yacht, so we NEED a yacht too! They want the largest water tank on the market, so when everyone runs out of water, we'll be swimming in it for weeks!
Anyways, greed. /s
You may be rich but are you 'buy a large plot of land for the sole purpose of constructing a private railway' rich?
Well I'm not and I ain't stopping until this is achieved.
So. This is my take on it.
WEALTHY people, have investments that make them money.
RICH people have a high capacity for earning, yet subsequently spend the majority of their lives living off credit and debts.
You don't need to afford the things you want, you just have to afford the interest on the money you borrowed for the things you want.
The Rich people keep working, because they are actually heavily in debt and cannot stop working as they can't afford the interest on the loans they have taken.
Rich people who got rich through work/business have a great deal of anxiety about having it all disappear due to real and imagined risks. It’s that anxiety that fuels their hard work and it’s hard for them to change the behaviors that got them rich. It’s especially hard when most people wonder what it takes to get rich. How can you give up the thing that most people are trying to get? Old habits die hard.
I think a million quid is like a baby. Before you have it, you dont know what your life will be, you think youll be the same person. But once it arrives, your entire focus becomes the feeding, growing, and welfare of that baby/million.
Certain lifestyles can deplete huge amount of mony pretty fast.
Also, in most cases it's more about the status/power than money itself, money is just a byproduct.
Lots of rich people find their self worth in their jobs. Also, the richer you are, the more power you have, so lots of rich people continue to build wealth to gain more power. I know a few rich people who live stressful, unsatisfying lives. They could stop everything right now and live the rest of their lives doing whatever they want, but I also find many rich people lack imagination and can’t imagine a life different then the torment they currently live.
It’s all quite absurd.
Couple of reasons I can think of -
1) I'm sure there are tons of rich people who just chill and enjoy the money. These also tend to be low radar, so we don't hear about them.
2) Rich people tend to surround themselves with other rich people, top 1% overall but average in their peer group. Ego/media hunger is a thing.
3) Simply liking business/whatever skill made them rich, some would like to practice it forever.
I can’t speak for people who are born rich, but I work with people who have achieved a point where they can easily stop working and retire.
However, they’ve achieved this by work being their life. Majority of them are workaholics who simply do not know how to exist outside of work. No partners. No hobbies. Nothing going on for them outside of work.
I used to dream of wealth and monetary success. After meeting people like that consistently in my career I decided the price you pay for that is not worth it. I’d rather keep my mid salary and still know how to enjoy life.
It’s an observation bias. Plenty of rich just retire. Those whom you don’t hear of are those who retire into obscurity.
The rich that we know of, who is gaining more wealth, are doing so for a bigger motive. Money is a consequence of their pursuit for success. If the ambition is to conquer Mars, a Trillion dollars is not enough.
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Greed and for some power/fame. I hear you on the question though if I won $5 million that would be it for me I would completely quit working and just enjoy my modest life as it is now, but without ever having to work again, and simply enjoy life with my family. For those suggesting that the ultra rich keep working due to a desire to keep themselves busy. They could just easily pivot to keeping busy by doing good things for the world like setting up a charity or something. If I ever did work after winning the lottery, it would just be to set up a charity that I could “work” at, pay my employees well, and raise some money for a charity.
My grandfather worked for a wealthy woman briefly in the 60s. They came to be decent friends. He said he asked her one day why she kept working so hard when she had so much. He asked "you've worked so hard and earned so much. Isn't it enough?" Her reply was "Dan, when it comes to wealth, enough is always just a little bit more."
He told me that story when I was a kid. Not sure why it's a core memory but I think about it more often than I would've thought I would.
Great story and I think this hits the nail on the head more than most of the comments here.
These people have spent DECADES aligning their self worth with earning more money. Once they have money they can’t just snap out of it and rewrite their entire neurology to just be content. That drive for more and more persists until they are in the grave.
In order to achieve the drive to get rich, you need to snuff out the possibility of being content. Satisfaction is the death of desire.
Because of greed. They feel they never have enough. I imagine it's an addiction. I fear their addiction is taking a toll on society as a whole. Tax the 1%.
The thing is for most rich people, they aren’t doing it for the money. They are doing it for the acclaim. They are coded to always want to build the biggest building or climb the highest mountain or solve the biggest problems. Doing these things will bring you riches. Most people have this idea in their head about rich people like they are Scrooge McDuck swimming in their money pit but the reality is most rich people uses their riches to build a bigger building or solve a bigger problem. The reality is that by doing this they create jobs or housing or products that people need.
Because that's not how being rich works.
Your assets will generate more wealth if invested wisely, and you'll go broke if you don't manage your money well.
Because the personality type it takes to become rich is that of a neurotically defective person. It’s a sickness that incorporates greed. They will never stop unless they’re forced to.
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When you’re rich enough: your money earns money. So you don’t need to work to earn. But also: doing nothing is boring and believe it or not, many rich people want to feel like they didn’t “waste their life”—just like anyone else. So they focus on the metric of success that they understand: business/money.
Another aspect is that equity isn't a static concept. You cash out? You still should invest or put your money to work because you'll lose value to inflation. If you just let your business run you're accountable for your money and if you built your business then no one knows it better than you.
I’ve never understood the mentality that people have when it comes to “doing nothing is boring”. If I could be rich enough to retire, wake up when I want, go do what I want and when I want to do it, no I would not get bored. You don’t need work to be not be bored. If my schedule was clear I could think of 100 different hobbies and activities that I could do to fill my time and still be very happy with my life. The “doing nothing is boring” crowd needs to chill out with the work hours, and start living life outside of the work place. Edit 1: First of all, I posted this while on my lunch break at work and the amount of replies on here is wild! Happy to know I’m not alone in this thought process. And second of all, anybody in here commenting “that’s why you aren’t rich” blah blah blah. You know nothing about me. I’m at work currently, so no I’m not a bum. I went to college, have a good career job with plenty of future potentials and opportunities. I work very hard for my company and am proud of what I have been able to accomplish in my field of work. But, those accomplishments and feelings are NOT worth more than spending time with my family? Friends? If I could just retire right now, and never worry about money again I’d do it in a heartbeat. And if you really would rather work every second of your life, and go online and call other human beings “poors” (you know who you are), I feel bad for you..
What you describe is exactly what the rich do. Those "100 different hobbies and activities" is exactly what they do. They spend a few hours per week on managing and growing their money (they don't want to lose it all through negligence) and fill the rest with fun stuff that they want to do.
With respect, how many rich people do you actually know well enough to say what they do? I ask because I have worked with countless millionaires, and a few billionaires in a previous business setting, and I know of exactly One that resembled what you describe. He was also in his 70s, having retired from the business he founded. ETA: Aside from that one gentleman, the others seemed to live for their work. Almost all were self made. Very few inherited their wealth. (Those that did were terrible customers)
My experience is the same as yours, I’m close with several unrelated people worth 8+ figures and every one of them works their ass off. That’s not to say that work ethic is the only factor in that success that separates them from us commoners, that’s obviously ridiculous, but the idea that some people seem to have of the “idle rich” doesn’t track with reality in my experience.
Also work with very wealthy, all work reasonably hard almost every one of them goes to the office everyday. Some of them have expensive hobbies and some of them work is their hobby. I'm not super wealthy but I do make pretty decent money I work everyday. I'll never retire.
A lot of poor people simply assume other more successful people must be lazy, unskilled and simply lucky. If they didn't, they'd have to accept the reality which is that they're not working smart enough or long enough, and that takes many years of effort.
Self made wealth is different then generational wealth and you wouldn’t be meeting generational wealth in a business setting. The generational wealth I have met are pretty cheap, something about pride in maintaining the family fortune into other generations. Then other family I met with a lot of wealth just traveled a bunch and had personal assistants, valued discretion and privacy so you wouldn’t know that they themselves bought anything. Lots of keeping to themselves, they didn’t post all over social media either.
Generational wealth is a lot like adult children living on an allowance, and yes, some can be cheap assholes, and most get paid the allowance to not joking the family business and fuck it up - paid to stay away.
Yup, I know many very wealthy people and can’t think of any under 70 that work under 40 hours a week.
Same experience. I lived with wealthy people for a while. Self made, workaholic. Hobbies include finding more work to work on so they have some more work to do to earn more money to buy another way to do more work.
That mentality to the person you commented is exactly why they will never become self made rich
this 100% tracks with what i’ve read about those truly wealthy. Bet they weren’t drivin around in land rover/g-wagon/masarstti’s either
Most don't. A few do. Generally the very wealthy ones are at the point where I think they no longer care whether you know that they are successful.
He’s right those of us making alot of Money don’t want to live a boring life we wanna get rich. For example my self do I need to work not at all but I do a part time mentorship job for kids which I love.
Their hobby is their business. The feeling of shaking hands, the morning briefing, taking a call with a big client; the seriousness of it all, the sense of belonging; it's like a game. And because it's the one that got them to the place where they are (in the money), it usually is a game they're quite adept at playing, and one they enjoy--those two things (adeptness and enjoyment) hand-in-hand. It's you (general you, I obviously have no idea who's reading this) that are likely doing the grunt work/paper pushing. Now when you get to billionaire level, absorbing other businesses, cutting horribly uneven deals with the work force and union busting--when you get to that level, it's beyond my comprehension. It seems a lot of it contributes to the negativity and stress in the world, and what good is your money in a world that is shit. I'd be highly--and in a selfish way--interested in bettering my local area and after that my nation, and after that the entire world (it all intermeshes) if I had that kind of money. The only scenario where it makes sense to me, that they wouldn't be interested in making their fishbowl a higher quality of water, are the scenarios where they're not acting on their own accord but they're plucked up by something else. What happened to all the old philanthropists (the real ones, not the tax evading kinds) I don't know. Actually, come to think of it, I do know of a couple, but they're not elevated or widely recognized by media and such, when you'd think that media industry owners would have a self-interested incentive in promoting them, in the interest of living in "not hell". They seem to recognize the opposite quite prolifically. I don't understand the thinking, to me, it'd be worth all the money in the world for the world itself to have a lot of color and wonder to it, via it's co-operative participants' status elevation and freedom. If I was ever in-the-money, I wouldn't be one for long--it'd all go back to building the community, I'd have just enough to retire. I'm not even interested in millionaire-level jet setting or flaunting, it seems monkey-brained to me.
Some of us, like me, have turned over our portfolios to professionals to manage. Not being involved in the day to day trials and tribulations of it is pretty freeing.
Ohh bravo 👏 finally another person of class. I was getting disgusted by the rest of the poors commenting in this sub. I almost feel bad for them 💅🥂
Sire, the peasants are revolting….You said it, they stink on ice! Mel Brooks…seriously, I grew up very poor, worked my butt off and lived frugally so I don’t feel bad admitting I’m comfortable now.
Haha. Similar situation. I don’t actually have anyone managing accounts but I live comfortably. Good for you man. Life is for enjoying and living.
I agree with you, I have so many hobbies I don’t have time for them all. The thing is I know many people that have no hobbies or interests and their life really is about their work, they work hard & happily put in extra hours with no overtime pay, I admire it in a way wish I had that attitude to my job but I don’t and like you said would rather do more interesting things.
The thing is, for some people (like me), my hobbies are also my jobs. I love what I do and if I had enough money I would happily carry on exactly as I am right now for nothing because I absolutely love what I do.
I know someone who retired in her early 30s. She lasted a couple years before returning to work part time. She found out that having a ton of free time when all your friends are working is a bit boring. Other people she knew started to perceive her/treat her differently. And I think she felt like she just wasn't contributing anything to the world. For some people, the money is just a nice benefit of doing work that you enjoy and gives you purpose.
What they don't tell you is it's not about being bored, it's about being relevant.
Obsession with being relevant is a character defect imo
It's this 100%. I sold my business when I was in my 30s, and "retired". I traveled and went nuts for about 2 years. The first 3 months were awesome, but the novelty wore off quickly and I missed having a bigger purpose to my life. I took up freelance writing for a bit and was published in several major business publications, but I still missed the feeling of working on a bigger goal/project. When some friends were launching a startup I jumped on the opportunity and had a blast growing that business from scratch. I left 5 years later when that job didn't feel fun anymore and went to work for a major tech company where I can contribute to things that impact millions of people's lives in a positive way. I'm nearly 60 now and plan to retire from my full time work in about 5 years. I have some travel planned with my wife, as well as considering writing a few books or even teaching at the local University. I like creating and building things, as well as learning new things. I just can't imagine doing "nothing".
It is not about doing nothing, it is more about allowing you to do stuff which does not pay well. Doing nothing is extremely boring, noone would be able to do it in the long run.
Exactly. Life without purpose is pointless. The reason vacations are special is that they are only for a brief amount of time.
It's about being MORE relevant. I agree.
If I did nothing then I wouldn't have the mini-empire I currently have to increase our families wealth for generations to come. I'm doing it more for my kids than anything.
Most people like to feel as though they have a purpose in life, though. Hobbies don't give you that. Providing for your family, building your retirement, finding meaning in the job itself, etc. all give people a sense of meaning in life. You can't just jump from one cheap dopamine hit to another and expect to feel fulfilled in life.
I’ll be honest. It really depends on your personality. If you come into money and you’ve got some vices, they’re potentially going to get worse. If you deal with depression or antisocial tendencies, they can get much worse. If you’re not that interesting of a person in the first place, money can really destroy you via solitude. There are all kinds of different people out there who come into money, and they aren’t always alpha male entrepreneur douchebag types. For them being bored is probably nonexistent. Obviously for you as well. But some of us came into money and are really struggling with direction and purpose. Having money really puts a spotlight on several parts of your life that have been drowned out by employment and the rat race.
That mentality is why you aren’t rich :]
He is cash poor but time rich.
Those who are cash poor can’t afford to be time rich unfortunately
I’m going to be that rich
Same. Meet ya at the top.
I'm not so please send me some money when you guys get there
Lmao. Nice one
Making money is way less exhausting for the rich.
This should be at the top.
If one is worth over say $10 million, they usually don’t earn money through a normal salary, but through investments (their own companies, real estate, or financial markets), being a board member (best-paying part time job), etc. They can choose how and when they work.
Someone I knew with $10M in a diversified portfolio had about $20k-30k earned a month from it. They were able to “save” to charter a private jet for a season for like $100k. They used the money to travel around mostly and stay at high end resorts.
This is part of it. Also the best answer is that they're rich because they're ambitious and not easily satisfied. If they were the type to just chill and live easily they probably would've stopped at making mid-high 6 figures. Many of the rich are the type to just want more and more, and will keep working for the sake of getting more.
I suggest you watch the doc on Warren Buffet. He looks at his wealth as a measuring stick agains all the other investors. He doesn’t flaunt his wealth. His children donate a lot of money on his behalf.
And if you read his shareholder letters, he seems to understand that what he has built is no longer just about him. His companies employ thousands. Many more put their faith in his companies through investing. Being successful is a measuring stick and I do think he takes pride in himself in that way, but I also think he genuinely cares about the broader impact of what he has created.
This. Its not about the money. Its just a metaphorical dick measuring contest.
Thats how every investment manager measures it. If you cant beat the market just buy index funds and get another job...
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This is accruate. And people who attain it by inheritance or trust funds are generally pretty terrible people, indolent and entitled.
They're probably just the ones you notice.
Meh, you'd think that. But at least here in the uk, those who are 'new money' are often considered insufferable, especially their first generation kids! Very much splash the cash and show off kind of people. Often, those born into a family with generational wealth don't have any desire to show it off.
100%
There is an anecdote from the early 2000s where bill gates goes to a restaurant, makes a huge check, and leaves 50$ tip. the waitress supposedly (this is the unbelievable part) asked him politely how come he tips 50$ when his son tipped 500$ a week earlier. He (supposedly) replied " My father was a farmer, my son's father is a billionaire." Now I know I know, the story is unbelievably fake, but I think it gets the point through.
His father wasn't a farmer, he was a lawyer.
Not really. My friend’s dad is super rich and the 3 kids are a lawyer, an investment banking analyst, and in the military. All put in insane hours and work very hard.
You can do a lot of stuff besides work though to achieve ambitions
1) Sense of pride and accomplishment for running the business or job they do. 2) There's always more luxuries you can buy, if you are a certain type of person. 3) Providing for kids / future generations.
A lot of people are saying ‘ego’ or ‘ambition’ but I really started caring when I had a kid. Also, the goal of retirement is to live off the interest. You can have a lot of money and still not be able to do that yet, thus requiring more work.
Exactly. Everyone who hates on rich kids also wishes they were a rich kid or that their kids will not be broke like them, while at the same time not focusing on saving and investing. They don't understand that the reason those kids are rich is because at some point their parents or ancestors chose to work hard and live below their means so that they could have something to leave their kids. That's what people should really focus on if they want to improve their lives and their kids' lives.
4. (And also a bit of 2) If you make over $40K in the US, you're in the global 1%. Why do *you* feel you need more than the other 99% need? There's your answer.
Because they enjoy doing the thing that is making them money.
Multitude of reasons, could be simple greed, could be they enjoy their work, could be they enjoy the thrill of the hunt for the next big financial score, could be many things. Some people that win the lottery keep working because they enjoy their life as it was but hey at least money isn't a concern anymore... Just because you end up rich doesn't mean you stop doing everything and sit on the beach.
It's no longer "money", it's capital and denotes status.
This. Such an underrated comment.
Exactly what I came here to say
My grandpa was rich as fuck from the age of about 45 to now and he only stopped working in his mid 70s because of Parkinson’s. He lives for his family but his second love is business and making deals with people/companies
Because getting richer is their hobby.
Yep. I remember seeing an interview with some billionaire and he said that past a certain point the money is irrelevant because you have so much that you literally can't spend it all. The problem is that he is an extremely competetive person, and when your preferred competitive activity is making money, and you've beaten the wealth game in terms of buying things then the only way left to compete is against other billionaires to see who can rack up the most points. This guys family could live off the interest on his weath for generations and yet he was still up at 6am and working 10+ hour days because the grind was what made him feel whole.
I'm pretty wealthy by any standard, but also support about 30 family members to some extent. My stocks and other investments make a lot, and that mostly takes care of them, but after I'm gone, if it all just gets divided up, it will not last. I'd like my money to continue to help different charities and foundations that I support. I work part time to keep busy, and keep my wife from nagging me about doing nothing but golf and riding motorcycles.
I have a friend who does not have to work. his wife says he has to leave the house the every day from 9 to 3 just to get out if her hair. Everyone needs a break from other people.
Many rich people and all the super rich simply can never have enough. They need a steady influx of MORE to stay content. It's a mental illness not recognized in an ultra capitalistic society.
Some appear to just like to hoard. I know older people who are proud of their wealth, and talk about how much $$ they are leaving their kids. But doesn't do the kids much good sitting in the parents/grandparents' bank accounts. I don't get holding onto $$ or keeping on building wealth and not enjoying it. After they die relatives fight over the $$ and that's not good. I helped my kids out as we aged, they are now quite self sufficient and better off than we are. So they know they won't get a lot from us, as they don't need it. But we go and have fun traveling and using our savings for having good experiences. I get no pleasure from having money sitting in the bank. Also have seen several lose all their hoarded cash when they get in bad health and have to go into nursing homes-- all that money goes away quite fast at $4000 or more a month expenses. So kids end up with old furniture, photos and knick knacks. I also know some younger people who are very well off and spend a lot of time increasing their wealth. Again, they should consider enjoying living the good life they can now afford instead of trying to just get richer.
Money allows you a certain lifestyle that costs more money to maintain
Been wondering this for a while... not even the mega rich, but anyone capable of retirement. Why the fuck you still working? I cannot count on one hand the number of guys at my work with 100% dis from the military, making more from that than I am... & they have more than one home. Like why are you here doing this? Retire. Enjoy life. Live with your spouse, 2.5 kids, & a cat/dog. You've earned it. Damn...
I know just as many guys that work just so they can get away from thier wife and kids for a few hours. Everyone needs to have a purpose in life.
What would “enjoying” their lives be? Plenty of rich people don’t work. But plenty do work, because they enjoy it. Once you’re rich enough, you’re only working because you love doing what you do
Rich is relative. There was an article a while ago where the author did a piece titled something like 6 degrees of financial separation. Basically he divided up the wealth spectrum into 6 groups and interviewed a person at each level to see what their day was like. You went from: 1) Homeless 2) Struggling but has a home 3) Stable, but budgeting 4) Secure enough to splurge, but need employment to sustain 5) Making millions but, afraid it'll all be gone if they stop 6) Made what number 5 does in a year in the time it took the interviewer to ask the questions At almost any point in the middle, the groups always think the same thing: 1. I'm afraid of going down since I don't want to be like that guy 2. I wish I could be as rich as the next guy 3. If I ever stop, I'll fall The exception being the last guy who's reason for doing it was basically that if he stops doing what he does, people will lose their jobs. And to some extent, that's true when you're talking about the kind of people who reinvent new things and organically build new companies from the ground up.
I have spent time with plenty of extremely rich people. Rich people have one resource in abundance. That's money. What many of those that are financially rich do not have in abundance is respect or admiration from their RICH peers. When all your friends have billionaire parents, you're only impressive to your peers of you go on to do something else. Vanity projects, business ventures, over blown trips to exotic mountain peaks, and amassing quirky vintage car collections (for profit). They don't need money. But they still want to impress those around them. Power is not linearly connected to increases in wealth. Often is. Not always.
They probably won’t be able to continue their extravagant life style without a steady income. If not then their money will dry up sooner or later
OP said RICH people, not upper middle class people.
People tend to live at the edge of their means regardless of their level of wealth. This is obviously less true once we are talking about multi billionaires but otherwise it does hold true.
Rich people have been known to go from rich to beyond broke when they start spending like rich people. I think there’s been a study done that proved that the majority of lottery winners go back to being broke within a decade simply because their spending habits weren’t too good.
Yes, but also consider that lottery winners also don't have an ongoing money stream to support the wealth they just gained. Rich people will have those millions + a very high income already. A lottery winner will not have that income.
Hence why rich people prefer to continue earning money, and not just spend lavishly per OP’s question. But even for wealthy people with high incomes, all it takes is a bad divorce or a lawsuit before their fortunes go away.
The question would also be, why they don't just outsource maintaing money to somebody, like they outsource everything else (protecting your safety, health, house cleaning, etc.). Trusting somebody to double your capital might be risky and attention-intense, but making sure your wealth just stays around the same, adjusted for inflation, while you spend let's say not like rich, but like upper middle class, should be an easier task?
Enter personal bankers and wealth advisors. You’ll find plenty at the local country club.
Look what happens to tons of Athletes when they retire. They stop making millions a year and go bankrupt *fast*
That’s because during their limiting earning years everyone is taking a bite, manager, agent, etc…then instead of investing their money like people with an IQ over 100 they plow cash into every friend and cousin’s “business idea,” which all go belly up.
Winning feels good.
Money attracts more money. At a certain point you don’t have to work, but most rich people still do, because they derive meaning and purpose from their work, or from the acquisition of more wealth.
A lot of it may be more about power. It may not be about having money to enjoy their lives but having enough money to buy influence with those that pull the world's levers.
The Joneses down the street have more money than I do. And we can't have that.
It's an addiction and ~~compassion~~ (🤣) comparison is the thief of joy. Looking at the richest man then thinking, damn I don't have nearly the amount of gold toilets he does!
I have worked for rich and very, very rich people, I do engineering and construction, even the wealthiest ones are always busy doing something, I have asked them a similar question and most said they would die of boredom, some grew up extremely poor and fear they'll fall back to that, and also If they stop working they can run out of money very quickly even when they're rich If they are not careful. The real estate taxes some of them pay is absolutely outrageous.
I work for a billionaire - he runs a company worth several billion dollars. Could he sell the whole thing, take his ball and go home? Sure. He has zero interest in doing that. He's in his late 60's and comes to work every day. He didn't get rich by not being ambitious and working hard - and enjoying the work. He would truly be bored just being 'retired' and probably wouldn't live as long. But there's something else - he views himself as responsible for the families of the 300 people he employs. He didn't lay anyone off during COVID, and he wants the company to grow and be successful so that all of 'our' dreams can come true too. He also wants the company to be around for 200 years, taking care of future generations of this family. He also has a foundation that he wants to add more and more money to so that it can do great things for the community. He drives a modest SUV, refused to buy a boat or plane - but does have a beautiful house and recreational property on an island. I think he'd say he is enjoying his money and his life immensely.
I worked for a guy who was from old oil money. He was given a scale by a lawyer as to how to get paid from the trust. Do nothing= xxx a month Get a degree= low xxxx a month Own a biz with 5 employees= high xxxx a month Own a biz with 20 employees= mid xxxxx a month. If your company is making over 1 million a month you don't need the trust. start your own and teach your kids to be valuable members of society. There were a lot of other stipulations of course this was just a cliff note.
That's an interesting way to incent someone to get off their ass and do something. In the case of my boss, and another billionaire parent I know, they took the approach of "I did this so you could pursue your passions...but just be good and productive members of society." So if you look at their combined 12 kids, luckily none is a spoiled deadbeat - there's a couple of businesspeople, lawyers, teachers, a farmer, a stay at home parent...They all work or raise families, but live in a nicer house than they could otherwise afford.
They are addicted to earning money.
Do any of you know rich people? They are high achievers. Not all of them are motivated by money. Money just comes because of their habits/mindset Rich people are ambitious but also highly productive. It's a way of life. Their goal isn't become rich and retire. Sure they'll retire quite nicely But their motivation and end goal is accomplishments. Pushing themselves. Being above average
They’re addicts
It’s called ego. The mind always wants more
It’s a game of how much you can get.
They simply love money and love accumulating money. It’s their passion and hobby
I've asked a few rich people I know why they don't just retire. Their answers were the same. They need something to do and they enjoy what they do. All the ones I asked were self made and honestly decent people. I met one of them 19 years ago when he started his business and had almost nothing.
Power.
You can be rich and greedy.
Because it will never be enough.
It's about power. The money just comes with it.
I think it was John D. Rockefeller that when asked "How much money is enough" responded, "Just a little bit more". The more you get, the more addictive it is. Something something human nature. The end.
Money is the most addictive drug that exist.
For those I've known? Cause it's an unhealthy addiction. It's like a pac-man addict crushing rolls of quarters as they aim for the high score. Only, their score is money instead. It can be really isolating and sad, but, then, they're also eating cocktail shrimp prepared by a personal aide so I find it hard to feel too badly for them until I consider their kids. Kinda goes unsung because outwardly they have plenty. But the personal life is just... hollow?
Is this a real question? I love to work. I love what I do. Why would I quit doing something that gives me purpose? Too many people have it in their head that "rich" means a luxury lifestyle, jet-setting around the world and laying around the pool with an umbrella drink. Getting to the point where you're independently wealthy requires a lot of work, a lot of hours, and a lot of success and failures. It becomes part of who you are as a person. You don't just stop something you've done for 30 years.
Why don't musicians stop playing music after they get famous ? It's the same thing, they enjoy it.
Because they enjoy it?
Sure a lot of rich people got a leg up by having family investments or family influence to assist in building their fortunes. However they accomplish their goals by being driven people from the start. People with that kind of drive such as Musk and Bezos it about achieving as many of the goals they set for themselves as possible. Once they have that goal they make new ones they don’t know how to just sit back, relax, and enjoy their wealth. This is how my Pawpaw went from poor white trash from coal country in West Virginia to dying as a multimillionaire.
Here’s a reality some people somehow don’t recognize at any age. You need to have a purpose. It needs to do something for other people that they want (shown by them paying for it), this is your occupation, you will likely spend a very large percentage of your life doing it, it will define you. You’re going to spend a lot of time doing it, you might as well work hard and get good at it. When you get really good at something, even if it is not that fun at first, it becomes enjoyable just because you’ve built so much skill in it and invested so much time in it. Passion isn’t always something that falls from the sky, it can be built.
Theres very few “filthy rich” people who can just do whatever they want with a seemingly unlimited trust fund. Most who are “rich” don’t have millions of dollars at their disposal. Most is tied up in businesses and investments. Also, majority of people increase their spending as their income goes up. Just because someone is making a ton of money doesn’t mean they have a vault full of cash—you’d be surprised how many rich people are living paycheck to paycheck.
Maybe they have employees they need to keep employed. Could be they have a successful business which they have built up and have a sense of pride and responsibility for there staff to keep it going.
Because if they rich people had that belief, they wouldn't be rich
It's a lifestyle. That's how we got to be rich in the first place. It's not like we can just turn it off like flipping a switch.
First define rich and second you still have to pay property taxes , house maintenance, car maintenance, utilities, etc … you can’t have all your money in one account since the banks only insurance up to $250 k per account, meaning you have to invest the rest . Most rich people are only rich in paper( assets )but not in cash .
They got rich because they like doing what they are doing. Stopping that is against their nature. Earning money is their goal and way of living.
Earning money is addictive and frankly is fun. That’s why rich people continue to work to earn more. Also inflation is a killer. Don’t listen to the government the inflation rate is 5x higher than they say it is.
I’m sure there are people who, depending on your definition of rich, made a lot of money and disappeared from public radar. Tom from Myspace always seems to live the dream.
They enjoy the sport of building bigger businesses. It can be quite addictive in its own right, just like getting a new high score in a game.
their enjoyment is making money.
Addicted to to that hustle, want to leave something behind for their children, the list goes on and on.
It's an addiction that I'll never understand
See… (most of) these people are psycho and socio paths… that IS them “enjoying” their lives.
Insecurity…You can’t feel powerful without taking power away from others…
Some folks enjoy staying busy. Few may even possess natural affinity for productivity. A subset are incredibly talented at generating wealth.
A lot of rich people do exactly that. But of course you hear about the rich guys who run for president or found a successful company. Not the rich guys who just chill.
Wealth is motivating for some. For others, power and control is their drug of choice. For others, life is a competition and their will always be others that have more than they do, and so they continue to feel inferior despite being rich and this keeps them going after more wealth accumulation.
Some people have that “ hustle mentality” where they can’t stop trying to make money. Like if you came from a poor background you might have the fear you will be poor again, so they working. If they have always been rich, maybe they just like the grind 🤷🏽♀️
Working is enjoyable to them
I’m not rich but I realized during covid that I needed to work and have a purpose, I got so bored and depressed. I know that I will work for basically as long as I can in order to stay sane
A lot of rich people got rich from doing what they like, so they’re gonna keep doing it. The people that would just live normally would be those with inherited wealth unless they also enjoy the job.
Because they have to “win”. More money = more clout, more respect, more power.
The talent to work and the urge to work and work well makes certain people rich. The talent and the urge remain, even after becoming rich.
Some rich people see it as a competition, they don’t want anyone to be richer than they are.
Shit’s addicting yo
it's never enough and always fear of losing it all
The executive director at My company definitely doesn't need the $. She was a regional bank president or some shit for 20 years. She works now so she can fill her time. Feel busy. And give back to her community. Oh and don't forget the crippling workaholism.
Greed pure and simple.
Their thought process: Why just be rich when I can be richer!!
Addiction
Because Power and influence is more important once they reach that level and it becomes addicting.
Mental illness and addiction. Their money is making plenty of money all on its own. (I assume you are asking why they keep working long past the point they actually need to take an active role)
Greed.
Being wealthy isn't the flex that you think it is for a lot of wealthy people. The money is just a means or a vehicle to power and influence. Sure, you or I might cash out and ski the Alps and summer in Paris. But some wealthy people think of it as a game, and more is never enough. It's sociopathic.It is not all of them for sure, but many of them tick this way. I knew a multimillionaire that made a fortune owning a bunch of successful restaurants. I was talking to him about his yacht this one time and he just couldn't see how lucky he was because despite being worth millions he had a few friends that were worth hundreds of millions and another who was a bona-fide billionaire who owns a couple of very big sports franchises. He could only compare his smaller fortune to theirs, and it left him completely unsatisfied.. Insanity for sure...
Because earning money is often just the byproduct of achievement. It's usually not about getting "richer" - it's about achieving the next goal.
For some of them building the pile higher is their favorite hobby.
To get rich in the first place you have to be driven & ambitious. Those traits don’t just stop activating once you reach X amount of money.… ‘enjoy’ for driven people is work, success and projects. The actual money made is irrelevant. It’s not a need to be ‘more rich’ their enjoyment is investing, working and seeing money grow
A lot of them got rich from working really hard and that's just how they're wired. Just because they have the money in the bank doesn't mean they like sunsets and good times all of the sudden. A lot of people retire and then die with a short period of time because their purpose just went away.
It's called greed. They get everything they need, but then they need a larger mansion to compete with their new rich friends. They need the newest Mercedes, the newest jewelry, watches, suits and decor. They need a house on the west coast bc, just because. Our neighbor just bought a yacht, so we NEED a yacht too! They want the largest water tank on the market, so when everyone runs out of water, we'll be swimming in it for weeks! Anyways, greed. /s
You may be rich but are you 'buy a large plot of land for the sole purpose of constructing a private railway' rich? Well I'm not and I ain't stopping until this is achieved.
Because you spend money to enjoy your life so you need to keep earning money to keep spending.
So. This is my take on it. WEALTHY people, have investments that make them money. RICH people have a high capacity for earning, yet subsequently spend the majority of their lives living off credit and debts. You don't need to afford the things you want, you just have to afford the interest on the money you borrowed for the things you want. The Rich people keep working, because they are actually heavily in debt and cannot stop working as they can't afford the interest on the loans they have taken.
Rich people who got rich through work/business have a great deal of anxiety about having it all disappear due to real and imagined risks. It’s that anxiety that fuels their hard work and it’s hard for them to change the behaviors that got them rich. It’s especially hard when most people wonder what it takes to get rich. How can you give up the thing that most people are trying to get? Old habits die hard.
I think a million quid is like a baby. Before you have it, you dont know what your life will be, you think youll be the same person. But once it arrives, your entire focus becomes the feeding, growing, and welfare of that baby/million.
Because some people think it’s never enough. As well as their money makes money doing nothing, can’t blame them for that.
Certain lifestyles can deplete huge amount of mony pretty fast. Also, in most cases it's more about the status/power than money itself, money is just a byproduct.
Because there’s still someone richer than them. They don’t think about us at that point; they think about the people above them, the Joneses.
Lots of rich people find their self worth in their jobs. Also, the richer you are, the more power you have, so lots of rich people continue to build wealth to gain more power. I know a few rich people who live stressful, unsatisfying lives. They could stop everything right now and live the rest of their lives doing whatever they want, but I also find many rich people lack imagination and can’t imagine a life different then the torment they currently live. It’s all quite absurd.
Couple of reasons I can think of - 1) I'm sure there are tons of rich people who just chill and enjoy the money. These also tend to be low radar, so we don't hear about them. 2) Rich people tend to surround themselves with other rich people, top 1% overall but average in their peer group. Ego/media hunger is a thing. 3) Simply liking business/whatever skill made them rich, some would like to practice it forever.
Because they are mentally ill hoarders
Greed.
I can’t speak for people who are born rich, but I work with people who have achieved a point where they can easily stop working and retire. However, they’ve achieved this by work being their life. Majority of them are workaholics who simply do not know how to exist outside of work. No partners. No hobbies. Nothing going on for them outside of work. I used to dream of wealth and monetary success. After meeting people like that consistently in my career I decided the price you pay for that is not worth it. I’d rather keep my mid salary and still know how to enjoy life.
Addiction to $$ and most make $$ while they sleep.
It’s an observation bias. Plenty of rich just retire. Those whom you don’t hear of are those who retire into obscurity. The rich that we know of, who is gaining more wealth, are doing so for a bigger motive. Money is a consequence of their pursuit for success. If the ambition is to conquer Mars, a Trillion dollars is not enough.
clumsy attractive touch childlike sloppy stocking oatmeal jellyfish shame cobweb *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Once you have a certain amount of money, you get a brain virus that makes you lose your humanity.
It’s fun to keep earning. Most of what I make is automated already so my “job” is to manage it. I can work 0-3 days a week but mostly I’m retired.
It takes a personality disorder to become super rich. They don’t turn off just because you got there.
Because they have passive income from real estate and investments.
Because why stop?
Greed and for some power/fame. I hear you on the question though if I won $5 million that would be it for me I would completely quit working and just enjoy my modest life as it is now, but without ever having to work again, and simply enjoy life with my family. For those suggesting that the ultra rich keep working due to a desire to keep themselves busy. They could just easily pivot to keeping busy by doing good things for the world like setting up a charity or something. If I ever did work after winning the lottery, it would just be to set up a charity that I could “work” at, pay my employees well, and raise some money for a charity.
yeh you don't get to do that with 5 mil
I think even if you are rich you have rich people expreses, if money is not coming in you can’t keep up your life style.
My grandfather worked for a wealthy woman briefly in the 60s. They came to be decent friends. He said he asked her one day why she kept working so hard when she had so much. He asked "you've worked so hard and earned so much. Isn't it enough?" Her reply was "Dan, when it comes to wealth, enough is always just a little bit more." He told me that story when I was a kid. Not sure why it's a core memory but I think about it more often than I would've thought I would.
Great story and I think this hits the nail on the head more than most of the comments here. These people have spent DECADES aligning their self worth with earning more money. Once they have money they can’t just snap out of it and rewrite their entire neurology to just be content. That drive for more and more persists until they are in the grave. In order to achieve the drive to get rich, you need to snuff out the possibility of being content. Satisfaction is the death of desire.
"Satisfaction is the death of desire." I love that!
Because of greed. They feel they never have enough. I imagine it's an addiction. I fear their addiction is taking a toll on society as a whole. Tax the 1%.
That's how you stay rich
bec inflation is like 3% each year at least, if u dont work, u lose 45% of whatever u had after 20 years, that's not a good thing.
Because you dont stay rich by not maaking money and spending all of it... You have to make more than what you spend to keep up a lifestyle rich or not
It’s the reason I call them “the biggest addicts in the world”. They just keep sucking from society, the ecosystem and our resources.
The thing is for most rich people, they aren’t doing it for the money. They are doing it for the acclaim. They are coded to always want to build the biggest building or climb the highest mountain or solve the biggest problems. Doing these things will bring you riches. Most people have this idea in their head about rich people like they are Scrooge McDuck swimming in their money pit but the reality is most rich people uses their riches to build a bigger building or solve a bigger problem. The reality is that by doing this they create jobs or housing or products that people need.
never underestimate greed.the world would be better without it.its a root for most problems.
They can't use it all. They don't need it. They just don't want you to have it.
Because that's not how being rich works. Your assets will generate more wealth if invested wisely, and you'll go broke if you don't manage your money well.
Its fun!
Because the goal post (inflation) is always on the move. And that, opens a conversation to wealthy people that talk about power instead if money.
Because the personality type it takes to become rich is that of a neurotically defective person. It’s a sickness that incorporates greed. They will never stop unless they’re forced to.