What motivates the ultra-rich to keep pursuing more?

[travelover]

I think it is called greed. It's been around at least since Biblical times. But that's OK, as long as they pay taxes.

 

[Which Roger]

I get it, and I agree with most of the replies on this thread. However, we need to keep in mind that we on this forum are the ones who are "different", and the kind of people we're discussing in this thread would be the last to pursue ER and this forum.

 

[treypar]

Ultra Rich

I worked for a billionaire. Although he was mid 80's, he worked a full every day in meetings and anything that would further the business. Also he was a very nice person.

 

[Moemg]

My niece and nephew are extremely wealthy. They inherited millions in their late 20's and recently inherited a lot more money .They both still work very hard at their careers .The reason is they were brought up with a strong work ethics .They are both very nice and very down to earth .They are now in their late 40's and have never mentioned retirement .

 

[mopar lover]

I have never heard of anyone on there death bed proclaim, "Wish I spent more time at work". There is so much out there in this world to do, I don't believe I will live long enough to do it all. Cannot wait for ER!!!!!

 

[Bamaman]

I used to work with a guy who had two (yes two) Gulfstreams.

Why? "In case one of them wasn't ready!"
He thought nothing of skiing all day in Utah and then flying to San Francisco for dinner.

My sister has a Learjet 45 as a personal airplane. She uses it to fly between their two houses 500 miles apart. And she flies her granddaughter back and forth to college in NYC. The plane's also been known to haul 16 year old girls to rock concerts, and it takes the family on vacation in places like St. Croix and Nassau (Atlantis.) We took it 250 miles for a family burial in something like 1/2 hour.

 

[street]

I would say a lot of them are work alcoholics and are savers and also keeping score to have more then everyone,is a lot of the way they think. I don't see anything wrong with their drive and competitiveness for having a large pot.


I can say I was a work alcoholic and I did have a hard time walking away from a great wage. I will be retired 3 years in May 2019 and looking back the money I would have saved plus more pension and larger 401K really wasn't worth the extra money. So if I would have benefited 300K more in the 2.5 years I could of said I have more. LOL

 

[travelover]

My sister has a Learjet 45 as a personal airplane. She uses it to fly between their two houses 500 miles apart. And she flies her granddaughter back and forth to college in NYC. The plane's also been known to haul 16 year old girls to rock concerts, and it takes the family on vacation in places like St. Croix and Nassau (Atlantis.) We took it 250 miles for a family burial in something like 1/2 hour.

If my sister had a Learjet I'd brag about it.

 

[Milton]

I have never heard of anyone on there (sic) death bed proclaim, "Wish I spent more time at work".

How many death bed conversations have you actually had?

In my own experience volunteering in palliative care, few people second-guess past employment or retirement decisions. Human beings have a great capacity for rationalization, and most people are reasonably comfortable with their own choices.

We are all different, and generalizations are silly and unhelpful. Working late in life has no appeal to me either, but that doesn't mean that it is wrong for everyone.

 

[street]

I may add also, that having money is way more interesting/exciting then having/buying things.

 

[NW-Bound]

I may add also, that having money is way more interesting/exciting then having/buying things.

Particularly as money, when invested properly, gives rise to more money, whereas the stuff that you buy takes additional money for maintenance.

But what is money for, if not for getting some enjoyment and comfort? So, one has to find a balance, and that balance varies from one person to the next. I spend less than I can afford to, and if that helps my stash grows 2X, my expenses will also grow 2X if I keep the same WR. It's just LBYM carried over from working life to retirement. It's delayed gratification, and if I die with money left over, it's OK.

But I am drifting a bit of topics. Back to the question of why working if you do not have to, I can understand that well, even though I retired early. I liked my engineering work, and would have stayed on if megacorp politics did not make me so mad. A few times, I even thought about going back to do contract work when they tried to get me to.

As it is, I am now creating some projects for myself to keep busy, and instead of getting paid I have to spend money. Hah!

 

[street]

NW-Bound >> yes, and very well said. If it wouldn't be for my ranch I would definitely would have to do something part-time to stay busy. I do volunteer work and will be doing it again this summer. As far as working to make more money I have no interest doing that.

 

[Car-Guy]

I have never heard of anyone on there death bed proclaim, "Wish I spent more time at work".

I actually have heard that sentiment/comment a few times in my life.... You can be sure, it won't be my last words...


BTW, I like your forum name (handle)... Welcome to the forum.... What type or Mopar's do you have and/or like?

 

[Scuba]

I think people who own businesses often have a hard time letting go. The business is their baby and they love it. It’s not always about power or greed, IMO.

 

[Sunset]

I think many wealthy folks continue to work for the same reason retired people volunteer (which is work without pay).
A feeling of contributing, being important or helpful or needed, whatever it is, it satisfies an emotional need or itch.
In both cases, neither one needs the money.

 

[daylatedollarshort]

I had my own business but for me not having to work, sleeping in and going places like the beach, museums and wineries is still more fun. We're in a few senior and hobby clubs for socializing and meeting other retired folks.

 

[grace_abounds]

I know some people here find it incredulous, but some people would rather work than have endless free time, and it has nothing to do with money.


Had lunch with a buddy who sold his company, but stayed on, and he's beyond FI. I asked him yesterday when he's actually going to retire, and he said "I don't know what I'd do all day, what do you do?" He said he took two days off, nearly went crazy, and begged the new owners of his former company to let him work PT. He's happy as a clam.


And that's fine for him, despite what some here are quick to say about how others choose to live their lives.

There's something addictive about winning whether it be at making money or some other arena. I agree that many wealthy people also enjoy what they're doing, so why stop? They are often in the position where they call the shots and focus on the parts of their businesses or jobs that they love, while assigning the less desirable portions to others. So again, why not?

I agree with Midpack's comments and find nothing incredulous about people not wanting endless free time. I've recently taken early retirement and relocated across the country to be near family. Already I can tell this "retirement" isn't going to be full time forever. I don't have time to work right now (still transitioning), but I miss and crave the intellectual challenge and stimulation of leading a charge in collaboration with others. When the time comes I'm going to be picky, however, and only take on something I love doing, and with no more endlessly long hours.

 

[jollystomper]

It's called "Keeping up with the Joneses".

 

[Milton]

I agree with Midpack's comments and find nothing incredulous about people not wanting endless free time.

I'm incredulous that there is confusion regarding the adjectives "incredulous" and "incredible". Is grammar no longer taught in elementary school?

Incredible.

 

[socca]

I'm incredulous that there is confusion regarding the adjectives "incredulous" and "incredible". Is grammar no longer taught in elementary school?

You've identified a vocabulary error rather than a grammatical error, although wikipedia claims that non-linguists sometimes misuse the word grammar to mean anything associated with language. Nitpickers of the world, unite!

Actually, way back when I tried to take an introductory course in Linguistics, the prof discouraged me, claiming that a EE undergrad wouldn't find the course interesting (he also said it was 'too technical'). I took his advice and cancelled the class. I guess stove-piping in STEM begins early. No harm done, I guess.

 

[Clone]

I was involved with a discussion just a few days ago regarding why some folks continue to run the company rather than retire. My associate offered this:

Most of the high level management got there because they were very driven and very competitive. They have established and built up areas of the business. They have seen other C-level managers leave, and then watch their empire be torn apart by those left behind. So, they hang around, protecting their domain, until their competitors retire, or they can turn their legacy over to somebody who will maintain it.

Regarding the grammar or vocabulary requirements for proper Internet posting- I saw a posting from an English major complaining that STEM majors were so impaired and awkward that they were unable to communicate effectively. Some were even challenged to put a complete paragraph together.


My response was simple- With the difference in salary, they have the

 

[Elbata]

From Clone: "My response was simple- With the difference in salary, they have the"

Now that's funny.

 

[Milton]

Way back when I tried to take an introductory course in Linguistics, the prof discouraged me, claiming that a EE undergrad wouldn't find the course interesting (he also said it was 'too technical'). I took his advice and cancelled the class. I guess stove-piping in STEM begins early. No harm done, I guess.

What a shame. Stereotyping and discouraging students is unworthy of any true educator.

 

[rayinpenn]

I take issue with this article on a number of fronts:
1) If you choose your sample from people dealing with investment bankers you are choosing from a pool of people willing to take on high risk for high returns. Now think about the average ‘millionaire next door’ who drives a F150 pickup -Do you think he’s looking to by a an investment in a derivative trading shop? They hopefully are in land, businesses and index and bond funds.

2)A million bucks isn’t what it used to be. For example our 3,000 square ft house mortgage free home in the killer school district (Nice house, i love it but, it is truly nothing special) is worth $525,000. As are the three houses surrounding us. My master tool fitter friend around the corner for just sold his home for $610,000 (bigger and with a built in pool). Ive read the average income in this zip code is $130,000. So someone making that kind of money should easily save well over $500,000 in 40k/IRA over the life of their mortgage. Add it together and you have 1 Million. If you ask anyone of them if they are rich they would say absolutely not. And guess what they are not. Think of the rule of 25. If you need $40K a year to retire and multiply that by 25. Bam you need a million investible. Bump up that spending number up to 100K grand and you need 2.5 million. A lot of money in Kansas but not here in a suburb of Philly. Trust me the taxes are 10 grand on my house alone.

In my office there are 5 extremely conservative multi-millionaires sitting within 20 yards of me. Just your average long term workers. If a friend that they felt comfortable with asked them about money: “Ive done well, I hope it is enough.” Are they chasing money or advancement .. no most are slowly, carefully building a big retirement nest egg.

3)The reason the guy with 2 gulf streams is so memorable is he is an outlier (a rarity). Bling is exciting! It makes the press and twitter. The stealth wealth guys and old money who made their money over the decades live in nice homes and drive nice but conservative vehicles. They are quietly, carefully amassing their piles but they don’t talk about money, wear Timex watches and are almost invisible. You just have to know where to look.

 

[GravitySucks]

I think it is called greed. It's been around at least since Biblical times. But that's OK, as long as they pay taxes.

The pay the tax part is what gets me.
Carried interest loophole closed yet?
Amazon just got $100M in NY and VA state government money.
And the list could go on for pages.