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"10 Horrible Reasons to get Rich"
Old 08-14-2011, 10:50 AM   #1
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"10 Horrible Reasons to get Rich"

Whew... I'm sure glad I dodged this bullet:
Ten Horrible Reasons To Get Rich - Forbes

Quote:
... having a pile of money sounds like a high-class problem theyíd be thrilled to have. But hereís the deeper truth: Getting rich is a result, not a reasonĖand the reasons really do matter, if happiness and fulfillment are your ultimate goals.
For those with short attention spans, here's the list.
NOTE: these reasons are actually flawed logic. Turns out it doesn't work that way. Really rich people are trained professionals and they're still miserable, so don't try this at home...

1. Itís a way to keep score.
2. It will enhance my sense of self-worth.
3. Itís liberating.
4. Iíll meet my dream girl or guy.
5. Iíll retire and enjoy life one day.
6. A world of new experiences and challenges will open up for me.
7. Iíll have no problemsĖjust expenses.
8. Iíll never sweat the small stuff.
9. Iíll be a good provider for my family.
10. Iíll be safe.
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Old 08-14-2011, 11:40 AM   #2
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In other words, the price of happiness (and good health) = priceless
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Old 08-14-2011, 11:42 AM   #3
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11. I can buy a neat car.
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Old 08-14-2011, 12:30 PM   #4
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Quote:
Originally Posted by Nords View Post
Whew... I'm sure glad I dodged this bullet:
Ten Horrible Reasons To Get Rich - Forbes

1. Itís a way to keep score.
2. It will enhance my sense of self-worth.
3. Itís liberating.
4. Iíll meet my dream girl or guy.
5. Iíll retire and enjoy life one day.
6. A world of new experiences and challenges will open up for me.
7. Iíll have no problemsĖjust expenses.
8. Iíll never sweat the small stuff.
9. Iíll be a good provider for my family.
10. Iíll be safe.
I might have to differ on #3. Of course, it all depends upon ones definition of "rich". At one point the editor led one to believe having a couple of million might classify as rich. If a person has retired early and has no pensions or OPM to work on, I think having a couple of million would be liberating. Will having "excess" wealth make you more liberated? I do not think so. Having way too little is not good; having way too much is not good; having "enough" is just right. Alright, how much is "enough". Varies for everyone.
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Old 08-14-2011, 12:36 PM   #5
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3, 5, & 10 sound OK to me. For example, if it's liberating to not have to go to work, then I don't know what is.
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Old 08-14-2011, 01:08 PM   #6
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3, 5, & 10 sound OK to me. For example, if it's liberating to not have to go to work, then I don't know what is.
Yeah, but why not retire now rather than looking forward to it (#5), if you're rich?

Also, #10 (being safe) is an elusive goal - - I just watched a special on the Manson murders the other night, and Polanski and Tate were pretty rich I think but she still died.

I think that #3, "It is liberating", is great, though.

The freedom to spend my time doing what I want, when I want - - retirement is liberating.
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Old 08-14-2011, 03:11 PM   #7
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3, 5, & 10 sound OK to me. For example, if it's liberating to not have to go to work, then I don't know what is.
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Originally Posted by W2R View Post
I think that #3, "It is liberating", is great, though.
Must be those short attention spans. For example #3 sounds good at first, but then:
Quote:
Think money will set you free? Make enough of it and youíll have to deal with what shrinks call ďcorrespondence biasĒĖthe tendency of people to form complex yet uninformed impressions based on a single attribute, i.e. your wealth. That sounds like itís their problem, when in fact it becomes your problem. Example: One of my clients, beloved for his cut-up personality, unhappily adopted a more demure version of himself after his company went public. ďNow that I have money I cannot do [this or that],Ē he kept saying. ďIt wouldnít be fitting.Ē Irony alert.
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Old 08-14-2011, 03:39 PM   #8
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Must be those short attention spans. For example #3 sounds good at first, but then:
Quote:
Think money will set you free? Make enough of it and you’ll have to deal with what shrinks call “correspondence bias”–the tendency of people to form complex yet uninformed impressions based on a single attribute, i.e. your wealth. That sounds like it’s their problem, when in fact it becomes your problem. Example: One of my clients, beloved for his cut-up personality, unhappily adopted a more demure version of himself after his company went public. “Now that I have money I cannot do [this or that],” he kept saying. “It wouldn’t be fitting.” Irony alert
Aha! Looks like I have discovered what my own personal definition of being rich might be: Not caring what most other people think concerning what I do, or whether or not it is "fitting". I care what F. thinks, but as far as other people go, really, I don't live my life for (or keep up with) the Joneses. I try to be considerate, but putting on a fake front and abandoning a "cut-up personality" like that to try to act like somebody else? No way. So, I guess I am richer than that guy.
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Old 08-14-2011, 04:00 PM   #9
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Well...

I will take 10 horrible reasons to get rich over 10 good reasons to be poor any day!!
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Old 08-14-2011, 04:21 PM   #10
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It appears the Forbes author is relying on anecdotes from his practice (and many are related to the problems in becoming rich, not being rich).

This book Amazon.com: Does Atlas Shrug?: The Economic Consequences of Taxing the Rich (Russell Sage Foundation) (9780674008151): Joel B. Slemrod: Books includes a chapter on the question of why rich people continue to try to accumulate wealth even though they don't seem to spend it.

IIRC, the conclusion was a combination of "Keeping score", "Doing what I love", "Improves my self-image", and "Wealth is power even if you don't spend it".
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Old 08-14-2011, 05:06 PM   #11
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I wonder what the author thinks about folks like me that aren't rich but feel like they are.
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Old 08-14-2011, 05:12 PM   #12
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Quote:
Originally Posted by Nords View Post
1. Itís a way to keep score.
2. It will enhance my sense of self-worth.
3. Itís liberating.
4. Iíll meet my dream girl or guy.
5. Iíll retire and enjoy life one day.
6. A world of new experiences and challenges will open up for me.
7. Iíll have no problemsĖjust expenses.
8. Iíll never sweat the small stuff.
9. Iíll be a good provider for my family.
10. Iíll be safe.
1) Don't care about keeping score
2) I'm perfect the way I am
3) Having cash definitely liberated me from a 70-hr / week job
4) Did that when I was a poor college kid
5) Check . . . couldn't have done it without some cash
6) Check . . . couldn't have done it without some cash
7) Never happens, never thought it would
8) Mostly true, before and after
9) Check . . . couldn't have done it without some cash
10) Certainly safer than living in the hood.
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Old 08-14-2011, 06:27 PM   #13
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I wonder what the author thinks about folks like me that aren't rich but feel like they are.
If you feel rich, you are rich. It is mostly a state of mind, but it also helps to have some cash.
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Old 08-14-2011, 06:41 PM   #14
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3, 5, & 10 sound OK to me. For example, if it's liberating to not have to go to work, then I don't know what is.
5 is only half right. Retiring is a good reason to get rich. Waiting till then to enjoy life is not. If you ain't enjoying life before you retire, you're doing something wrong. Maybe it should say "I'll retire and enjoy life more."

Oh and thanks Nords. I do have a short attention span
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Old 08-14-2011, 08:07 PM   #15
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I wonder what the author thinks about folks like me that aren't rich but feel like they are.
I'm betting you don't care what he thinks!

And I mean that in a good way.


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Old 08-14-2011, 10:26 PM   #16
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Okay. I like to know the top 10 reasons to be rich.
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