Unhappy "Elite Professionals"

[footenote]

LOL: I make a lot of money and I haz a sads

https://www.nytimes.com/interactive...-jobs-happiness.html?smid=tw-nytmag&smtyp=cur

"One classmate described having to invest $5 million a day — which didn’t sound terrible, until he explained that if he put only $4 million to work on Monday, he had to scramble to place $6 million on Tuesday, and his co-workers were constantly undermining one another in search of the next promotion. It was insanely stressful work, done among people he didn’t particularly like. He earned about $1.2 million a year and hated going to the office."

Mocking these people is MAKING. MY. DAY.

 

[Squirrel]

Good article.

“There are so many jobs where people feel like what they do is relatively meaningless,”

reminds me of a story:

The usual building dates given are 1172 to 1340 for Notre Dame Cathedral.
Around the year 1250 ...

A mason was working on the walls of the Cathedral.
"How's it going" asked an investigative reporter.
"Miserable. My back hurts. My head aches. I get to go home at sunset
and I can hardly wait."
Reporter asks a carpenter, "how's it going?"
"Terrible. I have to redo my work from yesterday. My apprentice brought me the wrong planks."
Reporter asks an old man who's sweeping up sawdust, "how's it going?"
The old man replies, "Amazing. Just wonderful. I'm building a monument to the glory of God."

 

[donheff]

That is a pretty good article. I'm reading "This Could Hurt," a novel about the lives and travails of a small HR shop in a NYC data research company after the crash. It brings back a lot of the angst that comes with almost any corporate or bureaucratic job.

 

[marko]

"... his co-workers were constantly undermining one another in search of the next promotion. It was insanely stressful work, done among people he didn’t particularly like. He earned about $1.2 million a year and hated going to the office."

That's why you get paid $1MM+ to run that treadmill.

I was a high six-figure earner and while I never complained (and the work wasn't all that horrible) I often thought about how nice it would be to just go home at 4PM, have dinner, watch TV and not think about the job until 7AM the next day.

There's a certain equilibrium taking place: getting paid that much is great but there is a price to pay.

 

[Toocold]

I very much understand the point of the article. It resonates with what I see.
I see countless examples of those who thought they were secure only to be let go quickly.

I find that there is a certain point in life when the next promotion doesn't matter and you realize that you have enough money, especially after finding this forum.

 

[Rianne]

Any job can contribute to the betterment of the world, society, health, security. A money manager can focus on helping a small business or senior or nonprofit to be successful. It comes down to internal motivations. Even Bud Fox saw the light, he was surrounded by wealth and riches.

Jack Bogle focused on how to help small investors FIRE. One doesn't have to be a greedy person with self interest as their motivation. Who or what you are benefiting will catch up in time. What reward are you seeking? I think it's fine to make lots $$. What you do with it matters.

 

[Nick12]

There are some executives in my neighborhood that make huge salaries live in MCmansions , and drive expensive cars. They are working in very stressful conditions, work long hours, take red eye flights to make a morning meeting in another city, and trying to maintain their 5 star lifestyle to support their families, wives that don't work and expensive tastes.

 

[Rianne]

All it takes is a few episodes of Housewives of New York, Beverly Hills or Atlanta to make me gag. Unfortunately, many people strive for that lifestyle. Remember the Lives of the Rich and Famous? How many millions of people were glued to the TV, salivating over all those riches. Machiavelli comes to mind.

 

[stepford]

That article just made me want to grab said executives by their expensive lapels and tell them to get over themselves. Lots of folks have jobs they don't like (why they're called JOBS). At least folks with compensation levels like that have the chance to save enough to FIRE when young enough to enjoy life and find "meaning" some other way. If they are too trapped by the expectations of their social set to do so then I find it difficult to muster much sympathy.

 

[CRLLS]

I'm glad to say, I cannot relate and do not care about that lifestyle, if you can call it a life.

At every job level, there are those who are truly grateful to have that job, those who are just trying to make it through the BS one more day, and everything in between. I know and have known some of those high 6 figure and above people, working 24/7 and never desired to be one of them. Questioning one's contribution to "the greater good" is normal for just about everyone at some time or another.

For those in that rat race, either "Suck it up Buttercup" or change to a more meaningful job.

 

[marko]

All it takes is a few episodes of Housewives of New York, Beverly Hills or Atlanta to make me gag. Unfortunately, many people strive for that lifestyle. Remember the Lives of the Rich and Famous? How many millions of people were glued to the TV, salivating over all those riches. Machiavelli comes to mind.

"Riches" can be a loose term.
Down here in South East Florida, everywhere you look there's a $30MM house with the requisite $7MM yacht out back.

We figure a third are true wealth, a third are on the treadmill trying to hang on to it all and a third are outright scammers just one jump ahead of the man. (seems like 20% of the show American Greed takes place in Fort Lauderdale or Miami)

We play a game where we try to guess which third is which; very often it is just a facade.

 

[CRLLS]

We play a game where we try to guess which third is which; very often it is just a facade.

The ones with the curtains drawn are the 3rd group. That way outsiders cannot see that the rooms have no furniture. My BIL worked as a policeman in one such community. He was amazed at how many calls he made to homes with little or no furniture.

 

[Scrapr]

The ones with the curtains drawn are the 3rd group. That way outsiders cannot see that the rooms have no furniture. My BIL worked as a policeman in one such community. He was amazed at how many calls he made to homes with little or no furniture.

because burglars came in & stole the furniture!!! Why do you think they called the cops

at our old home in the 'burbs a neighbor had several room pretty empty. But over time they filled it up. They were doing Goodwill and other outlets to buy pieces

 

[Bamaman]

My father was in personnel at our regional power company. He was home every workday by 3:45 p.m. and taking a nap by 4:00. He left the job at work.

I cannot tell you how many of my father's "elite" friends told him how much they admired the way he went through life--at peace with himself and God. Their lives were just so complicated watching out for their money and their employees that made it for them.

 

[MarieIG]

LOL: I make a lot of money and I haz a sads

https://www.nytimes.com/interactive...-jobs-happiness.html?smid=tw-nytmag&smtyp=cur

"One classmate described having to invest $5 million a day — which didn’t sound terrible, until he explained that if he put only $4 million to work on Monday, he had to scramble to place $6 million on Tuesday, and his co-workers were constantly undermining one another in search of the next promotion. It was insanely stressful work, done among people he didn’t particularly like. He earned about $1.2 million a year and hated going to the office."

Mocking these people is MAKING. MY. DAY.

Mocking people who are unhappy/ in stressful jobs does NOT make my day (notwithstanding they are high earners). They are still people. They get tired, unhappy, confused, and feel trapped just some members on this forum have before getting their act together. They get sick, divorced, confused and have family issues, just like the rest of society. I suspect a number of them would have chosen a different path had they known what was ahead.

Some of the members on this web site faced comparable stress, and worked towards leaving their particular careers.

 

[Sojourner]

"One classmate described having to invest $5 million a day — which didn’t sound terrible, until he explained that if he put only $4 million to work on Monday, he had to scramble to place $6 million on Tuesday, and his co-workers were constantly undermining one another in search of the next promotion. It was insanely stressful work, done among people he didn’t particularly like. He earned about $1.2 million a year and hated going to the office."

I'm guessing some (small) percentage of these ultra-stressed out, ultra-high earners will, at some point, wake up to the reality that they can FIRE if they simply adjust their lifestyle and their expectations of how luxurious their lives should be. You'd only need to work about 5 or 6 years making that kind of money (and enduring that kind of unhealthy stress) to be able to FIRE very young... but you'd have to give up the notion of having a matching set of Ferraris in your 10-car garage and having a 6,000 sq ft beach house in the Hamptons.

 

[Nick12]

"Riches" can be a loose term.
Down here in South East Florida, everywhere you look there's a $30MM house with the requisite $7MM yacht out back.

We figure a third are true wealth, a third are on the treadmill trying to hang on to it all and a third are outright scammers just one jump ahead of the man. (seems like 20% of the show American Greed takes place in Fort Lauderdale or Miami)

We play a game where we try to guess which third is which; very often it is just a facade.

The well know secret of some of the rich and famous in South Florida is it a major tax haven for wealthy families that have made their monies through many legal and illegal ways. Spending time there in the 1980s if you remember the movie Scarface and the TV show Miami Vice, that's the crazy but realistic times in South FL. Especially Ft Lauderdale/Miami areas.

 

[MichaelB]

The well know secret of some of the rich and famous in South Florida is it a major tax haven for wealthy families that have made their monies through many legal and illegal ways. Spending time there in the 1980s if you remember the movie Scarface and the TV show Miami Vice, that's the crazy but realistic times in South FL. Especially Ft Lauderdale/Miami areas.

In what way is Florida a tax haven?

 

[Nick12]

In what way is Florida a tax haven?

No state income tax on individuals and trust
No state estate tax
No gift tax
No inheritance tax
In my part of the state there are a number of strip malls with small business owner by foreign oversees investors. Not all of them but one must be totally blind that money laundering 101 occurs and still occurs to this day.
Welcome to the Sunshine State

 

[marko]

No state income tax on individuals and trust
No state estate tax
No gift tax
No inheritance tax
In my part of the state there are a number of strip malls with small business owner by foreign oversees investors. Not all of them but one must be totally blind that money laundering 101 occurs and still occurs to this day.
Welcome to the Sunshine State

IIRC, one,of the reasons Tiger, Mickelson, among others moved here.

 

[MichaelB]

One of many states with no individual or inheritance tax. That’s not a tax haven. Just another state.

 

[Sojourner]

One of many states with no individual or inheritance tax. That’s not a tax haven. Just another state.

IIRC, Florida has some special provisions that shield one's assets (primary residence, maybe?) from seizure due to court judgments. I believe this is why O.J. set up shop in Florida back in the 90s, so that he could protect some of his net worth from the expected civil lawsuit brought against him by his murdered ex-wife's parents.

 

[Nick12]

IIRC, Florida has some special provisions that shield one's assets (primary residence, maybe?) from seizure due to court judgments. I believe this is why O.J. set up shop in Florida back in the 90s, so that he could protect some of his net worth from the expected civil lawsuit brought against him by his murdered ex-wife's parents.

+1/ A few guys in South Florida who earned their millions in very interesting ways got limited jail time but kept their lavish homes due to this very nice provision.

 

[ziggy29]

IIRC, Florida has some special provisions that shield one's assets (primary residence, maybe?) from seizure due to court judgments. I believe this is why O.J. set up shop in Florida back in the 90s, so that he could protect some of his net worth from the expected civil lawsuit brought against him by his murdered ex-wife's parents.

In terms of asset protection laws from creditors and lawsuits, there are three states which stand out for maximum protection: Florida, Texas and Oklahoma.

 

[jazz4cash]

Any job can contribute to the betterment of the world, society, health, security. A money manager can focus on helping a small business or senior or nonprofit to be successful. It comes down to internal motivations. Even Bud Fox saw the light, he was surrounded by wealth and riches.

Jack Bogle focused on how to help small investors FIRE. One doesn't have to be a greedy person with self interest as their motivation. Who or what you are benefiting will catch up in time. What reward are you seeking? I think it's fine to make lots $$. What you do with it matters.

I agree. Good points. Employers get caught up in the quest for short term results and that trickles down to employees that may not be able to figure this out. I guess I was lucky but the conclusion that work should be meaningful seems so obvious to me I find it amazing that it takes high level research to figure this out.