Why Do Billionaires Want More?

[Andre1969]

Well yeah, that switch gets flipped one way or another, eventually. And no matter how much I get wrapped up in this hedonistic creep, constant climb, or whatever you want to call it, I'm still hoping to flip that switch myself, before I turn 51.

 

[Spanky]

Well yeah, that switch gets flipped one way or another, eventually. And no matter how much I get wrapped up in this hedonistic creep, constant climb, or whatever you want to call it, I'm still hoping to flip that switch myself, before I turn 51.

Best wishes!

 

[Freedom56]

In the end, no matter how rich someone is, there are rules that govern all of us:

1. You can't take your money with you
2. You can't buy health and happiness
3. Nobody is immortal

So stay safe and healthy and enjoy every moment of your life and don't be afraid to spend some money once in a while if it buys you comfort and happiness.

 

[kgtest]

Power.

 

[kgtest]

The top 22 billionaires have over 50bln. Most are businessmen, a few are heirs, one is a women heiress.

Soo, some worked for it, some inherited it. But most worked for it. IMHO even inheriting billions takes work to grow, so likely they are part hard workers, and partly desire "more" likely in life in general, not just with their money.

So if there are 500billionaires, and 5% of them have over 50...that means the other 475 only have less than 50billion.

it could be partly that the rich get richer, but we all know that doesn't happen entirely on luck alone.

I look at someone like Jay-Z and Beyonce, I think TOGETHER they are now worth 1 billion. They put in a lot of work to get to that point, its very public how they became billionaires...they basically just sold a lot of records together, and then branded that success.

 

[Spanky]

The top 22 billionaires have over 50bln.

The top 3 billionaires in the US own more wealth than the entire bottom half of the American population combined, a total of 160 million people.

Amazing!

 

[limeyx]

Why do millionaires want more?

....feel free to weigh in...

Because w/out a pension, retiring on $1M is not possible for many people ?

 

[Car-Guy]

Many of us have experienced the OMY syndrome, even when we knew we didn't need more. Billionaires have the OMB syndrome.

 

[copyright1997reloaded]

Greed.

Would you consider yourself greedy? Some people who are living day to day would consider you greedy, simply because you have more than them.

 

[jetpack]

1 Million: Coach
2 Million: First Class
3 Million: Chartered Jet
10 Million: Private Jet

Whoa! I should be chartering? I'm still usually in coach!

Back to the original question, I still work a little, I like doing something. It's hard to stop.

 

[Spanky]

Many of us have experienced the OMY syndrome, even when we knew we didn't need more. Billionaires have the OMB syndrome.

The target is $1 trillion.

 

[kcowan]

While researching an upcoming book, I'm finding that many billionaires go to great lengths (legal and illegal) to increase their wealth.

Why is that? What can you do with two billion that you can't do with one billion?

My guess is that it's just an insatiable and irrational desire to get more money—like collectors who go to extremes.

Your thoughts?

I have not read the thread as I have been out of touch. I just returned from a trip of 5 days that cost 55000 pesos for two. It was very enjoyable and I think we could do a lot more of them. If we did one a month that would be 660000 pesos a year. (Currently that would be US$35.5k)

Add in some cruising and eating at fine restaurants while at home and we could easily get into the high expense category.

Then you add the additional properties, yachts, sports cars and eventually you start to aim for more money as a goal on its own.

A few billionaires get religion and give their money to causes. So the more they make, the better off their causes are. There is no end to what they can do...

 

[Amethyst]

Money is power, and people who love power always crave more.

 

[NW-Bound]

I never want to control anybody, so I never think of money as power. I look at money as comfort. And of course I always want more comfort. Money also means options. Options to do a lot of things. Even if I do not exercise those options, it's nice to know I can if I want to.

I am just too lazy to work harder to get more money. Not motivated enough, because work can be uncomfortable, and was at times.

But to say I do not want more money is to be a hypocrite. And I hate to be called a hypocrite more than any other label.

"I’d like to live as a poor man, with lots of money." - Picasso

I dunno about living as a poor man. But to live an upper-middle-class lifestyle like someone with $10M, while really having $100M would be really cool. Comfortable enough, but below-the-radar.

 

[NW-Bound]

I just now realize why I stopped working, while the richer people did not.

When my earned income was about or less than what my investments generated in a year, it took away the motivation to work.

Billionaires can make lots of money compared to investing in dinky stock indices. And their work may not be all that stressful. So why should they stop? I would not.

PS. I am of course talking about people whose motivation is money. There are other reasons outside of money that motivate people to work. For example, politicians often work for power.

 

[NW-Bound]

Think of how hard Bezos, Steve Jobs, or Musk work compared to the people working for them? Hah!

When was the last time Jobs wrote any software? Musk to develop and to solve any orbital equation, or do any AI software for the Tesla "autopilot" (I am not sure if Musk had any education background in these subjects)?

These are good managers and astute businessmen. They don't work hard. At least, not in the way we peons work hard.

Tell me why they should stop.

PS. By the way, they are now auctioning a handwritten job application that Steve Jobs submitted for a job when he was 18. You can read it on the Web. Quite pathetic!

 

[RobbieB]

Hehe, yeah, not going to charter any jets or any prop planes for that matter.

But I ain't ridin' coach anymore either.

 

[FI_RElater]

We still fly “coach”...

ahem, some of us still fly “coach” for domestic flights (used it for international as well, but seats were wider then for flights over the pond)

{not about to charter one either, despite what your table says}

Now if we had ten large, we might consider the cost of first class relative to comfort... but the surcharge per hour is too much for us right now; rather use the money when we get to our destination. But we aren’t going to put up with “red-eye” flights anymore; too many of those in the day. Still wish there was the old service on international flights... food and wine was better then)

 

[RobbieB]

If I had a billion it would take all my time figuring out how to...yeah you know.

Blow All That Dough!

 

[NW-Bound]

If a billionaire was obsessed with blowing dough, he would not have his billion.

It's not just he did not give his money a chance to grow, he also did not have any time left to work to make any.

 

[Badger]

I always figured it was a form of 'hoarding disorder', where people use stuff to fill a personal void. Some people hoard pets or stuff they think they or someone else might use again. Some people hoard money.

+1

 

[Spanky]

If a billionaire was obsessed with blowing dough, he would not have his billion.

That's probably true that a typical billionaire is probably obsessed with business or financial success above all else. His or her family members might like to spend some but not necessary blowing it.

 

[mrfeh]

Would you consider yourself greedy? Some people who are living day to day would consider you greedy, simply because you have more than them.

The original question was "why do many billionaires go to great lengths (legal and illegal) to increase their wealth."

My wife and I have likely reached the number that will allow us to live the next 40 years without working, but not extravagantly. As a result, I am now working part time; no longer accumulating funds.

Since we aren't going to great lengths to increase our wealth, no, I don't consider us greedy.

 

[EvrClrx311]

It's said that in his early years John D. Rockefeller (1839-1937) asserted his two goals in life:
- to make $100,000
- to live to be 100

He accomplished half of those goals, though he hammered the first one into the ground many times over. His net worth near the end of his life would be the equivalent of something like $300 billion today. When asked "how much is enough" he stated "just a little bit more"

I think it becomes a driving addiction, much the same a video game top score captures someones focus. I suspect some part of a person's identity gets wrapped up in this number, and so the point to life (doing the best at it) gets wrapped up in maximizing the figure. It's a race, a goal, a motivator... and money is an easy thing to judge off of, because of it's fixed nature and everyone's ability to relate to it on some level.

I'm actively trying to avoid such a focus... I'd rather get "just enough" and worry about other things, like #2 on John's list

 

[Spanky]

When asked "how much is enough" he stated "just a little bit more"

Seems that being content and satisfied with you have is in order!