What motivates the ultra-rich to keep pursuing more?

[travelover]

They 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.

Yea, I'm with you on that. There seems to be a way for the really rich to dodge taxes, in spite of all the crocodile tears.

 

[haha]

I would replace power with freedom. I have no desire to be powerful, just safe and free!

What gives safety and freedom—- power!

 

[mopar lover]

1964 Dodge 880.

 

[Pellice]

I still wonder whether people at the top level can spend it all. Sometimes, when I think about the two gulfstreams, or that huge yacht, I think they CAN spend it all. Other times I think they unthinkingly plow it into black money donations, etc.

But don't they ever think about the unrest and misery the economic inequality is causing throughout the world? Don't they ever feel a tremor of fear about the outcome? Don't they feel the weight of the judgment of morality and religion? Don't they ever say to themselves, "I have more than I need?"

 

[HI Bill]

But don't they ever think about the unrest and misery the economic inequality is causing throughout the world? Don't they ever feel a tremor of fear about the outcome? Don't they feel the weight of the judgment of morality and religion? Don't they ever say to themselves, "I have more than I need?"

This is getting dangerously close to political. I'd just ask...is the unrest and misery really due mostly to economic inequality?

Read "Guns, Germs and Steel". Some interesting insights there.

 

[67walkon]

Good topic. We have a net worth of around $4 mill, including 2 homes with no mortgages. It's about 50-50 homes and retirement accounts. Income is $80,000, about half of which is tax free, plus ss. Next year, ss will be over $50,000. It's plenty.

Many of my former peers can't quit working cuz they need the income. One long time friend carries $50,000+ in credit card debt and who knows what for mortgage and expensive cars. He can't retire. I don't get it. I have a 9 year old car, a 15 year old car and a toy car that is almost 50 years old. No debt, no mortgages. I can't figure out why more of my peers aren't retiring and enjoying life.

 

[TomH]

I think it is a score-keeping thing... to some extent they measure themselves and their self-worth in $$$ against their peers... in both annual income and net worth.

I guess I am not at all wired that way... while I enjoyed the "game" I was happy to stop playing... I never understood why others kept playing but if that made them happy then so be it.

Notice that many of the world's richest who are of a retirement age and could retire are still working (albeit arguably at their own pace)... I'm not familiar with all the names on the list below but to my knowledge Bill Gates is the only one who is retired (though I am sure his philanthropic activities keeps him busy).

I want to add that many of this list and possibility in this category run a business. So maybe it is not about the money but running a successful business.

This reminds me of the book, Good to Great. There are good businesses but only a few are great businesses.

 

[morriss003]

The ultra-rich could care less about making more. That happens naturally, because wealth creates more wealth. Imagine your net worth was more than a billion. Would you have that in cash? Of course not. The source of net worth is why the ultra-rich keep getting richer in relation to the some-what-rich, middle class, and poor.