Why do wealthy people want the stress of becoming even more wealthy?

InsideInsurance

DKLS wrote: »

One of the CEOs I worked for had a picture of a yacht on his desk, and he always said there would be someone else with a bigger yacht in the harbour, and If I ever made it, not to buy a yacht

But that depends on if you want the biggest yacht ever. Some would be happy with a small boat thats big enough to get their friends on, go fishing or whatever else you want the boat for. Not everyone wants/ needs a 222m yacht and indeed there are many places you could go with a more modest boat that the giant ones wouldnt fit.

Whilst I understand the theory that the more you have/ experience the more you want but even that to me has limits. People probably think how much I've spent on certain things to be excessive but I enjoy them and can afford them. Even if my earnings were to double I wouldnt be replacing many of them because to me I've already hit the point where diminishing returns are too great to justify paying more.

Similarly I am not going to pay a large premium simply because something is rare/ exclusive. If its good too then I'd consider it but saw some obscure fabric last time I was at a tailors and it had some stupid price tag on it. No way would I buy a suit made of it as there were many nicer looking fabrics at a fraction of its price but I guess some will buy it simply because they can.

onlyroz

It is easy to not "feel wealthy" when your income goes up - because your outgoings will likely go up too (bigger mortgage, larger utility bills etc) and so you will still probably have the same amount of disposable income in your pocket.

mgdavid

OP, back on topic, you headed your post with
'Why do wealthy people want the stress of becoming even more wealthy?'
what on earth gives you the impression that becoming more wealthy incurs more stress?

The harder you work, the greater and wider your experiences, and the easier it gets. The greater the wealth the less worries about paying the bills and planning for the time when you no longer work.

Money can't buy happiness, but it's more comfortable to cry in a Mercedes than on a bicycle.

girlsmum

A very good friend of mine is a self made millionaire..
its not that she wants to make more money, its more like she has the money to do something with and whereas i might invest in something small for a small return she has more to invest so her return is bigger.

She is still the same person i knew many years ago when she worked 2 jobs to pay her mortgage..and these days i still have to look after her when she has one too many...:rotfl: nothing has changed

silverwhistle

DKLS wrote: »

One of the CEOs I worked for had a picture of a yacht on his desk, /SNIP/

What class of yacht was it? I sail OPBs..

pukkamum

The trouble is so many people spend their lives waiting and wishing for 'something better'.
A better car, a better house, more money, better holidays, better clothes.
Ask yourself though if you spend your life desiring other things then when do you ever enjoy what you have?
At one point that car sat in the drive was perfect, you wanted it, you got it, then what?
You want a better car, so you become dissatisfied with what you have, you convince yourself that if only you had the newer better model you would be so much happier and on and on.
So many believe that success is having a new car, a big house, foreign holidays, the latest technology etc.
That they will only be truly happy once they have these things, but happiness lies in self and loved ones, not in stuff.
The fact is that happiness has a limit, if you are happy now then a lottery win might make you feel extremely happy for a short time but the ultimate happiness will only be the same happiness you had before.
If you weren't happy before then no amount of stuff or money will change that.
Just stop, look around, remember when this was all you ever wanted and dreamed about. enjoy what you have now.

Hermia

mgdavid wrote: »

OP, back on topic, you headed your post with
'Why do wealthy people want the stress of becoming even more wealthy?'
what on earth gives you the impression that becoming more wealthy incurs more stress?

The harder you work, the greater and wider your experiences, and the easier it gets. The greater the wealth the less worries about paying the bills and planning for the time when you no longer work.

You can also delegate more if you are wealthy. I have a wealthy friend and she hires PAs to deal with both her business admin/stuff and her personal admin/stuff. Basically all the sort of stuff that bogs the rest of us down. She is able to enjoy both her work and her life whilst the PAs do the tedious paperwork and telephoning etc.

pleasedelete

Gosh I couldn't retire on a million- would only just pay the mortgage and a years salary (big mortgage).

Define wealthy? I am interested.

Snakey

In any case, it's usually baby steps. Nobody ever says to a graduate trainee on his first day "would you like this top role that will keep you awake at night having panic attacks?" so that you have a genuine either/or dilemma.

Two of the biggest pay rises I've ever had have been for relatively minor changes (in terms of my day-to-day work) - passing my professional exams, and moving to London. The other two have been for promotions to levels where I'd already been doing the sodding job for at least a year without formal recognition (a common "motivational" trick which I'm sure isn't confined to professional roles). There was never an occasion where I got a genuine choice between whether to have more money or remain in an easier position.

p.s. I don't own a yacht. Not that sort of biggest pay rise. Although I did share a (business) PA for several years, and it definitely made my working life easier.