Tuesday 21 November 2017

Pros and Cons of Being Super Rich

  • Riches improves quality of life. Most rich people are unhappy. Happiness can't be bought.
  • It’s better to be rich than poor. And it’s nice to be super rich. 
  • Affluent – Still have to work. If you are comfortable but still must work to support your lifestyle then consider yourself affluent. 
    Rich – Don’t have to work. Rich people means they do not have to work on stuff they don’t enjoy. They have time and they can do whatever they want with it. In America, net worth of  $10mn or higher are Rich.
    Super rich – Have to work to give their money away. Super rich are with net worth in the tens and hundreds of millions of dollars and up. They have more money than they could ever need for their personal lifestyle. The question of not just what to do with their time but what to do with their excess money.
  • It’s nice to be super rich. You’ll fly private jets. You’ll eat nice food all the time, you’ll have aides and servants who will save you time. Problem is as a person makes more money, expectations and desires rise in tandem, which results in no permanent gain in happiness. 
  • The private jet doesn’t feel so special the 20th time you’re on it. Rather than marveling at the fact you’re on your own plane, you’re more likely to just compare it to other private planes you’ve been on.
  • Happiness is the day to day bounce of emotions while happiness meaning is what you feel when you step back, take a minute, and reflect on what will go in your obituary. 
  • A billionaire has said, “Nothing is going to make you feel better. Philanthropy is absolutely the best drug I’ve ever taken.”
  • You can meet anyone in the world. The best part about being famous is the chance to meet other famous people.
  • Unlike in the past, today there’s a tiny difference between the rich and the American middle class in terms of quality of life.
  • Bill Gates has a bigger house than you or me, but for what really matters, we’re the same.
  • Your quality of life is determined by the quality of your relationships.
  • Any person you befriend while you are atop a perch of power is just trying to get something from you or so you suspect, and suspicion alone is enough to careen a relationship.
  • Many presidents declared “no new friends” upon entering the White House.
  • Being super rich can be lonely. If you try to talk about the perils of being rich and famous, someone will accuse you of self-pity.
  • If you are a good person, the weight and duty of being responsible with the billions you have becomes a burden. And then it almost becomes criminal to pass that burden onto your kids. It is very hard not to have it run your life.
  • Being super rich disconnects you from your fellow humans.  If you can’t remember the last time you waited in line at the airport, or if it’s been years since you drove your own car to a supermarket, you’re living in a different world. 
  • Money changes your sense of morality, and usually not for the better. As you move up the class ladder, you are more likely to violate the rules of the road, to lie, to cheat, to shoplift, and to be tightfisted in giving to others. 
  • Empathy goes down. It’s harder for the super rich to remain compassionate towards ordinary people.
  • Perhaps wealth needs its own goldilocks story - not too much, not too little. Money is like gasoline while driving. You never want to run out, but the point of life is not to go on a tour of gas stations.
  • Ideally you want to have a sum of money that is large enough to get most of the advantages of wealth but not its side effects. With enough money, you live entirely on your own terms.
  • People are very critical of the wealthy in the UK. In the US entrepreneurs are celebrated.

That man is rich, whose pleasures are the cheapest ... Henry David Thoreau
Honesty is incompatible with amassing a large fortune ... Mahatma Gandhi 
In a country well governed, poverty is to be ashamed of. 
In a country badly governed, wealth is something to be ashamed of ... Confucius


Living life of importance is egoistic, where as leading simple & frugal life has more fun and fulfillment. VIP life in total disconnect in a different world is just miserable. It is better to have sufficient money which gives security, freedom from compulsion to work and to pursue one's own interests & choices. Anything more is burdensome and less is fatigue. We should never lose things that money can't buy. Finally we should never consume more than what we produce. Wastage and  excess emissions are nothing but abusing nature.

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