Why are rich people motivated by even more money?

dowie said:
It's a bit naive really, Thames water has nothing to do with any M&A, you're just throwing together vague stuff just as you do when you trott out random Bitcoin conspiracies.
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I think you're a bit confused and naive. Thames Water would have had investment banker advisors, and there are no Bitcoin conspiracies.
 
People do quit going after the money, but you just don't hear much about them. A good friend made ot to Distinguished Engineer at a big tech, making over $1m a year, but he quit recently as wanted to reduce working hours and focus on projects that had more positive impact on humanity. He joined a start-up earning about 5% of his original total take home , and is an advisor for several other startups.

Someone else sold their startup and after dealing with the stress for so many years cashed out and now does unpaid charity work.


I doubt i will stick to my current career for too long, but need to make bank . Once i have enough retirement funds then i'll be looking to reduce hours and stress. The sad thing is that will likely be when the kids have left the nest
 
Semple said:
It's a similar story for lottery winners. With theoretically unlimited wealth, there's still only so many places to see in the world. You could travel quite extravagantly and still finish seeing everything the world has to offer in less than 5 years. The rich then go on to do more daring or extreme stuff like journeys to space, or dives to the depths of our oceans.

How many billionaires do you think will be first to jump on a privately funded mission to Mars because way to go down in history.
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I'd move country to count and stay 6 months at least at a time.
You can visit much of the world in 5 years.. But you can't experience much of the world in that time.

I wish there was more time to explore for the average pleb.
 
Efour said:
I wish I was more obsessed about making money in my youth.
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Same. If I could go back I'd have done an apprenticeship in something I could make a business out of. No uni debt, earning from 16-17.
Buy a house at early 20s.. A decade earlier and just build something to be proud of. Retire early and enjoy.

Retiring at 55 vs 60 (which is probably best I could get now) isn't appealing enough to sacrifice now.

Retiring at 40 vs 60.. That's a different.
 
Stu999 said:
In the wallet....

Would keep going? F1 driver was the example I was thinking of. If I was Lewis Hamilton on £20m a season (not counting any other sponsorships, promotional work, etc.) then I'd probably jack it in after one season, but that's coming from a position of relative poverty. He even lives in Monaco so no income tax.

On the other hand I'm sure he genuinely loves the driving, he's awesome at it and maybe he has particular targets, e.g. x number of World Driver's Championships.


Were all of the employees banging each other as I've been led to believe by TV? :p
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Pretty much, yeah!

I didn't actually work on them as a crew member, I did the IT and other bits for them in their build phases, but also went out when they are fully crewed up and working, wherever in the world they were, to fix issues or install new things etc.

There are many stories of them hooking up. a lot of the big ports the yachts go to moor up, the town in the evening where the bars are will be full of crew from each yacht getting ****** and as you can imagine, spreading bodily fluids everywhere.

One of the guys on my team ended up sleeping with one of the stewardesses for a while too.

They are all selected by the captain and one of the crew members. And ALL of their CVs have to have a photo on. If you're ugly, you don't get the job, that goes for men too.

One of the yachts I was working on, I was sitting with the captain and some of the crew, eating some lunch. I got on pretty well with them, not that I think it would have changed the situation, but they were going through some CVs, and it was brutal to say the least!
 
Stu999 said:
Would keep going? F1 driver was the example I was thinking of. If I was Lewis Hamilton on £20m a season (not counting any other sponsorships, promotional work, etc.) then I'd probably jack it in after one season, but that's coming from a position of relative poverty. He even lives in Monaco so no income tax.
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But surely now you're rich your level of spending would go up ? Then what, when you see how fast it goes down?

There may be no tax in Monaco, but residents have an agreement to spend and invest in the economy there.
 
alchal said:
Firm next door, boss decided to retire, gave his engineer ( longest serving member ) minimum required notice then wouldn't pay him to have time off to look for any other jobs ( not sure if legal mind!) Made him work up to the last day despite having zero work to do, wouldn't even put the heating on for him.

He's a millionaire, Ferrari, range rover, Aston martin and some classic cars

Worked for him for over 20 years.

Money money money money
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not all rich people are like that however it definitely rings true sometimes.
Before my dad retired he ran a small building company.

In his experience it was generally the people with the gorgeous houses and amazing cars who were the last to pay. The old folks in their dilapidated houses and barely keeping it together were usually the ones trying to pay him a bit on top as a thank you despite them likely needing the money more than he did.

(I am painting with a wide brush here of course)
 
For me it would be about creating wealth that lasts for generations so that my family / descendants won't have to worry about working and could make the most of their lives doing what they most enjoyed.

Working on that lol
 
Nutty667 said:
But surely now you're rich your level of spending would go up ? Then what, when you see how fast it goes down?

There may be no tax in Monaco, but residents have an agreement to spend and invest in the economy there.
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It could go up, you just wouldn't be able to go too mad. Still a more comfortable life than 99% of people. £20m can generate a income far greater than most people will ever earn in a lifetime.
 
200sols said:
. £20m can generate a income far greater than most people will ever earn in a lifetime.
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this is very true. realistically for my lifestyle hypothetically if i were to build up £450K into fixed long term cash isas, and then £50k into premium bonds (which most would say would be really inefficient but its safe)

just that alone, forgetting any pension i could probably support my lifestyle on the interest alone once there is no mortgage to worry about.
 
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Participant said:
For me it would be about creating wealth that lasts for generations so that my family / descendants won't have to worry about working and could make the most of their lives doing what they most enjoyed.

Working on that lol
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Not having/having kids must be such a big factor here. If you don't have kids I guess you leave it to charity/family.
 
bigmike20vt said:
this is very true. realistically for my lifestyle hypothetically if i were to build up £450K into fixed long term cash isas, and then £50k into premium bonds (which most would say would be really inefficient but its safe)

just that alone, forgetting any pension i could probably support my lifestyle on the interest alone once there is no mortgage to worry about.
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I could live on 500k of savings and no mortgage for sure. I wouldn't, as I'd have too much time/money ratio.

But 1mln? yeah I wouldn't be working if I was sat on a 1mln isa.
Even a 5pc return would be 50k a year
 
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because people reach there goal of x that they think will make them happy and it doesnt make them happy so they move on to y amount to make them happy and that doesnt and so they keep going. until they die or realise actually having more doesnt make you any happier, you can still loose $5 million just like you can a tenner
 
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