7 ms·

Life lessons from the very wealthy

109 points by tortilla 15y ago

mattmorgan 15y ago
Money provides a different scale of experience, but doesn't actually have an effect in the intensity of happiness. True happiness is about managing your progression so you don't become adjusted to a lifestyle, no matter the scale. Humans adjust to almost anything, as a survival mechanism. The act of experiencing the present infinite moment can always offer enough richness for a human. This is why you can live a satisfying life whether you have everything or nothing. In the end, you must have power over your consciousness. You must be prepared for any situation, so you must learn to manage what you have at a small scale in order to manage what you have at a large scale. Just like in business, flexibiity and adaptability are most important.
nachteilig 15y ago
This really shouldn't be on HN, guys.
- trafficlight 15y ago
  If you don't think something belongs, flag it.
WalterSear 15y ago
Misses several important ones: - It's good to be the king - Money doesn't buy happiness, but carefully spent, it can buy several happiness factories. - Little people don't understand me.
- taphangum 15y ago
  What do you mean by little people. Curious. Literally little or small minded?
  - arethuza 15y ago
    Presumably the same sense as meant by Leona Helmsley: "We don't pay taxes. Only the little people pay taxes" http://en.wikipedia.org/wiki/Leona_Helmsley#Tax_evasion_conviction http://en.wikipedia.org/wiki/Leona_Helmsley#Tax_evasion_conv...
    - cheez 15y ago
      I find that most people who make their wealth through their own work don't have this kind of attitude. Of course, I don't know any people worth a few billion, only paltry millions.
- 6ren 15y ago
  I think the initial quote better addresses your point 2 > Money won’t buy happiness, but it will pay the salaries of a large research staff to study the problem. - Bill Vaughan Also, Zaphod: If he was asked at this moment where he would like to be he would probably have said he would like to be lying on the beach with at least fifty beautiful women and a small team of experts working out new ways they could be nice to him, which was his usual reply. http://www.otostopcu.org/yazi/h2g2/b2c7.php http://www.otostopcu.org/yazi/h2g2/b2c7.php
- thesz 15y ago
  Where did you get that "Little people don't understand me"? On two pages I read I seen nothing like that.
pspeter3 15y ago
Does anyone know if Tech companies do similar things to what banks and law firms do in terms of golden handcuffs?
- chollida1 15y ago
  I don't know specifically about tech companies but the hedge fund I work for will lend and match up to very large amounts of money that you put into the fund. It really helps to motivate you when you realize that most of your net worth is tied up in the fund:) Stock options to hot pre IPO companies like Facebook, twitter, etc are very similar. It's hard to leave before all your options vest( and they never do as you always get a new grant each year) as it's always in the back of your mind that the big IPO is just around the corner.
- ahoyhere 15y ago
  Absolutely, only it's more subtle. When you work at a company that feeds you gourmet lunches, does your oil changes and laundry for you, arranges shuttles from your apartment to the office, etc., you begin to feel like you couldn't possibly live any other way. That is the dark side of perks. Another way to keep people stuck is to pay them too much, much more than they could ever earn elsewhere. They will then rationalize that they are doing it just for the money, which leads them to hate their job, even tho they will not leave (because of the money). Then you see worsening politicking, squabbling, dark humor about "at least it pays well" and general "acting out." I saw both of these in action at my last real job, at a tech co. you've heard of. The wild parties, the liquor cabinet, the gourmet kitchen, the rooftop deck in TriBeCa, and more importantly, the excessively huge amounts of profit-sharing... it was like geek summer camp, until it turned into a teen drama because of the "poor little rich boys." I knew I could never work at another place after that, because (in most ways) it was just so great. We were all spoiled rotten.
  - pspeter3 15y ago
    Thanks for the tips. I'll make sure to be cognizant of the perks I'm getting. Any advice on how to survive a workplace like that and keep your mind in reality?
cheez 15y ago
"Being smart is good but being lucky is better." This article is actually good.
- obtino 15y ago
  "Luck is where preparation meets opportunity."
  - michaelcampbell 15y ago
    I was in music school for a while; a guy asked if it was better to be lucky, or talented. He answered, "the more talented you are, the luckier you get. The more you practice, the more talented you get."
rahulvohra 15y ago
"Work is the process of exchanging your time for money." I never want to "work" in an organisation where this is true.
- therandomguy 15y ago
  Then start your own business because that is true for 100% of the business. But they do spend a lot of money to make employees feel that they are very valuable and their work is worth a lot and they are adding a lot of value etc. Watch the move Matrix to understand the philosophy.
  - adestefan 15y ago
    You spend even more time in exchange for money when you start your own business. The real fix is to do what you love because then work never feels like work.
gmkoliver 15y ago
From what I've found with a quick search it seems like most held wealth is earned rather than inherited. Does anyone know if this is accurate, and what the typical 'pre-earnings' demographic background of the very wealthy is in the U.S.?
- DavidAdams 15y ago
  Here's something I read today in this month's Atlantic: "Many of today’s super-rich started out in the middle and make most of their money through work, not inheritance. Ninety-five years ago, the richest 1 percent of Americans received only 20 percent of their income from paid work; in 2004, that income proportion had tripled, to 60 percent. " http://www.theatlantic.com/magazine/archive/2011/07/the-14-biggest-ideas-of-the-year/8556/12/ http://www.theatlantic.com/magazine/archive/2011/07/the-14-b...
- hugh3 15y ago
  Anecdotally, it seems that practically every billionaire in the US comes from an upbringing in the comfortable middle class. This is basically what we'd expect, given that: a) Folks who become rich are generally pretty darn smart. b) People who are smart generally have smart parents. c) The vast majority of smart people are in the comfortable middle class. (Not the poor, since they're smart enough not to be poor, but not the very rich, because statistically there ain't that many of 'em) Therefore, if you're rich you probably had comfortably middle class parents.
  - sukuriant 15y ago
    Careful with the "smart enough not to be poor" claims, especially among the lower socioeconomic classes.
andymoe 15y ago
I know some wealthy people and the first three points seem pretty spot on. I wonder what the last four points were. I think I'll flag articles behind pay-walls from now on.
- wmat 15y ago
  I just clicked the Print link and went straight to the full article: http://goo.gl/E5FyA http://goo.gl/E5FyA
  - andymoe 15y ago
    Thanks, I know how to get around them but I just don't think I will bother anymore. There is so much information out there that is just as interesting and freely available.
    - wvanwazer 15y ago
      There's no paywall at the Washington Post...
      - jamesbritt 15y ago
        No, but you need to create an account to keep reading. Annoying, at any rate.
        StavrosK 15y ago
        That's odd, I just clicked "next page" to read the rest and I don't have an account there.
6ren 15y ago
money can't buy accomplishments
ww520 15y ago
"4. Watch your lifestyle leverage, especially early in your career." This is so true. Living way below your mean is so important as that's a great way to gain financial independence to have the freedom to pursue what you love to do.
nl 15y ago
I'm not from the US, and so I only follow this from a distance, but: Taxes for the top 2 percent are very likely to go higher Is this actually true? Obama couldn't get support to rollback tax cuts on the rich - is he really going to be able to increase them now? I believe Republican policy is to cut taxes on the rich (?) In the United States, the very rich hold most of that wealth in dollars, which are worth increasingly less. This isn't true either is it? Firstly, don't most of the rich hold their wealth in investments (eg, shares), which might be denominated in US Dollars but are relatively immune to long term changes in value of the dollar? Secondly, (despite all the talk) actually hasn't been any significant inflation in the US. (I'll happily concede that the US dollar has deprecated against other currencies, but that shouldn't effect the domestic purchasing power of the rich that much - even allowing for outsized impact due to imported luxury goods)
- krohrbaugh 15y ago
  Yeah; I almost stopped reading the article because the introductory paragraphs (which you are citing) were rubbish. Now is a great time to be rich in the US.
  - cheez 15y ago
    Not to spoil your fun but it's always great to be rich.
    - nl 15y ago
      it's always great to be rich. To be pedantic - the French and Russian (and many other) revolutions didn't work out great for the rich.
      - WalterBright 15y ago
        They didn't work out so well for the poor, either.
        atlantic 15y ago

109 points by tortilla 15y ago

Money provides a different scale of experience, but doesn't actually have an effect in the intensity of happiness. True happiness is about managing your progression so you don't become adjusted to a lifestyle, no matter the scale. Humans adjust to almost anything, as a survival mechanism. The act of experiencing the present infinite moment can always offer enough richness for a human. This is why you can live a satisfying life whether you have everything or nothing. In the end, you must have power over your consciousness. You must be prepared for any situation, so you must learn to manage what you have at a small scale in order to manage what you have at a large scale. Just like in business, flexibiity and adaptability are most important.

nachteilig 15y ago

This really shouldn't be on HN, guys.

trafficlight 15y ago
If you don't think something belongs, flag it.

WalterSear 15y ago

Misses several important ones: - It's good to be the king - Money doesn't buy happiness, but carefully spent, it can buy several happiness factories. - Little people don't understand me.

taphangum 15y ago
What do you mean by little people. Curious. Literally little or small minded?
- arethuza 15y ago
  Presumably the same sense as meant by Leona Helmsley: "We don't pay taxes. Only the little people pay taxes" http://en.wikipedia.org/wiki/Leona_Helmsley#Tax_evasion_conviction http://en.wikipedia.org/wiki/Leona_Helmsley#Tax_evasion_conv...
  - cheez 15y ago
    I find that most people who make their wealth through their own work don't have this kind of attitude. Of course, I don't know any people worth a few billion, only paltry millions.
6ren 15y ago
I think the initial quote better addresses your point 2 > Money won’t buy happiness, but it will pay the salaries of a large research staff to study the problem. - Bill Vaughan Also, Zaphod: If he was asked at this moment where he would like to be he would probably have said he would like to be lying on the beach with at least fifty beautiful women and a small team of experts working out new ways they could be nice to him, which was his usual reply. http://www.otostopcu.org/yazi/h2g2/b2c7.php http://www.otostopcu.org/yazi/h2g2/b2c7.php
thesz 15y ago
Where did you get that "Little people don't understand me"? On two pages I read I seen nothing like that.

pspeter3 15y ago

Does anyone know if Tech companies do similar things to what banks and law firms do in terms of golden handcuffs?

chollida1 15y ago
I don't know specifically about tech companies but the hedge fund I work for will lend and match up to very large amounts of money that you put into the fund. It really helps to motivate you when you realize that most of your net worth is tied up in the fund:) Stock options to hot pre IPO companies like Facebook, twitter, etc are very similar. It's hard to leave before all your options vest( and they never do as you always get a new grant each year) as it's always in the back of your mind that the big IPO is just around the corner.
ahoyhere 15y ago
Absolutely, only it's more subtle. When you work at a company that feeds you gourmet lunches, does your oil changes and laundry for you, arranges shuttles from your apartment to the office, etc., you begin to feel like you couldn't possibly live any other way. That is the dark side of perks. Another way to keep people stuck is to pay them too much, much more than they could ever earn elsewhere. They will then rationalize that they are doing it just for the money, which leads them to hate their job, even tho they will not leave (because of the money). Then you see worsening politicking, squabbling, dark humor about "at least it pays well" and general "acting out." I saw both of these in action at my last real job, at a tech co. you've heard of. The wild parties, the liquor cabinet, the gourmet kitchen, the rooftop deck in TriBeCa, and more importantly, the excessively huge amounts of profit-sharing... it was like geek summer camp, until it turned into a teen drama because of the "poor little rich boys." I knew I could never work at another place after that, because (in most ways) it was just so great. We were all spoiled rotten.
- pspeter3 15y ago
  Thanks for the tips. I'll make sure to be cognizant of the perks I'm getting. Any advice on how to survive a workplace like that and keep your mind in reality?

cheez 15y ago

"Being smart is good but being lucky is better." This article is actually good.

obtino 15y ago
"Luck is where preparation meets opportunity."
- michaelcampbell 15y ago
  I was in music school for a while; a guy asked if it was better to be lucky, or talented. He answered, "the more talented you are, the luckier you get. The more you practice, the more talented you get."

rahulvohra 15y ago

"Work is the process of exchanging your time for money." I never want to "work" in an organisation where this is true.

therandomguy 15y ago
Then start your own business because that is true for 100% of the business. But they do spend a lot of money to make employees feel that they are very valuable and their work is worth a lot and they are adding a lot of value etc. Watch the move Matrix to understand the philosophy.
- adestefan 15y ago
  You spend even more time in exchange for money when you start your own business. The real fix is to do what you love because then work never feels like work.

gmkoliver 15y ago

From what I've found with a quick search it seems like most held wealth is earned rather than inherited. Does anyone know if this is accurate, and what the typical 'pre-earnings' demographic background of the very wealthy is in the U.S.?

DavidAdams 15y ago
Here's something I read today in this month's Atlantic: "Many of today’s super-rich started out in the middle and make most of their money through work, not inheritance. Ninety-five years ago, the richest 1 percent of Americans received only 20 percent of their income from paid work; in 2004, that income proportion had tripled, to 60 percent. " http://www.theatlantic.com/magazine/archive/2011/07/the-14-biggest-ideas-of-the-year/8556/12/ http://www.theatlantic.com/magazine/archive/2011/07/the-14-b...
hugh3 15y ago
Anecdotally, it seems that practically every billionaire in the US comes from an upbringing in the comfortable middle class. This is basically what we'd expect, given that: a) Folks who become rich are generally pretty darn smart. b) People who are smart generally have smart parents. c) The vast majority of smart people are in the comfortable middle class. (Not the poor, since they're smart enough not to be poor, but not the very rich, because statistically there ain't that many of 'em) Therefore, if you're rich you probably had comfortably middle class parents.
- sukuriant 15y ago
  Careful with the "smart enough not to be poor" claims, especially among the lower socioeconomic classes.

andymoe 15y ago

I know some wealthy people and the first three points seem pretty spot on. I wonder what the last four points were. I think I'll flag articles behind pay-walls from now on.

wmat 15y ago
I just clicked the Print link and went straight to the full article: http://goo.gl/E5FyA http://goo.gl/E5FyA
- andymoe 15y ago
  Thanks, I know how to get around them but I just don't think I will bother anymore. There is so much information out there that is just as interesting and freely available.
  - wvanwazer 15y ago
    There's no paywall at the Washington Post...
    - jamesbritt 15y ago
      No, but you need to create an account to keep reading. Annoying, at any rate.
      - StavrosK 15y ago
        That's odd, I just clicked "next page" to read the rest and I don't have an account there.

6ren 15y ago

money can't buy accomplishments

ww520 15y ago

"4. Watch your lifestyle leverage, especially early in your career." This is so true. Living way below your mean is so important as that's a great way to gain financial independence to have the freedom to pursue what you love to do.

nl 15y ago

I'm not from the US, and so I only follow this from a distance, but: Taxes for the top 2 percent are very likely to go higher Is this actually true? Obama couldn't get support to rollback tax cuts on the rich - is he really going to be able to increase them now? I believe Republican policy is to cut taxes on the rich (?) In the United States, the very rich hold most of that wealth in dollars, which are worth increasingly less. This isn't true either is it? Firstly, don't most of the rich hold their wealth in investments (eg, shares), which might be denominated in US Dollars but are relatively immune to long term changes in value of the dollar? Secondly, (despite all the talk) actually hasn't been any significant inflation in the US. (I'll happily concede that the US dollar has deprecated against other currencies, but that shouldn't effect the domestic purchasing power of the rich that much - even allowing for outsized impact due to imported luxury goods)

krohrbaugh 15y ago
Yeah; I almost stopped reading the article because the introductory paragraphs (which you are citing) were rubbish. Now is a great time to be rich in the US.
- cheez 15y ago
  Not to spoil your fun but it's always great to be rich.
  - nl 15y ago
    it's always great to be rich. To be pedantic - the French and Russian (and many other) revolutions didn't work out great for the rich.
    - WalterBright 15y ago
      They didn't work out so well for the poor, either.
      - atlantic 15y ago