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A few million dollars go a long way in changing around your life. Knowing a few people with a few million dollars, one of the things they'll confide over drink
by patio11 15y ago
A few million dollars go a long way in changing around your life.
Knowing a few people with a few million dollars, one of the things they'll confide over drinks is how much less it changes your life than you would think. Unhappy families with a million dollars are unhappy families. Sick parents with a million dollars are sick parents. Seeing the Avengers with your kids with a million dollars is seeing the Avengers with your kids. (Flipside: Maybe it is just a reflection on the kind of people I'm likely to know, but four separate people have told me that the thing that really freaking rocks about being a millionaire is that you can easily swing a cleaning service coming by and doing the whole house every single week.)
I sometimes think about how things could have shaken out differently. I went to a fairly good school and many of my classmates went into management consulting or finance. A good deal of them wondered why I didn't. (Neither option was ever really on my radar screen. I think if you had asked me in college "Sketch out how you, Patrick, would get a job at McKinsey" I would have been literally incapable of answering that question even though the answer was probably "Put on your debater suit and talk to the recruiter from McKinsey.") They have fairly predictable career trajectories and are now hitting 30 right as I do. I was raised to never talk about money, so I don't, but if I were guessing I'd peg many of them for low seven digits millionaires.
This would have been mildly irksome to me if I were still a salaryman (less for envy over their conditions and more for still being a salaryman), but since life is pretty rocking right now I don't give it too much thought.
- bartonfink 15y agoI think you slightly underestimate the degree to which that can change your life. When the average American lives paycheck to paycheck, having tens of thousands of dollars in checking account means that you simply don't have to worry about things like treating your kids and their friends to a movie and popcorn. You can buy things other people would see as a great luxury (e.g. transpacific plane tickets) without batting an eye. You don't need to worry about going to a job you hate because you ultimately don't need it. What money buys you is freedom. If you've got a few million in the bank, provided you don't spend it recklessly, you've got yourself a middle-class lifestyle for the rest of your life. That's freedom from a lot of worries that the average American is perpetually troubled by. Sure, you can blow it and have one hell of a decade, but I respect the average HN'er enough to assume that's not what was meant.
- alain94040 15y agoBut we're comparing a software engineer, who hopefully doesn't live paycheck to paycheck, to a Facebook engineer, who presumably will make a couple million dollars in 6 months.
- debacle 15y agoAssuming both of those people are 30, one of them can retire comfortably for the rest of his life. The other will likely work for at least another ten years. How much do you value ten years of your life?
- peterjancelis 15y agoThe principal level takes a long time nowadays at MBB, and most also take a 1 or 2 year break for an MBA. So I would estimate their net worth at age 30 more at mid to high 6 figures.