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Having worked at a few 100~1000 person companies run by billionaires, this tracks. Most of the difference in lifestyle is the quantity and quality of housing t

Having worked at a few 100~1000 person companies run by billionaires, this tracks. Most of the difference in lifestyle is the quantity and quality of housing they can afford, and having people to take care of problems for them. But they ALL universally have messed up personal lives with multiple messy divorces, embarrassing affairs, NYPost Page Six appearances, etc. The one thing you'd think it gives them is freedom, but they all pretty much end up working til they die so I don't know. I'm not sure if the money breaks something in their brain, or their broken brain is what leads them to chase the money. Likely some of both! There's some level where you can afford 2-3 nice residences, flying private, and not lose your damn mind. I've seen some of the billionaire's lieutenants achieve this balance. Basically being able to be fabulously rich but anonymous. Like the Bill Murray quote about people who want to be rich & famous should try just being rich first. I think these guys I've seen are probably in the bucket the reddit OP marks "Net worth of $30mm-$100mm". Adjust that upwards for inflation and also to account for many of these people being in VHCOL areas so maybe it's like $50-200mm.

TMWNN 1y ago
>The one thing you'd think it gives them is freedom, but they all pretty much end up working til they die so I don't know. From "Requiem" by Robert Heinlein, 1940 <https://archive.org/details/Astounding_v24n05_1940-01_dtsg0318/page/n79/mode/2up?view=theater https://archive.org/details/Astounding_v24n05_1940-01_dtsg03...>: >"What? You are old D. D.? But, hell's bells, you own a big slice of the company yourself; you ought to be able to do anything you like, rules or no rules." >"That is not an unusual opinion, son, but it is incorrect. Rich men aren't more free than other men; they are less free—a good deal less free. I tried to do what you suggest, but the other directors would not permit me. They are afraid of losing their franchise. It costs them a good deal in—uh—political contact expenses to retain it, as it is." >"Well, I'll be a— Can you tie that, Mac? A guy with lots of dough, and he can't spend it the way he wants to."
bombcar 1y ago
Those who know how to handle wealth never become billionaires because once they have a few million they retire and do what they want to do.
- al_borland 1y ago
  The way I’ve heard it, billionaires are generally not chasing money. They have some other mission/purpose that is driving them. If it was just about the money they would give quit.
  - isleyaardvark 1y ago
    There are plenty of people whose driving purpose is to make money go up.
kamaal 1y ago
>>The one thing you'd think it gives them is freedom, but they all pretty much end up working til they die so I don't know. I was having this conversation about this colleague a few weeks back about another colleague we knew who made it big working at a start up. You would expect he has lots of free time and mental space at hand to do whatever he wants, instead it turns out he has to now worry about managing that money. And its not exactly a easy job. Managing big money can be hard as any loss even a small percentage is a lot of money. And that begins to weigh heavily on you in form of stress as there is a lots at stake. >>Like the Bill Murray quote about people who want to be rich & famous should try just being rich first. Absolutely there is big difference between 'comfortably rich' and 'having to worry day and night for your money'. You would expect more of a thing make things awesome as you go, but as it turns out there is a counterintuitive aspect to this. Plus announcing your success to friends and family can bring unexpected complications. People begin to think you owe them things, and they are entitled to it. And saying no can be quite tricky, and make you look evil.
- toast0 1y ago
  > You would expect he has lots of free time and mental space at hand to do whatever he wants, instead it turns out he has to now worry about managing that money. > And its not exactly a easy job. Managing big money can be hard as any loss even a small percentage is a lot of money. And that begins to weigh heavily on you in form of stress as there is a lots at stake. A three-fund portfolio pretty much scales from $100 to $100M, probably more. Once you have enough money do whatever you want, you can do stocks:bonds anywhere between 20:80 and 80:20 and you'll be alright, and if not, there probably wasn't a reasonable choice you could have made with the information available. If he's got enough to be set for life, and he's worried about market fluctuations, that's a choice.
  - kamaal 1y ago
    >that's a choice. Yeah, thats the problem. Humans always want more. Its always a choice.
- insane_dreamer 1y ago
  > And its not exactly a easy job. Managing big money can be hard as any loss even a small percentage is a lot of money. And that begins to weigh heavily on you in form of stress as there is a lots at stake. Only because the person "needs" to "have more". They could put it in TBills and never think about it again. And they'd be totally fine, still live a life of luxury. It's only because the growth in money becomes a goal in itself, which is a trap.
gadders 1y ago
I think I heard a quote by Chris Williamson recently that the ideal level of fame is "Everyone knows your name, but no-one knows your face."
- steveBK123 1y ago
  This is pretty accurate. I know a guy professionally worth probably $100M. His name occasionally turns up in industry rags, and even in more mainstream business news once or twice. However no photos have ever appeared in the stories. The only photo I can find of him online is his LinkedIn photo. Within the industry his name can open doors, but out in public no one would recognize him and he can live a normal (extraordinarily wealthy) life.

TMWNN 1y ago

>The one thing you'd think it gives them is freedom, but they all pretty much end up working til they die so I don't know. From "Requiem" by Robert Heinlein, 1940 <https://archive.org/details/Astounding_v24n05_1940-01_dtsg0318/page/n79/mode/2up?view=theater https://archive.org/details/Astounding_v24n05_1940-01_dtsg03...>: >"What? You are old D. D.? But, hell's bells, you own a big slice of the company yourself; you ought to be able to do anything you like, rules or no rules." >"That is not an unusual opinion, son, but it is incorrect. Rich men aren't more free than other men; they are less free—a good deal less free. I tried to do what you suggest, but the other directors would not permit me. They are afraid of losing their franchise. It costs them a good deal in—uh—political contact expenses to retain it, as it is." >"Well, I'll be a— Can you tie that, Mac? A guy with lots of dough, and he can't spend it the way he wants to."

bombcar 1y ago

Those who know how to handle wealth never become billionaires because once they have a few million they retire and do what they want to do.

al_borland 1y ago
The way I’ve heard it, billionaires are generally not chasing money. They have some other mission/purpose that is driving them. If it was just about the money they would give quit.
- isleyaardvark 1y ago
  There are plenty of people whose driving purpose is to make money go up.

kamaal 1y ago

>>The one thing you'd think it gives them is freedom, but they all pretty much end up working til they die so I don't know. I was having this conversation about this colleague a few weeks back about another colleague we knew who made it big working at a start up. You would expect he has lots of free time and mental space at hand to do whatever he wants, instead it turns out he has to now worry about managing that money. And its not exactly a easy job. Managing big money can be hard as any loss even a small percentage is a lot of money. And that begins to weigh heavily on you in form of stress as there is a lots at stake. >>Like the Bill Murray quote about people who want to be rich & famous should try just being rich first. Absolutely there is big difference between 'comfortably rich' and 'having to worry day and night for your money'. You would expect more of a thing make things awesome as you go, but as it turns out there is a counterintuitive aspect to this. Plus announcing your success to friends and family can bring unexpected complications. People begin to think you owe them things, and they are entitled to it. And saying no can be quite tricky, and make you look evil.

toast0 1y ago
> You would expect he has lots of free time and mental space at hand to do whatever he wants, instead it turns out he has to now worry about managing that money. > And its not exactly a easy job. Managing big money can be hard as any loss even a small percentage is a lot of money. And that begins to weigh heavily on you in form of stress as there is a lots at stake. A three-fund portfolio pretty much scales from $100 to $100M, probably more. Once you have enough money do whatever you want, you can do stocks:bonds anywhere between 20:80 and 80:20 and you'll be alright, and if not, there probably wasn't a reasonable choice you could have made with the information available. If he's got enough to be set for life, and he's worried about market fluctuations, that's a choice.
- kamaal 1y ago
  >that's a choice. Yeah, thats the problem. Humans always want more. Its always a choice.
insane_dreamer 1y ago
> And its not exactly a easy job. Managing big money can be hard as any loss even a small percentage is a lot of money. And that begins to weigh heavily on you in form of stress as there is a lots at stake. Only because the person "needs" to "have more". They could put it in TBills and never think about it again. And they'd be totally fine, still live a life of luxury. It's only because the growth in money becomes a goal in itself, which is a trap.

gadders 1y ago

I think I heard a quote by Chris Williamson recently that the ideal level of fame is "Everyone knows your name, but no-one knows your face."

steveBK123 1y ago
This is pretty accurate. I know a guy professionally worth probably $100M. His name occasionally turns up in industry rags, and even in more mainstream business news once or twice. However no photos have ever appeared in the stories. The only photo I can find of him online is his LinkedIn photo. Within the industry his name can open doors, but out in public no one would recognize him and he can live a normal (extraordinarily wealthy) life.