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from the this-is-just-what-our-corporate-overlords-want-us-to-think dept.
You’d think striking it suddenly rich would be the ultimate ticket to freedom. Without money worries, the world would be your oyster. Perhaps you’d champion a worthy cause, or indulge a sporting passion, but work? Surely not. However, remaining gainfully employed after sudden wealth is more common than you’d think. After all, there are numerous high-profile billionaires who haven’t called it quits despite possessing the luxury to retire, including some of the world’s top chief executives, such as Amazon’s Jeff Bezos and Facebook’s Mark Zuckerberg.
But it turns out, the suddenly rich who aren’t running companies are also loathe to quit, even though they have plenty of money. That could be, in part, because the link between salary and job satisfaction is very weak.
(Score: 1, Insightful) by Anonymous Coward on Tuesday December 13 2016, @11:32AM
Probably a correlation between getting rich through innovation and intelligence.
I'm willing to bet that those who get rich from winning the lottery, don't keep it for long.
Although I do know a man who won $12 million in the lottery many years ago. From talking to him, you wouldn't know he was a multi-millionaire.
Then again, having a million bucks these days isn't really considered "rich" is it? A million is a nice goal to have after working for 10-15 years in a decent salary job, and throwing $18k to your 401k and $5k to your Roth IRA and letting compound interest take over. I'm halfway there. Yeah, I still have student loans, but I pay the minimum. It isn't a zero sum game.
(Score: 0) by Anonymous Coward on Tuesday December 13 2016, @11:57AM
Probably a correlation between getting rich through innovation and intelligence.
Probably just your own greed and hero worship.
I'm willing to bet that those who get rich from winning the lottery, don't keep it for long.
And your prejudice against the poor.
(Score: 2) by q.kontinuum on Tuesday December 13 2016, @02:52PM
I would also assume there is a correlation between ambition and getting rich. Definitely not 1, but that doesn't mean there isn't a correlation.
(There might be some correlation between sociopathy and ambition > 1 as well. I'm not implying ambitious people 'd be morally superior.)
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(Score: 0) by Anonymous Coward on Tuesday December 13 2016, @04:54PM
Calling it strictly prejudice against the poor is misleading. I would not expect someone who has never had much money to be as good at handling it and keeping it as someone who has had money all their life. There's an aspect of training and experience involved. That does not mean that the poor are somehow incapable of handling money well, but any time you do something you've never done before you're more likely to fail. Follow this with the simple fact that more people around you need money and I would guess that stacks the odds even farther against you. I mean, I live in a $155k house nestled among million dollar homes. If I won a $1M lottery no one in my neighborhood would be coming by asking for cash. A million dollars would get me a pat on the head, and an "oh he thinks he's people" from some of them. Move 2 miles north and I'm currently wealthy compared to the neighbors.
(Score: 2) by Scruffy Beard 2 on Tuesday December 13 2016, @05:41PM
I have heard second generation rich often lose a lot of money.
Actually knowing how to work for it helps as well.
(Score: 4, Insightful) by Thexalon on Tuesday December 13 2016, @03:05PM
They often don't: This is known as the "Sudden Wealth Effect". Basically, when a poor schlub wins the lottery, a combination of several factors more often than not destroys the fortune.
1. They have no idea how to manage that much money, and often how to handle the math involved, so they end up buying ridiculously expensive things they can't really afford to maintain.
2. They are prey for con artists of all types, many of them portraying themselves as competent financial managers.
3. All their friends and family and anybody else who vaguely knew them will come to them begging for a handout.
4. Charitable organizations swarm them, asking for donations.
Many of the same problems affect professional athletes who are from non-rich backgrounds.
Your millionaire friend is being very very smart: Millionaires who stay millionaires don't tend to talk about or flaunt their money.
Having $1 million in your portfolio means you have about $1 million more in savings than the average American. If you invest that at 5% return, that's $50K a year, which is the average household income in the US. Which means you can probably live quite comfortably without you or any spouse you have working, if you spend it wisely. That puts you in the upper class by my reckoning, because that early retirement option is always there, unlike everybody who either works or starves.
And by world standards, of course, you are fabulously rich.
The only thing that stops a bad guy with a compiler is a good guy with a compiler.