Financial resources are necessary but not at all sufficient to success. Money does not replace parenting, which I think is probably most important. Also, money doesn't change people's natural talents, problems, personalities, etc. We're talking about human beings.
Wealth can help compensate: Maybe if you lack a lot of talent you can still get through college, and that will keep out of minimum wage jobs over the long term.
I don't think anyone is suggesting problems can be solved with money alone. What's very obvious is that a capable person without resources will struggle while a much less capable person who has the safety net of a wealthy background can still be successful. No one is suggesting it's guaranteed though.
I would disagree. Having money helps in a lot of things. For one, if you've got money, your family probably isn't struggling to eat. If you've got money, you're likely living in a better area of town.
Coming from money isn't a necessity for an individual, but on a statistical basis, the correlation is undeniable - you're so much more likely to succeed if you come from money that the idea is substantially correct.
If I had a "small $1 million loan" right now, I'd be able to take much greater risks in terms of quitting my job to create a startup or whatever. Thus I'd be far more likely to be more successful (financially speaking)
It's just a matter of what you've been taught to believe is important in life (by culture, religion, parents, peers, etc.). What humans need psychologically is something to keep them occupied and their time structured in some meaningful way, but one doesn't need a job for that - you can practice your hobbies, socializing, taking care of family, or whatever one finds fulfilling. People also need a sense of security and, as you mentioned, peer recognition, but having money fixes both of those quite well. In the end it's all very individual, because the sense of purpose, achievement and self-esteem doesn't deal with some absolute predefined values, but it's relative to your own set of expectations and goals.
Obviously money/status matters a lot, but only up to a certain point. Are you able to feed your children right now? Are you paying your bills? If yes, how does getting a raise help with that? You can’t feed your children twice. My point is that we sometimes keep chasing these external rewards without knowing how much is enough. It’s hard to find lasting satisfaction when nothing is ever enough.
It's not clear what is financial security. Many things can go wrong (financial crisis, health problems). If we can earn some money now, maybe we should take it because our skills may not be worth much in a few years.
Money is also used to measure success, and this can have a huge impact on our self-esteem and happiness. It's very common that people choose a lucrative career simply to please their parents, and this makes them happy in return, even though their aren't materialistic.
Agree - there are other forms of capital and support which are more important to children, spouses, other family members, and friends than money. It seems like many people have already proven that having more money than you need doesn't actually make a difference if your life is broken in other ways.
Having money is strictly better than not having money. This is not something that is in question.
Money doesn't solve all problems in life. However, nearly every problem that exists without money will be no worse with money. The reverse is not true.
I don't think money is the only thing that matters but I'm fascinated you don't think having a lot of money can dramatically improve the quality of your life.
If I had enough money to live comfortably off of the return on my investments, my life would change in at least the following ways:
- 1.5 hours extra in my day from not sitting in traffic commuting to work (moving somewhere closer to work will cost me money I need to save)
- 8 hours extra in my day where I'm not deciphering and rewriting legacy code at work (sure I could quit my job and live off savings while I work on my startup but unless I'm damn lucky with growth I'd run out of money and have to seek outside investment and lose equity; I'd rather save for now and retain full ownership)
- I'd live where I choose to, in the house I want to live in, not just somewhere near to work
- I'd wake up being free to do what I want all day long, not having to sell 8 hours of my time to somebody else with the hope one day I'll be successful enough to spend my days doing the things I really want to do (things that won't necessarily pay the bills or fund my retirement, or potential medical bills, or my children's education and health etc.)
- I'd go for that eye operation so I can stop wearing these damn glasses
- I'd be free to travel whenever I like rather than currently having to trade-off working for future financial security if I choose to travel
This is just off the top of my head. Those are pretty dramatic quality of life changes in my opinion.
I agree, but I also expect money to matter to these goals in the long run. For example, if I have kids someday, I'd be much happier if I have financial resources to live in a nice place, take more time off, and pay for travel.
Money for the sake of it isn't the goal, it's more about being able to finance projects I find fulfilling.
I agree, but I’d add that hard working talented people can still do great things without money and despite difficulties. It’s just that the reach or scale is amplified by the money. Money and opportunity are amplifiers.
You can be the “Elon musk” of your world, that is you can hit the ceiling of what you were offered. Don’t compare yourself to Elon musk, compare yourself to what was possible for you.
Maybe that’s depressing for some people but I see it as liberating.
Wealth can help compensate: Maybe if you lack a lot of talent you can still get through college, and that will keep out of minimum wage jobs over the long term.
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