Seems pretty silly to think that anyone who wants to make more than enough money to live comfortably wants to do so only to compete with their peers or make up for self-esteem issues.
It's good to distinguish between people who want to make a decent amount of money in order to live comfortably from those that want to make as much as possible in order to compete with their peers and perhaps make up for some self-esteem or other issues. I think OP was referring to the latter while it sounds like you're referring to the former.
I agree with you, but a lot of people are happy to take the money for doing nothing. Sometimes this is driven by lack of capability - if you're not good at much, not very driven but still want a great income and lifestyle, this sorta hits the sweet spot.
Also a lot of these people lie to themselves about their own importance, in order to have a (false) sense of self worth (but they're okay with it).
The writer obviously believes there's only two types of people. Those who see a lump sum as More money, and those who see a monthly check and view everything as a payment.
How about taking that million, leveraging it to produce a business, and instead of "retirement" (wtf does that even mean?) draw a salary while doing something you love while also having a good bit of cash in the bank.
Successful people that I know seem to do the latter, not sit around dreaming of the day they can waste away until they die.
I find it amazing that people are willing to sacrifice their health and relationships for more money. Even if I was offered a million dollar salary I wouldn't do it. Aren't these grads from top notch business schools supposed to be smart and see that it's not worth it?
I'm just genuinely intrigued as to why someone on £200k would want to work more. maybe there's a good reason, like they're an "earn to give" person, or some actual ambition the money will help fulfill, or some expensive health need etc. Maybe they'd like to spend less time with their family. Just wanting to exchange more of your life for more money seems weird to me, if you're already in a position to be able to live in luxury.
You do not make "live comfortably off of it" money (lets say a couple of million in the bank, couple more depending on where you want to live) when not motivated by/leaning towards wanting to work in 99.9% of the cases either.
For a lot of the people that get to that level of wealth, it was never about the money. It was always about something else. I don't think the Bezos, Zuckerbergs, and Musks of the world wake up every morning wanting to make more money. They find fulfillment in their work. The external recognition is not bad either.
I think you're right that some people who want to continue making money are mentally ill, but there are other reasons people continue working. For some, the money is just a byproduct.
Also, talk about putting all your eggs in one basket. Over-extending like that is a good way to become a slave to jobs you actually hate just to afford a lifestyle you forced upon yourself.
Obviously some people thrive in that situation. But sounds naive to not realize how few people can or want to take that gamble.
Because in America (and most places), if you can have a job your enjoy that gives you purpose you're probably already rich. Usually with inherited middle class wealth, like having a stable home or better. You're probably sitting on top of the privilege pyramid by your countries standard.
Most aspirational people who are out to make mega bucks are trying to put distance between themselves and the time they didn't have that, and to setup the structures in their life so if they have kids, they can give that easy going life to their heirs.
I think a lot of the comments here are missing the point, and the author doesn't help by putting Zuck/Musk/Gaga at the top.
It seems to me the author's point is: Why do people who reach a certain level of wealth keep grinding away at jobs they may not like? For the sake of argument, lets exclude those who shift and work on what they care about. I think he's talking about those who do not necessarily love what they do. This group would be millionaires, and using his numbers are the top 0.005% globally (40M/7B). His answer is that they continue to strive for money because they look towards the next class above them and to provide for their children.
I agree with the author in that people are seeking higher and higher status, and I agree with a peer comment that people get used to luxury. But I would add that that this striving for climbing the class ladder is both endemic in the culture of the US as well as accessible. In many other places in the world there are stricter controls on upward class mobility. I'd posit that people continue on in this because they don't really create a philosophy of life or pay that much attention to how to live until they are much older. It's easy to just keep doing the same thing, especially if it provides a luxurious life. It is a subjective value statement on what to do when you reach that point that is clearly different for everyone.
There are probably levels of freedom though. I like producing useful things and would work even if I have $10M right now (I would also be less stressed and probably produce better work ...).
So getting a modest amount of money annually, and increasing the freedom at which I can do my other things is also attractive. I think a lot of people really just want to be comfortable.
Some people want to work just enough to make money to support their other hobbies. Earning 3 times the money for twice the amount of responsibility is not worth it for them.
I don't understand people who are motivated by making money that is beyond the amount of money that they would need to buy a nice house and feed themselves well. Ten million dollars seems to me like enough money to immediately retire on. I just don't get it. If I were Tim Cook and I enjoyed my job then I would just take a salary of $1/year and not worry about it.
The thing is, some people don't want to do well and merely be part of the upper middle class. Some people want to get rich. And the strategies you must employ to be comfortable are much different than those required to make serious money.
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