Is Getting Rich Worth It?

The Ultralinx ^ | August 3, 2014

[2ndDivisionVet]

In the day and age we live in the majority of people wish they could be rich in monetary terms. They want to have more money than they know what to do with. They want to have all the fanciest stuff, travel the world and not worry about any bills.

Becoming rich may seem like the best thing to ever happen but it also brings in some other problems that your average Joe might not face. The question of “Is Getting Rich Worth It?” was asked on Quora and an anonymous user answered the question giving some great insight into what it’s like becoming rich.

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I made $15m in my mid-20s after I sold a tech startup. I talked to a lot of people about this question, and thought a lot about how to stay the same person I was before and after making money.

Here’s my answer: being rich is better than not being rich, but it’s not nearly as good as you imagine it is.

The answer why is a bit more complicated.

First, one of the only real things being rich gives you is that you don’t have to worry about money as much anymore. There will still be some expenses that you cannot afford (and you will wish you could), but most expenses can be made without thinking about what it costs. This is definitely better, without a doubt.

Being rich does come with some downsides, though. The first thing you are thinking reading that, is, “cry me a river”. That is one of the downsides. You are not allowed to complain about anything, ever. Since most people imagine being rich as nirvana, you are no longer allowed to have any human needs or frustrations in the public eye. Yet, you are still a human being, but most people don’t treat you like one.

There’s the second downside. Most people now want something out of you, and it can be harder to figure out whether someone is being nice to you because they like you, or they are being nice to you because of your money. If you aren’t married yet, good luck trying to figure out (and/or always having self doubt) about whether a partner is into you or your money.

Then you have friends & family. Hopefully your relationship with them doesn’t sour, but it can get harder. Both can get really weird about it and start to treat you differently. They might come and ask for a loan (bad idea: if you give, always give a gift). One common problem is that they don’t appreciate Christmas presents the way that they used to, and they can get unrealistic expectations for how large a present should be and be disappointed when you don’t meet their unrealistic expectations. You have to start making decisions for your parents on what does and does not cost too much, and frankly, it’s awkward.

Add all of these up and you can start to feel a certain sense of isolation.

You sometimes lay awake at night, wondering if you made the right investment decisions, whether it might all go away. You know that feeling standing on a tall building, the feeling you might lose your mind and jump? Sometimes you’re worried that you might lose your mind and spend it all.

The next thing you need to understand about money is this: all of the things you picture buying, they are only worthwhile to you because you cannot afford them (or have to work really hard to acquire them). Maybe you have your eye on a new Audi — once you can easily afford it, it just doesn’t mean as much to you anymore.

Everything is relative, and you are more or less powerless to that. Yes, the first month you drive the Audi, or eat in a fancy restaurant, you really enjoy it. But then you sort of get used to it. And then you are looking towards the next thing, the next level up. And the problem is that you have reset your expectations, and everything below that level doesn’t get you quite as excited anymore.

This happens to everyone. Good people can maintain perspective, actively fight it, and stay grounded. Worse people complain about it and commit general acts of douchebaggery. But remember this: it would happen to you, too, even though you might not think so. You’ll just have to trust me on this one.

Most people hold the illusion that if only they had more money, their life would be better and they would be happier. Then they get rich, and that doesn’t happen, and it can throw them into a serious life crisis.

If you’re part of the middle class, you have just as many opportunities to do with your life what you want of it. If you’re not happy now, you won’t be happy because of money.

Whether you’re rich or not, make your life what you want it to be, and don’t use money as an excuse. Go out there, get involved, be active, pursue your passion, and make a difference.

[SamAdams76]

Pretty accurate. The biggest thing I struggle with is the relationship with my family and the friends I grew up with. It's not that they hit me up for money, they are good about that. But there is definitely a "jealousy" there and they assume that I don't have any problems to deal with "like they do." When I take them to a restaurant, it's awkward because when I offer to pick up the check, they sometimes get offended and feel I am patronizing them. Yet when I don't, they will assume that I'm being cheap. Christmastime and birthdays are also awkward for the same reasons. One time I put a $100 bill in a relative's birthday card and that did not go over well with his parents at all - they actually returned it to us, in the mail, with no comment. The implication being that we were jerks.

Those who aren't wealthy probably laugh at concerns like that but it does bother me quite a bit as I try to be humble and do not want to be seen as "flaunting" my wealth or making myself out to be better than others. Yet I'm constantly in situations that are perceived that way.

Bottom line is that once you achieve respectable middle class, you are better off than 90% of the rest of the world. Any additional wealth brings diminishing returns. A Mercedes Benz doesn't really drive that much better than the Lexus I own. A $100 bottle of wine doesn't taste that much better than the $30 bottle I normally drink.

I'm happy where I am and don't feel that I need to be ashamed of it.

[Some Fat Guy in L.A.]

I keep telling the Lord that I could handle being rich.....so far He’s not buying it.

[GeronL]

lol

Yeah, that island in the Bahamas is calling to me

[BipolarBob]

Thanks for posting. I was going to get rich but this article talked me out of it. I will always thank you for the rest of my un-rich days.

[RedMDer]

Fiddler on the roof - If I were a rich man (with subtitles)

[bgill]

Money might not buy happiness but it sure can make the down payment.

[RedMDer]

Free Republic 1st Quarter Fundraising Target: $85,000

Receipts & Pledges to-date: $33,602

39%

Woo hoo!! And the first 39% is in!! Thank you all very much!!

FReepathon day 36.

Two percent a day keeps the 404 away.

[right way right]

Being debt free is better than being rich.
At least that is how I imagine it would be.

[Tammy8]

A very wise man told me not too long ago that the only things you could really ever own is what you can carry on your back.

[Dr. Sivana]

Being debt free is better than being rich. At least that is how I imagine it would be.

Or, as McCawber in David Copperfield put it,

"Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery."

[Cool Guy]

I doubt I would change much, a new computer, a softer bed and a better chair to FReep from.

Maybe a new Tesla Model X to drive around ;-)

[Gay State Conservative]

In modern civilized societies one needs a certain amount of money to buy the basics....decent home,decent food,etc,etc.But beyond that money can’t really do anything for you.A late model Ferrari won’t make you any happier...*really* happier...than will a late model Ford.A piece of $15/lb sirloin won’t make you any happier than will a $7/lb sirloin.

[Fightin Whitey]

Hear ya.

I’d buy a ranch with a stream and an elk herd and go Galt.

[Dianna]

Any inheritance horror stories out there?

Not an inheritance and not a horror story, but maybe helpful...

We came into some money--not in the million dollar range-- but a nice sum. Before the money, I spent a lot of time plotting and planning about how we could pay off our debt, if we made X and paid Y, if we cut here, we could pay more there...that sort of thing.

After the money, I spent the same amount of time, if not more, worrying about the money. Are we invested wisely, are we managing it wisely, what if it disappears, what if it grows to an enormous amount, how will we teach/protect our son, on and on and on.

Finally, we took a portion of it and paid off the house. Nice boost to our lifestyle and some of the money was "preserved" in a concrete benefit. That's when I stopped thinking about it. Best decision we ever made!

We get a monthly statement from the people whose job it is to grow it. I look at it and then I go to work.

[workerbee]

All day long I'd biddy-biddy-boo
If I were a wealthy man

[GeronL]

Somewhere in the middle of “nowhere” sounds nice.

[Freedom_Is_Not_Free]

One of the best things about not being rich is, you can pretend that you would be really happy if only you were rich.

So if you become rich and you still are not happy, you have to face the reality that it is you. You just aren’t a happy person.

The gift of being able to pretend that money problems is the only thing keeping you from being happy, is a really convenient crutch for most of us, and really serves to help us cope with life.

When you don’t have money, you can honest feel, “If only I was rich, I would be so happy and life would be so good”. When you have money and life still isn’t that good, where do you go? What do you blame? You’ve lost your best rationalization for not being happy.

[Bloody Sam Roberts]

That is the only thing you can take with you when you die.

The only pain and regret we take with us when we die is the love we left ungiven.

[MosesKnows]

Everything is relative

There are two types of people and it is not rich and poor; it is takers and givers.

Danny Thomas said it well when he observed that takers eat better but givers sleep better

[Night Hides Not]

What’s missing? No mention of faith or church.