Posted on 08/05/2007 11:06:00 AM PDT by Behind Liberal Lines
MENLO PARK, Calif. —Today's New York Times has an article about people who are worth millions and are still complaining:
But many such accomplished and ambitious members of the digital elite still do not think of themselves as particularly fortunate, in part because they are surrounded by people with more wealth — often a lot more.Silicon Valley is thick with those who might be called working-class millionaires — nose-to-the-grindstone people like Mr. Steger who, much to their surprise, are still working as hard as ever even as they find themselves among the fortunate few. Their lives are rich with opportunity; they generally enjoy their jobs. They are amply cushioned against the anxieties and jolts that worry most people living paycheck to paycheck.
The article details the "plight" of one of these "working poor millionaires" (my term, not theirs):
Yet each day Mr. Steger continues to toil in what a colleague calls “the Silicon Valley salt mines,” working as a marketing executive for a technology start-up company, still striving for his big strike. Most mornings, he can be found at his desk by 7. He typically works 12 hours a day and logs an extra 10 hours over the weekend. “I know people looking in from the outside will ask why someone like me keeps working so hard,” Mr. Steger says. “But a few million doesn’t go as far as it used to..."[Hal] Steger, 51, a self-described geek, has banked more than $2 million. The $1.3 million house he and his wife own on a bluff overlooking the Pacific Ocean is paid off. The couple’s net worth of roughly $3.5 million places them in the top 2 percent of families in the United States.
Time to get out the world's smallest violin. Steger, most likely chose by the Times because he is a represenative of this new class of middle class millionaire as two million in the bank and a paid off house worth at least another million. What, exactly, is stopping him from selling the house, moving someplace cheaper, and retiring (or finding a job that doesn't require him to work so many hours)?
I might be wrong, but given Steger's age (he's 51), I think this is another example of that baby boomer "I want it all" mentality.
The same could apply to New York and Northern/Central New Jersey. Being a millionaire just aint what it used to be...
This is excellent.
In most countries, when people get rich, they stop working hard. Here in the US, we have found a way to keep them at it. This is the only way an affluent country can keep moving forward.
We need the work of these highly educated people to keep our economy growing.
My favorite line.........
“...a few million doesn’t go as far as it used to...”
...does anyone have trouble believing Ca is a left wing state?
Of course, in many cases, these people have let their expenditures get out of whack. Too fancy houses to keep up,expensive yacht, too many cars, very expensive schools for their kids etc.
A good question ...How much do you need?
But a better one might be ... How do I get to keep, in today’s dollars, what I’ve earned ?
The Gospel appointed for today: (Luke 12:13-21)”...Then Jesus said to them, “Take heed and beware of covetousness, for one’s life does not consist in the abundance of the things he possesses.” Then He spoke a parable to them, saying:”The ground of a certain rich man yielded plentifully. And he thought within himself, ‘What shall I do, since I have no room to store my crops?...I will pull down my barns and build greater, and there I will store all my crops and my goods. And I will say to my soul, ‘Soul, you have many goods laid up for many years; take your ease; eat, drink, and be merry.’” But God said to him, ‘Fool! This night your soul will be required of you; then whose will those things be which you have provided?’
So is he who lays up treasure for himself, and is not rich toward God.”
Good point.
It sounds as if Mr. Steger is trying to keep up with the Joneses, which is a fool’s errand. It also seems like he enjoys his job, so there is no reason to quit, but if he is still unhappy, then he is ignoring the most important part of his life— his relationship with God and with his family and friends.
I can empathize - to a point.
I’m 10 years behind, but if I maintain my trajectory I should be in his shoes - or close - by that time.
Of course, when I get there I’ll probably bail to someplace more livable.
Until then, it’s the Sillycon Valley salt mines for me! :D
Fortunate is a synonym for lucky. There is nothing lucky about acquiring wealth from hard work.
my wife and I are retired and own our own home outright...the guy quoted in this article is right...believe me, a million is not that big.....it will conservatively throw off $60,000/year....nobody is gonna live large on $5000/month...not the way taxes are going up in this country.....and don’t get me started on health insurance!....it’s our biggest monthly expense....I used to think a million and you’re rich....now I know different....here’s a realistic retirement outlook:
retire with $500,000....you end up being a greeter at WalMart
retire with $1,000,000.....you get an lower middle class life.
retire with $1.500,000.....you get a middle class life
Is this a digg by an X'er "I want it all given to me?"
Puhleese!
I’m an X er. I figure that for me to live a comfortable retirement I need the equilivant of $200,000 per year in income. Today, you need 4,000,000 in T-bills to pay for that risk free. By the time I retire I figure I’ll need at least 10,000,000, to have a decent retirement.
People like him are not doing this for the money. They are driven. If he retired today, he would likely die within the year, unless he found something else to do.
“A good question ...How much do you need?”
My question: how much is enough?
Shoot......I'm in my early 50's and feel that way. I used to work 70-90hr weeks, kept an immaculate house and played "SuperMom" for 30 years. Looking back... I don't regret having high energy and drive.....but there comes a point where you need to slow down and enjoy the other aspects of life you were formally too busy to enjoy. :)
As noted in the initial post “What, exactly, is stopping him from selling the house, moving someplace cheaper, and ...finding a job that doesn’t require him to work so many hours” if he’s unhappy?
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