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HughBeaumont

(24,461 posts)
Thu May 23, 2013, 12:49 PM May 2013

The World's Most Microscopic Tear Dept: "Why the Rich Don't Feel Rich".

http://finance.yahoo.com/blogs/the-exchange/why-rich-don-t-feel-rich-200600130.html

The money-news site The Billfold recently ran an interview with an anonymous physician who earns $570,000 a year and says, “I know that technically I am in the 1%, but I don’t feel rich at all.” He went on to explain how he owns a home worth nearly $1 million, three cars, a couple of investment properties, and a chunk of a profitable healthcare company yet still frets that he doesn’t have enough. “I don’t feel secure,” he said. “Before I had a job, the six-figure mark was a goal for everyone. And now I’ve hit the half-million dollar mark. I don’t know if I’d feel rich if I ever met the seven-figure mark.”

Commenters howled, of course, deriding the discontented doc’s self-indulgence and making many predictable observations about materialism run amok. “It’s emblematic of the insane level of lifestyle creep that allows someone who makes $500k+ a year to feel not rich,” wrote one reader, reflecting the sentiment of many others.

The anonymous doc, whom the site dubbed “Jake Smith,” acknowledged his own materialistic impulses. “There is a palpable pressure to keep up with the Joneses,” he said of the social demands in his affluent community, which is in the suburbs of a sizeable eastern city, according to Logan Sachon of The Billfold. Yet he also showed a degree of restraint, making do, for instance, with a 7-year-old Lexus when many of his neighbors drive brand-new Range Rovers. That doesn’t exactly generate sympathy but it shows more self-awareness than the wealthy — or caricatures of the wealthy — are typically known for.

snip

Rather than attacking Smith’s sense of entitlement, it might be worth reconsidering what it means to be rich in the first place. A lot of wannabe millionaires fantasize about a life in which they never have to worry about money at all. But that may be the very thing that leads to the gaudy behavior we find most appalling about the rich. A healthy dose of worry might help the wealthy remember how the other half lives, and even spend their money more like the 99 percent.




"Mo money, mo problems"???? PFFFFFFFFFFFFFFFFFFFFFT. I'd trade salaries with him in a fast heartbeat. If I was making that kind of bank, you'd never see me at a desk in 5-8 years. Like one of the wiser commenters said: "I didn't find the part of the article that said he was forced at gunpoint to buy three cars and a $1 million house."
11 replies = new reply since forum marked as read
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The World's Most Microscopic Tear Dept: "Why the Rich Don't Feel Rich". (Original Post) HughBeaumont May 2013 OP
They’ve been burned? liberal N proud May 2013 #1
Ah, the four apologist pleas. HughBeaumont May 2013 #4
AW! Ain't that just too bad. hobbit709 May 2013 #2
He needs therapy. nt onehandle May 2013 #3
What he needs, I couldn't print. HughBeaumont May 2013 #5
With the reality stick. hobbit709 May 2013 #6
This is the world's smallest violin playing just for the millionaire and billionaire class. Initech May 2013 #7
THAT is why we need to return to the days of Eisenhower, a Republican president - kestrel91316 May 2013 #8
"even spend their money more like the 99 percent" Courtesy Flush May 2013 #9
There is a sociology thesis in here nadinbrzezinski May 2013 #10
I read a study a couple of years ago... grasswire May 2013 #11

liberal N proud

(60,336 posts)
1. They’ve been burned?
Thu May 23, 2013, 12:51 PM
May 2013


Please tell me the ways. No talking about the people they burned on their way to riches.




HughBeaumont

(24,461 posts)
4. Ah, the four apologist pleas.
Thu May 23, 2013, 12:55 PM
May 2013

"Taxes on the rich are sure to get higher" . . .. GOOD. You know me, I'm for taxing their incomes until blood comes out of their ears. I'm pretty sure they'll be crying all the way to St. Barts in their private jets.

HughBeaumont

(24,461 posts)
5. What he needs, I couldn't print.
Thu May 23, 2013, 12:56 PM
May 2013

Signature of Yahoo to write such an article in this unequal climate.

 

kestrel91316

(51,666 posts)
8. THAT is why we need to return to the days of Eisenhower, a Republican president -
Thu May 23, 2013, 01:24 PM
May 2013

when the rich faced an income tax tier of 90% on the top bracket of their "earnings".

Spoiled, entitled bastard. I hope he meets with misfortune and winds up like an average American. The shame would kill him, and then the world would be a little better place.

Courtesy Flush

(4,558 posts)
9. "even spend their money more like the 99 percent"
Thu May 23, 2013, 01:32 PM
May 2013

By that do they mean spend every penny of their income on bills?

 

nadinbrzezinski

(154,021 posts)
10. There is a sociology thesis in here
Thu May 23, 2013, 01:38 PM
May 2013

And a history one too...a few of the very rich of the Gulded Age spoke in similar terms.

grasswire

(50,130 posts)
11. I read a study a couple of years ago...
Thu May 23, 2013, 01:53 PM
May 2013

....finding that $17 million in assets is the point at which the rich feel rich. Otherwise, they still worry and scramble.

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