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The Amount of Money It Takes To Be Rich

I was just passed this video that is on the New York Times website about a person who is a millionaire and so life should be made for him in the eyes of many. However, he finds himself working just as much as he did before and talks about how since he lives in Silicon Valley that he would need around 10 to 20 million dollars to truly feel rich in the sense of being care free financially. The segment is titled as the working class millionaire which you can see here:

It was a little odd watching this I thought as it felt like they were trying to make this story into a “Even a million dollars is not enough nowadays” type of feel when the person seemed to be contempt based on his choices and the fact that he enjoyed what he did. What I liked a lot about the video was how the person mentioned how he feels that he needs to make more money as a result of his choices such as wanting to live in Silicon Valley and that he didn’t want his kids to grow up with an entitlement mentality which is another reason that he continues to work. I personally think it is great when people take full accountability for where they are at and how they can mold out whatever path they wish.

One thing that stood out for me in the video is how it is important to really think about what it is that you really want as saying you need a lot of money is a little too specific and as demonstrated if you focus too much on that you don’t end up really getting what it is that you wanted. I kind of talked about something along this line with my previous post one’s definition of success in life.

While I can’t say for certain as I don’t exactly have all of the details, I’m sure like in this case if you focus more about what you can do to live the lifestyle that you want without requiring you to be working all the time type of approach as oppose to what you need to do to create a lot of financial wealth that the situation can end up being more true to what you originally intended. I guess most people would get cynical over these types of videos, but I personally think it is a good mind opener for one to get their priorities straight to see if what they are doing is truly getting them to where they want to be. At the same time, I think this video even shows that how much money you need is really dependent on your lifestyle choice as oppose to a dollar figure based on someone else’s lifestyle.

2 Comments to The Amount of Money It Takes To Be Rich

  • Thanks for linking to this video. As somebody who used to live in the SF Bay area, I can understand how “only” $3.5M can make you feel middle class, since lots of people are worth $10M or more, at least on paper. They guy said he paid off his mortgage and his 4BR house is probably worth at least $1.3M.
    Recently, one of my friends bought a 2BR 1BA house for $850k, which is, of course, only a “starter” house.

    Aside from housing I didn’t think that the cost of living was much higher than other parts of the country. I didn’t find other common expenses like food, entertainment, insurance, etc to be overwhelming. He does have a special case as his daughter is looking at significant potential medical costs in the future. I would guess that it is quite common for people to continue working for a large corporation just to continue getting medical benefits if you or a dependent needs them.

    joewatch 8/6/2007 8:56 am
  • Now that you mention about the medical cost, it kind of made me wonder if he was simply being hypothetical or not where he mentioned something like if his daughter needed surgery in the future that costed $500,000 that he would like to be able to pay for it as a reason he felt that he needed to keep working. Cause if that is a normal figure, I was thinking how you truly do need say ten million dollars to really feel secure there.

    Alan Yu 8/6/2007 2:53 pm

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