Why do rich people continue to work?


#1

I can understand this in cases involving artists, or actors, or chefs, where the work itself is enjoyable and creative.

But why do rich politicians, bankers, finance guys, and people with stressful and shitty jobs keep working even after they acquire a shit-ton of money?

Example, guy makes 500-700million at goldmansachs, then he switched over to work as treasury secretary for the US. Now he’s getting grilled for mismanaging the bailout, conflict of interest, etc…

Why? When you make like 10-20million, your future income seems to suffer from a huge diminishing return in terms of benefit. What is another 20million gonna do? What is another 100mill gonna do? How much shit do you want to buy, and how much will you actually use and enjoy?

Guys on wallstreet are making hundreds of millions of dollars and instead of just retiring they turn into politicians and gov. workers. Obviously they do it in order to acquire more wealth and help out their buddies, but really what is the point? What’s it all for? In the end they seem to spend their money on over-priced hookers and castles they never actually get to live in.
I dont get it.


#2

Some people define success as taking on new challenges and conquering them and others do it just to prove to others they can. Not everyone does things half-assed and only for the money, despite how you and the majority of SRKers act.

imo.


#3

Not only that but I think some people would go mad if they didn’t actively partake in something like a regular job.

I have known many retired men and women who were just as active if not more active once they retired. It was hard-lined into them to stay proactive.


#4

That’s my grandfather. Dude retired from being a geologist professor at the UofA after 30 years not to mention all the copper mines he found and other such ish and after retiring he became even more workaholic. He did more seminars, more papers, and more prospecting after he retired them he ever seem to do when he worked. Is incredible.


#5

so essentially they are insecure and need a way to qualify themselves to others.

I understand success to a degree, but there is a cost-benefit analysis in these extreme situations that just doesn’t add up.


#6

The richer you are the more expenses you have, you also move on a different social ladder where you’re expected to keep moving up you don’t do so you lose people’s respect.

It really isn’t hard to understand.


#7

Its also about the power and prestige that comes along with the money.

After you become wealthy, you want other people to see how wealthy you are.


#8

wall street people / politicians work out of a fervent desire to see america destroyed


#9

If I’m making $1,000,000 a year, I’m not going to be spending the same amount per year as someone making $40,000 a year. You still have to work in order to maintain that life of luxury. I’m not sure what the OP is really asking.


#10

I’m assuming some of these guys are confident, rational and not idiotic. If I assumed they were all insecure and idiotic, then yes, your answer is obvious.


#11

Simple. They are just driven.


#12

I’m not talking about making 1mill a year.
I’m talking about having 700mill in the bank or in a trust or shares.
And then going to work in a government job that is stressful and has a very poor payscale: $130,000/yr. This is what Hank Paulson did.

I can’t understand the incentive. Except if the position itself is necessary in order to protect your money, hmmm … actually that’s probably it.


#13

Drive doesn’t equal insecurity. Don’t be an idiot.


#14

Personally, if I got a deal like Conan Obrien, and got paid 33 million dollars just to go away, I dont care how many fans I have or how talented I am, you would never see me again lol.


#15

Where did I say drive=insecurity?

Don’t put words in my mouth. Don’t fail at reading so much.

I implied insecurity = “keeping up with the joneses” and “proving” yourself over and over to others.
That’s not drive.

If someone has to keep proving themselves over and over in my context, after they made 700million dollars, then yes, they are insecure.
And keeping up with the joneses is like, the definition of insecurity.

So don’t call me an idiot.


#16

Hyoo


#17

I’m with you, I don’t get it either.


#18

Why does working= proving themselves? And why does that equal insecurity? Money isn’t the end-all-be-all to some people. I know a guy who’s a millionaire. He owns five restaurants. And he’s in his main restaurant every single day helping people. He doesn’t have to work. He’s not insecure. He likes what he’s doing. It’s stressful, but it’s something he built. He’s the definition of secure.

People working after they’re mad paid doesn’t mean they’re insecure. Lothar already answered your question. And you replied

So again, don’t be an idiot.


#19

I certainly wouldn’t work a regular job anymore if I were rich to the tune of 100s of millions of dollars. From that point on, it would be nice to just do what I want to do for the rest of my life… I’d self-publish some things, and perhaps start up a strip club or TnA-themed sports bar franchise. Why do any “work” that you don’t want to do at that point? It’s silly. If you have acquired say 500 mil at some point, then it’s time to have fun and do things your way from that point on. A big chunk of my money would be in one of those things that builds interest over time, and boom just like that I’m set.

heh, I wouldn’t even leave the house that often. People would be hired just to buy groceries for me…then there’s the hot maids…authentic, hot french maids of course. I’d make sure to avoid that disastrous pitfall called “marriage”…avoid that shit like the plague and everything will be alright…yeah. (*funny… I’m sure women would continue to hate me even if I had millions in the bank. Fuck you again, world.) It’s fun just to daydream about having lots of money…goddamn I love it so much. Money is the shit, and it beats everything in life with the exception of incurable diseases and death.


#20

It doesn’t and I never said that.

Someone replied saying: people do it in order to prove to others they can. At which point I said that’s insecure.
Having to prove yourself to people, and past points of extreme success (700million rich), implies insecurity.

Next someone said they work in order to climb up a social ladder. Same shit.

Do you get it? Stop calling me an idiot when it’s you who totally misunderstands simple sentences.

Comprende?

Ok, now imagine he sells his shop for 700million and goes to work for a food regulating firm making 90k a year.

Which is what guys in finance have been doing for a while. They make obscene amounts of money on wall street, then switch over to federal/political careers making way less money.

Did you even read my post? Lol…

/facepalm