This complaint was spawned by the “lonely at the top complaint”
People who say
Why do you say this? Did you get wealthy and find out it will not solve any of your problems and that it does not buy you happiness? So you decided to just burn all your cash in the fireplace and go back to being poor!
Well you’re right, money may not buy happiness, but hey it makes a whole lot of other things go away (like the mortgage, the car payment etc. the job). This lets you spend all your time and effort and yes, even money, pursuing things to fulfill your life instead of your bank account!
Subscribe to anyone
the reason people make the aforementioned comments is because they’re true! no one is debating that having money makes certain fiscal responsibilities less difficult, such as the disappearance of car payments, mortgages, etc… yes, paying bills, shopping, the day to day dealings of commerce are no longer burdensome, however, unless you have around 20 million in liquid assets, why do you think wealthy people don’t need jobs? being wealthy, or rather, STAYING wealthy, requires a lot of money coming in to sustain the lifestyle. spending $100,000 every 3 years (that’s conservative) on a car, then there’s the upkeep of your home… even if you don’t have a mortgage, if you have a million dollar plus property, with housekeepers, gardeners, taxes, etc., you’re still going to be paying over $20,000/yr EASILY..and that number could easily double or triple, depending on your area. far above the average person’s mortgage. then there is the travel, shopping, clothes, entertainment expenses (eating out), etc… add on another $10,000/month BEFORE travel… and assume an annual travel budget of around $50,000, again, being very conservative.
NOW, how long do you think you can spend that way while bringing no other money in besides the interest on your investments? eventually, especially with the market being as volatile as it is these days, you will start dipping into the principle. and once you do that, just begin the countdown to being broke (again). that’s #1 rule of thumb, NEVER TOUCH THE PRINCIPLE! that’s why you see all those lottery winners who lose their money. no one teaches them HOW TO LIVE LIKE A WEALTHY PERSON.
so don’t think you can just go galavanting around the world without a care in the world, not working, just having a lifelong party. it simply does not work like that. then, there are the jealous relatives and close friends. don’t expect things to remain the same with them. it won’t. you’re screwed either way… if you don’t give them something, you look like a selfish cow. instant strain on the relationship. if you DO give them a generous gift (oh, let’s say $50,000 AND a 1 year old lexus in absolutely showroom-perfect condition with 12,000 miles worth $38,000… free & clear, of course). after the initial shock and appreciation, a slow resentment begins to settle in… all over your friendship. not because it wasn’t enough, just because you were “lucky enough” to be able to help and with your new wealth, find yourself “worry free” (HA! as if!) while your friend is still struggling. fyi, $50,000 doesn’t go far when you’re massively in debt. i found that out the hard way.
i hope i’ve added some truth to some of the ridiculous stereotypes about people with money. we still work. we still live within a budget. yes, it’s a bigger budget but everyone has limits…or SHOULD. the ones who don’t, will not be wealthy forever and as you said, having to struggle financially once you’ve been wealthy is definitely harder… my best friend went through that. i wouldn’t wish that on my worst enemy!
new money on November 30th, 2008 at 11:22 am | Link