Here’s a question: Why do you want more money?
Maybe you don’t want to luxuriate in a gold-plated bath filled with lilies imported from a meadow in the Swiss Alps. Maybe you just want to get out of debt. Maybe you just want to get a handle on your day-to-day expenses. And more power to you.
But many people want to move beyond that, into the rarefied air of the 35% tax bracket — and beyond.
So here’s my question: Why?
I ask this question with no judgment. I’m not Noam Chomsky. I’m not going to go on some anti-materialism diatribe here. When I was young and foolish, I thought anyone who pursued money was greedy and shallow. Now, I’m older (alas) and wiser (perhaps), and I don’t have as much of a problem with wealth.
Actually, if I’m honest here, I sure do wish I little more jingle in my jangle. I drive to work in a 2001 Volkswagen with an odometer that’s well north of 100K. I try to make dinner in a microwave oven that inexplicably shuts itself off after exactly 2:48. I watch TV on a ratty old couch that Mickey Rourke would probably avoid.
And I find myself thinking: “Man, it would be nice not to have to worry about this stuff.”
Maybe that’s about the extent of my wishes: As Dorothy Parker said, “I want only enough to keep body and soul apart.” But I also have an adorable two-and-a-half-year-old daughter, and I would love to be able to move into a house with a big yard for her to play in.
And to be able to buy her all of the Olivia books, without worrying if we’re going over our amazon allotment for the month.
And to be able to go to restaurants more often.
And to buy a bottle of wine without making sure it’s in this book.
And the occasional trip to, say, France.
And to sleep like Rainer Wolfcastle in The Simpsons: “On top of a pile of money with many beautiful ladies.” (To my wife Jeanne: Just kidding.)
But the point is, it becomes a slippery slope. You want just a little bit more, and soon it becomes like a drug. You want that next thing. Sure your cellphone is nice, but does it have augmented reality? No? Oh man, you have to have augmented reality!
The thing is, I know I’ve got it pretty good. As seen recently on Financial Samurai, we here in the U.S. enjoy a standard of living that most of the world wouldn’t dare dream of. My debt is pretty minimal, I’ve got a great job with amazing benefits, and so on. So I don’t mean to be a malcontent.
But I’ve been able to dip my foot into the waters of the wealthy. Years ago, my ex and I went on a bicycling trip with a high-end travel company through Tuscany. (We were only able to afford it because she was doing some travel writing, one of the sweetest gigs you can have.)
Our group rode some of the Tour de France’s route, and we saw some of the race. I even have a picture of Lance Armstrong raising a glass of champagne right at me. (Well, my ex has it now, but let’s not split hairs.)
And at one point, we stayed at the same Tuscan inn as Robin Williams, who’s apparently a huge cycling fan. And I have to say… living the way the uber-wealthy live was really, really nice. Imagine a football-field–sized bed with the softest sheets imaginable. Elegant linen curtains. A view of the Alps. Delicious dinners with endlessly flowing hand-crafted Italian wine. And so on.
So we got to pretend that we were rich for a little while. And then, like Charlie in Flowers for Algernon, we were sent back to our middling lot in life. (And no, we never saw Robin Williams, either.)
So is it just me who wishes I had a little more? Or are you one of those people who is happy as a pig in mud with what you’ve got? And if so, what’s your secret? I’d love to know it.
I want to be rich so that work is a choice instead of a necessity. That’s my main goal – financial freedom.
Contentment is a luxury that even some of the richest people cannot buy. You hit the nail right on the head when you mentioned that by getting one thing it often makes one desire the next best thing. If I can buy a new Honda Accord, why not a BMW…and if a Beamer, then why not a Ferrari…etc. There is a spot where one is not necessarily completely satisfied with everything in life (pig in the mud) but is contented with the lifestyle.
I liked your description of the time in the fancy hotel. The wine, the food, the view, etc. I wonder though if those memories are as fresh and vibrate in Robin Williams’ mind, or is it just another luxury in a string of luxuries? Swiss Alps? Been there, done that, doing it again next year he might say. Or he might not. My point is, you enjoyed this experience and it stands out in your mind because it is so far removed from what you normally experience. Maybe dining on authentic French cuisine by your own personal chef is cool the first month or so, but eventually it’s just another rehash of what you did the month before.
Would I like to be rich? Sure, if by that you mean monetarily better off than the majority of Americans. I believe I’m almost there, but by no means am I rich compared to Robin Williams or Lance Armstrong. Last I checked my net worth puts me in the top 8% of American households, and I still have a mortgage. So I am already rich, but if you mean rich like the guy from the Simpsons, I’d just as soon pass. I believe I have what I have because God sees fit to bless my hard work; therefore, as a steward of what is His, I would not be so wasteful as to splurge on frivolous luxuries for myself. But I do not condemn those who spend money on what I consider “luxury”. As you noted, most of the rest of the world looks at my average middle-class American lifestyle and probably thinks I’m wasteful because I don’t mend holes in old shirts (I turn then into dust rags) and I eat three square meals a day. So, it’s all a relative question, isn’t it? And the only person for whom I can answer is myself. I would like to be rich, so long as I remember why I have that wealth and consequently what is expected of me as a steward of the resources I’ve been given to manage.
“With great power (wealth) comes great responsibility” — Spiderman
Excellent post; I really enjoyed it!
I like the idea of the Millionaire Next Door idea. I want to live small, not large, with plenty of cash in the bank to back me up. A vacation here and there would be nice, I have enough stuff.
Thanks for this thoughtful post.
I don’t really care much about stuff. You won’t find me drooling over expensive cars or Pottery Barn furniture. No, what I want are experiences: traveling, sailing, adventure. Unfortunately, experiences outside the norm of everyday life are often just as costly as nice material things.
I’d be content, financially speaking, if we didn’t have to worry over how to make ends meet every month.
Ignorance is Bliss! If you don’t experience it, it’s not a temptation…
I would like to go to France and Hawaii some day though (darn too late on the temptation part…:))
“I try to make dinner in a microwave oven that inexplicably shuts itself off after exactly 2:48. I watch TV on a ratty old couch that Mickey Rourke would probably avoid.”
So, this entire thing would be like $500 to fix. I would say, if it bothers you enough to write about it, fix it!
New microwave: Less than $100.
New couch: Well, I bought mine for about $500 delivered; you could even get a nice used one for about that price that’s very high quality.
Some things in life are worth fixing.
-Erica
I also wanted to have a financial freedom. Like going to an expensive restaurant without looking at the price of each menu, going out for vacation without worrying how much will be the expenses and of course buying a car that i would really love to drive.
I don’t look at the ultimate goal in my life as “being rich” with money. More importantly, I want success in a career I’m passionate about. Once you find that passion, I truly believe the money will follow.
CarA~
Buying things is the least interesting thing I can think of to do with money. I have enough of everything that is actually a necessity and would downsize our home by half if I could get the family to agree. I dream of having however much it would take to pay the bills while I hit the road with my backpack for at least 6 months a year.
Hmmm… to dream about the dream.
The only luxury lifestyle I truly love, enjoy and actively pursue is to travel on business/first class as often as I can. For me, this is the first line of luxury I can afford (with frequent flyer points of course
).
I can live with hand-me-down non-digital TV and ugly couch (which I do) but those pricey bubbly, sleeper seat with massager, 25-inch plasma tv, 5-star gourmet food, chauffeur-driven limo and having 3 people taking care of you at all time (even for just less than 24 hours)… damn, that’s simply awesome!
Buying spree is what we always dream of.
I dream of Buying stuff without worrying about my financial budget. It is super cool right? But of course money flows from your hard work. Just like the saying said, “No PAIN, No GAIN.”.
Thanks for the post!
I don’t know that I feel this way, but it’s an interesting concept I’ve heard from the uber-rich: they want to get more money because that’s how they keep score.
The more money they have, the “better” they are doing. Or the better they are period, is how some of them feel.
Your article is really interesting and I think about it sometimes.
As @Erica Douglass said you don’t have to be rich to have an amazing life, but maybe a bit of luck helps.
If you’re the lucky type, you could try this contest and maybe return to Tuscany without you ex.
The link is: http://ow.ly/10tZz
Ciao ciao from Italy
Barbara
I didn’t mean to imply that I wanted to be rich so I could buy stuff. I was thinking that I’d like to have a little more money so my life was a little more comfortable — but then that leads to a slippery slope.
@Sid: Good point about wealth being relative. I think that’s a lesson we could all stand to remember.
@Erica: Yes, I’m going to have to bite the bullet and throw down some money. I think it might cost a little more than you’ve listed, though…
@CarA: There have been a lot of discussions about people following their dreams and figuring the money will follow. I think that’s a great sentiment, but it might be a little naive (at least in today’s economy).
@Jenn: Good for you! I admire that lifestyle.
@Writer’s Coin: I guess that’s how the uber-rich got to that point, right? You’d think they’d be able to disengage that need and just live a “normal” life, but maybe not.
I don’t want a giant house (who needs to clean that or heat/cool it!), I don’t want a high end car. I want enough that my daughter can go to college and I can stop working in a job I don’t like and I can travel and see the world. I don’t even need to stay in penthouse suites (I want love the little small hotels anyway), just to travel and see everywhere!
I’d happily have a little 2 bedroom condo as a homebase here in my suburban town to come home and plan my next trip.
when I am wealthy I will be able to make a difference, on a large scale, to the causes I am passionate about. Of course, it will be nice to know I have no financial worries but everyday I see situations that could be made better if not just for some $$. I want to be able to provide for that. One of the reasons “wealth ” has a bad rap is that people often act as resevoirs of money, not conduits. That being said, I love Capitalism, the Free Market and being a business owner. When someone works hard for their money, makes good decisions and has good timing; Wealth is the result
Hey Joel, thanks for sharing your article, and the shout out! Thanks to Investor Junkie for guest posting.
The reason why I want more money is simple so I don’t have to worry about money and want more money.
Money buys the freedom to not have to worry about money.
If we’re wealthy all the time, believe you me, it feels like we aren’t wealthy at all. It takes minimalism, to really appreciate wealth often times!
8.5 % tax bracket – no debt (including mortgage) – and happy as a pig in mud, as you say
Secret: Gratitude not attitude…. and no need for the fancy stuff… I worked too hard for my $$ to just blow it on gadgets or junk. I have all that I need, and all that I want. Simple as that
Contentment is great! I have ‘enough’….
i hesitated to comment on this. mostly because i know what i’m about to say will most certainly be judged & i’ll likely be labeled as being fed by a “silver spoon”. and admittedly–to a certain extent–i have been.
you see, i DO NOT want to be rich. sure, financial security is desirable. a padded bank account would be nice. a comfortable house with heat & running water & maybe an alarm system to protect our kids would be a luxury.
but that is just it: a LUXURY.
you see, i grew up “rich”. my grandparents had sail boats & lived in an old farm house, complete with swimming pool & tennis court. my dad is a physician & took our family on trips all over the country on his conferences. we’ve been on mission trips with church & seen what REAL poverty is–& REAL wealth is (in attitude) firsthand. i traveled to Europe twice before age 15. i went to a crazy-expensive college. our wedding of 450 guests is still being talked about 3 years later (much to my dismay). and now we (husband & i) are embarking on our OWN financial journey. we’ve got inheritance. and mutual funds from our parents. and we are SO SO LUCKY. we know it, too. and we are working on generosity–giving away what we want & finding satisfaction in what we have.
but what we also know is that wealth & travels & swimming pools & household alarm systems do NOT mean happiness. i’ve been there. i had it all–except a personal plane (which i have no desire for)–& i quickly realized that it didn’t make me ANY happier. the joy that exists in my family was probably cushioned by the fact that we have been incredibly blessed both financially & relationally. but in my own life, being “RICH” isn’t on a list of goals.
great article.
Enough to stay home with my children and live the basically good life (not the GOOD LIFE but my good life) until they are older…and retire before I am 85. I don’t need much more to be happy.
@Janet: I admire your dedication to your causes. Very cool that you look outside yourself like that.
@Samurai: I like this quote a lot: “Money buys the freedom to not have to worry about money.” That’s what I was trying to get to with the Dorothy Parker quote. Basically, having money means you don’t have to sweat the small things as much. That doesn’t mean you should spend at will, but maybe you can ease up a little on the penny-pinching.
@ j>: Sounds like you’ve got your priorities set (and a decent cushion in your bank account, too)! Not a bad combination.
@ Andrea: Good luck reaching that goal.
I want to be rich not in money but in happiness, love, and other things money can’t buy.
I want to be rich for the freedom it allows, not necessarily for the “I can buy anything” thoughts that go with increased wealth.
That’s why I enjoy blogging so much – it allow me to work when I feel fit and bring in a little bit of dough at the same time.
Now if I could just get it up to a full time income…