$5 Million Just Ain’t Enough!
The New York Times has an article about “poor” millionaires in Silicon Valley, working 70 hrs a week, just to get by.
Some of them having networths ranging from $5 million to $10 million, but are still working 60+ hrs a week.
Silicon Valley is thick with those who might be called working-class millionaires — nose-to-the-grindstone people like Mr. Steger who, much to their surprise, are still working as hard as ever even as they find themselves among the fortunate few.
Mr. Kremen estimated his net worth at $10 million. That puts him firmly in the top half of 1 percent among Americans, according to wealth data from the Federal Reserve, but barely in the top echelons in affluent towns like Palo Alto, Menlo Park and Atherton. So he logs 60- to 80-hour workweeks because, he said, he does not think he has nearly enough money to ease up.
“You’re nobody here at $10 million,” Mr. Kremen said earnestly over a glass of pinot noir at an upscale wine bar here.
“People around here, if they have 2 or 3 million dollars, they don’t feel secure,” said David W. Hettig, an estate planner based in Menlo Park who has advised Silicon Valley’s wealthy for two decades.
“You look around,” Mr. Barbagallo said, “and the pressures to spend more are everywhere.” Children want the latest fashions their peers are wearing and the most popular high-ticket toys. Furniture does not seem up to snuff once you move into a multimillion-dollar home. Spouses talk, and now that resort in Mexico the family enjoyed so much last winter is not good enough when looking ahead to next year. Summer camp, a full-time housekeeper, vintage wines, country clubs: the cost of living bloats.
To Mr. Milletti, it all looks like a marathon with no finish line.“Here, the top 1 percent chases the top one-tenth of 1 percent, and the top one-tenth of 1 percent chases the top one-one-hundredth of 1 percent,” he said.
“You try not to get caught up in it,” he added, “but it’s hard not to.”
At what point is your wealth enough? Seems pretty sad to be worth $10 million and not being able to feel you’ll achieved a right to take some time off!
Is the purpose of life to keep working and keep accumulating more toys until you just drop dead?
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August 9th, 2007 at 10:51 am
These guys need to read, “The Millionare Next Door”. Yes it is dated. But one of the messages is that one needs to quit worrying about what others think of him and his life style. Live the life style you want, and teach your children, and you will be able to get buy on this amount of wealth.
I don’t feel sorry for them.
August 9th, 2007 at 11:06 am
Feeling insecure doesn’t do you any good.