Obviously I’m not rich or I would not be asking, but I have been reading a lot about International political economy (IPE) in college. Everyone around me seems to understand why people invest, where foreign direct investment comes from, and how to live without working. What is to prevent industrialized governments (especially the hegemon) from seizing assets from foreign investors and redistributing them to their population? I come from a modest background, so the only investments folks had growing up were their homes or their restored cars. It was a blue collar type neighborhood.
This is perhaps why I do not know why people who become rich continue to want to make more money. Why get richer when one could be spending time with family, working on hobbies, or traveling? Is it greed? If I were rich, I would do the above items after selling whatever made me rich, because the accumulation of more money would seem like a moot endeavor. In fact, if I had extra money, I think I would just give it away to friends and family. Why keep it? You can not take money with you when you die.
So, if anyone has some answers for me, I would like to thank you for your impute.
dlidstrom
May 30, 2010 at 2:00 pm
Because, with the exception of people who strike it rich off the lottery, or have an oil well drilled on their land, or any other type of thing that makes them rich “overnight” — there is a train of thought that goes through the mind of the independently wealthy.
They’ve made their money by playing it smart. Not by dwindling it away on needless things. They understand the risk/reward, the advantages of having actual assets, and the importance of continuing to use their minds for their money.
It’s the same reason that some rich folks aren’t too fond of tipping. They’re tight with their money, and that’s what got them where they are. Just because you have $10M in the bank, i’m sure you wouldn’t say no to an additional $1M, or more…
Your points also are reflective of your own personal experiences. They’re part of what make you who you are. It’s the same with the rich that I spoke of. What made them rich was a good head and a smart play book.
Personally, if I were to make it big with any of my endeavors, I would be one to continually push on and make as much as I possibly could. There would be no limit to where I would stop. I would also spend as much time with the family as I could, and give them the best possible life i could, and that’s the same reason I would want to make as much as I could before I left the Earth. You’re correct in that you can’t take money to the grave when you go.. But you can give it to your spouse, if still alive. It can still be passed down to your children, your grandchildren, their grandchildren.. ETC.
Steve E
May 30, 2010 at 2:01 pm
If you live in the US, you are in a republic – governed by laws which recognize the right to property. Most of the investment in the US is actually putting capital into companies to enable them to grow. If they are not making more money, they are losing money. It doesn’t take very long to waste a couple million bucks if you don’t invest it properly. (and a couple mil is probably 10 years or so of a comfortable life style today, given a reasonable earning capability for a college graduate.)
♥*♥*minituktuk*♥*♥
May 30, 2010 at 2:24 pm
greed is bottomless
Larz777
May 30, 2010 at 2:35 pm
I think it’s because they love the ego trip that comes from making money. It’s not Having money to them, it’s the challenge of Making Money.
In many cases, people who invest are taking on risk, business fail, stocks loose value, etc. These people just like to gamble with their money. They feel it’s too boring to just BE rich so they want to take their money and try to do something risky with it to show what big shots they can be.
I’m serious, there is no logical reason for someone with over $1 Million in assets to work. You can simply put that money in a 3% bank CD Account and make $30,000 a year profit guaranteed with no chance of loosing a dime.