We live in a society where money is often the primary focus. This is true for a number of reasons and appears to reside at many different levels of the economic ladder.
To start, we have the lower end. Here is where it makes some sense. People are motivated by money because they do not have any. Poverty is crushing and it is extremely difficult when even the basics are out of reach.
Then we have the upper end of the spectrum. Here is where we see multi-millionaires and billionaires. While they have more money than can be spent in multiple lifetimes, many are still driven by this.
And there we have everywhere in between.
In this article we will dig through some of this.
What makes Elon Musk so interesting?
One thing is the fact that he is not motivated by money. When it comes to the typical accomplishments of the ultra wealthy, we see few of the symbols. Most gravitate towards mansions, cars, boats, and what not. Musk has none of them. With regards to cars, that makes sense since he is the largest shareholder in Tesla.
Even though he has a lot of the toys, Jeff Bezos is another interesting character. He altered the face of retail and now, like Musk, is aiming higher. In this instance, it is space.
It is reported that Bezos dumps around $1 billion per month into Blue Origin, his rocket company.
Then we have certain actors/actresses. Many are well paid but the question is whether that is the driving force. For many, it is the art. People like Denzel Washington and Johnny Depp gravitate towards movies that interest them. It has led to some odd results at times yet does show their focus upon the outcome as opposed to the economics.
What I am driving at is the lesson to be motivated by accomplishment rather than money.
If you were to die, what is your legacy?
This is an important question. Certainly, there are a few people who are known for their money. This is the ultra few who top the world's richest list. People like Morgan, Carnegie, and Rockefeller are examples.
Let us look at this another way. If someone has $150M or $250M, what is the difference? Few are going to know them for their wealth. As for the incremental units, what can be bought with $250M that is unavailable at $150M?
In other words, the $100 million is not going to change one's lifestyle.
Few of us will ever reach these types of numbers. That said, the principle is the same. Many seem to believe money will bring happiness. When they attain a certain level, finding fulfillment still lacking, another level is sought.
Rinse and repeat.
Enough is never enough as they say.
It isn't so much what you have as much as the impact your actions make. This can appears in untold number of ways. However, when motivated by accomplishment, fulfillment can occur. When the focus is upon money, the comparisons starts.
Ask anyone who is wealthy what it means to give a large sum of money. The answer is very little. Writing a check takes nothing. These people will tell you it is a lot harder to give one's time.
Obviously, we all have a standard we require based upon where we live. The question is where do we focus beyond that.
Writing about technology, I often cite how most people do not realize the abundance of today compared to 40 years ago. There are many who still believe they are falling further behind because they do not have bank accounts that mirror others.
Here is a reality check: In the 1980s, Bill Gates was one of the wealthiest men in the world. In spite of that, you have access to more music for free than he could have purchased during that period.
This is a situation that is increasing rapidly. Automation is changing everything, meaning the next 10 years will resemble the last 30 in terms of economic output (growth). It is something that is only accelerating.
Is Warren Buffett known for the net worth he achieved? Naturally, this is something that gets discussed. However, it is the fact that many consider him to be the greatest investor of all time that is his legacy.
If his net worth were to double, would it change anything?
Above a certain level, it becomes meaningless. Focus upon this even when trying to get to that level. It will help to reduce the tendency to get caught up in the numbers.
