Tough times for the super-rich Tom Smith

Some are being reduced to being merely rich.

I don't get people like McAfee.  If I had $100 million, the first thing I would do is put $50 million of it somewhere very safe, and only take big chances and buy toys with the other half.  But then, it could be the appetite for risk is why McAfee got so rich in the first place.

Comments

[Larry]

I agree. I've never been rich, let alone super-rich, but I think I would do exactly what you recommended. I doubt I would find living on the income from a $50MM stake much inferior to living on the income from a $100MM one. But then again, maybe I would eventually spend like crazy trying to keep up with the super-rich people. Maybe I wouldn't be satisfied with a 40 foot boat, but would burn with envy at my neighbor's 100 foot staggeringly expensive boat. Or wouldn't be satisfied with my 8 mistress (on a scale of 1-10), but would hunger for a far more expensive 10 mistress. I'm told the status competition affects most people.

[Tom Smith]

Yes, I too have heard that status competition is the bane of the rich and it afflicts even the poor, vis a vis each other and the rich. I am frequently amazed at how everybody thinks they are better than everybody else, if not richer than less snobbish and so on. One thing I do and hope I would do if I were ever rich (unlikely) is just to avoid the circumstances that give rise to status envy -- so, don't move to a place where everybody is richer or even as rich as you are, don't join the yacht club. This has it down side of course, but at least you would feel less envious.