Drudge Retort: The Other Side of the News
Wednesday, August 14, 2019

At a certain point, another million dollars doesn't make anything newly affordable.

That's when other motivations take over. This instinct to measure and compare doesn't disappear once people have an obscene amount of money. "The problem is, Am I doing better than I was? is only [moving people in] one direction, which is up," Norton says.

And if a family amasses, say, $50 million but upgrades to a neighborhood where everyone has that much money (or more), they feel a lot less rich than if they had stuck to the peer comparisons they were making tens of millions of dollars ago. Hence the ever-shifting goalposts of wealth and satisfaction.

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"And if a family amasses, say, $50 million but upgrades to a neighborhood where everyone has that much money (or more), they feel a lot less rich than if they had stuck to the peer comparisons they were making tens of millions of dollars ago. Hence the ever-shifting goalposts of wealth and satisfaction"

The richly shallow.

#1 | Posted by Zed at 2019-08-14 04:05 PM | Reply

Per the article ...

"Say you wanted to have a mega-yacht plus six mansions in six different locations around the world," Winters says.

"You could probably do all of that fairly comfortably with a few hundred million dollars."

It's different if the goal is to keep accumulating, in which case "there's no number at which you have enough," Winters says.

He adds, "Every billionaire I've spoken to, and I've spoken to quite a number of them, is extremely excited by each additional increment of money they make."


These people are sickening and gross.

Here's the antidote ...

The Pitchforks Are Coming ... For Us Plutocrats
www.politico.com

Raise taxes on these douchebags. It's either that or pitchforks.

#2 | Posted by PinchALoaf at 2019-08-14 04:39 PM | Reply

Raise taxes on these douchebags. It's either that or pitchforks.

#2 | POSTED BY PINCHALOAF

It's a disease called GREED, there is no known cure either, except for the "pitchforks".

#3 | Posted by aborted_monson at 2019-08-14 05:13 PM | Reply | Newsworthy 1

Great article. Hanauer is one of the few ultra wealthy individuals that "gets it".

#4 | Posted by aborted_monson at 2019-08-14 05:26 PM | Reply | Newsworthy 1

I have no problem with someone working hard and and making themselves a really good living. Inventors and what not.

Where I get rubbed wrong is with Rockefellers Rothchilds etc. lords of the money and they ain't anything but a bunch of inbred scoundrels living off entitlement and death of our soldiers. Fugem

#5 | Posted by lfthndthrds at 2019-08-14 08:38 PM | Reply

Son of wealthy Indian landlord pushes new BMW into river after parents refuse to buy Jaguar
www.abc.net.au

#6 | Posted by AndreaMackris at 2019-08-14 10:57 PM | Reply

These people are sickening and gross. ~ PinchALoaf

Why? You remind me of people complaining about homosexuals. Who cares? Why do you care?

#7 | Posted by AndreaMackris at 2019-08-14 10:59 PM | Reply

I have no problem with someone working hard and and making themselves a really good living. Inventors and what not.

Where I get rubbed wrong is with Rockefellers Rothchilds etc. lords of the money and they ain't anything but a bunch of inbred scoundrels living off entitlement and death of our soldiers. Fugem

#5 | POSTED BY LFTHNDTHRDS AT 2019-08-14 08:38 PM | FLAG: The wealth through inheritance is now-days the exception, not the norm.

THE MYTH: Most millionaires inherited their money.
A 2017 survey from Fidelity Investments found that 88 percent of millionaires are self-made. Only 12 percent inherited significant money (at least 10 percent of their wealth), and most did not grow up in exclusive country club neighborhoods. The majority of millionaires went to college and are married or partnered.
money.usnews.com

#8 | Posted by MSgt at 2019-08-14 11:29 PM | Reply

"Why do you care?"

Because if you're rich enough, you can buy more money with tax breaks, leaving the tab for the rest of us.

For example, you know how much a GRAT costs...not exactly within reach unless you're a Trust Fund baby.

#9 | Posted by Danforth at 2019-08-14 11:34 PM | Reply

Wealth is a quantifiable form of social feedback...at least for most. The wealthier you are, the more valuable you are to society.

It's not that much different than verbal feedback for having done a good job-only words are free, whereas money is given at the expense of the person providing it.

People who are born rich generally don't view wealth and income as a form of social feedback, because it's just a given. Which is why many people who are born wealthy get into politics. Because it's basically a popularity contest. And votes are similar to money, in that you only have one to give.

#10 | Posted by madbomber at 2019-08-15 02:55 AM | Reply

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"A 2017 survey from Fidelity Investments found that 88 percent of millionaires are self-made."

That's interesting. The Book "The Millionaire Next Door," published in 2000, had around 80% of millionaires being self-made.

It could be different criteria, or it could be that family fortunes as a whole are on the decline. And we do know that even amongst the wealthiest families, 90% of them reach extinction within three generations. The fortunes, of course. not the families themselves.

#11 | Posted by madbomber at 2019-08-15 02:58 AM | Reply

Why? You remind me of people complaining about homosexuals. Who cares? Why do you care?

#7 | POSTED BYANDREAMACKRIS

That's a ridiculous comparison that makes ZERO sense.

Since when is someone's sexual identity the same as someone's greedy desire to accumulate wealth?

I don't care who marries who, or what people do in the privacy of their own bedrooms ...

I DO care a helleva lot about people looting the U.S. Treasury of trillions of dollars in free taxpayer money, and that these same d-bags don't pay their fair share in taxes.

Bro, stick to your sailboats, French cuisine, and your tailored cardigan sweaters.

#12 | Posted by PinchALoaf at 2019-08-15 07:13 AM | Reply

THE MYTH: Most millionaires inherited their money.
A 2017 survey from Fidelity Investments found that 88 percent of millionaires are self-made. Only 12 percent inherited significant money (at least 10 percent of their wealth), and most did not grow up in exclusive country club neighborhoods. The majority of millionaires went to college and are married or partnered.
money.usnews.com

#8 | POSTED BY MSGT AT 2019-08-14 11:29 PM | FLAG:

That has nothing to do with bank barons who control the world's money. Rockefellers and Rothschilds have inherited every thing they have for many generations

#13 | Posted by lfthndthrds at 2019-08-15 12:02 PM | Reply

Wealth is a quantifiable form of social feedback...at least for most. The wealthier you are, the more valuable you are to society.

LOL

#14 | Posted by jpw at 2019-08-15 01:00 PM | Reply

I think some of the ultrarich are conscientious and try to be responsible citizens and use their money constructively. But for many of the ultrarich, the use of money for the consumption of goods and services is already well set into place for everything, whatever your hearts desire, permantly for good, and most likely for their progeny for generations to come. Once that's established , they grow weary of consumption and so the accumulation of more wealth becomes an ego thing. It's how they "keep score" with other fellow billionaires/multi-millionaires.

#15 | Posted by shane at 2019-08-15 04:29 PM | Reply

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