You could argue that the past 10 years have created some of the fastest wealth growth in history.
The first crypto. Then mega cap technology stocks. Now AI.
A lot of multi-millionaires in one night.
Companies like OpenAI and Anthropic, which were valued at a few billion dollars just a few years ago, have now rapidly reached market valuations estimated to be approaching $1 trillion.
Forget founders who will become gazillionaires. Think of all the other workers who became extremely rich in a short period of time.
Now imagine you know or live near some of these people. Jealousy. Jealousy. Head games.
Venture Capitalist Deedy Das wrote about the mood in San Francisco right now with its newly discovered AI money. It’s not great.
He writes about the sense of helplessness experienced by many people in the Bay Area who make good money but now worry they’ll never strike it rich because of AI labor market risks and the fear they’ve missed the train.
Even the rich are not happy:
The rich aren’t particularly happy either. No one sheds a tear for them (and rightly so). But those who “make it” also experience a profound lack of purpose. Some within a few years without any increase <150 bin dolardan > It rose to $50 million. It turns your life plans upside down. For some, comparison is the thief of joy. For some, they escape to New York to “live the life.” For others, they start companies “just because,” often to gain status points. They never imagined that they would be ready by the time they turned 30. I once asked a friend of mine, one of the post-economy founders, why they didn’t sell the company, and they said, “and what are you going to do? Everyone wants to talk to me right now. If I sell, I’ll just have money.”
Boo-hoo, right?
Of course, no one should feel sorry for these people. I definitely don’t want it. But actually I understand the feeling. There are many people today who have wealth but no purpose.
Money doesn’t fill a void. Even with wealth, worries do not always disappear.
Check out this question I received a few weeks ago Ask Compound:
I have become increasingly fascinated by what might be called the self-constructed psychological prison that many of us live in around personal finance. I find myself pouring over spreadsheets and projections that exceed a reasonable threshold of necessity – and yet the anxiety remains regardless. This is an issue that defies honest conversation among peers, and I recognize that it falls into a very specific category of concern: the quintessential champagne issue.
For context: We plan to work for about eight more years, our net worth is approaching $5 million, and we’re living well within our means. I am a disciplined saver and investor by nature. What escapes me is not the mathematics, but the mental architecture that surrounds it. I welcome your recommendations for resources, frameworks, or practitioners who specialize in the intersection of behavioral finance and wealth psychology, especially those whose concerns are disproportionate to their actual circumstances.
This is really well written. This is honest. And this is something I’ve heard from many rich people over the years.
The existence of these feelings is both comforting and depressing. There is no trick that will automatically make you happy. The rich are still worried. They still worry about money.
But rich people are just like everyone else!
Everyone has money worries.
So what is the solution?
First of all, money is not a meaningless thing. You can’t solve an emotional problem with numbers. Money can provide comfort, convenience and security, but it cannot fix your emotions.
I began to realize that gratitude is often the best medicine for money-meaning dissonance.
Harrison Ford is probably my favorite actor of all time.1 I grew up on Indiana Jones.
Ford was open Where Everyone Knows Your Name most recently with Ted Danson and Woody Harrelson. What struck me most was how grateful Ford was for where he was. Some quotes from the interview:
(I’m talking about getting the role of Han Solo in Star Wars) That’s how lucky I am. I have such a chance.
I am so grateful that I was an overnight success and that this night lasted 15 years.
If you are one of these rich people, it doesn’t just mean that you are better off than 99% of the world’s population.
You must find ways to remember that you are better off than you were before.
Money means nothing if you don’t have some discretion.
Read More:
The Good Side of Gratitude
1I’m only leaving behind Tom Cruise, Tom Hanks and Denzel Washington.
