Secret Fears of the Super-Rich - Graeme Wood - The Atlantic
Eric Nakagawa stashed this in money
So it's still like highschool, except everyone's stinking rich.
"The respondents turn out to be a generally dissatisfied lot, whose money has contributed to deep anxieties involving love, work, and family. Indeed, they are frequently dissatisfied even with their sizable fortunes. Most of them still do not consider themselves financially secure; for that, they say, they would require on average one-quarter more wealth than they currently possess."
I find this passage revealing and interesting:
"some wealthy people don’t look forward to the holidays, 'because they were always expected to give really good presents.'" -- Having to maintain the same quality or higher when giving gifts is extremely burdening! Think about it if your secret santa's at work went from $25 to $1000?
This is good: "as individuals move up the wealth scale, they give away a greater share of their assets."
"They have the quantity, now they have to figure out the quality of their wants. They don’t all say that—some are stuck way before that. "
"20 percent of households with between $1 million and $10 million in assets in 2004 spent all their income—or more—in a frantic race to keep up with their newfound friends" -- it's not easy keeping up with the "Gateses".
"most wealthy people discover the satisfactions of philanthropy"
"Many wealthy parents structure their children’s inheritances such that the money arrives only in discrete packets, timed to ensure that during their formative years they have no choice but to find a vocation. But Kenny hasn’t seen the strategy work, he says, because the children always know that the money is out there, and usually their friends do too."
That explains the horror that is the Rich Kids of Instagram tumblr.