NYT: Why Don’t Rich People Just Stop Working?

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LeftCoastIV
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NYT: Why Don’t Rich People Just Stop Working?

Post by LeftCoastIV » Fri Oct 18, 2019 2:43 pm

Pretty light read that looks into the psychology behind folks who continue to dedicate themselves to work long after they need to do so. "Post-economic" life stage, as referenced in the article.

(you may hit a paywall)
https://www.nytimes.com/2019/10/17/styl ... -ios-share

Alaric
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Re: NYT: Why Don’t Rich People Just Stop Working?

Post by Alaric » Fri Oct 18, 2019 2:53 pm

After you retire, there's only one big event left....and I ain't ready for that. — Bobby Bowden

BogleGreatHuman
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Re: NYT: Why Don’t Rich People Just Stop Working?

Post by BogleGreatHuman » Fri Oct 18, 2019 3:09 pm

Because many rich people are passionate about what they do, hence the reason they are rich in the first place. To be great at something you must love it.

PluckyDucky
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Re: NYT: Why Don’t Rich People Just Stop Working?

Post by PluckyDucky » Fri Oct 18, 2019 3:38 pm

What else are they going to do? And if they do something else, are they going to do it for free?

That's dumb.

MathIsMyWayr
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Re: NYT: Why Don’t Rich People Just Stop Working?

Post by MathIsMyWayr » Fri Oct 18, 2019 3:45 pm

If you work with the only goal of making money to retire, then your chance of becoming rich is not great. On the other hand, if you work for the sake of work, your chance tends to be greater. Well, life is full (or fool) of ironies.

afan
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Re: NYT: Why Don’t Rich People Just Stop Working?

Post by afan » Fri Oct 18, 2019 5:00 pm

Silly article.

It assumes that everyone is a lazy jerk, doing the minimum amount of work they can get away with and still manage to live on this earth. From such an attitude, it is easy to see the puzzlement that someone could have their material needs met and continue to work.

If all work is so horrible, if being productive is so detestable that no one would do it unless forced, then continuing past the point of being forced would be inexplicable.

But not everyone is attempting to minimize the total amount of work they do in their lives.
We don't know how to beat the market on a risk-adjusted basis, and we don't know anyone that does know either | --Swedroe | We assume that markets are efficient, that prices are right | --Fama

Afty
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Re: NYT: Why Don’t Rich People Just Stop Working?

Post by Afty » Fri Oct 18, 2019 5:08 pm

afan wrote:
Fri Oct 18, 2019 5:00 pm
Silly article.

It assumes that everyone is a lazy jerk, doing the minimum amount of work they can get away with and still manage to live on this earth. From such an attitude, it is easy to see the puzzlement that someone could have their material needs met and continue to work.

If all work is so horrible, if being productive is so detestable that no one would do it unless forced, then continuing past the point of being forced would be inexplicable.

But not everyone is attempting to minimize the total amount of work they do in their lives.
To be fair, I see a lot of that attitude right here on Bogleheads...

Starfish
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Re: NYT: Why Don’t Rich People Just Stop Working?

Post by Starfish » Fri Oct 18, 2019 5:19 pm

afan wrote:
Fri Oct 18, 2019 5:00 pm
Silly article.

It assumes that everyone is a lazy jerk, doing the minimum amount of work they can get away with and still manage to live on this earth. From such an attitude, it is easy to see the puzzlement that someone could have their material needs met and continue to work.

1. To be "lazy" it's not a negative. There is no correlation between "lazy" and "jerk".

2. Work is not that different from "non-work". A lot of things some people do for fun, as a hobby, are paid work for others.
The main reason not to work is not to just stay in bed and watch TV but to do something else. A hobby, an interest. Traveling, building stuff, climbing, sailing, reading, skiing, scuba diving, car restoration, racing etc.
It is weird to see people with only one interest, their job. But I guess is not that weird because this is how you get rich.

Starfish
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Re: NYT: Why Don’t Rich People Just Stop Working?

Post by Starfish » Fri Oct 18, 2019 5:21 pm

BogleGreatHuman wrote:
Fri Oct 18, 2019 3:09 pm
Because many rich people are passionate about what they do, hence the reason they are rich in the first place. To be great at something you must love it.
Or the other way to see it is that they don't know anything else.

sambb
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Re: NYT: Why Don’t Rich People Just Stop Working?

Post by sambb » Fri Oct 18, 2019 5:25 pm

underachievers and can make others who are overachieving easier to result in more of.. everything.. but less time. So you gotta enjoy it.

Easy to be successful by working harder than others. Good lesson for early and midcareer.

bigred77
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Re: NYT: Why Don’t Rich People Just Stop Working?

Post by bigred77 » Fri Oct 18, 2019 5:37 pm

I’m not wired to ever be mega-rich and I’m OK with that.

1.) I’m too risk adverse to ever put all my chips in the middle of the table.

2.) As soon as I ever got anywhere near 8 figures (and probably less than that amount) I’d be out of the office and into the sunshine.

I have way too many things I’d like to do, see, and experience around the world to put up with work once I could finance the life I’d like to live.

MathIsMyWayr
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Re: NYT: Why Don’t Rich People Just Stop Working?

Post by MathIsMyWayr » Fri Oct 18, 2019 5:41 pm

afan wrote:
Fri Oct 18, 2019 5:00 pm
But not everyone is attempting to minimize the total amount of work they do in their lives.
Afty wrote:
Fri Oct 18, 2019 5:08 pm
To be fair, I see a lot of that attitude right here on Bogleheads...
You be the judge: viewtopic.php?f=2&t=290916

mako171
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Re: NYT: Why Don’t Rich People Just Stop Working?

Post by mako171 » Fri Oct 18, 2019 5:45 pm

Starfish wrote:
Fri Oct 18, 2019 5:21 pm
BogleGreatHuman wrote:
Fri Oct 18, 2019 3:09 pm
Because many rich people are passionate about what they do, hence the reason they are rich in the first place. To be great at something you must love it.
Or the other way to see it is that they don't know anything else.
I don’t think so. I love fishing more than anything else. If you don’t love fishing as much as me, it’s not because you don’t know what it is. It’s because you are passionate about something else. We all like what we like.

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ThereAreNoGurus
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Re: NYT: Why Don’t Rich People Just Stop Working?

Post by ThereAreNoGurus » Fri Oct 18, 2019 5:52 pm

I did not visit the link, but did they ask pro-athletes for example Lebron James, why he continues to work after he became fabulously wealthy and did not need to keep working? (Sarcasm, for the few who may have missed it)
Trade the news and you will lose.

Mr.BB
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Re: NYT: Why Don’t Rich People Just Stop Working?

Post by Mr.BB » Fri Oct 18, 2019 5:52 pm

BogleGreatHuman wrote:
Fri Oct 18, 2019 3:09 pm
Because many rich people are passionate about what they do, hence the reason they are rich in the first place. To be great at something you must love it.
+1
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

Mr.BB
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Re: NYT: Why Don’t Rich People Just Stop Working?

Post by Mr.BB » Fri Oct 18, 2019 5:57 pm

I know people who this article was basically written about, as well as maybe not quite this rich but definitely richer than most of us and they still work. These people are in their '70s are still driven as those people they're talking about maybe in their '40s and '50s. Most importantly they love what they do. The money that goes with it is great, but at a certain point they don't do it for the money they do it because they love it, they enjoy it, they're good at it and may even define who they are.
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

Starfish
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Re: NYT: Why Don’t Rich People Just Stop Working?

Post by Starfish » Fri Oct 18, 2019 6:00 pm

mako171 wrote:
Fri Oct 18, 2019 5:45 pm
Starfish wrote:
Fri Oct 18, 2019 5:21 pm
BogleGreatHuman wrote:
Fri Oct 18, 2019 3:09 pm
Because many rich people are passionate about what they do, hence the reason they are rich in the first place. To be great at something you must love it.
Or the other way to see it is that they don't know anything else.
I don’t think so. I love fishing more than anything else. If you don’t love fishing as much as me, it’s not because you don’t know what it is. It’s because you are passionate about something else. We all like what we like.
But why you love fishing is important in this context. Above afan tried to explain that is some kind of "virtue" in loving fishing.
If you have never tried anything else in your life, everything revolves around fishing from morning to dusk. Dropping fishing at 50 to start looking for something else, something not clearly defined, something you have not tried for extended periods of time is scary for anybody.


This is why people say so often that you have to retire TO something not from FROM something. Many people have nothing to retire too, and nothing even to retire from because they like their job.

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whodidntante
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Re: NYT: Why Don’t Rich People Just Stop Working?

Post by whodidntante » Fri Oct 18, 2019 6:02 pm

You don't need a million dollars to do nothing, man.
-Lawrence

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Re: NYT: Why Don’t Rich People Just Stop Working?

Post by Flyer24 » Fri Oct 18, 2019 6:06 pm

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