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The guy who did my wife's minimally invasive total knee replacement makes $17,000 every couple of hours. He only takes cash, and the hospital bill is in addition ($60K-ish, but the insurance company negotiates it down). That's $68,000 a day x 200 days a year = $13.6 million. He has to pay rent and a staff out of that but I'd be surprised if anyone on the staff makes over $200K, so let's call it $10 million.
Then, he owns the patent on the device he implants. I don't know what percentage of the $20,000 device cost he gets.
There's a huge gulf between the paychecks of ordinary docs and the most successful entrepreneurial docs, just as there's a huge gulf between ordinary financial executives like me (mid 6 figures, counting everything; base is lower) and the rock stars (hedge fund managers who pocket $1 billion in a great year, several hundred million in a good one).
What a strange notion. Why would someone with money laugh at those who are on welfare?
Actually it seems to work the other way. Many very wealthy people seem to develop a sense of guilt and spend huge sums on philanthropy. Certainly that happened with Rockefeller and Gates.
To answer the OP - In my field (internet software) I do know people who cashed out and then pursued something else. One guy I know cashed out $20M, set up a metal shop and makes custom knives and motorcycle components. Another does the light show for a popular traveling music act. Yet another became a commercial pilot.
That's because most people in software are INTJs or other closely related personality types who are generally good at saving and investing money and who see through the BS of consumerism.
Also, here's the answer to the OP. Things escalate, and you lose track of what life was like before then. While I could obviously live off half my income, I certainly don't FEEL like I could, and I feel like "life would be easier" if my income doubled. That feeling rarely goes away, regardless of how much money you have.
This is the crux of it. It's really basically about the way our brains are wired. We always seem to think 20% more will make us deliriously happy and/or solve all our financial problems...and then if we get it, we still want another 20% and repeat the process. You must override that program in your brain if you want it to stop.
Beyond that, though....a lot of people have their identities tied up in the work they do, too. So I don't think it's always about the money. Often the people making that kind of money are business owners...so it's not necessarily that easy for them to quit as what they do is integral to the business and if they leave it often means the business goes downhill and people lose jobs, etc.
That's because most people in software are INTJs or other closely related personality types who are generally good at saving and investing money and who see through the BS of consumerism.
I don't think software engineers are that good at saving money and definitely don't see through the BS of consumerism. The guys I mentioned just happened to get really rich.
Two of those are guys who made a lot of money due to a stock windfall. The metal shop guy is quite a different situation. He patented an imaging process in the 1990s and really milked his patents for all they were worth.
They are definitely hard core consumers. The last guy has like 15 motorcycles, an original hummer, two Mercedes, 2 houses, $10,000 of scuba gear he never uses, about 500 guns, and so forth. The pilot guy actually went broke spending all his money on airplanes and had to go back to working in software.
Otherwise in software I see a lot of guys who make around $90K and blow all their money on gadgets, cars and going out to eat. There is a surprisingly large number of heavy drinkers working in Silicon Valley and SF, too.
What I'm saying is why compare themselves to their peers and constantly feel pressure about it when instead they can compare themselves to the less fortunate and feel great about it...
Making money is essentially like a game. The $ numbers are just a way of keeping score.
That is why people who make a lot of money tend to think that others who have less money than them simply haven't learned how to play the game that well yet. By the same token, they think of their peers and those who have more money than them as the real competition.
It is like any other game.
Then of course, some people feel that they have enough and are perfectly satisfied with that too.
Why do I need to let my income determine my happiness? Is your happiness just based on a number? Isn't there more to life than money if you can already take care of far more than your basic needs?
I would recognize I needed a new perspective on life if I couldn't be happy making $75K, or in the top 0.1% of income worldwide.
An individual can choose for themselves whether or not they are happy, they don't need a study. That's the point.
I am much more happy making 200K then making 75K. I don't care what your study says, its meaningless to individuals
I went from making nothing to a fair sum of money. I save virtually every cent and I am fearful of spending even a little bit. How do you explain that?
By noting that there are always exceptions. My brother does the same thing, and I'm sure I could name half a dozen more. But there are a lot more than "half a dozen" people in the world.
IMO it is inflation. My simplistic definition of inflation. Prices get higher as income goes up. For one, all of the millionaires I know have really expensive houses. This is OK even if they pay cash, but the government in my state gets you by making you pay a lot in taxes if you have an expensive house. Even if you can live well on dividends, the taxes can take a big chunk out of your yearly income.
Plus as you get richer, you may want different things, like maybe some commercial real estate in a big city or a soccer team (that's what I want) then you realize...that's 5 MILLION dollars...that's 10 MILLION DOLLARS. LOL and you don't have enough money to buy it. Plus some people can see rich people coming, and will jack up the price just for them.
Like in some places with pretty views, locals may be used to paying 3000 USD for some big parcel of scenic land. Then one rich jacka$$ comes along and pays several million for it and ruins it for all the people who want to buy land afterwards. And have you seen the price of yachts...and the fees to dock your boat? Crazy ;D
Making money is essentially like a game. The $ numbers are just a way of keeping score.
That is why people who make a lot of money tend to think that others who have less money than them simply haven't learned how to play the game that well yet. By the same token, they think of their peers and those who have more money than them as the real competition.
It is like any other game.
Then of course, some people feel that they have enough and are perfectly satisfied with that too.
I disagree with this. Maybe the old robber barons behaved that way. Maybe Trump and a few other financial guys are that way. I think they are in a very small minority. Most of the people I know who make lots and lots of money do not appear to be play games, keeping score or even trying to amass a fortune.
My eye doctor is a really nice guy. He seems genuinely interested in helping people. He is not in a rush and will spend any time necessary to answer questions. His employees love him because he treats them well and believes in thorough training and taking the time to do quality work. He does make tons of money. He is the owner of a very large clinic which his father founded. He does his 50 cataract surgeries a day once or twice a week.
I know a lot of tradesmen who have been successful building their own businesses. Those who have been successful seem to work hard. Most seem to have another trait. They get along well with coworkers, employees and customers. Honest and friendly can go a long way towards building a business.
To me it seems that envy makes us want to belittle successful people. Envy makes us want to believe they are greedy, gluttonous, and dishonest.
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