The one stupid purchase every rich person makes
These notes were generated by AI and may contain inaccuracies.
A big house makes you happier if used to have better relationships, like hosting 20 best buddies every Friday night, or if needed for a spouse and five kids as your meaning and purpose. But if bought just because it's what you should want, it can be miserable.
Harvey Firestone, creator of Firestone Tires, alive 120 years ago, wrote in his 1920s biography: "Every wealthy person that he knows without exception buys a gigantic house and every single one of them without exception finds it to just be a tremendous burden." He questioned why, noting even Henry Ford, seen as a cheap miser, had a gigantic house he hated. Firestone concluded something in the human soul associates large property with success.
Big houses require tremendous upkeep; owners often seclude themselves to a small homely corner. People with homes over 10,000 sq ft likely use only 1,500 sq ft, the size they lived in at 22. Even shown this data, they'd refuse downsizing.
Example: Friend's parents in 20,000 sq ft house; tour showed four unused bedrooms down one hall, a never-used gym room (actual gym downstairs). They secluded to kitchen, living room, bedroom.
Behold my obsolescence. Look at surplus.
Rich people don't all buy fancy cars or yachts (yachts called stupid, pain in the ass). Most fly slightly nicer class, few regret business over economy. Sam Zell, billionaire real estate guy, told David Senra: only true material luxury is flying private; advice to get to private jet money. Scott Galloway said once you own your home, next worth buying is a jet (1% territory).
Financial success is independence to be who you want, waking up saying "I can do whatever I want today." Individualistic; billionaires may lack time control, spending days on unwanted tasks, while $50,000/year people control life, location, work, relationships, hobbies.
Wealth is ability and pleasure of being who you want, independent. Working hard on unenjoyed things just for bigger bank account is misguided; most get thrill from productive hard work they enjoy.
Wealth without independence is a unique form of poverty.
Many wealthy spend days doing unwanted things despite big houses, cars, planes. Some have amazing lives; greater number disappoint upon closer look. Driven wealthy can't turn off; self-made billionaires obsess 24/7 on business, can't stop for mun bonds and home. Grateful for them: great tech/medicine from maniacally obsessed people, often at expense of health, marriage, kids.
Human perpetual motion machines... churning, sucking in problems and spitting out solutions.
Cautionary tale, but outsiders think they'll dance through minefield of art, literature, movies, stories without triggering traps.
David Senra profiled 400 successful entrepreneurs; only two lives he'd want: Ed Thorp (Vegas card counter, hedge fund manager; amazing family, health; 90 years old, looks 55). Other 399 created amazing wealth/tech to admire, but wouldn't want to live as them; avoid as role models.
Money serves you best when it stops being the thing you think about.
Successful entrepreneurs (except hedge fund managers) weren't chasing money; fascinated by problems. Solving enough helpfully brings money; those targeting riches seldom succeed.
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