A lot of bloggers have talked about a recent New York Times article on the “working class millionaires” of Silicon Valley. One of the people profiled is Hal Steger, a 51-year-old marketing executive who has a $3.5 million net worth but still works 60-70 hour weeks looking for his big strike.
This article reminded me of the college application process during high school. Among my group of friends, the schools to get into were UC Berkeley or UCLA, Cornell or Columbia, or smaller but no less exclusive liberal arts colleges. Nevermind the fact that there were hundreds of great schools outside the US News top 50 list.
Nevermind, because we were trying to get into some of the most competitive universities in the nation, against kids who had organized relief trips to Peru, or won Intel’s science competition, or had straight As and still had time to run a family business. Suddenly, that near-perfect on the SAT makes you a dime a dozen, and that trophy for the county fair looks puny in comparison to a national award.
Where does this come in? Even though I am MILES away from a $3.5 million net worth, I understand why Mr. Steger can feel the way he does. Some might say he’s lost perspective, but our perspective is born of the enivronment we live in. Growing up in a middle-class family in the U.S., I am wealthier than 80% of the population in the world. Yet how many times during the day do I take a step back and appreciate that fact? (Not often enough by a wide shot, I’m chagrined to say).
It’s a good article. After watching the video on Mr. Steger, I really admire his work ethic. I don’t think he doesn’t realize how fortunate he is or is ungrateful for what he has. And I think that’s what the millionaires in the article are trying to convey – it’s one thing to know, intellectually, that you are fortunate. It is quite another to feel, in your heart, that you’ve “made it”.
Well Heeled Blog 
It’s a measure of success, if everyone around you is driving a BMW or going to a top tier school with 3 million in net worth, it’s understandable that you’d feel not good enough comparing to the people around you(if you are lacking the car and the high net worth). It’s a normal feeling especially in our american culture. It is also normal in our culture for us to think that we have to be better if not the best.
However, (in my opinion) this is where if you are truly an independent thinker, and is someone who is confident about yourself. You will not let others’ success or failure affect your self worth, your outlook on life, and the values that you hold or believe in.
I have a friend who got a bachelor’s degree from the #1 university in the U.S. and got his MBA at one of the top 10 business schools in the nation. I cannot say he is any more (or less) happier than my other friend who is a social worker, going to a state college to pursue a graduation degree in social work.
Which one of them is more successful? I think they both are. Because they are living their lives the best way that they know how, and dealing with situations the best way that they can handle.
I have been thinking on that article ever since I read it yesterday. You summarized all my thoughts with just a few words in this: “.. but our perspective is born of the enivronment we live in.”
That’s probably the most profound statement I have read today. 🙂
It’s a relative world.
To the millionaire’s in Silicon Valley, $3.5 million is likely not enough because like the article said, there’s always someone else making more.
I don’t know if a million is enough to satisfy my dreams and desires. But no amount of money really can. It really depends on how each person feels about their net worth and what value they derive from that.
It’s better for your psyche to be among the wealthiest households in your neighborhood than to be among the bottom in a “better” neighborhood.
My family moved from the Midwest to the DC Suburbs when I was about 12. Even though my dad remarried, to a woman who earned 50% more than he did (vs. mom, who was a stay-at-home), that 150% boost in family income didn’t seem to register. I always felt deprived, because we couldn’t afford pricey hobbies like rock-climbing or crew team, ski trips, etc
I wrote, much less elegantly, a similar thing. People in some third world countries can be very, very happy with just a few hundred dollars it seems. I think my expectations in life would allow me to take the 3.5M and go elsewhere to retire.
I have to admire Steger’s drive and determination. How many people just sit around and feel sorry for themselves? He is going out and working (extremely long hours) towards his goal…which I think is admirable.
I have never and will never feel the need to show up or match my neighbors. I can think of nothing more shallow or ignominious than living to impress someone else. #1 matters most.
If I had 1 million dollars right now, I would retire outside of America. 3.5 million dollars and I would still retire outside of America (in a better location).
Wanda,
The answer for me is “It depends.” 🙂
First, it depends on how much of the $3.5 million networth is “spendable.” If all of it is in one’s home, the answer is no. One can’t spend the networth value in a home.
For the situation where all $3.5 million is in spendable investments, it depends on one’s lifestyle. If one currently spends under $100K per year, yes. If one spends over $150K, no. In between 100 and 150 K, 3.5 million might or might not be enough, depending on investment returns.
Good post. Lol even 2 years later. I was raised in a high achieving environment. Everyone I grew up with went to ivy league type schools. Now I am at a place just wondering if all of this is worth it. Is there a problem with being content with what you have? Is there a problem striving for more even though it may make you constantly stressed about achieving your goals. I have always been like I have to be the best of the best and blah blah …but now it does not feel like it really matters in the scheme of things. I will probably just keep plugging away at my goals but make sure to stop and smell the roses.