Wisdom-Trek / Creating a Legacy

Welcome to Day 259 of our Wisdom-Trek, and thank you for joining me.

This is Guthrie Chamberlain, Your Guide to Wisdom

Why Doesn't Anyone Ever Feel Rich or Happy?

Thank you for joining us for our 7 days a week, 7 minutes of wisdom podcast. This is Day 259 of our trek, and yesterday we hiked the trail of The Wisdom of Being Teachable. Today we will explore why it seems that no one really feels rich or happy. I discovered this short story on Jeff Haden’s blog, and I feel it is worth sharing. If you miss any of our Wisdom-Trek episodes, please go to Wisdom-Trek.com to listen to them and read the daily journal.

We are recording our podcast from our studio at Home2 in Charlotte, North Carolina. As mentioned previously, we will be in Arizona for 4 days, so I am recording some additional podcasts ahead of time for while we are away. These days may be somewhat shorter as we will take quick daily treks on some short trails.

Let’s head out on the trail for today and learn…

Why Doesn't Anyone Ever Feel Rich Or Happy?

One day I'd like to meet someone who is actually rich. Sometimes I think I've found one, but it always turns out I'm wrong. No matter how rich I assumed the person to be, within a few minutes I find out just how "poor" that person really is.

Take the guy who sold his company for more than $40 million. (Well, actually $100 million in total; $40 million is his share.) I was sure he was rich. Then he told me how for tax and estate planning purposes he had structured the disbursement of funds over 10 years. So sure, on paper he may be "worth" $40 million, but he only gets around $4 million each year. And despite all that nifty financial planning the taxes are still so high he doesn't see nearly that much. It's a bummer.

Another example is the guy who just splashed a cool $450 grand on a Lexus LFA with the Nürburgring package. His everyday car is a Porsche 911 Turbo S. I was sure he was rich. Then he told me what he wants most in life is a Bugatti Veyron only they cost about $2 million. Sure, he has money he said, but he doesn't have that kind of money. He thinks about it all the time. It's a bummer.

Then there is the guy with the 110-foot yacht. Strictly speaking, it's a ship not a boat since it's big enough to carry several small boats and a couple of jet skis on a platform at the stern. And, it has a pool. I was sure he was rich. Then he told me how expensive the yacht is just to own: fixed costs like cleaning, upkeep, dock fees, and crew run over six figures a year. And what about the expense of actually taking it for a cruise? He told me firing it up is so expensive he sometimes has to think twice about whether to take it out of the harbor. It's a bummer.

How about the story of the guy who – I know it's a cliché, but it's still true – started a company in his garage, financing it with credit cards and a loan from his father-in-law. A couple decades later his company owns its building (and a few more), employs 500 people, and generates tens of millions in annual revenue. He put his three kids through Ivy League schools and then gave them significant seed money to start their own businesses. I was sure he was rich. Then he explained how he still has to work 60- to 70-hour weeks and can maybe take one week of vacation a year. Sure, he would like to have more free time, but running a company that size requires constant and total attention. Why it could all go away in an instant, he said. And then what would happen to his family? The very thought makes him shudder. It's a bummer.

So I decided to set my sights on a different target. By definition there can't be that many rich people; maybe statistical probability was the problem? So I decided to look for someone who is happy. After all,