Re:In Silicon Valley, Millionaires Who Don't Feel Rich
by zach on Sunday August 05, 2007 @11:27AM
(#39575)
Well, there you go. If you wonder why a "normal" house in SV costs five times more than in St. Louis or Dallas, this is a profile of the answer. For that matter, I understand better why Athertonians live in $12M houses -- they'd be $4M houses in other parts of the country, so curiously they're getting more bang for the buck.
And it has a reciprocal effect. When a major component of life, one's house, costs five times more, that depresses the wealth effect. When you're living among the super-rich, same thing. If these folks were living in Buffalo, they would be so acutely aware that they were exceptionally rich you wouldn't expect them to have anything to strive for. So there's a lack of a sense of privilege.
But it's also interesting to see the cavalier attitude toward wealth that it engenders. To be the richest fellow in town and still strive for "just a little bit more" requires a rare mindset. But yeah, stick a multi-millionaire in a suburb of super-millionaires and golly, what's a couple million bucks? Not much. I mean, it's not like you're going to quit your job or anything.
And it has a reciprocal effect. When a major component of life, one's house, costs five times more, that depresses the wealth effect. When you're living among the super-rich, same thing. If these folks were living in Buffalo, they would be so acutely aware that they were exceptionally rich you wouldn't expect them to have anything to strive for. So there's a lack of a sense of privilege.
But it's also interesting to see the cavalier attitude toward wealth that it engenders. To be the richest fellow in town and still strive for "just a little bit more" requires a rare mindset. But yeah, stick a multi-millionaire in a suburb of super-millionaires and golly, what's a couple million bucks? Not much. I mean, it's not like you're going to quit your job or anything.