Morgan Housel

And so some of the mansions that they made were so unbelievably huge that they didn't want to spend any time in them.

Yeah.

They were so big and so unhomely that what they wanted to spend was the smaller apartment that they had in New York that felt much more like home to them versus the other house, the gigantic mansion that they had was a trophy.

It was to show other people that you had, but nobody needs a house with 70 master bedrooms kind of thing.

It was just to show people what you had.

And I think there's another element here, which is when you don't make the money yourself, when it was inherited from somebody else, then the symbolism of what you've overcome

doesn't exist.

It's not there.

If you made it yourself, then the gigantic mansion is a symbol to yourself of what you've done and what you've built and what you overcame in life.

And you take tremendous pride and gratitude in that.

You inherited it from someone else, you had none of that.

Yeah, yeah.

And if your parents are unbelievably successful, you know there's no chance statistically that you'll ever exceed them.

Right.

And imagine if one of Elon Musk's children is an entrepreneur and creates a business that's worth a billion dollars.

That's cute.

Right?

Imagine if they become self-made billionaires, one billionaires, and your dad is worth $700 million.

Well, look at that.

Something where you can't necessarily use your parents' status.