Steven

I think a lot of lessons in life you have to learn firsthand.

Right. Now, let's say that there's a big difference between not being able to buy food for your kids and making 200 grand per year. And the difference between 10 grand a year and 200 grand a year is massive. Takes away so many stresses, so many worries about being evicted and whatnot. But the difference between 200 grand and 500 grand is not that much.

Right. Now, let's say that there's a big difference between not being able to buy food for your kids and making 200 grand per year. And the difference between 10 grand a year and 200 grand a year is massive. Takes away so many stresses, so many worries about being evicted and whatnot. But the difference between 200 grand and 500 grand is not that much.

And the difference between 500 grand and 20 million is not that much. And the difference between 20 million and 20 billion is zero. I think that's a lot of what it comes down to. And even I think there is such thing as like a peak net worth that you would want in life, after which all the money that you accrue becomes like a social liability.

And the difference between 500 grand and 20 million is not that much. And the difference between 20 million and 20 billion is zero. I think that's a lot of what it comes down to. And even I think there is such thing as like a peak net worth that you would want in life, after which all the money that you accrue becomes like a social liability.

I mean, who has more social liability or pressure than the mega rich? Elon Musk, Bill Gates, Jeff Bezos. There's a huge amount of pressure. You better donate this money and you better do a good job doing it kind of thing.

I mean, who has more social liability or pressure than the mega rich? Elon Musk, Bill Gates, Jeff Bezos. There's a huge amount of pressure. You better donate this money and you better do a good job doing it kind of thing.

And I think that number of like, and at a much lower realistic level for people, it's when your friends learn you make a lot of money and we go out for dinner and they're like, you're paying, right? And that's a small thing, but it can really grate on people that like, oh, it's going to change how people think about me. Now, that's a good problem to have, of course, but it's a thing.

And I think that number of like, and at a much lower realistic level for people, it's when your friends learn you make a lot of money and we go out for dinner and they're like, you're paying, right? And that's a small thing, but it can really grate on people that like, oh, it's going to change how people think about me. Now, that's a good problem to have, of course, but it's a thing.

And I think the idea of there is a maximum amount of like there is a net worth level at which your happiness is going to be maximized. And it's probably lower than you think.

And I think the idea of there is a maximum amount of like there is a net worth level at which your happiness is going to be maximized. And it's probably lower than you think.

I don't think anyone really does because I've done this in my own life. I'm sure you have too. When I was 19, I was like, oh, if my net worth was this amount, I'll be happy forever. And then I was fortunate enough to hit that amount. And I'm like, okay, but what if we got over here? And you just keep going up the ladder forever.

I don't think anyone really does because I've done this in my own life. I'm sure you have too. When I was 19, I was like, oh, if my net worth was this amount, I'll be happy forever. And then I was fortunate enough to hit that amount. And I'm like, okay, but what if we got over here? And you just keep going up the ladder forever.

I have a friend, Ben Carlson, who's a great financial writer. He came up, this is very subjective, there's no science behind this, but he was like, a net worth of seven to $10 million is you can live an amazing life in the United States, have an amazing house paid for, send your kids to great schools, go on great vacations, drive brand new cars. on seven to $10 million. And he brought that up.

I have a friend, Ben Carlson, who's a great financial writer. He came up, this is very subjective, there's no science behind this, but he was like, a net worth of seven to $10 million is you can live an amazing life in the United States, have an amazing house paid for, send your kids to great schools, go on great vacations, drive brand new cars. on seven to $10 million. And he brought that up.

Some people might wince at this, but he brought that up of, it's a lot less than people would think, because there'd be a lot of people who would be like, oh, I'm gunning for a hundred million. Even if that's just a fantasy, it's a dream. And seven to $9 million is out of reach for a lot of people, no matter how hard they're working.

Some people might wince at this, but he brought that up of, it's a lot less than people would think, because there'd be a lot of people who would be like, oh, I'm gunning for a hundred million. Even if that's just a fantasy, it's a dream. And seven to $9 million is out of reach for a lot of people, no matter how hard they're working.

But I think particularly for young people who their definition, I think about my son a lot. He watches Mr. Beast. Mr. Beast is an amazing guy. I think he's one of the great guys. But because of Mr. Beast, like my son's definition of wealth is a private island, a private jet, you know, keep your hand on the table and win a million dollars kind of thing. It's a different level.

But I think particularly for young people who their definition, I think about my son a lot. He watches Mr. Beast. Mr. Beast is an amazing guy. I think he's one of the great guys. But because of Mr. Beast, like my son's definition of wealth is a private island, a private jet, you know, keep your hand on the table and win a million dollars kind of thing. It's a different level.

Whereas when I was growing up, Like, ordinary people drove dirty pickup trucks, and rich people drove clean pickup trucks. That was the stratification of what I saw growing up. And I think because of social media and other things, kids have a very different view on what financial wealth actually is these days.