I really don't understand how people get greedy after earning that much money. Is it just the high/excitement the comes from it? Seems like money would no longer be motivating.
You can't set an arbitrary limit on when money ceases to be motivating. At $100M in net worth, you no longer need to compromise on a lot of things that people with a $1M net worth have to. But at a $1M net worth, you also do not have to compromise on a lot of things that people with a $100k net worth have to, and so on and so forth.
If I had a net worth of over $100M, I'd probably still do things that increase it. That doesn't seem any more inherently greedy than my seeking to increase my net worth now, when it's orders of magnitude lower. I'd do it because it's what I know to do, and because more resources is rationally better than fewer resources.
> When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals. We shall be able to rid ourselves of many of the pseudo-moral principles which have hag-ridden us for two hundred years, by which we have exalted some of the most distasteful of human qualities into the position of the highest virtues. We shall be able to afford to dare to assess the money-motive at its true value. The love of money as a possession — as distinguished from the love of money as a means to the enjoyments and realities of life — will be recognised for what it is, a somewhat disgusting morbidity, one of those semi-criminal, semi-pathological propensities which one hands over with a shudder to the specialists in mental disease.
One of the most life-changing experiences I've ever had was swimming in a bioluminescent bay in Puerto Rico. I've never seen so many stars overhead in contrast to absolute darkness (you have to be in remote darkness to enjoy the bioluminescence). The sky was absolutely clear and every sensory detail felt enhanced and euphoric.
That vacation was a relatively expensive week for me. It didn't have to be as expensive as it was, but it couldn't have been significantly cheaper either. With $100M, I could fly down to Puerto Rico and do that every weekend, weather permitting.
But here's the thing - I'm sure that experience can be had (in principle, not exact detail) in every country in the world. With $20,000, you can carefully plan a backpacking trip through Europe. With $100M, you can have virtually any experience in Europe with instant gratification. Have you ever looked at Myspace Tom's Instagram? All the man does is travel around the world to interesting places taking photos. He doesn't necessarily do things people can't do with significantly less wealth, but he 1) doesn't have to choose which things to do and 2) does them casually, because he is virtually immune to financial catastrophe.
Money is freedom, because you can (in limited effect) trade it for time. I think most people love money because they love the time it can buy them, not because it is an end in of itself.
So yeah, I think wanting to earn a lot of money is great and no one should feel ashamed of wanting that.
Anyway, the general point here is that as you acquire more dollars, the relative value (to you) of a dollar diminishes. That's all the parent post was saying.
It does seems somewhat bizarre to see someone so successful still behave so ruthlessly in order to make money. Of course, that's my snap judgement. Levandowski may not be motivated by money at all. Although I doubt he's motivated by weekend trips to Puerto Rico either.
He didn't say: "No thanks. I don't like wine. I'd rather have a Cherry Coke." It wasn't an issue of taste preference.
People like Buffett love to play the game of maximizing return on a dollar invested, maximizing the quantity of dollars owned. Dollar accumulation is a game, a fascination, an obsession. For these people, the experience of having more dollars is not only the bioluminescent bay, it's every bioluminescent bay. There's nothing else that feels as great as increasing the dollar horde.
This really isn't true. Middle-class Americans who don't make enough money to sustain their current situation are at significant risk: 1) they can lose their ability to keep paying their mortgage, and then lose their home to foreclosure, or their car to repossession. Their car is what enables their lifestyle, their career, etc. Their home is where they live. They could downsize some of this stuff, but only so much: if you go too cheap on housing, you're now living in a bad neighborhood, which can be extremely dangerous. If you don't have enough money for good health insurance, your health is now at risk. Medicaid usually isn't available to poor adults who are able-bodied, and many healthcare providers refuse to accept it.
There's a reason many people have as their long-term goal to pay off their house ASAP, and to get out of debt, because that means that they're now in a position to afford their current lifestyle but with a significantly lower income, which reduces their risk immensely.
People who are millionaires and up do not have these concerns in the slightest. Going from a $20M mansion to a $750K house is not going to affect your personal safety in the slightest, but going from that to a $500 house in Detroit definitely will.
— Douglas Adams (1952 - 2001)