Self made billionaires not motivated by money

Some great words of wisdom by some inspiring individuals.
15 Quotes From Self-Made Billionaires That Will Change Your Outlook on Money

 

Yeah..well when i hear the whole "money won't buy you happiness" and " i do it to build something great... jobs, innovation ..i never focused on money " rah rah comments, i don't buy into it.

Take away all their money then let's see how idealistic and selfless they feel everyday. I'm not saying money is everything (cos i don't believe it is) but usually the folks who trivialize and have a nonchalant attitude towards money are the same ppl who are already greatly enjoying the freedoms of its benefit.

 

Money follows management. Rich people believe in their own ability to create it.

You are right Leo, it's always there as an underlying factor but never the focus.

Only poor people think money is precious and scarce. Because they work for a linear salary (disrributibg water with buckets) and don't have the mindset to lay pipes.

 

This is so true @Xenia . Most, if not all of the people i know who are successful now ( at the very least in a financial sense ) and started from very humble beginnings seem to have a deep sense and belief that they are able to steer their own ship regardless of what is thrown at them by governments, banks, media, employers etc, while the other side seem to believe that their ship is always steered by others.

I honestly believe it ultimately all comes down to a philosophical choice of how we choose to view the world and life.

 

Well...yes. And I can understand why, too!

 

Yes BUT - the freedoms come earning $100- 200k a year, ie, not having to worry about bills and working toward a free early retirement. There's a point where money is not motivating and just a score card, and that point is likely different for everyone.

 

And even a free early retirement may not be that motivating for people who enjoy their jobs!

 

I'm guessing that in their early days, they were all somewhat motivated at least a little by money and how money could enhance their lives.
Surely most of them had visions on themselves being financially rich one day in future, the drive's got to come from somewhere.
However, once you reach a certain financial threshold, it's no longer about the money, but a greater significance of achievement, and public attention in many cases.

 

The whole money thing only gives you a marginal benefit.

So clearly if you are homeless and starving money another $500k will bring about a greater change than it would to the Murodch's

 

Warren Buffet works harder than many his age. He certainly doesn't need the money. Why work that hard at his age? I think he has a strong internal drive for success. Money is one way of measuring that success but I'm not sure he has ever done anything simply "for the money".

 

Hi @Perthguy, mate I agree with you, those who even get close to WB level of financial wealth and getting up there in years, certainly 'money' wouldn't seem to be the motivating driving force to continue to do what they are doing. The reality is this doesn't apply to most investors/business people.

Personally I believe that the advice from the ultra, ultra financially successful people like Warren buffet and the like are much less important and relevant to most people's wealth creation journey than say compared to someone who has a $50m dollar company who made his/her wealth in an industry directly related to what you are currently in.

 

I recall reading a study (might've been based in the States) that happiness is correlated with money up until something like $80k. Beyond that it plateuas and further longer a slight negative correlation starts to appear.

 

Yes that is the single study that found that and has never been replicated. Pretty much all other studies show that more money means more happiness, but everyone remembers the one you mention because it went viral.

 

Yep.

I've been dead poor, got to nett worth of well over a mill (no big woop; but still decent), worked almost no hours at times, and then far too many per week for a long period......

Through all that I have been both very happy and also in the depths of depression at various times; but it is always more tolerable (when depressed), even more fun (when you are happy); when you have loads of cash.

I think about this thread title, and think about Warren Buffett; who on Earth would be passionate enough about simply trading and or buy/hold shares, or then progressing to buying/acquiring Companies; if the motivation to make money wasn't there?

I reckon that would be as boring as bat-doodoo.

So; I don't buy that belief that billionaires aren't motivated by money.

I think that later on they change their motivation when they have more money than they can ever spend.

 

To the big players it's all a game and money is the score.
Getting a new high score is always a good challenge.

 

The vast majority of people his age (born 1930) are no longer capable of work.

 

I know a few property "gurus" who bang about it not being about the money. Yet the number one reason they started investing was to make money. I agree with a few previous posters that after you make a certain amount of money, it's not about the money. But up to that point it certainly is.

 

And lots his age who could still work have retired. What drives Buffet to continue to work that hard at his age? It's not like he "needs" the money.

 

Just simple economics
Imagine that a person has four bottles of water and purchases a fifth bottle of water. Next, imagine that a second person has 50 bottles of water and purchases one more bottle of water. The first person buying the fifth bottle of water will get far more utility from that fifth bottle of water because of its proportion to the total. This fifth bottle increases the total water by 25%. The second person gains far less utility from purchasing a 51st bottle of water, precisely because its proportion to the total is so low. This 51st bottle of water increases the total water by only 2%. As a person purchases more and more of a product, the marginal utility to the buyer gets lower and lower, until it reaches a point where the buyer has zero need for any additional units of the good or service. At that point, the marginal utility of the next unit equals zero.

It's the same with money. Once a person reaches the point of 'zero marginal utility' from money, it is other reasons would be needed to keep you going.

 

Can anyone actually prove that Buffet actually works hard?
Sure, he may turn up to do business everyday, but who is to say his daily routine is harder than most?