I'm in the process of doing that....and all I can hope is I can live to talk about it.....thanks for the inspiration!
When talking to a multimillionaires, you can really tell that they love and enjoy what they do. When you think about it, it would be very hard to make money like that if you hated what you had to do to get the money. It makes sense.
Bill...I don't know how you feel but in IMO architecture can fry you out like few things can...like you, I was on my own and did pretty well at it but got out completely while the getting and my health were good, even though I was at a stage (mid-50's, 30 yrs in profession) where respect, projects, and compensation were only getting better. I still do odds and ends, but very little. To anwer the question of the thread, the very wealthy people that I knew through the course of my work were mainly self-made and inextricably bound into the process that made them multimillionaires; they're exceptionally intelligent, high-energy, and creative people who are incapable of doing little or just middling along.
Mark, Mark, Mark. You are wrong! I have 14 women working for me. P.S. Your new baby is back from vacation today!
A friend of my dad's is Pete Hart who was CEO of MasterCard for ~8 years, then he "retired". Now that he is "retired" he is a boardmember/advisor for more than 10 startup companys, and his wife complains that he works more now than before he retired.... It's for the love of the game. and there's no such thing as too much money.
I could never stop working. It's fun, exciting and boring as hell to do nothing. My uncle sold a company well into the 9 figures and took 6 years off to raise his 3 babies. He is now itching to get back into the startup game. It's something that is just in some people.
I asked this same question to a multimiliionaire friend and he said "what am I supposed to do all day, PLANT TOMATOES?".
It seems to be an interesting dilema... Great wealth tells them how important and brilliant they are...and then retirement comes and tries to tell them they're not needed anymore. They don't believe the latter, and as if to prove it wrong...they work! I like William's post. Important people want to be doing important things! I hear from some (non-rich) people how they'd love to retire on a beach or something. I think "If that's where I end up...just shoot me! There's no point to living!"
Because business is thrilling . And being productive is the best feeling ever ( other than being in love ..or being a father which i have yet to experience .. )
Paul Allen may have retired from Microsoft but he is still very active in investments and in venture capital
Having a few mil in the bank ain't what it used to be... Successful people get that way because they have certain traits - intelligence, drive, ambition, creativity and work ethic. Those traits do not cease to exist because you have X dollars in the bank. I'm a trader, I know many people who have won the "seat" lottery and quit - IMHO they got lucky and knew it. The scary ones are the guys who don't stop - because they're GOOD and they know it. I also dable in real estate and continued to run into a guy named Sam Zell who is well known in Chicago. While negociating for a niteclub property he was also looking at we talked and I frustratingly said "Jes Sam when's it enough?" He said "David it's not about the dough it's about the game." These guys are on another level and you just need to realize they are different then the average Joe making 200K a year. The people that say if I had X number of dollars I'd sit on a beach and drink Momosas all day will never get there because they are already there in a way - they don't have the work ethic. Although it can be a major pain in the A**, bottom line I enjoy what I do and envision doing it into my 70s, although I will drastically modify my schedule! Combining the factors mentioned in my first sentence and a passion for what you do can have emense personal and financial rewards - and really - why would some one want to spend most of they're waking lives doing something they don't enjoy?
A study in Canada was in the paper today, within only a couple of years, people who retire have a higher rate {25-30} of having trouble with mobility. And they seem to lose their energy quicker, they also get sick more easily and stay sick longer, they die quicker and also die quicker when they lose their spouse. A bit scary but we are all wearing out, everyday.