Tuesday, October 23, 2007

Is Great Wealth Overrated?

Jonathan Clements wrote an interesting article in Saturday’s Wall Street Journal regarding wealth in this country. He claims great wealth is overrated, and that enjoying what you do and having a sense of purpose are much more important factors towards achieving happiness. Moreover, he says everyday Americans should not be impressed by the wealthy.

Flaunting material wealth does not impress me. The reason: in a world of credit, most people who seem rich are actually in debt. Obviously, there are exceptions to this statement; professional athletes, founders of Fortune 500 companies, etc…

The richest people I know simply hide the fact they are wealthy. I’m not saying they don’t spend, they just allocate more dollars for income producing investments rather than depreciating assets (fancy cars, clothing).

The wealthiest people I respect live a life of service and use their material wealth to impact the world in a positive way. Warren Buffet donating $44 billion is one glowing example.

Is great wealth overrated? Not if used in a positive way….

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