Money making millionaires 'miserable' - Aussie Stock Forums

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  1. #1

    Unhappy Money making millionaires 'miserable'

    Interesting read...

    AUSTRALIAN millionaires have been dubbed the "suffering rich". Only 5 per cent regard themselves as prosperous, according to a report that concludes Australians will always feel deprived as long as success is measured by money.

    More than half of the millionaires say their financial situation is only reasonably comfortable. Even more remarkably perhaps, 7 per cent describe themselves as poor or just getting along.
    "These findings raise the question of whether Australians will ever be satisfied with their financial circumstances," said report co-author Clive Hamilton, executive director of left-wing think tank the Australia Institute.

    "Far from the belief that higher incomes and more assets will create a prosperous nation, it seems that the relentless emphasis on higher incomes will in fact generate more dissatisfaction."

    The survey of more than 12,000 people shows, even among the very wealthy -- those with household net worth over $3million -- only one in five regard themselves as prosperous.

    The report shows that the proportion of Australians who are totally satisfied declines as income increases; 21 per cent of those in the lowest income group say they are totally satisfied, while only 13per cent of those in the highest income group feel the same way.

    "The Government says it wants a prosperous nation, but as long as success is measured by money Australians will always feel deprived," Dr Hamilton said.

    More than 60 per cent of Australians, including half of the richest 20 per cent, believe they cannot afford to buy everything they really need.

    But Australians are wealthy by almost any objective standards, with average household income of more than $60,000, said Dr Hamilton. "But few seem to feel prosperous."

    source: news.com.au

    I think they are crying poverty and have no understanding of what poverty really is. I think these people need to get lives, try eating home-brand oats for dinner, thats what I had to do while going to uni. Not to mention working night shifts on minimum wage or even worse collecting and refunding coke cans to fund a night out on the town. But true poverty only really exisits for the people that live on the streets.
    Last edited by krisbarry; 8th-July-2005 at 04:43 PM.

  2. #2
    Rotaredom wayneL's Avatar
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    Jul 2004

    Default Re: Money making millionaires 'miserable'

    I heard that report on the radio Kris. I must say I was gobsmacked...and agree with your comments.

  3. #3

    Default Re: Money making millionaires 'miserable'

    I agree! Work in a developing country like PNG where basic health care in rural areas is a luxury. I'm refering to access to aspirin, bandages, etc., not to mention the way they put up with diseases like Malaria. Like Kris I remember my Uni days in a similar manner. All I can say, if they would like to know how the other half live, I'll gladly 'look after' their money for them!!!! The whole thing is unbelievable and shows how relative everything is.

  4. #4

    Default Re: Money making millionaires 'miserable'

    I think it is an over simplification. I think that the type of person is happy with what they have is not usually the kind of person who is driven to make the money in the first place. I think when you reach a certain level most can't turn off the juice.

    I have a boss you must be worth well over $10m nowadays. He is still as tight as a fishes a***e because that was the personality type that got him there in the first place.

    Me, my drivers are to have enough money to achieve an reasonably passive income to keep my wife and kids in the manner in which they would like to become accustomed. I can then indulge my natural laziness and desire to surf enough to win the club championship!

    Talking about drivers I read a book on Australian super-rich. Of the new rich ex-refugees are a high proportion. They have seen the lowest of the low and never want to have enough money so that they or their families never have to suffer again.


  5. #5

    Default Re: Money making millionaires 'miserable'

    I read somewhere

    " Being broke is a temporary problem (potentially)
    Being poor is a mental dis-ease"

    So it's a mind set thing, perhaps those money rich have not shaken off the lack/limitations that drove them to money wealth and keeps the non moneyed broke.
    A way out would be to take time out each day to practise accepting gratitude for what we have, especially here in oz


  6. #6

    Default Re: Money making millionaires 'miserable'

    I would expect some or most of these millionaires would have large outgoings and as a result would feel not so rich servicing their commitments and so on. But, they are totally unrealistic when there are so many poor people getting around.

    But, then there are the dole bludging generations. Not someone who can't find work, but someone who won't look for work.
    Discussion only! Posts may be factually incorrect due to ignorance, taken out of context, misinterpreted, or just opinionated discussion.

  7. #7

    Default Re: Money making millionaires 'miserable'

    This was a good saying I found

    "Having money does not change you, it only amplifies your predisposition"

    I think that holds very true. So if your generous and kind then you would be even more so when you are rich, if you are miserable already then money is not going to change that.

    I think I got that phrase from a Louise Bedford book

  8. #8

    Default Re: Money making millionaires 'miserable'

    I do know one person who fits into the category of being wealthy. I'm not sure of the amount but I would guess that it's over $10 million.

    Their basic approach seems to be that they will help anyone who "is willing to work as hard as I did to get there" but if someone just wants a handout then forget it.

    Interestingly, they seem to have an incredibly flexible approach with their employees.

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