What does it feel like to be a self-made millionaire under the age of 25?
In US$
22 Answers
Anonymous
75.7k Views
I sold my company for >$100 million at age 24.
1. The most interesting effect is that I thought consciously about my personal goals. I never did that before. Now I thought.... well, I can basically do anything I want. So what do I want? Not such an easy question. Surprisingly, the goals I identified were mostly goals that don't require much money, such as: learn to photograph landscapes like a pro, become a good salsa dancer, learn Italian, learn to cook Thai food. Now I am working more consciously towards my goals. I found myself a private Italian teacher (whilst before I would have joined a course) but the most striking realization was that I could basically have done all these things with just a modest salary... and I didn't, because I imagined I needed to work so hard and make money.
2. I still feel uncomfortable with spending money unnecessarily. I am from a poor family and the way I was raised, I always made sure not to spend more than necessary. The weird thing now is that I CAN spend more and it doesn't really make a difference financially, but it still does psychologically. For example I booked a really nice (and somewhat expensive) hotel, and then I caught myself being reluctant to use the mini bar because some voice deep inside my head told me that mini-bars in hotel rooms are a ripoff.
3. Some people react very strangely when they find out you have money. My guitar teacher started with little comments that soon turned into monologues about how the rich exploit the working class and it became more and more clear to me that he perceived me as being from another planet, although I don't live, dress or act any different from anybody else. It got so bad that I had to find a new teacher.
4. As they say, money can't buy happiness, and that is true. I have tried some of the typical ways to spend money on convenience, and my key learning is that the effect doesn't last. The first few times it's really nice to fly business class. Then you get used to it. Then it's nothing special anymore, but suddenly economy class (which was fine before) feels like crap. This adaption is dangerous because if you indulge, you won't be any more satisfied in the long-run, but your standards will go up and you become incompatible with what's normal for everybody else. I think that this is the #1 reason why some rich people have become assholes. If you don't want to become like that, take the bus more often.
Updated 12 Sep 2012 • View Upvotes
In US$
22 Answers
Anonymous
75.7k Views
I sold my company for >$100 million at age 24.
1. The most interesting effect is that I thought consciously about my personal goals. I never did that before. Now I thought.... well, I can basically do anything I want. So what do I want? Not such an easy question. Surprisingly, the goals I identified were mostly goals that don't require much money, such as: learn to photograph landscapes like a pro, become a good salsa dancer, learn Italian, learn to cook Thai food. Now I am working more consciously towards my goals. I found myself a private Italian teacher (whilst before I would have joined a course) but the most striking realization was that I could basically have done all these things with just a modest salary... and I didn't, because I imagined I needed to work so hard and make money.
2. I still feel uncomfortable with spending money unnecessarily. I am from a poor family and the way I was raised, I always made sure not to spend more than necessary. The weird thing now is that I CAN spend more and it doesn't really make a difference financially, but it still does psychologically. For example I booked a really nice (and somewhat expensive) hotel, and then I caught myself being reluctant to use the mini bar because some voice deep inside my head told me that mini-bars in hotel rooms are a ripoff.
3. Some people react very strangely when they find out you have money. My guitar teacher started with little comments that soon turned into monologues about how the rich exploit the working class and it became more and more clear to me that he perceived me as being from another planet, although I don't live, dress or act any different from anybody else. It got so bad that I had to find a new teacher.
4. As they say, money can't buy happiness, and that is true. I have tried some of the typical ways to spend money on convenience, and my key learning is that the effect doesn't last. The first few times it's really nice to fly business class. Then you get used to it. Then it's nothing special anymore, but suddenly economy class (which was fine before) feels like crap. This adaption is dangerous because if you indulge, you won't be any more satisfied in the long-run, but your standards will go up and you become incompatible with what's normal for everybody else. I think that this is the #1 reason why some rich people have become assholes. If you don't want to become like that, take the bus more often.
Updated 12 Sep 2012 • View Upvotes
