ARC's 1st Law: As a "progressive" online discussion grows longer, the probability of a nefarious reference to Karl Rove approaches one

Monday, August 06, 2007

The Worst Economy Since Herbert Hoover

I mean, even the millionaires are having a tough time and have to head into the "salt mines" every day.

(It seems that when the Dems said this was the Worst Economy since Herbert Hoover, they had a perspective similar to these internet entrepreneurs - since many of the pols are also in the top 1% in terms of wealth.)

August 5, 2007

In Silicon Valley, Millionaires Who Don’t Feel Rich

MENLO PARK, Calif. — By almost any definition — except his own and perhaps those of his neighbors here in Silicon Valley — Hal Steger has made it.

Mr. Steger, 51, a self-described geek, has banked more than $2 million. The $1.3 million house he and his wife own on a bluff overlooking the Pacific Ocean is paid off. The couple’s net worth of roughly $3.5 million places them in the top 2 percent of families in the United States.

Yet each day Mr. Steger continues to toil in what a colleague calls “the Silicon Valley salt mines,” working as a marketing executive for a technology start-up company, still striving for his big strike. Most mornings, he can be found at his desk by 7. He typically works 12 hours a day and logs an extra 10 hours over the weekend.

“I know people looking in from the outside will ask why someone like me keeps working so hard,” Mr. Steger says. “But a few million doesn’t go as far as it used to. Maybe in the ’70s, a few million bucks meant ‘Lifestyles of the Rich and Famous,’ or Richie Rich living in a big house with a butler. But not anymore.”

Silicon Valley is thick with those who might be called working-class millionaires — nose-to-the-grindstone people like Mr. Steger who, much to their surprise, are still working as hard as ever even as they find themselves among the fortunate few. Their lives are rich with opportunity; they generally enjoy their jobs. They are amply cushioned against the anxieties and jolts that worry most people living paycheck to paycheck.

It's an interesting psychological examination of these idiot dot-com'ers and you should read the whole thing. They don't realize that they're not working for the paycheck, but because they like the work.

They could easily relocate to a lower-cost area of the country, still be engaged in the high-tech industry, and still make a big chunk of change in salary. And their existing net worth that they could take with them would provide them with a very comfortable lifestyle, the ability to pay for college, the ability to retire early, etc.

But, instead they continue to work long hours - and complain about it in the pages of the New York Times. They feel guilty about having so much money (because they don't feel that they've earned it, despite the innovative solutions they're bringing to the US economy) while at the same time they feel like their net worth isn't enough.

Sounds to me like some folks could use some grounding - something bigger than themselves or their jobs.

Your Co-Conspirator,
ARC: St Wendeler

Comments (1)
ptg said...

Exactly so: "something bigger than themselves" is what these cats lack in their otherwise wretched lives.