Why Some Of The Self-Made Super-Rich Will Never Have Enough Money
Some of the self-made super-rich (net worth = $500 million or more) are extremely determined to become a great deal wealthier. It is not that they necessarily need greater personal wealth, but they certainly want it.
A number of different psychologies drive these extreme personal wealth creators. For example, there is the wealth creation high. The tremendous positive mental and emotional fulfillment by creating greater affluence is addictive to these extreme entrepreneurs.
Another motivation for driving to build ever-greater personal fortunes is not feeling “safe.” According to Rick Flynn, Co-CEO and founding partner of LVW/Flynn and author of The High-Functioning Single-Family Office, “In working with some of the wealthiest people in the world, a lot of personal identity is wrapped up in their business success. We find that some of them get anxious about the possibility of losing a portion or all of their substantial fortunes. Although we do not deal with how they create wealth, we are able to help them take steps to ensure they maximize and protect sizable portions of their personal wealth.”
It is worthwhile to recognize that the mindset, behaviors, and habits of the self-made super-rich do not go away because they become exceptionally successful. For some of them, building successful businesses is what they do, and the personal wealth that ensues is the powerful beneficial consequence. It is also a way to gauge their success. Their current financial stature and strong network of professional relationships along with finely honed negotiating skills all combine to enable them to amass more money. This is sometimes known as the Matthew Effect.
In studying the self-made super-rich, clearly for various reasons – some of them overlapping – they are strongly inclined to continue to amass greater personal wealth. It is part of who they are, and this part is very unlikely to change.
