Wealth and the Law of Diminishing Marginal Utility

Today I had a conversation with a friend I have known my entire adult life. He’s in transition and is scaling back. His career has included being President of his own small company to being CFO of a multi-billion dollar empire back to CEO of his small company. He lives in a monster big house,  drives a luxury car, and has networked and worked with the rich and famous. He has had a life many would envy. Now he’s ready to get out…out of the monster mortgage, out of the car leases, and far away from shallow relationships to relationships that matter. During his “rock star” days, he told me his family could see an “emptiness” in him as he was sucked into the vortex of a “rich” lifestyle. He’s traded having it ALL for a life of living rich – weekends  in the mountains with his family, time around the dinner table laughing, and conversations that matter.

For some, life on the other side is appealing. For those who have been there (mega wealthy), I suspect that it’s not as glamorous as it appears. The reality is many with great material wealth are caught in an unending cycle of never feeling like they have enough and never feeling satisfied. It’s like the law of diminishing marginal utility that I learned in economics. My interpretation in this situation is that each additional dollar (beyond a reasonable amount) brings a diminishing level of satisfaction or less and less satisfaction over time. On the opposite end of the spectrum is giving which is diametrically opposed to the law of diminishing marginal utility. The more you give, the better you feel and the more you get back. I think my friend gets that now and he’s on a road to RICHNESS unlike anything he’s ever gived…er… lived.

Tim Richardson is a professional speaker and author. Tim writes and speaks about how to build community (with customers, with co-workers, and in the community where you live). His programs focus on how to increase employee morale, lower employee turnover, increase customer loyalty and build a better sense of healthy community in cities, states, and countries all over the world. He is a community builder by volunteering in scouting, youth sports, and as a board member in several organizations including president and founder of the Bill Walter Melanoma Research Fund. For more information on Tim, go to www.TimRichardson.com

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