Love this and I think it’s a normal and healthy feeling. Don’t forget the learn, earn and burn theory. My sister always told me you’ll reach a point where you don’t have to work paycheck to paycheck anymore and then it’s time to turn around and help someone else get there. My favorite way to give back is simply setting up people’s budgets for them on copilot, teaching them about financial literacy, because no one ever taught me. I think you’re doing a lot of that. I’ve personably learned so much from you over the last decade. Maybe get more into the weeds on how to build a business 👩💼, how to make more income, there’s so few people teaching the average person that. Ramit always tells us the scripts of how to ask for more, how to earn more income, right? It’s so refreshing. I love the idea of volunteering: your time, your knowledge. Like anything else, the internet is a dark place. But you can make it a little lighter by pushing more GOOD into it, you’re doing that. Anyway, thanks for all that you do. ❤️
It's really true that it is not just the billionaires against everyone else but a spectrum of privilege and opportunity built into the "system." The submerged state that subsidizes the middle- and especially the upper-middle class does work to build the inequality just like billionaire exceptionalism.
Katie, this felt personally relevant as I, a 26 year old living in Denver making ~62K a year and feeling guilty about purchasing a gourmet salad for lunch, read through this during my lunch break. I constantly find myself at a crossroads of keeping my job and my "safety" net or determining the potential I truly possess and break free from my post-grad coordinator role. I tend to envy the VPs at my company for making multiple six figures, and then rage ensues once they tell me I am only eligible for a whopping 5% yearly raise! Comparing these VPs, though, to billionaires is simply a drop in the bucket.
Literally came to ask the same question. Katie, you flirted with the idea, but what was your conclusion? Why not live on $150k a year and redistribute the rest?
That’s the question…how much is enough? I have an ever present chip on my shoulder for wealth/wealthy people hoarding or spending extravagantly, but relatively I’m the upper end of middle class and have about $20-50k “extra” per year to navigate. My only direct connection to poverty is my Daughter’s birth mother, who lives in low income housing and teeters on and off assistance while parenting 2 other children. We have historically done bandaid debt bailouts and some monthly rent subsidies to keep her head just above water. There are millions like her….this weighs on me all the time. Do I keep planning and maybe overplanning for my family’s future? Or contribute more toward the balancing of the resources? When do I become part of the problem?
Oh fair enough ! I think either volunteering once a quarter as a family can be so impactful. My family was far from rich, but we always made sure to volunteer, especially around the holidays. And as Artist, I am biased, but you should definitely look to support local art programs and theater once you reach your goal, those programs are always being defunded & They always can use love and extra hands on back
I remember reading this the first time and being profoundly moved by it some 18 months ago. At that point, I had been following you for some time, but regarded you as a generic FIRE influencer - sure, a likeable one who provided quality insight, but nothing to disntinguish you from the fray. This piece changed all that for me, and it has been a true pleasure and honor to witness your evolution as a thinker and human. You are someone I look towards as I navigate own "awakening" (corny the but true!), an ongoing philosophical/ethical refinement of my life and perspective on it (and the world) that has expanded well beyond savings rates and financial hacks. Thank you for the revisit of this essay.
There's nothing inherently wrong with certain groups -- let's be generous and call them the risk-takers or innovators -- having "more."*
The problem occurs when cheating, risk taking, insane good fortune, a broken stock market, or even just shrewd financial literacy becomes a prerequisite for privilege.
Or, at least, America can no longer market itself as "the land of opportunity where hard work is rewarded" if the above is true.
You'll always hear CEOs, Surgeons, etc. feel personally attacked and defend the status quo because "I worked hard." I'm not denying that. But a system where only CEOs and Surgeons "make it" isn't very sustainable or equitable or, frankly, American.
*I'm side stepping the fact it's easier to take risks and innovate when you don't have to worry about paying bills and feeding mouths.
Interesting, if uncomfortable, article! (The best ones usually are.) I’ll never forget listening to your podcast when the question was asked, “is buying rental properties ethical?” I had literally never considered that buying more than one property was an example of hoarding. Duhhhh
I read your comment and I was confused because I don’t live a privileged life, and yet I strongly believe in capitalism. I’m 62 and never made $100K in single year but I still worked hard, saved and invested to have what I’ve accumulated over the years equaling to a nice nest egg. Should I be embarrassed for what I have…no. I routinely see people struggling of various ages who’ve made past financial choices in their lives that I otherwise would never have considered but such is life. Financial literacy is a real thing.
What’s interesting to me here is that it was the act of making more that caused this awakening for you — is it possible to replicate this for others, to create the conditions where this kind of awareness is more likely to pop, or is this essentially an anomaly? What is it that connects people who inherit and start divesting, or people who begin making more and it causes more not less questions, and can we GENERATE that culturally?
So so proud and excited for you to be getting into the thick of it with the morality of money! Yes! When you have some it’s TOO easy to not care about others and when bad things (policy like you said invested by rich lobby groups and 1%) happens to “the poor” it’s just their fault, they should have done better. Instead of the truth which is govt takes our taxes and does NOT invest most back into the infrastructure and communities where it is needed most .
Some people will have knee jerk reaction , especially on IG smh, but please do not they them pull you into being a soulless money hoarding shell of a person with scripture in the bio and hate in the heart!
Been following since 2022 and appreciate you sharing your journey
I appreciate you calling out the "regular affluence" trap at the end. We spend so much energy critiquing the top 0.01% that we forget the top 5% or 10% (which a lot of digital/knowledge workers easily slip into) are pulling the exact same levers on a smaller scale.
The part that always struck me as a contract lawyer: executives negotiate everything, and regular employees are told the offer is "standard." A CEO's package is a 40-page contract — severance, change-of-control payouts, guaranteed bonuses, even a clause that pays them more if they're fired. The new hire gets a one-page letter and the words "it's just our template." It isn't. Almost every line is negotiable; the only asymmetry is that one side knows it and the other was taught not to ask. You don't need a C-suite title to negotiate your offer — you just need to know the template was written to be signed, not read.
I wonder how the gravitational pull of wealth not only affects individual behavior but also shapes collective narratives around meritocracy and justice, suggesting that systemic reform may be necessary to address the moral dissonance described.
This is such a sharp way to describe the psychological shift that happens when money stops being tactile and becomes pixels on a screen.
I really liked the honesty of admitting that certain beliefs felt easy to defend before material abundance made the system feel less abstract. Money has a very annoying way of turning theory into a mirror.
Love this and I think it’s a normal and healthy feeling. Don’t forget the learn, earn and burn theory. My sister always told me you’ll reach a point where you don’t have to work paycheck to paycheck anymore and then it’s time to turn around and help someone else get there. My favorite way to give back is simply setting up people’s budgets for them on copilot, teaching them about financial literacy, because no one ever taught me. I think you’re doing a lot of that. I’ve personably learned so much from you over the last decade. Maybe get more into the weeds on how to build a business 👩💼, how to make more income, there’s so few people teaching the average person that. Ramit always tells us the scripts of how to ask for more, how to earn more income, right? It’s so refreshing. I love the idea of volunteering: your time, your knowledge. Like anything else, the internet is a dark place. But you can make it a little lighter by pushing more GOOD into it, you’re doing that. Anyway, thanks for all that you do. ❤️
It's really true that it is not just the billionaires against everyone else but a spectrum of privilege and opportunity built into the "system." The submerged state that subsidizes the middle- and especially the upper-middle class does work to build the inequality just like billionaire exceptionalism.
As a former Amazon engineer (look at us, us oppressed people), I thank you for your service 🫡
I really needed someone to put this into words
Katie, this felt personally relevant as I, a 26 year old living in Denver making ~62K a year and feeling guilty about purchasing a gourmet salad for lunch, read through this during my lunch break. I constantly find myself at a crossroads of keeping my job and my "safety" net or determining the potential I truly possess and break free from my post-grad coordinator role. I tend to envy the VPs at my company for making multiple six figures, and then rage ensues once they tell me I am only eligible for a whopping 5% yearly raise! Comparing these VPs, though, to billionaires is simply a drop in the bucket.
So I have to ask : how much is enough, specifically for you Katie?
Because this reads a bit like a memoir of cognitive dissonance.
Do you have a line where you auto-tax yourself 50/80 or eventually a round 100%?
And to answer my own question: I don't, but I need to give it some though, especially if I go down the FIRE (or FINE) route.
Will I volunteer or work non-profit? Spend any of the extra money on my relatives? No idea yet.
Literally came to ask the same question. Katie, you flirted with the idea, but what was your conclusion? Why not live on $150k a year and redistribute the rest?
That’s the question…how much is enough? I have an ever present chip on my shoulder for wealth/wealthy people hoarding or spending extravagantly, but relatively I’m the upper end of middle class and have about $20-50k “extra” per year to navigate. My only direct connection to poverty is my Daughter’s birth mother, who lives in low income housing and teeters on and off assistance while parenting 2 other children. We have historically done bandaid debt bailouts and some monthly rent subsidies to keep her head just above water. There are millions like her….this weighs on me all the time. Do I keep planning and maybe overplanning for my family’s future? Or contribute more toward the balancing of the resources? When do I become part of the problem?
Can’t you do that now? The volunteering ?
Not really. I have a full time job and a couple of small kids. I'd say I'm still in ~25% of the accumulation phase, but the trajectory is good.
Once I'm there I can either keep doing what I'm doing and donate the excess or look for some more meaningful work. No idea which yet.
Oh fair enough ! I think either volunteering once a quarter as a family can be so impactful. My family was far from rich, but we always made sure to volunteer, especially around the holidays. And as Artist, I am biased, but you should definitely look to support local art programs and theater once you reach your goal, those programs are always being defunded & They always can use love and extra hands on back
I remember reading this the first time and being profoundly moved by it some 18 months ago. At that point, I had been following you for some time, but regarded you as a generic FIRE influencer - sure, a likeable one who provided quality insight, but nothing to disntinguish you from the fray. This piece changed all that for me, and it has been a true pleasure and honor to witness your evolution as a thinker and human. You are someone I look towards as I navigate own "awakening" (corny the but true!), an ongoing philosophical/ethical refinement of my life and perspective on it (and the world) that has expanded well beyond savings rates and financial hacks. Thank you for the revisit of this essay.
There's nothing inherently wrong with certain groups -- let's be generous and call them the risk-takers or innovators -- having "more."*
The problem occurs when cheating, risk taking, insane good fortune, a broken stock market, or even just shrewd financial literacy becomes a prerequisite for privilege.
Or, at least, America can no longer market itself as "the land of opportunity where hard work is rewarded" if the above is true.
You'll always hear CEOs, Surgeons, etc. feel personally attacked and defend the status quo because "I worked hard." I'm not denying that. But a system where only CEOs and Surgeons "make it" isn't very sustainable or equitable or, frankly, American.
*I'm side stepping the fact it's easier to take risks and innovate when you don't have to worry about paying bills and feeding mouths.
Interesting, if uncomfortable, article! (The best ones usually are.) I’ll never forget listening to your podcast when the question was asked, “is buying rental properties ethical?” I had literally never considered that buying more than one property was an example of hoarding. Duhhhh
I read your comment and I was confused because I don’t live a privileged life, and yet I strongly believe in capitalism. I’m 62 and never made $100K in single year but I still worked hard, saved and invested to have what I’ve accumulated over the years equaling to a nice nest egg. Should I be embarrassed for what I have…no. I routinely see people struggling of various ages who’ve made past financial choices in their lives that I otherwise would never have considered but such is life. Financial literacy is a real thing.
What’s interesting to me here is that it was the act of making more that caused this awakening for you — is it possible to replicate this for others, to create the conditions where this kind of awareness is more likely to pop, or is this essentially an anomaly? What is it that connects people who inherit and start divesting, or people who begin making more and it causes more not less questions, and can we GENERATE that culturally?
So so proud and excited for you to be getting into the thick of it with the morality of money! Yes! When you have some it’s TOO easy to not care about others and when bad things (policy like you said invested by rich lobby groups and 1%) happens to “the poor” it’s just their fault, they should have done better. Instead of the truth which is govt takes our taxes and does NOT invest most back into the infrastructure and communities where it is needed most .
Some people will have knee jerk reaction , especially on IG smh, but please do not they them pull you into being a soulless money hoarding shell of a person with scripture in the bio and hate in the heart!
Been following since 2022 and appreciate you sharing your journey
I appreciate you calling out the "regular affluence" trap at the end. We spend so much energy critiquing the top 0.01% that we forget the top 5% or 10% (which a lot of digital/knowledge workers easily slip into) are pulling the exact same levers on a smaller scale.
The part that always struck me as a contract lawyer: executives negotiate everything, and regular employees are told the offer is "standard." A CEO's package is a 40-page contract — severance, change-of-control payouts, guaranteed bonuses, even a clause that pays them more if they're fired. The new hire gets a one-page letter and the words "it's just our template." It isn't. Almost every line is negotiable; the only asymmetry is that one side knows it and the other was taught not to ask. You don't need a C-suite title to negotiate your offer — you just need to know the template was written to be signed, not read.
I wonder how the gravitational pull of wealth not only affects individual behavior but also shapes collective narratives around meritocracy and justice, suggesting that systemic reform may be necessary to address the moral dissonance described.
Hello, I’m not sure whether I’m using the correct way of contacting.
We are considering selling our property on 44 acres, in Canada.
Do you or anyone you know interested in an investment property?
This is such a sharp way to describe the psychological shift that happens when money stops being tactile and becomes pixels on a screen.
I really liked the honesty of admitting that certain beliefs felt easy to defend before material abundance made the system feel less abstract. Money has a very annoying way of turning theory into a mirror.
This gave me a lot to think about.