The Impact of Unearned Wealth on Purpose and Values

The quest for purpose in life is a universal human experience, yet some individuals, particularly those with unearned wealth, face unique challenges. This essay explores how unearned wealth can impact purpose and values, drawing on real-world examples and personal insights.

Understanding Unearned Wealth

In the vast majority of cases, having more money than one needs or wants is a rare occurrence. But when such an abundance exists, it raises complex questions about purpose and satisfaction. The term unearned wealth refers to financial resources that have been acquired without the usual effort or merit associated with earned wealth. This can include inheritance, lottery winnings, or unearned income from inherited assets.

Impact on Psychological Well-being

Individuals who receive unearned wealth may find it difficult to find genuine purpose and contentment. This dissatisfaction often stems from a sense of stagnation and lack of meaningful engagement. For example, a story comes to mind about a 58-year-old man I know who, despite being financially comfortable, remains in a state of profound boredom and dissatisfaction. He is a diabetic, overweight, and struggles with self-care, yet he appears to be trapped in a life devoid of challenge or joy (Note: This example is fictional for illustrative purposes).

Political and Social Implications

The political and social implications of unearned wealth are complex and multifaceted. There is an observable trend where those who inherit wealth often align politically with the left, while those who earn their own wealth tend to lean right. This phenomenon is not just anecdotal; it reflects a deeper dynamic of psychological and economic factors. Joe Kennedy and his family are often cited as examples of this trend, but many more recent cases exhibit the same pattern.

Noblesse Oblige and the Responsibility of Wealth

In contrast to the notion that wealth breeds irresponsible behavior, the concept of noblesse oblige suggests a different path. Noblesse oblige emphasizes the responsibility and duty that comes with inherited wealth. It is about using one's wealth and influence to better oneself and, by extension, those whom one has been entrusted with stewardship over. Entrepreneurs who earn their wealth often see it as a personal achievement and are motivated to maintain their self-determination and independence.

Contrasting Views on Purpose and Work

Philanthropists like Bill Gates and Warren Buffett illustrate a thoughtful approach to unearned wealth. While Gates and Buffett have dedicated significant portions of their wealth to charitable causes, their children are encouraged to earn their own income and purpose. This approach aims to prevent the “no life purpose/work predicament” that can arise from excessive unearned wealth. Clearly, Gates and Buffett recognize the unhealthy pattern and dilemma that can occur, driven by personal guilt and a desire to find a new purpose.

Conclusion: Embracing Earned Wealth vs. Unearned Wealth

Unearned wealth, despite being a temporal and situational blessing, is not a sustainable or positive replacement for earned wealth in terms of fostering a sense of purpose and contentment. Earned wealth and income, acquired through hard work and merit, provide a more fulfilling and meaningful life. Noblesse oblige, the principle of using one’s inherited wealth responsibly, plays a crucial role in guiding individuals toward a balanced and purposeful existence.