In a recent article in The New York Times, Andrew Ross Sorkin explored Steve Jobs’ motivation for success.
Mr. Jobs has clearly never craved money for money’s sake and has never been ostentatious with his wealth. He took a $1 a year salary from Apple before stepping down as CEO. . . .
Mr. Jobs, a billionaire, has much in common with the millionaire next door. Most emphasize achieving but not for the sake of a hyperconsumption lifestyle. For example, I profiled Mr. Allan in The Millionaire Next Door who stated succinctly, “If your motive is to make money to spend money on the good life. . . you’re never going to make it. Money should never change one’s values. . . making money is only a report card. It’s a way to tell how you’re doing.”
Mr. Jobs is quoted in the article as saying, “You know, my main reaction to this money thing is that it’s humorous, all the attention to it, because it’s hardly the most insightful or valuable thing that’s happened to me.”
In The Millionaire Next Door and in several previous blogs, I also discussed Ken and his father who was a distinguished cardiologist and a decamillionaire. Ken’s father “. . . bought a new Buick every 8 years. He lived in the same house for 32 years.” He often told Ken that “I am not impressed with what people own. I am impresssed with what they achieve. . .always strive to be the best in your field. . .don’t chase money. If you are the best in your field, money will find you.”