In doing research about what our future workforce might look like, I came across an interesting article in the N.Y. Times titled In Silicon Valley, Millionaires Who Don’t Feel Rich. The story is about Hal Steger, a 51 year-old Menlo Park marketing executive with a net worth of $3.5 million U.S.
Mr. Steger continues to work “12 hours a day and logs an extra 10 hours over the weekend,” not because he wants to, but because he feels he HAS to. Although Hal Steger’s wealth places him in the top two percent of families in the United States, when compared with his Silicon Valley neighbors, he’s just an average Joe.
Almost anywhere else in the world, $3.5 million would finance a care-free retirement. But, being “rich” is a relative term. If you’re the only person on your street with a hot new BMW, you’ll feel on top of the world — until your neighbor shows up with a shiny new Ferrari.
Organizations are worried about the retirement of the baby boomers and the resulting shortage of workers. If these organizations are fortunate enough to be located in affluent areas, they need not worry. Their workers will never feel they have enough to retire.
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