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The wrong path

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Here is somebody in their mid-30s, whose net worth is currently down to $2.5 million, who is devastated by the realization that they’ll never be able to afford a $10 million house on a W-2 income (FAANG stands for Facebook, Apple, Amazon, Netflix, and Google).

There are changes in other spheres too which we must expect to come. When
the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals. We shall be able to rid ourselves of many of the pseudo-moral principles which have hag-ridden us for two hundred years, by which we have exalted some of the most distasteful of human
qualities into the position of the highest virtues. We shall be able to afford to dare to assess the money-motive at its true value. The love of money as a possession -as distinguished from the love of money as a means to the enjoyments and realities of life -will be recognised for what it is, a somewhat disgusting morbidity, one of those semicriminal, semi-pathological propensities which one hands over with a shudder to the specialists in mental disease. All kinds of social customs and economic practices, affecting the distribution of wealth and of economic rewards and penalties, which we now maintain at all costs, however distasteful and unjust they may be in themselves, because they are tremendously useful in promoting the accumulation of capital, we shall then be free, at last, to discard.

J.M. Keynes, “Economic Possibilities For Our Grandchildren” (1930).

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