Ambition, Wealth, and the Greater Good: Understanding the Balance
Did you know that 98% of American millionaires are first-generation wealthy? This means that the vast majority of wealthy individuals weren’t born into wealth but built it themselves, often through hard work, strategic investments, and taking calculated risks. What looks like greed to some is often just ambition in action, and that ambition can lead to positive ripple effects for society as a whole, sometimes even contributing to the common good.
It has become almost a meme to call everyone who’s not struggling financially “greedy.” It’s not only not true, it’s a dangerous concept to spread. I’m going to address that, plus I’m going to go into the fact that not all seemingly greedy actions are truly motivated by greed.
Misinterpreting Actions: When Greed Isn’t Greed
There are times when you look at an action and say, “That’s just corporate greed” or “That person is just greedy.” A company may focus on maximizing profits, for example. However, profits can be reinvested into expanding the business, creating more jobs, and boosting the local economy. Profitable companies are always going to be able to put more money into community development and fun philanthropic initiatives that unprofitable companies are.
Another example is what looks like aggressive market competition. When one company lowers prices to outcompete others, it often benefits consumers. It also forces innovation, which ultimately leads to better products and services for everyone.
Real estate developers buy large plots of land and construct high-end properties. These project can lead to urban revitalization, create housing options, spur local business, and contribute to a better neighborhood environment over time.
One more example, then we’ll move on. Companies that automate processes and reduce staffing seem greedy for cutting jobs to increase profits. But automation leads to greater efficiency, keeps prices from rising, and lets the business stay competitive and sustainable, which helps preserve jobs in the long run.
Sometimes, what you see as greed is a short-term evaluation of a long-game action. Over time, the business that takes a long-term approach will be better able to stay in operation and increase pay, benefits, and opportunities than one that doesn’t take these measures. What may appear on the surface to be greed can often serve the common good.
When the Only Scorecard We Have is Money
As imperfect a measure as it can be, there are times when money becomes the primary metric for success. I work in an industry that periodically comes under contract rebids, and often the lowest bid gets the contract. Sometimes that means that the new contract holder approaches us with pay rates lower than our current rate. We tend to take umbrage at the idea that the new company is telling us we’re not worth what we’re getting paid.
When a company wants to express to me that I add value to the company, words are nice, but they drift away into the air. A pay raise, however, reminds me every payday that the company values what I do for it. I don’t expect a raise from the company unless I can demonstrate that I create something of value to it.
In addition, though, when individuals do well financially, they tend to spend more, invest more in their communities, and ultimately increase economic activity. As an employee advances in her career, her pay should rise. Although we can’t pinpoint a correlative relationship between growth in family size and growth in income, a successful employee will want a larger home in a good school district as family size changes. That family vacates one home, making it available for another family in the financial conditions the original owner occupied when they moved in. They may also need a bigger vehicle. As conditions improve financially, they may dine out more often, and they may engage service providers for tasks they used to do themselves — mowing the lawn, manicures, car washes. Money not only measures, it also moves.
Ambition vs. the Common Good
Ambition is the strong desire to achieve something significant. It often requires dedication, determination, and hard work. It involves setting challenging goals and persistently striving to reach them. Ambition can be fueled by a variety of motivations, like pursuit of success, self-fulfillment, or the desire to make a difference.
Career ambition is one form, striving for success, recognition, or leadership roles in someone’s professional life. Another kind of ambition is creative, seeking to express yourself, innovate, or create something that has an impact in the arts, sciences, or some other creative field. Some people have social ambition, wanting to make a difference in their community, be an activist, or contribute to social causes (or just be recognized in their community). Some others are always aiming for self-improvement, personal growth ambition.
Any one of these can contribute to the common good, and any one of them can lead someone away from acting for the common good. Ambition isn’t in and of itself the bad actor in the situation. Motivation plays a huge part.
In the invention of the electric light, Nikola Tesla and Thomas Edison both were motivated by different things. Ultimately, we got the incandescent light bulb. We have countless conveniences and productivity tools due to someone’s motivation, sometimes individually, but more often acting in concert with someone else with either a similar ambition or a complementary one. Greed or common good?
The Generosity of the Wealthy
When we speak of the characteristics of wealth and its effects on people, “greed” is often the first one mentioned. I want to make sure we don’t overlook the fact that wealthy individuals tend to be extremely generous.
Microsoft founder Bill Gates founded, with his then-wife, the Bill and Melinda Gates Foundation. In addition to their own financial contribution, they encourage others to join them in their contributions to healthcare, education, and global poverty.
Warren Buffet has pledged to donate over 99% of his wealth through contributions to the Gates foundation. (He’s got a lot of wealth and it keeps growing.)
The former wife of Jeff Bezos, Mackenzie Scott, had donated billions directly to small organizations and community-focused organizations.
These are examples of prominent people that we know are wealthy. In your own area there are plenty of people who may not be living a wealthy lifestyle but who are quietly making a difference by contributing to causes they believe in, and often by giving money directly to people anonymously.
Your Turn
Remember the post about the Understory? That applies here as well. Giving large donations publicly is only one way wealthy people are improving lives. Many scholarships and funds are supplied through donations of people who don’t want their names attached to the endowments. What you see on the outside is never the whole story, so we need to be careful about attaching our own version of motivation to someone else. When you think about why someone is doing something, the first thing to ask is, “Is it any of my business.” The second thing, regardless of the answer to the first, is, “What’s the downstream effect?”
What do you think? Are you ambitious? What motivates you? (I’m fine if you’re motivated by money, because the truth is that most of us are to some extent.) Drop a comment and keep the conversation going.
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