Although he died in 1955, most people today have heard of Albert Einstein, the scientific genius who revolutionized physics. The lessons to be learned from Einstein transcend physics. The time is ripe to consider and reflect upon Einstein and his attitude toward wealth. In 1934, he said:
I am absolutely convinced that no wealth in the world can help humanity forward, even in the hands of the most devoted worker in this cause. The example of great and pure individuals is the only thing that can lead us to noble thoughts and deeds. Money only appeals to selfishness and irresistibly invites abuse.
Can anyone imagine Moses, Jesus, or Gandhi armed with the money-bags of Carnegie?
Einstein practiced what he preached. He came to the United States in 1933 to join Princeton University?s Institute for Advanced Study. He bought a modest home in Princeton where he lived until his death. He never owned a car; he walked to work; and he quit wearing socks at an early age because his big toe rubbed a hole in his socks.
In a brief autobiographical essay, Einstein?s sister speaks of his lack of interest in the material things that others prize so highly. She says, "In his youth he often used to say, ?All I?ll want in my dining room is a pine table, a bench, and a few chairs.'" In a 1918 letter to a friend about Einstein?s older son, who was showing a lively interest in engineering and technology, Einstein says:
I, too, was originally supposed to become an engineer. But I found the idea intolerable of having to apply the inventive faculty to matters that make everyday life even more elaborate?and all, just for dreary money-making. Thinking for its own sake, as in music! ? When I have no special problem to occupy my mind, I love to reconstruct proofs of mathematical and physical theorems that have long been known to me. There is no goal in this, merely an opportunity to indulge in the pleasant occupation of thinking (emphasis added).
Princeton?s Institute for Advanced Study was the brainchild of an educational critic named Abraham Flexner. The Institute was conceived as a community of outstanding scholars--well paid and with no formal duties--who could concentrate on science. The setting of Einstein?s initial salary at the Institute illustrates his humility and attitude toward wealth. The negotiations, which occurred in 1932, proceeded as follows:
Flexner invited [Einstein] to name his own salary. A few days later Einstein wrote to suggest what, in view of his needs and his fame, he thought was a reasonable figure. Flexner was dismayed. By American standards it was far too small. He could not possibly recruit outstanding American scholars at such a salary, and to Flexner, though perhaps not to Einstein, it was unthinkable that other scholars at the Institute should outstrip Einstein in salary. This being explained, Einstein reluctantly consented to ? a much higher figure, and he left the detailed negotiations to his wife.
The reasonable figure that Einstein suggested was the modest sum of $3,000 per year ($40,260 in today?s dollars). Flexner upped it to $10,000 ($134,200 in today?s dollars), and offered Einstein an annual pension of $7,500 ($100,650 in today?s dollars), which he refused as "too generous"; so it was reduced to $6,000 ($80,520 in today?s dollars). When the Institute hired a mathematician at an annual salary of $15,000 ($201,300 in today?s dollars) and an annual pension of $8,000 ($107,360 in today?s dollars), Einstein?s compensation was increased to those amounts.
Standing in stark contrast to Einstein (his attitude toward wealth and the trappings of success, his humility, and the way he conducted his life) are many high-level corporate executives whose attitude and behavior reflect little more than arrogance and naked greed. To follow are some examples.......