Steve Jobs Was Worth Billions But Said Money 'Wasn't That Important' – Famously Took $1 A Year Salary From Apple From 1997 Until 2011
Steve Jobs, the iconic co-founder of Apple, harbored a profound perspective on wealth that diverged significantly from conventional views. Despite his immense wealth, Jobs was driven by passion and innovation rather than financial gain.
“I was worth about over $1 million when I was 23, and over $10 million when I was 24, and over $100 million when I was 25, and it wasn't that important,” Jobs revealed in a 1996 PBS documentary. This attitude towards wealth was not transient but deeply ingrained in Jobs throughout his career.
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This philosophy was put to the test during various stages of his career, especially during periods of significant financial loss. For instance, in the early 1980s, Apple’s stock volatility led to a substantial decrease in Jobs’ net worth. Yet, he maintained a philosophical outlook on these losses, telling Playboy in 1985 that the fixation on money was “humorous” and not the most insightful or valuable aspect of his life.
Reflecting on the effects of Apple going public in a 60 Minutes interview, Jobs observed significant changes in people around him. “I saw a lot of other people at Apple, especially after we went public, how it changed them," Jobs explained. "A lot of people thought they had to start being rich. He went on to explain how he saw nice, regular people turn into these "bizarre people."
Despite his billions, Jobs maintained a simple lifestyle, emphasizing substance over ostentation. Walter Isaacson, author of “Steve Jobs,” highlighted Jobs’ modest living conditions in Palo Alto, portraying him as someone who preferred normalcy over the trappings of wealth.
From 1997 until he resigned in 2011, Jobs accepted a nominal annual salary of $1 from Apple with no bonuses. This approach was not entirely without compensation, though. In 2001, Apple awarded Jobs a significant executive bonus in the form of a Gulfstream V airplane, valued at $90 million. Apple also reimbursed his air travel expenses, amounting to $248,000 in one year, according to a report by CNN Money.
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Jobs’ $1 salary was symbolic, demonstrating his commitment to Apple’s revival and growth. During those years at Apple, his wealth was also attributed to stock in companies like Pixar and Disney, from which he received millions in dividends annually, showcasing a different aspect of executive compensation that went beyond a traditional paycheck.
Adopting the mindset that passion and purpose come before monetary gain, as Steve Jobs did, might feel out of reach. It’s a valid point; Jobs had amassed considerable wealth by the time he chose to work for $1 a year, allowing him the freedom to prioritize his love for innovation over a paycheck. This isn’t a feasible path for everyone, many of whom rely on their salaries for day-to-day necessities and commitments.
However, you can still draw inspiration from Jobs’ philosophy without needing to replicate his exact path. It’s about finding a balance where passion and financial stability coexist, emphasizing that doing what you love should not be overshadowed by the pursuit of wealth. This doesn’t imply requesting a pay cut but rather seeking fulfillment in one's career and ensuring it aligns with personal values and interests.
Consulting a financial adviser can be a practical step in aligning your financial health with their passion-driven career goals. Advisers can offer strategies to manage finances in a way that supports both current needs and future aspirations, making it possible to prioritize passion without compromising financial security.
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