Korva
Psychology

At 22, Daniel Ek reached his $10 million goal and felt empty

He reached his lifetime wealth goal 18 years early, partied in clubs, and learned that attention bought with status feels empty.

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David Senra · Daniel Ek, Spotify | David Senra

At 22, Daniel Ek finally got to be the cool guy. He had money, and he spent nights in clubs where women paid him attention in a way they never had when he was a teenage computer geek.

Ek, the founder of the music service Spotify, had grown up with little in the projects in Sweden, meaning public housing estates for lower income families. He felt like an outsider as a boy, outside every social group, and he says he still feels that way, even among other entrepreneurs.

At 15, after reading the personal finance book Rich Dad Poor Dad, he had set himself a magic number. If he ever had $10 million, he could retire. He figured that if he worked very hard, he might get there by 40.

Instead, he reached that wealth at 22, after selling his first company. At first, he was, in his word, content. He had fun for a while, using money to buy status and attention.

Then the fun turned hollow. He realized the women in the clubs were not with him because of him, but because of his status and money. He no longer had his company, he did not have to work for money, and he did not know what to do next.

So he walked away and did almost nothing for more than a year, reflecting on life and what he wanted. Looking back on that time in the interview, he agrees with the description that he was consuming, not producing, and making nobody else's life better.

It was, he says, probably the most depressed he has ever been. He had known from a very young age that he wanted to build things.

The lesson stuck. Ek came to believe that happiness comes later, when you look back on a hard problem you solved for someone else, and not in the moment you spend the reward.

Questions people ask

Why would reaching wealth that young make someone depressed?

Psychologists often find that reaching a big extrinsic goal can leave people flat, especially when it removes daily purpose and social connection. Ek had expected to work until 40, and suddenly had no mission and relationships that felt transactional. Without something to build, the win felt empty.

What does he mean by consuming versus producing?

For Ek, consuming means spending money and attention on yourself, while producing means making something that helps someone else. A night out ends when the night ends. Solving a problem no one else could solve keeps helping people after you go home.

What did he build next?

After his year off, Ek teamed with entrepreneur Martin Lorentzon to start Spotify in 2006. The idea was to solve music piracy by building a legal service that was easier and better than stealing songs. He has said he only takes on problems he cares enough about to work on for a decade.