The Burden of Money
Only a very naive person would envy the rich. If he studied their lives up close, he’d cross himself: ‘I am OK.’
Twenty years ago, I was invited into an industry I knew little about. It was wealth management for the High-Net-Worth-Individuals (HNWIs).
I had to quickly recall the Chicago business school courses on macroeconomics, investments, and finance.
But beyond the actual strategies of preserving and multiplying money, I immersed myself in a parallel world:
- strolling through the pavilions of the Venice Biennale,
- acquiring luxury items from the Rob Report list,
- collecting contemporary art,
- winter rides in Courchevel,
- summers in Forte dei Marmi, and so on.
Thus, I directly observed the lives of families and became intimately involved with individuals whose achievements Forbes regularly featured.
Undoubtedly, the aesthetics of wealth pleases the eye. The sparkle of Graff diamonds, the purr of a Bentley engine, and the tickle of Dom Perignon bubbles, like a Chinese screen, hide the gloomy side of existence.
Alas, suffering remains suffering, even if you throw Louis Vuitton on top of it. Betrayals, illnesses, and tragedies are experienced by all people equally, regardless of the size of their bank account.
Yes, money greatly facilitates the solution to a range of problems. But they cannot bring back a husband’s love, reform a spoiled child, or fill the void inside. Yet there’s something else.
By adding freedom in one place, they steal from you in another. For example, you have to make an effort not to lose assets. And it is much harder to believe in the sincerity of another person. In the eyes of many, you are the most desired prey, luck, and jackpot.
Money is a Lever. And vast amounts of money are a massive lever. Special skills are required, like steering a ship. Therefore, heirs usually lose both money and themselves.
My business partner used to say, ‘Money is not a privilege but a burden.’ It doesn’t mean one should refrain from earning money. Just don’t entertain illusions that they pave the way to paradise.
Sincerely yours,
-Alexander
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