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 High-Net-Worth Individuals (HNWIs). I quickly recalled the Chicago Business School courses on investments, finance, and macroeconomics.
But beyond the actual strategies of preserving and multiplying money, I immersed myself in a parallel world where my clients:
- strolled through the pavilions of the Venice Biennale.
- acquired luxury items from the Rob Report list.
- collected contemporary art.
- enjoyed winter rides in Courchevel and summers in Forte dei Marmi, etc.
As a result, I observed firsthand the lives of wealthy families and became intimately acquainted with individuals whose accomplishments were regularly featured in Forbes.
Undoubtedly, the aesthetics of wealth please the eye—the sparkle of Graff diamonds, the purr of a Bentley engine, and the tickle of Dom Perignon bubbles. Like a Chinese screen, they hide the gloomy side of existence.
Alas, suffering remains suffering, even if you throw a Louis Vuitton scarf on top of it. Betrayals, illnesses, and tragedies are experienced by all people equally, regardless of the size of their bank account.
Yes, money lubricates the resolution of many problems. But it cannot bring back a husband's love, reform a spoiled child, or fill the void inside. But there's more.
By adding freedom in one place, money steals from you in another. For example, you must strive to protect your assets from damage, rust, and theft. And it is much harder to believe in the sincerity of other people. Because in the eyes of many, you are the most desired prey, opportunity, and jackpot.
Money is a lever. And vast amounts of money are a massive lever. Special skills are required, like steering a ship. That's why, for instance, 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. A larger margin of safety would not hurt in an increasingly chaotic world.
Let's just avoid the illusion that affluence will pave the way to paradise.
Sincerely yours,
-Alexander
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