I bet you think those trust fund babies have it easy. They get a ton of wealth handed to them on a silver platter by their rich folks. They can practically do anything they want. From not working to jet-setting across the globe, their possibilities are endless because their bank account is!
But their purchases aren’t making them as happy as you might think. Read here why the joy of spending is greatest when we can least afford it! The paradox of spending is when there’s zero sweat, sacrifice and effort in those purchases be it clothes or cars the less effort, the less happiness that thing will bring us. It’s human nature. It tastes sweet when we’ve actually worked for it. The harder you work for something, the happier it’ll make you.
These rich kids didn’t have to work for any of their dollars and this can often leave them feeling empty. Us mere mortals would look at them and think are you crazy?! You have all this money and you’re still miserable. But money doesn’t bring happiness. Especially not when you’re given it so young that you become intoxicated with it and fail to follow your dreams and explore what makes you tick. You get up everyday not having to work for anything and while that sounds like a dream, it can turn into a nightmare pretty quickly.
My friend’s story…
I know this because my friend had a trust friend worth ~$15 million. She had access to this when she was 18! Her parents grew up in the riches of the Upper East side but they chose to leave that empty life behind and moved to a quiet city across the pond, in England. But their wealth followed them.
My friend’s grandpa is a billionaire. He was an entrepreneur who, in the early 2000s, sold his biz for a cool $2.3 bil. Safe to say he had more money than he knew what to do with so he gave his kids and grandkids oodles of it. Come to think of it, I bet my friend had a lot more than $15 million to her name! Maybe she forgot to add a zero! Or 2! Safe to say she had more money than she knew what to do with!
I honestly had no idea just how wealthy her fam was until I spent the summer with them. And even then I didn’t know the extent of it. It was only when she left England to go private school in NYC. The view from her Manhattan apartment (on the 27th floor!) said it all. But she told me it’s the people who have money that wish they didn’t and the people that don’t wish they did.
She wanted a shot at a normal life. To work for something on her own. We always want what we don’t have and we think the other side have it better than us. It’s human nature and we often can’t help ourselves.
The more we work for it, the better it will feel
My friend always loved hanging out at my place since it was small and basic – but happy. We had a tiny kitchen and I remember how she would sit there for hours on end chatting to my mum and I. She didn’t need nor want anything fancy.
She used to always tell me money is not the be all and end all. She said people treat you differently when you have it and you wish you could be invisible. More like your money. I remember when she joined my class girls were so jealous of her stupid $300 designer bag. Little did they know that was like spare change for her. But they judged her from the outside. Leaving no room to get to know the amazing inside.
When you folks get super rich, and have more money than you know what to do with, keep it private. That way your friends stay your friends and you don’t get heaps of frenemies. Or people using you. People expect the rich kids to foot the bill and whatnot. No one needs to see the inside of your bank account. You’ll have a much easier life that way.
My friend from NYC is a millionaire and she’s only in her early 20s. She has her own rental property that gives her income (not passive though since she’s constantly babysitting her tenants!) and she tells me it’s not as easy as everyone makes it out to be. But she doesn’t flaunt this. As a native New Yorkers, she’s incognito. She doesn’t do brands. Her clothes are plain and so is her lifestyle. She’s focused on building sustainable wealth and she couldn’t care less what others think of her.
Be grateful for your small beginnings
Working for money is not something to be sneered upon. These rich kids would gladly give up their empty lives sipping margaritas at the Hamptons for a shot at a normal one. With normal problems. More money = more problems and this is magnified by 1000X when people know your wealth. Plus, it leaves room for all sorts of embarrassment when things go wrong.
A couple I know became rich during covid. And everyone knew it. They started driving Porsches and were building their very own home that cost north of £1.7mil – the stamp duty alone is a gazillion times my net worth. Anyway, within a couple months it was rumoured he lost it all. Now people talk down on them; the same ones who would happily attend their uber-fancy, fully-catered events and whatnot now see them as people to pity and suddenly they can no longer find room in their crowded circle for them anymore.
I’m watching this series Partner Track and in there’s this wealthy granny whose kids and grandkids practically lived off her wealth but you see their emptiness. They have no purpose. Going to 5 parties 5 days a week kinda loses its buzz at some point.
So, she vowed not to give any of the proceeds of her company to them. They went berserk. Because they’re not self-sufficient,. They’d been relying on her money for as long as they knew.
Hard work and commitment were not in their vernacular. It was so interesting to watch. I didn’t envy them one bit. One grandkid was in her 30s and she had nothing to show for herschelf. Except for pink hair!
Working for something and it will work for you.
We all want meaning in our lives and purpose.
Disclaimer: This blog is not investment or financial advice. It is my opinion only. This blog is not a personal recommendation to buy/sell any security, or to adopt any such investment strategy. Always do your own research before you commit to any investment
Knead Your Dough 