The Shackles of Wealth: Enjoy Your Money Before It's Too Late 🔒
We’re back for another edition of RNW!
The only newsletter speaking openly about what it means to live with a lot of money.
The main feedback I received last week was to stay personal with the topics. And I agree!
I’ll keep it personal, short, and super interesting.
I am also thinking about sending 2 editions per week. But I would need a lot of likes and shares before I do so.
Now, that you’ve shared with 5 of your closest friends, let’s talk about the shackles of wealth.
Freedom From Wealth
I had a very interesting conversation with my business partner Jack about how wealth can become a cage of itself.
I have tried to push him into starting new ventures but his answer was always no.
He told me:
Why would I sacrifice time away from my family just to add a few more $ million to my bank account?
He rather enjoys what he has now and build a business around his passion.
Well, this attitude is called freedom from wealth!
What is Freedom from Wealth?
This book was written by Charles Lowenhaupt, a wealth manager who worked mostly with billionaires.
He start his clients about their “Why” and realized they had no idea.
He asked one of his client, “ So you want a 10%+ year return on $500M, that’s ok. but what are you wanting to do with the wealth?”
His client replied - “I don’t know, what are my options?” 😅
Meaning, the client just wanting to keep accumulating wealth without any clear plans on how to enjoy it.
He also gives an example of a few 80-year-old billionaires who are still working 12 hours a day away from their families, trying to make more money.
A common Trap?
It’s more common than you think. Most wealthy entrepreneurs get to a point where they don’t know how to spend their hard-earned money.
Spending money to enhance the quality of your life is a skill. 💡
I saw a tweet from Suleman Ali, a very successful tech entrepreneur saying that he has a dumb relationship with money.
He admitted to hoarding the money and not doing enough to enjoy his wealth.
He makes more $3M/ year and worth a lot money but find it hard to spend.
He trace that behavior to his mom who’s also reluctant to spend anything on herself and probably passed it on to her kids.
I reached out to him and he asked me to give him 4 good reasons why I think he should start enjoying his money now:
You could literally die tomorrow and all of that would’ve been worthless.
I lost my mom and my dad in the span of 5 years
My Dad made a lot of money and travel around the world. He saw most countries in the world and had a lot of fun!
My mom on the other hand, was not traveling with my dad as much. As a result my brothers and I always regret no sending on the island she wanted to go so bad!
New experiences are just funner and add a punch to life.
Example: Try Skydiving twice in a row !
Show your kids the result of hard work!
Enjoy your wealth Now!
The balance is to be a Stoic Epicurean.
Epicureans believed in Enjoying life to the fullest.
Stoics believe in discipline and putting yourself in hard situations sometimes as a meditative practice.
Sounds cliché but “Work hard Play hard” might be the answer after all.
Is retirement the answer?
No. I agree with one of my wealthy Jewish friends on that one.
Jewish people don’t believe in complete retirement. But to keep engaging in some form of activity.
If you study people from the Blue zones you realize that on top staying active physically, having in some form of activity is the key to longevity.
Eating great food also helps. Have nice dinners, treat yourself!
Word of Wisdom
I get it. It’s addicting to play the money making game but it’s important to set some boundaries and start enjoying your wealth at some point.
You work so hard for this, do yourself a favor. Don’t let shackles of wealth get you!
See you Next week!