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3 types of wealthy

I was on holiday last week in Turkey, and I had the chance to read much more than I usually do books, newspapers, etc.

You'll get more about the books going forwards; I think, certainly a recommendation for books to read for the summer.

But I read a fantastic article in The Times last week by a woman who is friends with a female financial advisor who looks after people of very high net worth.

What was fascinating about this (and I know that this is confirmation bias) is that it described a scenario and situation which I have long believed. Still, it was nice to get it validated from an external source.

The main pretext of the article was that the woman journalist asked her friend, "What are the rich people like?".

Her friend replied that, in general, rich people were divided into three groups, and they played out as follows.

The first one is the trust fund group. They're the people that have always got their money from somewhere else. She reported that they were generally always miserable.

The second was someone who builds and sells a business and cruises around the Caribbean. They're not always miserable, but generally get progressively more miserable the further away they get from the purpose they had in their life.

The third one was the person who sets up a business (any size) and continues to work in it even a little bit forever.

She said they were the ones that were always the happiest.

And so I found an article in the Times that provided me with the confirmation bias which helped me carry on the pathway towards retiring at 85. Magic.

By Colin Campbell on 08/06/2023, 18:00