01st July, 2022
We once conducted a small survey and asked the respondents this very question, ‘If Money were no object….’ And the person had to fill in the blanks. It was an open – ended question with no options. Everyone was free to choose whatever they wished to say or do.
And the answers we got were as varied as could be,
Some wanted to pursue their passion, follow their dream, and some wanted to just stop working and chill.
Some wanted to take a break, some wanted to go to an Ivy league for a course.
Some wanted to build an asset and others wanted to create memories.
Some wanted to donate a major part whereas others wanted to leave a legacy for their children and grandchildren.
The survey also gave us great insights into the kind of relationship people have with money. What feels like an embarrassment of riches to one person could feel like a letdown to another person.
Chris Rock once put it this way: ‘If Bill Gates woke up tomorrow with Oprah’s money, he’d jump out a f*cking window. He’d slit his throat on the way down saying, ‘Ah sh*t. I can’t even put gas in my plane!’
Wealth is often circumstantial beyond a certain threshold and the biggest problem here is a specific amount in the bank isn’t necessarily going to change your habits, attitude or relationship with money.
Your relationship with money is determined by a number of factors ranging from your upbringing, your parents, money habits you were taught or observed growing up, your personality, how much or how little money you’ve had at various points of your life, your ability to delay gratification and your emotional make-up.
This stuff doesn’t change simply because you hit some income, net worth or debt level. What we have observed in our interactions with investors is that money may amplify certain aspects of your personality but the money itself doesn’t change you.
This is why it can be so difficult for many retirees to go from savers to spender in their later years. Some people need permission to enjoy their money. Many people don’t know how to spend their money in a way that makes them happy.
And there are others whose insecurity just doesn’t go away despite amassing a fortune, they just keep on worrying about it dwindling. Nick Murray said it best in his bestseller book ‘Simple Wealth, Inevitable Wealth,’ when he wrote, “No matter how much money you have, if you’re still worried about money, you aren’t wealthy.”
There are also others who are constantly in debt and need help reining in their spending, or figuring out how to budget, 0r choosing the right places to invest their money.
In the end, a statement which really resonates with us is what Jim Carrey once said, “I think everybody should get rich and famous and do everything they ever dreamed of so they can see that it’s not the answer.”
What is important is your relationship with money and not the amount of money you have. Don’t let Money be a constraint to be your best self and do what you want to do and Stay blessed forever.