What It Feels Like to Be Rich.

Via on Apr 16, 2011

After losing over one million a week, cash, for the entire summer of 2000, I was forced to sell my apartment.

So one day in 2002, all the boxes were packed, the apartment was empty. We had two moving trucks waiting downstairs to move us an hour north of the city. It was like an exile. My self-esteem was gone, my apartment was gone, I hadn’t slept a full night in almost three years, and other things I can’t even talk about. My ex-wife, my two toddler girls, and Lynne, a close family friend who was helping us move, were taking one last look around. “Oh. My. God,” Lynne said. “This is really it.”

It’s been a decade and a lot has happened, good and bad (mostly good). Someone on quora yesterday asked the question, “what’s it feel like to be rich?” I figured I’d answer based on my pre-2000 experiences. I’ll save 2000-2010 for another time.

($100,000 bill)

A lot of people started answering the quora question with “I was able to buy this, or that, or ‘this and that’. “ Money was never about that for me, then or now. There’s never been anything I wanted to buy (other than the next ipad!)  I have minimal material possessions. If you know me you’d see I dress like crap and the edges of all of my pants are frayed. I don’t own a suit. I don’t have a drivers license so fancy cars are out.  I like comic books more than paintings. I don’t like to fly or sail. And I don’t drink wine or eat out a lot. So what did it mean for me back then:

-          DNA. I finally felt good enough about myself to pass on my genes and have children. I never wanted to have children before that.  There’s apparently some evolutionary reason that we feel a strong urge to pass on our genes. I had never felt that before but somehow having a significant amount of money gave me permission to want to have kids.

(DNA)

-          Safety. For the briefest of moments, I felt “safe” – like nothing could harm me and I could live forever. In 1999 I visited the Chairman of a company I was a shareholder of. I was in LA and he picked me up at the hotel in his latest Porsche. We drove to his enormous house and he gave me a tour. When we sat down he told me, “I don’t even have to do this anymore. I have so much money now that nothing can touch me.” I know it sounds unbelievable and a cliché but a year later he came down with cancer. After battling with cancer for years he was given worse and worse news about the outlook until eventually he shot himself and his kids found the body. I heard about the news when his wife called everyone in his address book. This is not meant to be a lesson. Money has its benefits but immortality is not one of them. (Although, if you must -  How To Live Forever).

Another example. A friend of mine was running a prominent gaming site and wanted to maybe sell it or do something with (it was 1999, so why not?) I introduced him to a successful guy I knew on Wall Street. I couldn’t even find the guy’s office. I had never been down as south as Wall Street.  My friend and I sat there while Shlomo (not his real name, but you get the drift) said, “look at me! Ten years ago I was a schlub. Now I have 100  million dollars. Only in America, right?” About two years later Shlomo was in the center of a massive FBI sting involving a currency brokerage he had started that had been simply pocketing investors money since the 70s. He went to jail. Even my orthodox friends turn away and refuse to talk about him whenever I ask if they knew him.

-          Scarcity. My feelings of safety and immortality quickly gave way to scarcity. After all, I thought, if I could make 10 million dollars  then it must be too easy. In fact, I honestly thought, everyone else had probably already made 11 million dollars. So then I felt poor again. I now needed 100 million dollars to be happy.  I drove in a car with a friend of mine and his wife. I said, “everyone has 10 million dollars now.” She quickly said, “not everyone”.

(a painting I have. But it was cheap, and images are from a comic)

-          Friends.  I lost some friends. Then I made some new friends. By the time I was going down in the elevator from my apartment that one last time, 100% of those new friends were destined to never speak to me again (at least through January 12, 2011). My new friends said things like, “Mark Cuban is a stud” or “Fuck him. Take away all his shares” or “Good luck. Have a nice life” or “of course its legal!”

-          The value of money. I realized (too late then, but I learned) that I never knew the value of money. I had never even been aware of money before. My prior goals had been playing games, making fun websites, or writing novels. Now my only goal was money, money, money, and more money. I told my therapist at the time, in 2001, “its like losing a loved one” and she said, “sweetie, sounds like you’ve never really lost a loved one before.”

Money is a great thing. It’s the payoff on hard work, great luck (which is often earned luck) and you can do amazing things with it. Build new businesses, create  jobs, buy your independence and freedom from corporate America. But first you have to climb many hurdles, of which earning the money is only the first.  Very few things are better than earning a lot of money.

But money finds a home only in places where it’s appreciated. I didn’t appreciate the money. So it left me.

When we were in the car, driving to our new home back in 2002 it was in the middle of a snowstorm. I wanted to cry I felt so bad about what was happening. But it was too much to think about. So for a brief moment I watched the snow and remembered what it was like to be a kid. Tasting the first snow of the year on the tip of my tongue.

Related Posts.

What do you do after you make a ZILLION dollars?

Can a mutant douchebag change his life?

Give and you will receive.

And finally, if you like this, FOLLOW ME, on twitter.

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21 Responses to “What It Feels Like to Be Rich.”

  1. Claudia Azula Altucher Claudia says:

    I find it fascinating how money can affect so many levels, how it is such a real energy, as much as breathing or fire, or food. You went down into a huge roller coaster and learned the value of it, what a journey!

    • JamesAltucher says:

      I can't honestly say that I value every dollar, even at this point. But I definitely value the physical freedom (and really, a lot of mental freedom) it provides.

  2. Anna says:

    Hi James, Interesting article. thanks for sharing. What's your IQ if you don't mind me asking?

    • JamesAltucher says:

      Anna, I'm not sure. Can I ask what is yours? I think its an interesting question but I'm also curious why you ask.

      • Anna says:

        Hi James. I was just curious as well. It must be high as you had the motivation, desire and ability to make so much money in the market. It doesn't always go hand in hand with EQ however. You seem to have a high EQ as well though. How did you lose all your money? Sorry about your pain, but it seems that your in a good point in your life now. You're really courageous to share your story.

        • JamesAltucher says:

          Anna, thanks for the response. I think I had a decent IQ but a very mixed EQ. Sometimes VERY high (in order to relate to people, sell a service, sell a company) and sometimes VERY low (so ego, the enemy of EQ, could take over). Hopefully my EQ is better now. Thanks again for the comments.

  3. Tanya Lee Markul tanya lee markul says:

    James, I'm a fan. I can't help but to laugh every time I read one of your posts (I hope you take this in a great way). I appreciate your intellect and your sense of humour.

    • JamesAltucher says:

      Tanya, I'm glad I make you laugh. I hope I continue to do so and you continue to comment on these articles.. I really appreciate it.

  4. bindifry says:

    gross

  5. bindifry says:

    umm…sorry. get a life

    • JamesAltucher says:

      bindifry, thanks for commenting. I'm sorry your response was so harsh on an event that was painful to me ten years ago.

  6. bindifry says:

    perhaps i'm in a different cash code. i'm poor/almost mid class so maybe i should shut up?

    • JamesAltucher says:

      Believe me, I was very poor at that point. And had to sell home and move 65 miles north with my two kids in middle of a blizzard. Was not pleasant.

      But you should never shut up. Thank you for your comment.

  7. Yogini5 says:

    If you are in a different cash code, I may as well be on a different cash planet. Still, I can extrapolate from this. Extrapolation – it's what I do.

    There was a phrase for it in the '80's: trickle-down.

  8. yolanda says:

    tHANK U!

  9. Eric says:

    Thanks for the article James. I like the way you say things. I think , as a whole, we hope money will bring us many things (security and happiness) that it will not. I have learned to value money more as I view it as "stored energy" instead of status or power. I only need enough and I always have enough. Peace!

  10. shelbyd says:

    I'm sorry to hear that you had such a painful experience, but this just seems completely out of touch with reality– from those of us who work 2, 3, or 4 jobs, cannot afford health insurance or have to plan to buy a new toothbrush. I'm kind of appalled that you would say you "suffered" when you had to move 65 miles.

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