Poor and rich

William Vanderbilt is one of the richest heirs of all time. But don't be envious — because his life isn't at all happy.

Just before his death in 1920, Vanderbilt told the New York Times, “I'm not destined to be happy in my life. Inherited wealth is a real obstacle to happiness. Just as cocaine destroys morals, it kills ambition”

What's interesting is that the other side of the topic—excessive ambition—can be just as painful.

Half a century ago Mark Twain wrote to William Vanderbilt's grandfather Cornelius Vanderbilt:

How sorry I am for you, this is true. You are old and should take a break, yet you have to struggle, deny yourself, lose your sleep and peace of mind because you need money so much, and I sympathize with “poor and destitute” people like you.

Don't get me wrong, Vanderbilt has $70 million. But you and I all know that what a person has isn't just wealth. Satisfying what a person has right now is real wealth.

Excerpt from Morgan Housel Feb 2023