Moe and Paul Sullivan catch up to discuss the habits, worldviews, and practices that lead to true wealth—and why it’s more important to be “wealthy” than “rich.”
The Money Secrets of The Super Wealthy
Much has been written about professional athletes and entertainers who fall victim to the trappings of wealth; the statistics are well documents and seem to get worse, not better each year. According to Sports Illustrated, a staggering 78% of NFL players go bankrupt less than two years after retirement. 70% of NBA players file bankruptcy within five years of retirement; and those in Major League Baseball don’t fair much better. So it doesn’t matter if your name is Dan Marino, Vince Young, Allen Iverson, or Elton John; being financially responsible is a choice that few are willing to accept.
Having advised professional athletes, I understand both the complexity of their lives, and the challenges that accompany star-power and wealth. Truth be told, few of us are well equipped to handle such enormity in wealth; still receiving it at such a young age when you’ve never had it before, makes it that much more difficult to manage. While bad advice, overspending and hanging out with the wrong crowd compounds the problem, they’re hardly an excuse for common sense. Leo Tolstoy was spot on when he said, “All happy families are alike; each unhappy family is unhappy in its own way.”
In his book, The Thin Green Line: The Money Secrets of The Super Wealthy, New York Times Wealth Matters columnist, Paul Sullivan will help you understand why ‘It’s Better to Be Wealthy Than Rich, Even if You’re Poor.”
Here’s what anchors our conversation:
The difference between being rich and being wealthy
The psychology behind mental accounting and the simplicity of buckets
How the wealthy use debt strategically
The misconception on how the wealthy view taxes
The wealthy’s spending philosophy
How the wealthy teach financial literacy to their kids
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