Investment: "The belief that your own home is a great investment - that's simply not true in many cases."
For decades, Volker Looman has been telling the Germans what they should do with their money. Which tip would the financial analyst have paid for himself?
The belief that owning a home is a fantastic investment is not always accurate, according to Herr Looman, a professional in finance who has spent four decades advising people. Over the past decade, nearly all of his clients have been millionaires, with wealth ranging from one to 100 million euros. The wealthier individuals tend to be unhappier.
A recent example is a 60-year-old man worth 20 million euros who was recently diagnosed with cancer. He questioned the purpose of his past 40 years of hard work. While he appreciates the money, he is not happy. Cancer would not make anyone feel happy, would it?
Despite the abundance of wealth, people are increasingly fearful of losing everything. They worry about wealth taxes and confiscation. When the stock market crashes, as it did during the COVID-19 pandemic or the war in Ukraine, people do not see the eight million remaining; they focus on the two million they have lost. They live in a constant state of alert, unable to fully enjoy life.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Investment: Can a 150-year-old chart predict stock market prices? handelsblatt.com
