Investment: Financial advisor Looman: "I rent and I'm happy with it"
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?
Financial advisor Looman states that he has spent his entire career working with money, but it doesn't bring him happiness. Over the past 40 years, he has counseled roughly 2,000 individuals, mostly millionaires with assets ranging from one to 100 million euros. The wealthier the person, the unhappier they seem to be. Recently, a 70-year-old millionaire with a $20 million account came in, recently diagnosed with cancer, questioning the purpose of his 40 years of hard work.
While he acknowledges being glad the money is there, he is not happy. Cancer changes everything; is anyone ever truly happy in that situation? Looman sees this daily scenario play out: more money breeds greater fear of losing it all, fears of wealth taxes and confiscation, and a perpetual state of anxiety as investors focus on the losses rather than the remaining assets.
During crises like the market crash of 2020 or the war in Ukraine, people only see the money they've lost, not the millions still intact. They remain in a constant state of alert, unable to 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.
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