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Financial advisor Herr Looman has spent his entire career advising people on money matters. Despite this, he has found that despite the wealth of his clientele, many remain unhappy. In the last 40 years, he has consulted around 2000 individuals, mostly millionaires, but even their wealth cannot bring them happiness. He recalls a recent conversation with an older man who had 20 million euros in his account, yet he was diagnosed with cancer and questioned the purpose of his previous 40 years of work.

The man admitted to being glad to have the money but not happy. He explains that as wealth increases, so does the fear of losing it, whether due to inheritance tax or confiscation. During market crashes, such as during the COVID-19 pandemic or the Ukraine war, people focus on the losses rather than the remaining assets. The German people have a certain level of skepticism when it comes to investing in stocks, but this remains true.

For those who inherit 100,000 euros, the advice is to invest it in stocks, provided there are no existing debts, preferably in two ETFs: one on the S&P 500 and another on the Euro Stoxx. This combination yields approximately 1200 shares in the portfolio. However, the fear of losing money often outweighs the potential gains.

With regard to young people, Looman notes that they tend to spend a significant amount of time on internships before starting their careers, often reaching the age of 30 before they begin earning money. He advises against investing in stocks during this period, recommending instead a three percent guaranteed savings account. However, this advice changes when the money is not needed for at least ten years.

The common mistakes made by people include spending too much time on internships and not being aggressive enough in their financial planning. Women often make the mistake of settling for a lower salary, content with 40,000 euros when their job and family life demand more. They often fail to demand a raise, costing them a significant amount of money throughout their careers.

When it comes to couples, 90 percent of Looman's clients are married couples, and it is often the first time the wife becomes aware of their financial situation. He emphasizes the importance of both partners being involved in financial matters, especially since women often bear the brunt of divorce, receiving only the children and no spousal support.

He advises that if a woman chooses to stay at home, the husband should at least cover her pension contributions. This issue is gradually changing among younger generations. Regarding home ownership, Looman warns against overestimating its value as an investment, as many people in cities like Berlin overpay for homes costing 700,000 to 800,000 euros.

He stresses the importance of starting to plan for retirement early, using the example of a man in his 50s who needs to save around 4000 euros per month to maintain his lifestyle after retiring at 65.