Poor and rich

William Vanderbilt is one of the richest inheritors in history. But don't envy him - because his life is not happy at all.

Just before his death in 1920, Vanderbilt told The New York Times, "My life is destined to not be happy. Inherited wealth is a real obstacle to happiness. It corrupts morals, just like cocaine can destroy ambition."

Interestingly, the other end of this topic - excessive ambition - can also be painful.

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

"How I pity you, truly. You are old and should rest, but you have to struggle, deny yourself, and lose your sleep and peace of mind because you need money so much. I sympathize with someone like you who is "poor"."

Don't get me wrong, Vanderbilt has 70 million dollars. But you and I both know that what a person has is not just wealth. True wealth is being content with what one has in the present.

Excerpt from Morgan Housel, Feb 2023