Adam Katz, a wealth manager, discusses building genuine relationships, traits of entrepreneurs, difference between rich/wealthy, spending in line with values. They also talk about the three-digit rule, limitations/benefits of money, and traits/patterns for building wealth.
Building genuine relationships is key to building long-term wealth.
Adopting a three-digit rule for spending can help align financial choices with values.
Renting can be a fulfilling alternative to home ownership, prioritizing well-being and flexibility.
Deep dives
Building long-term wealth through cultivating relationships based on service and helpfulness
In this podcast episode, the speaker discusses the importance of building long-term wealth by focusing on cultivating relationships based on service, helpfulness, and genuine care. The speaker shares personal anecdotes and examples of how being a helper and providing value without expecting anything in return can lead to network effects and opportunities in the future. They emphasize the satisfaction and fulfillment that comes from assisting others and the positive impact it can have on mental and physical well-being. The speaker encourages listeners to find ways to be the giver, whether through mentorship, community involvement, or other avenues, and highlights the cumulative effect that small acts of kindness can have.
Challenging old money beliefs and embracing a three-digit rule
Another key point discussed in this podcast episode is the importance of challenging old money beliefs and embracing a three-digit rule when it comes to spending. The speaker talks about how people often anchor themselves to old financial units and scarcity thinking, which can limit their ability to enjoy life and spend money on things that genuinely bring them joy. By adopting the three-digit rule, where one focuses on the last three digits of their net worth or bank account, individuals can reorient their relationship with money and make choices that align with their values and desires. The speaker emphasizes the concept of marginal utility and encourages listeners to prioritize experiences and purchases that bring them genuine happiness and improve their overall well-being.
Reframing the concept of home ownership and prioritizing personal preferences
The podcast also touches on the topic of home ownership and challenges the notion that it is a necessary step towards achieving wealth. The speaker suggests that the focus should be on loving where you live rather than feeling compelled to buy a property for the sake of validation. By renting a place that brings joy and fulfills personal preferences, individuals can prioritize their well-being and create a more fulfilling living environment. The speaker encourages listeners to think outside of traditional norms and consider renting as a viable alternative that allows for greater flexibility and the ability to truly love where they live.
The importance of using white space and not rushing into defining oneself by a job
The speaker emphasizes the importance of using white space and not rushing into defining oneself by a job. Many people feel anxious to have a business card and define themselves by their career, but the speaker encourages taking time to explore different interests and spending their days in a way that brings fulfillment.
The diminishing utility of money and the need to prioritize experiences and relationships
The discussion highlights the diminishing utility of money and the need to prioritize experiences and relationships over material possessions. The speaker mentions examples such as enjoying time in the ocean and spending quality time with family. The focus is on the idea that true wealth is not solely about financial success, but also about creating meaningful experiences, maintaining relationships, and finding happiness beyond monetary achievements.
[Ep. 12] Everyone claims to be playing “the long game,” but what does that actually mean? We discuss building genuine relationships, the unique traits of entrepreneurs, the difference between being rich/wealthy and how to spend in accordance with your values.
Adam is a wealth manager for ultra-high net worth individuals in the tech and finance world.