Saudi Arabia Arrests 11 Princes, Including Billionaire Alwaleed bin Talal
Saudi Arabia announced the arrest on Saturday night of the prominent billionaire investor Prince Alwaleed bin Talal, plus at least 10 other princes, four ministers and tens of former ministers.
The announcement of the arrests was made over Al Arabiya, the Saudi-owned satellite network whose broadcasts are officially approved. Prince Alwaleed’s arrest is sure to send shock waves both through the kingdom and the world’s major financial centers.
He controls the investment firm Kingdom Holding and is one of the world’s richest men, owning or having owned major stakes in 21st Century Fox, Citigroup, Apple, Twitter and many other well-known companies. The prince also controls satellite television networks watched across the Arab world.
My dearest Shosh and Jaialai:
This is the Age of the Fallen. Recent stories of the mighty who have fallen includes Prince Alwaleed bin Talal of Saudi Arabia, President Park of South Korea, President Rousseff of Brazil, President Lula of Brazil, Senator Menendez of New Jersey, National Security Advisor Flynn, the head of Samsung, and numerous others.
They rose to power and fortune through nebulous means, and their wayward ways eventually caught up to them. Don’t be like them!
Money is but a means to an end — a means to securing a comfortable life. It is not the end-all. It does not buy you happiness because it brings its own baggage.
Miseries of the Rich and Famous
Would $25 million make you happy?
Not if you’re a member of the ultra-rich.
In a survey titled “Joys and Dilemma of Wealth” by Boston College, funded by the Bill & Melinda Gates Foundation and Calibre Wealth Management, the wealthiest set revealed they are an unhappy bunch — worried about appearing ungrateful, rearing bratty children and failing to meet expectations.
The report, obtained by The Atlantic, gives a glimpse of the wealth and fulfillment level of 160 households, of which 120 had amassed fortunes of at least $25 million. The findings: Despite great wealth, many seem miserable.
One of the gems from the survey: “I feel extremely lucky, but it’s hard to get other, non-wealthy people to believe it’s not more significant than that … The novelty of money has worn off.”
So is it better to live life without money? “Being very poor is very miserable,” says Dan Ariely, a professor at Duke University. “But it turns out money doesn’t buy as much happiness as people think it would buy.”
Money can’t buy happiness
Extremely wealthy people have their own set of concerns: anxiety about their children, uncertainty over their relationships and fears of isolation, finds research by Robert Kenny.
Most of what we think we know about people with a lot of money comes from television, movies and beach novels — and a lot of it is inaccurate, says Robert Kenny, EdD.
In an effort to remedy that, Kenny, a developmental psychologist and senior advisor at the Center on Wealth and Philanthropy at Boston College, is co-leading a research project on the aspirations, dilemmas and personal philosophies of people worth $25 million or more. Kenny and his colleagues surveyed approximately 165 households via an anonymous online survey and were surprised to find that while money eased many aspects of these people’s lives, it made other aspects more difficult….
What did you find?
People consistently said that their greatest aspiration in life was to be a good parent — not exactly the stereotype some might expect. When asked whether their money helps with that, they answered with all the obvious: good schools, travel, security, varied experiences. But when we asked how their money gets in the way, that was a payload. We received response after response on how money is not always helpful. They mentioned very specific concerns, such as the way their children would be treated by others and stereotyped as rich kids or trust fund babies, they wondered if their children would know if people really loved them or their money, whether they’d know if their achievements were because of their own skills, knowledge and talent or because they have a lot of money.
Some were concerned about motivation. They worried that if their children have enough money and don’t have to worry about covering the mortgage, what will motivate them? How will they lead meaningful lives? This is where the money might get in the way and make things confusing, not necessarily better. Very few said they hoped their children made a lot of money, and not many said they were going to give all the money to charity and let their kids fend for themselves. They were, however, really interested in helping their children figure out how they could live a meaningful life. Even though they did not have to “make a living,” they did need to make a life.
As for the respondents’ aspirations for the world, they focused, once again, on how to help the youth in the world live healthy, meaningful and impactful lives. Their answers were consistently youth-focused: They were concerned about being good parents, they were concerned about their children and they were concerned about the children of the world in general. We found that to be very interesting, and even surprising because it runs contrary to so many of the stereotypes about this population.
We were not super-rich by any means, but we were rich enough to experience some of their struggles. Your aunts and uncle and I always worried about how best to provide for our children without spoiling you guys, without enabling you to take things for granted. There is value in hard work. Never shy away from it.
You know, during most of my career, I worked hard to establish myself and earn a good living to support you boys. For most of my career, I had four weeks of paid vacation. Yet, during all my years working for large firms and organizations, I knew of only one colleague who was able to take the full vacation time off and enjoy it with his family. The rest of us barely had time for family, much less vacation. Most years, I was able to take one week off. One year, we spent two weeks in Hawaii, but I spent one of those weeks holed up in the hotel, sitting in front of my work-issued laptop.
I should have taken more vacations and should have spent each and every second of the time off with you. That’s my regret.
Most of my colleagues and I knew of someone, or has heard about someone, who died at the office. We spend so much of our lives there. Yes, the money and the recognition was nice, but at the end of the day, they don’t mean much. I have never heard of anyone who, on his deathbed, wished he’d spent more time at the office.
Live within your means. Take time to enjoy life, each other, and nature. Those things — not money — help you live a long and meaningful life.
All my love, always,
Ex-NFL player who lived on $25,000 a year shares his key to saving money
His salary was as high as $600,000 in 2016, but you wouldn’t know it from his lifestyle: The offensive lineman, who drives a used Nissan Versa that he bought for $9,000, chose to live on less than $25,000 a year.
That means Urschel was living off of just 4 percent of his salary in 2016. In other words, he was saving about 96 percent of what he made.He didn’t live on a modest $25,000 a year and drive a used car “because I’m frugal or trying to save for some big purchase,” Urschel said. “It’s because the things I love the most in this world (reading math, doing research, playing chess) are very, very inexpensive.”
Urschel, who is currently pursuing his doctorate at MIT, chooses to spend on what makes him happy and not waste money on things that aren’t important to him.