I (Don't) Feel Poor

Always in the doldrums. Can I really afford that? You're probably thinking, “Surely, he earns quite well - is he living high on the hog?” 

The opposite is true. Every cent goes into my securities account – and that of my family. My wife? Cut from the same cloth. Big car? No, a company Tesla. Fat villa? No, a rented apartment. Our luxury? Stocks. Period.

Unlike a flashy car or designer watch, no one sees your securities portfolio. And that's a good thing. Psychologically, clearing out my salary account every month is my secret weapon against unnecessary purchases. Of course, I’m all for treating yourself now and then – maybe a great trip, a fine watch, or something special from Cartier. 

The forced break

Here’s the trick: for big purchases, I have a built-in obstacle course. First, I need to decide which shares to sell and how much – then account for taxes. That’s enough of a hurdle to make most impulses fizzle out. Add the time it takes for the money to transfer, and poof! The desire is often gone long before the cash arrives. 

For the next generation

Gutmann clients are wealthy and intelligent. They’ve mastered themselves and don’t need my little tricks. But children and grandchildren? They’re still learning and could use all the advice they can get to navigate a capitalist world.

And no, I don't say that with regret. Capitalism – despite its critics – has done more to create prosperity and lift people out of poverty than any other system. Sure, it has its flaws and isn’t exactly Austria’s favorite topic. But let’s be honest: there are worse alternatives. Communism, for instance.

A philosophical note

As the holidays approach, the Gutmann Viewpoint gets a bit reflective. Current events – hello, government formation! – don’t quite compete in terms of depth. Or do you see it differently?