Adding Value? - Rich Handler

Read an article recently in which Jefferies CEO Rich Handler said:

"Nobody gets wealthy because their goal was to become rich. It is always a bi-product of being passionate about working with others to create something that adds value to people's lives."

How do you find passion in finance in adding value? Is the relationships? Sense of purpose?

Comments (31)

 
Jan 16, 2021 - 4:24am

Wealth is not always a by product of adding value to people's lives. That is a false statement.

Go, Go, Excel

  • 6
 
Jan 20, 2021 - 2:30pm

Funny thing. I was thinking about lawyers earlier. Do you think the vast majority do it for the money and potential power?

 

Go, Go, Excel

 
Jan 16, 2021 - 7:55am

It kind of makes sense but not entirely. You cannot optimize your way towards being a multi-millionaire from the beginning. Maybe some people can but they are the outliers.

For most of us other folks, being wealthy becomes a function of how good we are at something and how demanded that thing is in the human capital market, along with our discipline (grit/consistency/dependability). Be it banking, stand up comedy, medicine, or any other industry in the world. 

The idea of collaborating with people and creating something of 'value' can seem interesting - but I am not sure it can help in doing the grunt work for years. Instead, focusing more on becoming the killer at your job will help you cope with the extra stress that comes with the work. Collaboration and creation are not fluffy as it sounds in this quote. And, not every collaborative and innovative person gets rich. But I think most people who are great at what they do and have a market that demands their skills, generally tend to make considerable money. 

And stop trying to find passion, relationships, and purpose in finance. It is a job. Not a walk down a poetic road. Focus on being great at what you do and you will get the bandwidth, resources, and confidence to pursue things that you might be truly passionate about. Also - passion is not a perpetual phenomenon; you can be passionate about something today and bored with it in a few hours, days, weeks, or years. Putting impetus on being great at that thing can still keep you going instead of some intrinsic idea of passion. That aim indeed can put you on a virtuous cycle. Besides, just collaborating and innovating cannot help you put out great work at the desk - you have to be good at what you do or else you will feel like an imposter all the time. 

Finance can help you attain some solid personal attributes - discipline, working under stress, and objectivity. Relationships and a sense of purpose - I doubt that. Again - no job is supposed to give you all of that. This is like looking for the perfect partner. It doesn't work that way most of the time. 

Richie might have wanted to say something more profound - but I will go with my Ape Analysis. 

Feel free to disagree. 

 
Most Helpful
  • Intern in IB - Gen
Jan 16, 2021 - 12:43pm

Cuck Handler should shut his dirty whore-mouth and purge himself and his butt-ugly mongrel spawn from all social media.

 
  • Associate 2 in PE - Other
Jan 16, 2021 - 2:25pm

Christ I couldn't agree more. I cringe every time I see a comment from him on a finmeme page. And then what's worse is that all these dick riding undergrads and BO folk enable him more. Later on I made the mistake of looking at his female offspring's page and almost threw up my coffee. If Rich wants to add value, he needs to start with his daughter's face. 

 
  • Intern in IB - Gen
Jan 16, 2021 - 3:19pm

The man forgot the old adage that if you become the face of your brand, people will judge your brand for your behaviour. Warren Buffett had figured that out when he was still in college, that´s why he kept all the managers. Not very intellectually rich of Rich, tbh.

 
  • Intern in PE - Growth
Jan 20, 2021 - 3:48am

Makes you wonder - Handler cannot be dumb, not as a man in his position. So why does he not see that he will never placate the SJW mob? Just saw a self-jerking post for a mandatory "unconscious bias training" on his feed.

 
Jan 16, 2021 - 3:56pm

I have no clue why he thinks it's ok to post what his spoiled kids do on IG. Not a good look to his employees, outsiders or really anyone... yikes. 

  • 3
 
  • Analyst 1 in IB - Ind
Jan 17, 2021 - 12:36am

Rich definitely worked hard for where he is. He mentioned he took an interview with Milken at 4am and waited hours for him. At his level, you are paid for connections and he definitely has a well rounded network.

 
Jan 17, 2021 - 1:46am

Bezos has always been focused on the consumer and made it his only mission in life to sell a product that would satisfy their wants despite his company initially suffering losses. I find it hard to believe that he enjoyed the process of getting to know their buying habits but rather finding a model to exploit this psychological tendency, make his company a recognized name and him wealthy. 

 
  • Analyst 1 in IB - Gen
Jan 17, 2021 - 10:07pm

The entire notion of "nobody gets wealthy because their goal was to become rich" is complete bullshit. Yes, there are plenty of people who made fortunes while doing something they are deeply passionate about, but the vast majority of self made rich people didn't stumble into their money by doing what they love. They worked their asses off and while money may not have been their only motivator, it was very important. I mean, look at investment banking MDs and tell me how many of them didn't have a goal of becoming rich.

Jordan Belfort famously said that he initially wanted to be an orthodontist and on the first day of orientation, the head of the department said "if you are here to get rich, then leave. the golden era of dentistry is over". He immediately stood up and left the school, went to wallstreet, and proceeded to make 50 million a year. Not idolizing him, but he is a walking proof that a desire for money and nothing else, can actually lead to getting rich. 

 

TLDR: Rich is full of shit

 
Jan 17, 2021 - 10:21pm

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

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