Lee Hausner, a California-based psychologist who works with the ultrarich, has one client she calls “The Phoenix,” a real-estate developer and investor who borrowed and spent heavily. He has surged and crashed twice over the past decade, reaching a net worth of $400 million, losing it, then hitting $200 million and losing it again.
“He’s an impulsive risk-taker,” she says. “He always lays everything on the line.”
For risk-takers who want to get rich and stay rich, Ms. Hausner advises taking a step back every so often and evaluating important decisions rather than leaving them to impulse.
“Some of these people roll the dice and they get rich,” she says. “But they have to realize that if they roll it again, the result may not come out as well. They need to stop themselves before they roll again, and deliberate.”
December 17th, 2011 at 3:29PM
Ms Hausner might do well to take her own advice.
December 17th, 2011 at 7:18PM
When I was in law school, over 30 years ago, one of my friends said he wanted to specialize in the legal problems of the rich. Unfortunately, he never achieved his goal.
December 17th, 2011 at 7:37PM
Van: Funny. Sad.