Which bank use billionaires with several millionaires
"Millionaires don't have a good reputation"
Mr. Rodiek, how do you get rich?
Dennis Rodiek: You need three things for this: a good idea, a clear plan and the willingness to tread rocky paths from time to time. With these attributes it could work.
And? Are you rich?
I would consider myself wealthy. But not because I have a lot of money. To me, being rich means having time and being healthy so that you can enjoy life. With money you can of course afford certain freedoms. But I think rich is someone who feels rich.
If you want your bank to manage your assets, you should bring at least one million euros with you. How many rich people are there in Bremen?
I can not say exactly. We're busy. In my work I have found that the way wealth is created has changed. There used to be a lot more jobs that could get you rich. Bankers or doctors were among them. They still earn very well nowadays. But if you want to build up a real fortune, you should become an entrepreneur.
When do you think you're really rich?
There are different points of view. Is someone who has $ 200,000 rich? For most people it is. Then there is someone who has three million euros. Is he rich? And what about the one who has 20 million? There is almost always someone who has more. People are generally considered to be very rich when their assets are in the tens of millions. Then there are assets in the three-digit million range and, after all, there are still a few billionaires in northern Germany. My definition somewhat beyond the material is: If you can live carefree and are completely happy with your life, in my opinion you are really rich.
Do these rich people even perceive themselves to be rich?
There are enough people who are so self-reflective and know that they are richer than many others. But many also say of themselves that they are not rich. These people hang out in completely different circles and of course see that there are people who are even richer than them. The whole thing also works the other way around: people think they are super rich, but they are far from it.
So is wealth always a question of the environment?
Naturally. People put their prosperity into perspective by the circles in which they move. In Bremen, people who live in Oberneuland, Borgfeld or Schwachhausen are assumed to be richer than people from other parts of the city. That may be true in parts, but the subjective perception can be completely different, especially if the neighbour's house or car is significantly larger.
Do rich people like to talk about their wealth?
My perception is as follows: the richer a person is, the more inconspicuous and modest he is. I once knew someone who wore a watch with a Mickey Mouse motif. It looked very simple and many probably thought: What a strange guy that he walks around with such a children's watch. In reality, however, it was a valuable designer piece. Of course, there are also people who come along with a Rolex and want to be seen with it.
Is it frowned upon in our society to have money?
In Germany it is a problem to be rich. Just recently, a study was published that says: Millionaires don't have a good reputation. Those who inherit their wealth are often not accepted. The big exception are entrepreneurs because they have built something themselves. In England and the USA, envy is not so strong. On the contrary: Here you get patted on the shoulder and congratulated on your success. No wonder, then, when the rich in Germany behave very discreetly or leave the country.
So is wealth a bad thing?
It can have bad points, yes. For example, when it means that the main purpose of life is to want more and more money. It's like a running bike. At the same time, money can also become a burden when people are afraid of losing their property. I've already seen heirs who didn't want anything to do with the family's fortune and were glad that someone else took care of them. Others, on the other hand, have squandered all the money and broken because of it.
So money alone doesn't really make you happy?
It can, of course, help you fulfill your dreams. But I also got to know a lot of people who are absolutely unhappy with their money. Maybe it's hard to imagine, but when I'm rich, I often go to certain social classes. If I suddenly lose a lot, I feel pushed out. It's not just about the money's gone, it's about the fact that suddenly there is a supposed flaw, a shame.
How do you help these people?
In these cases, I advise you to be clear about how much people earn in jobs that are very important to society. I think of nurses, nurses, educators. You do an incredible job every day and have to endure a lot mentally. If you compare your salary with your own income, you can quickly see how privileged you are.
Need to explain to rich people how well they are?
I think most of them already know that themselves. But it is important to be aware of the responsibility. And if a materially wealthy person helps others with their money, then the chances of getting even richer are better - for example through satisfaction, happiness and recognition.
Is money only interesting for people who have little of it?
The neighbour's grass is always greener. This is a common belief in our society. For many, wealth is what drives them to do something. But there are two types of people: on the one hand, those who got money because they were very focused. For them, more wealth will always be important. And then there are the people who have considerable wealth, but for whom it is becoming increasingly unimportant. They don't care whether they have a million more or one less. To put it economically: at some point the marginal utility will decrease. At a certain point, more money doesn't make you happier to the same extent.
Is there a difference between the lottery millionaire and the one who has made his fortune?
Most people who have suddenly become wealthy are often very familiar with the normal fears and hardships and are therefore very careful with their money. But of course there are also the exceptions that take off and get everything through relatively quickly because they can't handle it. People who have earned their money are used to working success-oriented. You often take more risk when investing money and invest in stocks, for example, because the return is higher there. Heirs, on the other hand, who want to preserve the family wealth in the long term, play it safe, even if there is almost no interest. For them, stability is reassuring.
People could do a lot of good with their money. Instead, it is invested or invested somewhere. Does this mean that society is losing something?
Many people do not even know what many wealthy Bremen residents actually do for the city or for sick people. Large parks, the art gallery, the music festival - there are many foundations, especially in culture, that do good. They are often backed by very wealthy Bremen families. They are fulfilling their responsibilities, but they do not expose it. It used to be common for entrepreneurs to see their company like a family and therefore feel responsibility for their employees. But the wind has gotten rougher and the pressure on margins has grown. As a result, social responsibility has unfortunately waned in some areas.
Germany is a very rich country. What are we lacking in your eyes?
About indulging others; to recognize when someone has built something. If you showed more appreciation for successful people, more people would probably give and share some of their financial blessings. Poor versus rich is the wrong way to go. In addition to securing the future of their own company, medium-sized family businesses in particular often also focus on the well-being of their employees.
If you're rich and can afford anything, what does luxury mean?
People often long for one thing: time. Because they often had too little of that for a long time. They worked a lot, were always there for their company - but not always for their family. They haven't had enough time for their partner and have missed how their kids grew up. Many people regret that at some point. But small things and gestures are also a luxury - because you can't buy them.
Interview conducted by Stefan Lakeband.
Dennis Rodiek (42) is responsible for wealth management at Berenberg Bank in Bremen and looks after wealthy clients from northern Germany. Before moving to the private bank, the business economist worked at Bremische Volksbank, among others.
Time, fortune or luck
The new series of interviews “Those who need to know” asks big questions: about time, wealth or luck. People from Bremen have their say who deal with these phenomena in their everyday life - consciously or unconsciously. In part three, which will be published on August 19th, the cellist Karola von Borries will talk about the right tone.
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