YO! Sushi — and especially public speaking and TV work — brought me into the realm of others richer and more successful than I.
I felt inadequate and less-than, which, given that my bank balance, assets and income was beyond what I had dreamed, was a form of madness. I soon put a finish to that in myself, part of which was the realisation that most of them weren’t worrying about me – they were much too worried about how I saw them.
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Status from money is a highly motivating factor for a lot of entrepreneurs. Theo Paphitis, who took over from me on Dragon’s Den, told me that if he had less than a hundred million he felt inadequate.
People who have money often exaggerate the amount, campaigning the compilers of rich lists and the rest. Philip Beresford, who put together the Sunday Times Rich List until 2017, told me stories about how rich people (including my colleagues on Dragons Den) would pester him about his valuations, usually wanting them higher.
Of course the smart ones, like our own Queen Elizabeth II RIP, say nothing.
I don’t care what anyone says. Being rich is a good thing.
Mark Cuban
When I sold my majority stake in YO! Sushi the first time, the lawyers cracked open champagne. The money will be in your bank account “within the hour” they told me. So I walked down the road to the cash machine and checked the balance in my current account. I was looking at it for so long a line formed behind me, coughing and spluttering.
I can tell you this – if anyone tries to tell you that money doesn’t make you happy, they’re lying!
Envy
And madness
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Take Away
How rich is rich?
£5 – 10m. Well-off. But if you want to have a yacht, fly first class, have a high-maintenance spouse and expensive holidays then you’d better keep working.
£10 – £30m. Very well-off. You can do what you want, provided your aspirations are not too high …
… you certainly shouldn’t be buying a private jet or a crewed yacht yet and be careful … your investments are at least 50% safe. Avoid litigation.
£30 – £50m. Just Rich – You’re getting there. You still worry about losing it, you have already lost some dabbling …
… and there’s the offspring, ex-wives and old friends to take care of, and being an entrepreneur you still want to be busy, but if you are sensible, you’re free.
£50 – £100m. Rich. You breathe a sigh of relief if you are not too hungry for status. You have started mixing with the very rich and have already had feelings of inadequacy …
… hopefully you realise this is a form of madness and still enjoy the next bit of your life and money.
£100 – £300m. Very Rich – If you have got this far you are a gambler or very lucky and you want to carry on – many have fallen from such heights …
… You are determined not to be one of them but you do like to play so you are still in it. You are free but you may not be happy, it’s a lot of responsibility.
> £300m. Super Rich – You may wear wealth and power generously, in which case it will be a wonderful asset to you and yours, or you may use it as a protective shield behind which you issue orders …
… either way you don’t worry about being poor but you still have other worries like everyone else!