Suggested reading by Myra Salzer
A friend and mentor sent me a link to an article from The Cut’s Living With Money section by Sarah McVeigh titled, What It’s like to Grow up with More Money Than You’ll Ever Spend. It’s an honest exposé of Abigail Disney’s (grandniece of Walt and granddaughter of Roy) life. I’m confident you’re going to want to read it yourself.
Abigail talks about the challenges of growing up in Hollywood both rich and with the famous last name – the double whammy! She experienced so many of the situations that some of our clients have, including asking herself whether she got into Yale on her own merit or because of her family’s name. This is especially poignant in the current environment where 50 people, some of whom are celebrities, have been indicted on cheating and bribing to gain admittance to desirable schools for their children.
She shares many stories about the awkwardness of inherited wealth and how her net-worth and self-worth haven’t always been aligned (though she didn’t use that wording exactly). She felt quite guilty when she used her father’s Boeing 737 to go to New York and back in a day. She talked about how she feels inferior to people who are financially successful through their own efforts. Though she was quite guarded about her own personal financial resources, she was quite proud that she’s given away $70 million since her 21st birthday when she received at least a portion of her inheritance. She also shared how she can sniff out someone who’s interested in her for her money, and is keen on how her wealth can interfere with relationships.
None of what I read about was surprising. What was surprising was my response: I remember being surprised by how likable Abigail Disney seemed. Why should that surprise me? Was I portraying my own prejudices? Me! I’m a protector of inheritors, the advocate for inheritors, the person who stood up on stage and announced to the world how wealth prejudice limits us. I surprised myself a bit with my reaction!
I hope you’ll take the time to read the article, linked above. You may find that it resonates with you, if you’ve grown up in a similar circumstance.