The true cost of sentiment in the realm of wealth building
After Cristal Flores died abruptly as a result of the gunshot that Claudia pulled, everything went haywire for Blake. He was depressed and went out of his way to stay out of the public eye while he gained his confidence back. He did return home to meet Fallon trying to sell the company and splitting the money with the rest of her siblings. Source You know throughout the period that she wanted to make the sale, she got into a lot of emotional troubles and plays that made me wonder how difficult it could be to sell a damn company, especially one that was doing so well. I wondered if the new owners were cold feet over the fact that they might not be able to hold up and make it profitable like the Carrington did or something else.
It made me almost rethink the idea of investing or even creating a company if this is how difficult it would be to make a sale and cash out.
I did not know that the universe had other plans for me. Just as with everything in life, there are two sides, right? Yeah. Fallon might have found it difficult to sell their company and cash out, but someone else did not have difficulty selling theirs off to Blake Carrington.
The Psychology of Money
You know that I always tell you how Morgan Housel makes everything I came to know about money more perfect and fully understandable right? True. The moment I explain the next series of events for you, you will come to terms with the fact that Morgan was right, emotions and human behavior does something to do with how money works.
The fact that we have been told time and time again that history doesn't repeat itself but man does should give you the hunch to never take that phrase for granted.
Look at this, Blake finds that his deceased wife got her new identity, Cristal Flores, from a woman in the hospital where she worked as a nurse. The woman was dying, and she agreed to allow Cristal, formerly known as Celia to take her identity. Now Blake finds this original Cristal, who obviously did not die, but turned out to be known as Cristal Flemmingo and he falls in love with her.
She did not want to stay as long as Blake wanted so Blake went ahead and bought out the hospital she worked with. He paid every staff handsomely and had the new Cristal running back into his arms. It was a killing if you ask me because I saw Kate Blackwell do this in the book Master of the Game, so I wasn't entirely surprised, I only learned the lesson,
Trust is the most valuable thing that you can give away What IF
This is not even the point of this post but somehow it's fittings into the main theme.
Sentiment in the realm of wealth building
Now, listen, Fallon, on the other hand, is prepping a wedding that would be the talk of the town and she wants the Swan House. This is the house where her grandmother had her wedding and she wanted something special, deep, and meaningful. She's whining as a child that she wants the venue, even though another person already had it booked.
While Mimi, the woman who booked the venue is also throwing a tantrum over it, Fallon, is putting out words to the owner that she wants to buy the place. She knows as long as she's the owner she can do whatever she wants with the venue.
Again, this is just part of the gist until I get to the reason I put this post together.
Let's get back to Blake. After he proposed to our new Cristal, he wanted to buy a wedding gift so badly but the lady won't give in to him. But she loves Football, and she told him, she just wanted to watch soccer and spend quality time with him as a wedding gift.
This is how Blake went out of his way and bought an entire soccer team. He called this the family team. Where he and Cristal can spend quality time, watching the soccer that she loves so much.
Did you see emotions splattered all over those purchases? I bet you did.
Fallon wants to buy a swan house, because of the emotional attachment she has with it. Blake bought a soccer team because of the need to please his new bride.
Everything has emotions written over all the financial moves that this influential and affluent family does. It's almost like Morgan Housel was unto something big when he wrote his book, The Psychology of Money. He had seen it coming, he must have gotten a revelation because this was too true.
Taking Advantage of the situation
However, breathe in, If you know this much about the affluent society, how does this help you? I'll take you a step further from what Housel says, and I'll bring Thomas Stanley into the picture.
Who is Thomas Stanley again? I know you asked but give me a break, let me make some introductions.
You see when I saw that scene where Blake bought a whole soccer team for his new bride, the first thing that ran in my head wasn't Housel. It was in the course of writing this that Housel came to mind. The first thing I remembered was the book, The Millionaire Next Door.
Why? I remember Thomas Stanley, one of the authors mentioned in their book, that silent millionaires often do not live flashy but they make their millions catering to the needs of the flashy.
I remember the few ending chapters of that book and how he encouraged us to take courses that these affluent societies would patronize. He mentioned that those affluent people even though they are frugal with their money will definitely pay for good services. Let me quote him;
The affluent especially the self-made affluent are frugal and price sensitive concerning many consumer products and services. But they are not nearly as price-sensitive when it comes to purchasing investment advice and services, accounting services, tax advice, legal services, medical, and dental care, educational products, and homes, for themselves and family members. The Millionaire Next Door
He mentioned they are not frugal when it comes to buying things for their children and grandchildren, in Blake's case, his new Bride.
Knowing this, and understanding how emotions trip off these kinds of purchases, it would do you good if you put yourself on the radar and create things that these folks will be willing to pay for once their emotions kick in...
Most importantly, while I was worried about investment vehicles and portfolios when I saw Fallon struggling with selling the family legacy, this Blake scene made me realize that the two side of the coin is; that you might get lucky and be well-positioned in an industry that doesn't require too much hassle to sell off.
Especially when you are on the radar for a man like Blake who wants to please his wife or a lady like Fallon who wants to relive the memory of her grandparents' wedding on her wedding day.
Put yourself out there and win!