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Money might not buy you happiness, but used wisely, it helps to oils the wheels very effectively on the road to happier, healthier living, loving, and working, says Johannesburg psychologist and human behaviour specialist Ilze Alberts. Alberts uses her exceptional skills as a psychologist, honed over decades to develop innovative programmes aimed at helping what she calls ‘high-net-worth’ families cope with the complicated dynamics, and stresses and strains that wealth can bring. She isn’t talking only about literal riches. It’s all about helping people acquire appropriate mindsets and behavioural strategies that enable fulfilled and prosperous family relationships and personal empowerment on all levels. For more information on her work, you can checkout her global wealth creation website. In conversation here, she gives insight into the intricate connection between health and wealth. – Marika Sboros
Welcome back to my listeners. I’m Marika Sboros from BizNews Health, and today I’m speaking to Ilze Alberts. She is a psychologist with a difference. She is a wealth psychologist, but we’ll hear more about that now. Ilze, thank you very much for coming in to the studio today to talk to me.
Thank you Marika.
Now tell me, what is a wealth psychologist?
Irrespective of what the word “wealth” means, it is to help individuals, families, and businesses to unlock the high net worth, in themselves in all areas of life. That means physically, socially, family wise, financially of course, career wise, mentally, and spiritually.
Interesting, because I see in information about your work that you talk about unlocking a high net worth, so you aren’t talking only about literal riches.
It is including literal riches but you cannot only unlock your financial wealth, and omit all the other areas if you want to live a highly, fulfilled life, or a prosperous and fulfilled life.
Right. Warren Buffett’s quote that you have here: “Emotions destroy wealth. Strategies build wealth.” Can you expand on that?
Yes. If you make any emotional decisions around your finances then it will lead to a destruction of your wealth. Something that has really been of a high interest and that’s pulled my attention is the “shirtsleeve” proverb that wealth stays in families for only three generations. The first generation creates the wealth. The second one just looks after it, and by the third one it is all spent and there is nothing left. I have really a burning desire to help families that have created some form of financial wealth or it can be in other forms as well, to see that this cycle is changed and that you have generational impact.
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Well, I’m sure the generations to come will thank you hugely for that. Can you give me any idea of what kind of strategies do you suggest, or is that like how long is a piece of string?
Okay, that is absolutely, individual and every person, every family, and every business – I work equally with businesses as well. It all depends on what their specific needs and voids are, so I can just give one example, for instance I recently, at The Genius of Buffett Conference that I attended in Omaha, when I was there for the Berkshire Hathaway shareholder’s meeting (the AGM). I met a 19 year old young man from Singapore whose father gave him, at the age of 18, $500m to see how he would look after it and grow it, until the age of 23, where he will then receive the same amount – if he has shown that he’s been wise with the money.
I spent time with this young man and I said to him, “It’s not only about understanding how to look after the finances. It is the mental side, the psychology of wealth that is equally important.” So, I am helping him to learn how to manage his emotions because he is fearful that he will make a mistake, so he’s put all the money in the bank to, just get compound interest, so he’s not learning any lesson through that.
I can imagine. I mean, money can be a huge burden.
Yes, and it can destroy families, but for me when you unlock the prosperity in your family, it is of course to unlock the wealth, because you can’t do much without having finances to pay for things. Then, when you have the finances available, you can really create an amazing life for yourself and your family, and your business, where you can just take things to the next step or to the next level – and you can unlock the potential in each individual.
Right, you talk a lot about emotions destroying wealth. Are emotions necessarily negative?
Well, whether it is a positive or a negative emotion, if you have more fantasies around your wealth – you create, you will in fact bring in the nightmare to equilibrate you, around your emotions, and, yes, it is. People think it’s only negative emotions that can destroy it. Where it is equally positive emotions – if you become arrogant, self-righteous, complacent and for sure, if you have fantasies, and your life is not demonstrating that you are putting the action steps because it is one thing to know what you want but unless you put in the action steps. Absolutely nothing will happen.
The case history that you spoke about earlier, about the young man who’s been given $500m by his father. Can it almost seem like child abuse to do something like that to such a young person?
Wow, yes – some people can look at it like that but this father has been very wise in giving his son a huge amount of guidance and mentorship. That is definitely, in my perception, a very wise father, who’s not only given him the money but also gave him some – you know, it’s like he’s given him the fishing rod to learn to fish.
Right, also you say that you’ve started Master Mind Groups, can you tell us what those are?
Yes, I’ve had the privilege to be in an international Master Mind Group for family wealth. I’m focusing specifically I call it family wealth but please remember that family wealth is not only about the financial wealth. I can share with you how amazing this opportunity is for me to be in a Master Mind Group, of likeminded people, how you can truly unlock your own potential. I’ve been running Master Mind Groups for many, many years. I’ve been a psychologist for 25 years, but now I’m focusing on unlocking your high net worth, in all areas of life, Master Mind Groups. So I take eight to 10 people, over a year period. We meet twice a year for ten intense days, and then during the year there is personal attention, and guidance, and coaching from me.
Are these groups all held in South Africa or do you do them abroad as well?
I do, at this stage, in South Africa but I am starting it in the States as well. The interest is there, so I’m travelling much more often to the States. I’m going for my third time in this year.
Is this a form of group therapy?
No, it’s not therapy at all. It’s about coaching. It’s about really unlocking your own potential in every area of your life.
You also conduct family seminars?
Yes, so I also call it “Unlock the High Net Worth in Your Family – in All Areas of Life”, so that’s a two-day seminar that I run for parents, specifically. To help them too – and we take all seven areas of life, and we spend specific and have skills techniques approaches – how to unlock it in the grownups and in the children equally.
What are those seven areas?
Spiritual, mental, vocational or career, financial, family, social and physical.
Why is there such a practically direct link between health and wealth?
Well, if you don’t have physical health and mental health, you cannot enjoy the fruits of your labour, and if you don’t look after your mental health and your physical health – you don’t have quality of life. My desire is to help people to have fulfilled and prosperous lives, and that definitely – I see that a body is your vehicle to take yourself, your service, your loving service to the world, and if your body is not serving you, you can’t do that. If your mind is not serving you – you can’t do that.
What role then does literal wealth – riches, money – play in all of this?
It does play an important role because the more financial opportunities you’ll have, the more money you’ll have, the more you can afford things. You can afford higher education. You can afford opportunities. You can afford experiences. It takes you into contact with a different sphere of people as well.
So does money buy you happiness?
No, definitely not – money does not buy you happiness. It is when you invest in yourself and you unlock your own highest potential that you have the biggest opportunity to unlock your prosperity and your fulfilment. Happiness will follow.
Thank you very much for coming into the studio to talk to us, Ilze Alberts.
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