For the Ultra-Rich, Investing Isn't About Money. It's Also About Meaning — Here's Why. Ultra-wealthy investors are changing the definition of success by aligning their portfolios with personal passion, identity and legacy, not just financial returns.
By Mark Bell, Ph.D. Edited by Micah Zimmerman
Key Takeaways
- Investments can reflect identity, values and long-term personal legacy.
- Purpose-driven assets blend financial return with passion and enjoyment.
- Smart investing includes emotional alignment, not just traditional metrics.
Opinions expressed by BIZ Experiences contributors are their own.
For the newly wealthy, conventional investing wisdom often stops short of the most important question: What is the purpose behind your money?
As an advisor to ultra-high-net-worth families and a long-time professor of a course called "Alternatives to Alternatives" at Emory's Goizueta Business School, I've watched wealth evolve from something two-dimensional into something rich and textured. Money is not merely for security or even freedom; it can be a tool for shaping legacy, deepening community and expressing identity.
As your goals for your money and your life mature — moving beyond Maslow's foundational needs into self-actualization — you begin asking different questions. How do I use my money to align with my passions? What role can investments play in telling the story of my life and family? How can they bring joy and meaning, not just returns?
The new asset tranches: Scratching different itches
We often advise clients to think about their portfolios in tranches:
- Capital preservation,
- Market growth,
- Alternative diversification
- Purpose and passion.
The final category might include art, wine, vintage cars and even ownership stakes in professional sports teams. These aren't impulse purchases. They're calculated investments that marry enjoyment with return potential. I call them the "alternatives to alternatives," and they often involve "consumptive assets."
Related: A New Breed of Investors Are Driving Purpose Plus Profit
Passion is not irrational
There's a misconception, especially among my MBA students, that buying collectibles is frivolous; that passion implies irrationality. But smart investors understand that we're all rational agents trying to optimize outcomes, including happiness. When done well, collectibles can provide a "consumptive hedge." In other words, you enjoy your investment even if the return is modest or delayed.
Take the example of buying a diamond. You could walk into a store and buy the biggest one you can afford, and watch it depreciate the moment you leave. Or you could work with an advisor who understands which stones hold or appreciate in value. Same cost, wildly different outcomes.
The logic also applies to art. Most people already buy art, they just don't think of it that way. They hang paintings in their homes, but rarely consider resale value, artist trajectory or provenance. In reality, investable art starts around $100,000. Everything else is largely decorative.
Related: A $60 Trillion Financial Dilemma is Coming — How to Keep Generational Wealth from Disappearing
Enjoyment and alignment
When I first met our founder, Robert Balentine, he kept an iPad in the lobby of the office filled with images of art pieces in the office. Each image included a write-up about the artist and what it meant to him when it was purchased. It was a personal portfolio, but it was also a signal to visitors that said: This is who we are. This is what we care about.
That's the sweet spot: When investing becomes a conduit for legacy and connection. Whether through an art collection, a wine cellar or a piece of a sports team, these assets help tell your story.
Related: How to Develop the Mindset for a Billion-Dollar Success, According to Raising Cane's CEO
Some advice for the passionate investor
Read, research and ask questions. Just as you wouldn't invest in a biotech stock without understanding it, don't buy art or collectibles blindly. The more you know, the more confident — and discerning — you'll be when opportunities arise.
Work with advisors who understand both the financial and emotional elements of these assets. Seek those who can bridge passion and prudence, helping you make decisions that feel good and make sense.
Look for investments that hold or increase in value and match your long-term interests. Remember, some of the return is consumptive. You're allowed to enjoy your money. True wealth isn't just measured in dollars — it's in the experiences, stories and memories your investments create.
Because when used thoughtfully, your portfolio can do more than generate wealth. It can reflect who you are and who you hope to be.
