{"id":21614,"date":"2020-01-29T17:41:13","date_gmt":"2020-01-29T17:41:13","guid":{"rendered":"https:\/\/adamfayed.com\/?p=21614"},"modified":"2024-05-24T06:34:06","modified_gmt":"2024-05-24T06:34:06","slug":"why-i-hate-the-wolf-of-wall-street-movie","status":"publish","type":"post","link":"https:\/\/adamfayed.com\/it\/financial-planning\/why-i-hate-the-wolf-of-wall-street-movie\/","title":{"rendered":"Why I hate the Wolf of Wall Street Movie"},"content":{"rendered":"

Discover why I hate the Wolf of Wall Street Movie and how investing in offshore wealth solutions<\/a> can provide additional financial leverage.

The Wolf of Wall Street was a fantastically entertaining movie, but in some ways, I can’t stand it.<\/p>\n\n\n\n

I motivi sono:<\/p>\n\n\n\n

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  1. It perpetuates many myths<\/strong>. For example, that it is still possible to money launder and use offshore “shelters” to hide money from the tax authorities as shown by this scene:<\/li>\n<\/ol>\n\n\n\n
    \"\"
    <\/figcaption><\/figure>\n\n\n\n

    Now sure, the movie was set during the 1980s and early 1990s, and much has changed since then. The public hasn’t always changed their minds and stereotypes though. <\/p>\n\n\n\n

    2. That finance is all about greed <\/strong>– sure some customers and financial service providers might be that way, but it is a minority . The movie implies that Jordan Belfort, his workers and indeed clients, were all just guided by greed. <\/p>\n\n\n\n

    3. That investing is akin to gambling –<\/strong> there is, in reality, a huge difference between investing and speculation. “Investing” in high-risk IPOs, based on no research, isn’t the same thing as patient, buy and hold, investing <\/p>\n\n\n\n

    4. That getting rich is about showing off<\/strong><\/p>\n\n\n\n

    As I have mentioned on many occasions, most wealthy people are quite humble and are less likely to buy luxury goods than many average earners.<\/p>\n\n\n\n

    The movie, however, tries to glamourise Belfort’s easy come, easy go, attitude to money in his younger days.<\/p>\n\n\n\n

    5. It doesn’t mention some of the long-term consequences of Belfort’s actions<\/strong><\/p>\n\n\n\n

    Belfort’s net worth is now estimated to be -100m. In other words, he still owes victims more than the assets he owns. <\/p>\n\n\n\n

    He himself has admitted that he could have been wealthier today, if he had played the long game. <\/p>\n\n\n\n

    Why does this matter?<\/strong><\/p>\n\n\n\n

    It doesn’t if you take movies with a pinch of salt. Many studies though, have suggested that we subconsciously yet “taken in” by these kinds of stories. <\/p>\n\n\n\n

    The fashion industry wouldn’t exist, after all, if we weren’t influenced by the views of others.<\/p>\n\n\n\n

    The interesting thing is, when I am out and about, many people ask me questions about investing and finance more generally.<\/p>\n\n\n\n

    What usually surprised them is some basic facts such as:<\/strong><\/p>\n\n\n\n