Is it luck when an entrepreneur hits big? It is not the lottery, but the returns can feel like it.
I learned this early. At 31, I exited one of the most successful real estate deals in Metropolitan New York history: the redevelopment of the Harborside Financial Center in Jersey City. At the time, it was the country’s largest commercial renovation. For me, it was my first substantial wealth moment and I had no idea what to do next: What to do with the new capital I acquired and how would I make it matter?
The more wealth one accumulates, the more fragile one can feel. What begins as a quest for freedom can morph into a fortress mentality. I have seen peers—brilliant, driven individuals—become distracted by the fear of losing what they have built. Instead of leaning into the adaptability that made them successful, they retreat behind walls, both literal and figurative.
Today we are in a similar societal position: We are on the precipice of the largest societal wealth transfer in history, where an estimated $84 trillion is set to pass down to younger generations over the next two decades. What will we do next? What happens now will define the future of American innovation and entrepreneurship, and that’s why we all should be paying attention.
