“You’ve got the right passion, you’re able to build your own career, you’ve built a nice house, you’ve got all of these things, like my wife has, and so forth,” said Jack Niedenthal, a former CEO of New York-based technology company Hewlett Packard and a founder and former chairman of financial data startup Mint.
If that passion has a financial benefit — such as a salary boost, a house that can be expanded and an improved lifestyle — Niedenthal says that’s the best predictor for wealth.
Another possible financial benefit: If you manage to stay in business and keep investors happy, you can make more money than if you just quit.
“A lot of people quit because they’re frustrated or worried about the business,” Niedenthal said. “It’s easy to quit when it’s frustrating.”
Millionaire status is often earned in a more short-term, personal way than with a steady job and income.
For Niedenthal, the “funniest thing” about starting a hedge fund was to be able to give away the profits, even if it meant his colleagues would be jealous.
And it’s what he wants to bring to a business he started nearly a decade ago with a $4 million investment from his brother. The company, called New Horizons, invests in digital currencies, like Bitcoin, that can be transferred from one person’s virtual wallet to another.
Niedenthal first started doing Bitcoin research at the University of Toronto’s computer science department in 2002, he said. Since then, New Horizons has grown to about $500 million in assets, and it has generated more than $200 million in dividends to shareholders.
Niedenthal admits he’s never really had a chance to see Bitcoin’s potential, though he’s certainly heard enough about it to know the potential.
That makes him a bit unusual among other billionaires, who’ve usually invested in tech or other assets, like tech stocks. (For example, tech entrepreneur Chris Sacca, who’s worth $1 billion and who was recently named the sixth richest person in the world by Bloomberg, is reportedly still buying shares of Microsoft Corp. he acquired during an ill-fated ill-fated bet on the
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