Why Getting Rich Won’t Make You Happy (And What Will) | Peter Grandich
The Happiness Deception
“Wealth has to be more than money. You know, one of the great biblical misconceptions of people that aren't biblical oriented, but they've heard it and they'll say it and misquote it and they say, yeah, money is the root of all evil. Well, it actually says the love of money is, is the root of all evil.” -Peter Grandich
Yesterday, I launched the first episode of my podcast series, Building Generational Wealth with Living Your Greatness.
I had the honour of speaking with Peter Grandich, a seasoned Wall Street veteran with over four decades of experience. His journey isn’t just about financial success or setbacks—it’s about the deep wisdom gained through life’s toughest challenges. Peter’s story is one of resilience, redemption, and a powerful new definition of what true wealth really means.
Peter’s insights go far beyond money. Rooted in faith, humility, and hard-earned perspective, his reflections challenge the traditional view of wealth—and invite us to consider a richer, more human measure of success.
What stayed with me most is this: generational wealth isn’t built on spreadsheets—it’s built on values, discipline, and the mindset we choose to carry forward.
In this episode, Peter shares five timeless lessons that will not only shift how you think about money—but how you choose to live.
Episode Lessons
Here are some lessons I took away from Peter Grandich in this episode.
1. Redefine What Wealth Really Means
Most of us instinctively associate “generational wealth” with money. Peter challenges us to look deeper:
“When we hear people say wealth, most people right away think of money… To me, it’s gone way beyond that because of what I transpired.”
Real wealth, Peter reminds us, touches upon faith, family, mindset, health, and the ability to weather adversity—not just numbers in a bank account.
He points out:
“When you find real happiness, many times it’s from people with far less means than very well-to-do wealthy people.”
2. Live Below Your Means—And Beware the Debt Trap
Of all the financial lessons, Peter is adamant about this one:
“Debt is the biggest enemy to wealth… If you ask me what is the single biggest issue about building wealth, it’s the opposite. It’s that people take on debt and use debt in the wrong way that leads to a lot of negativities.”
He laments how societal pressures have seduced families into overspending, evidenced by the explosion of public storage units—testaments to an era of “too much stuff.”
The advice is simple, but not easy: spend less than you make, and let prudence, not appearances, guide your decisions.
3. Happiness Isn’t for Sale—Beware the Myth of ‘More’
One core theme in Peter’s story is how fleeting and illusory material wealth can be.
“Wall Street and Madison Avenue have done [everything]… to create an atmosphere that more money equals more happiness. But in real life, it doesn’t work that way.”
He offers a moving story about a billionaire client who, despite all his material success, confessed privately that he would trade it all for the loving family and simple joys Peter possessed.
As Peter summed up:
“That was my clearest example, that all the money in the world… and yet his life was totally unfulfilled at that moment, because I had something… that was priceless to him.”
4. Build a Wealth Mindset—Not Just a Financial One
Mindset is everything. Peter says:
“Some of the happiest people you’ll ever meet are people with the least amount of what we would call huge wealth.”
The wealthiest minds are not necessarily those with the largest bank accounts—but people with gratitude, purpose, prudence, and healthy habits.
He is clear:
“Wealth is not everything it’s cracked up to be, because if it was, you wouldn’t see story after story of people of means… taking their own lives, all despite having what the world would tell you is all you need.”
5. Give Generously—Success Isn’t a Solo Act
Perhaps the most touching lesson Peter shares is the importance of giving back and helping others learn:
“Years ago, someone helped me a lot and they said to me, if you ever get in the position, how you pay me back is pay it forward. And that’s what I feel like I’m doing here.”
By sharing his hard-won lessons, Peter hopes to ripple those insights outward. True generational wealth, to him, is a legacy of wisdom, service, and positive influence, not just inheritance.
Thanks for reading! 🫶
Much love,
Writer l Speaker l CEO of Living Your Greatness
P.S. To celebrate the end of the podcast series Building Generational Wealth, I am hosting a live event with Michael Gentile and Daniela Cambone next Thursday 6-9pm, May 29th at Connections Ralia. If you haven’t signed up yet, I’d love for you to join us!
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