Yesterday, a friend I was talking to asked me what I thought about Ted Williams, the man who just a couple of weeks ago was homeless-and had been for years; the man with a history of substance abuse–but a magnificent “golden” voice. The story has become a worldwide media sensation. After someone videotaped him while he was panhandling on the side of the road, and showcased his soothing baritone voice, the video went viral almost immediately, and was viewed by over 13 million people. As a result, he was literally bombarded with jobs offers, taking one with the Cleveland Cavaliers as their announcer; an offer that included a bank paying the mortgage on a home. He has also done a commercial for Kraft Macaroni & Cheese.
I loved this story. I even got a little misty eyed (something I find happening more, the older I get) when I watched the reunion with his 92 year old mother. It was so nice to see someone living on the streets have a shot at a warm bed and 3 square meals a day. With a lengthy criminal record and past struggles with addiction, I was very happy to see him having a “second” chance.
Now, back to my friend’s question of what I thought about the story. I told him that I had concerns over the sudden and massive financial success and the constant attention by the media, and, that it could be argued, that the stress he was experiencing now, was many times greater than what he experienced when he got up each morning to panhandle for money. Ultimately, while I certainly hoped that it didn’t happen, there was a good chance that he would relapse with drugs and/or alcohol at some point, and find his emotional life upside down.
Today, I wake up to this as reported by the LA Times: “The homeless man (Ted Williams) turned celebrity was detained briefly by police after allegedly getting into an argument with his daughter at a Hollywood hotel.” As it turns out, they were both questioned and released, but I fear that we may possibly hear more about Williams in less than favorable ways in the coming months. I hope not, I really hope not, but hope, even by Williams, almost certainly won’t be enough to avoid the pitfalls ahead. I would like to see Williams take part of his new found earnings, and seek a guidance “counsel” of ethical and experienced men and women who can help him navigate through the waters he has never sailed through before.
Why does this so often happen? There have been many studies in this area, and of course, we are all familiar with the “Jackpot Lottery” winners who go from “Rags” to “Riches” to “Worse than rags”, but is there a common thread among those who experience success on a monumental scale, and then “crash”? I believe so.
Even if you grew up in Manhattan, New York, and didn’t see green grass until you were 30 years old, if a hog farmer gave you one hog to tend to, and showed you what to do, you’d be fine. Then, after some time, you could increase the number of hogs you were managing to 5, then 25, then 100. By moving up incrementally, you would be able to avoid being overwhelmed, and at some point, the number of hogs would be irrelevant. Even one hog, though, with no one to show you what to do, would likely turn out bad for both you, and the hog.
Imagine, then, going from no money, to hundreds of thousands of dollars-even millions of dollars-with no one to show you what to do, and with no previous experience of your own with that much money. Now, on top of that, toss in the countless requests for you to invest your money in “sure” investments, or to donate to a “worthy” cause. Most people have a hard enough time saying “No” to a dinner invitation they’d rather not go to, let alone saying “No” to a $50,000 donation request for blind homeless children.
I remember years ago, hearing Anthony Robbins say that if you truly desire to have massive wealth-and keep it, the first skill you better develop is that of being able to handle massive amounts of frustration, because with more success comes more frustration, and if you can’t hack it, you’ll sabotage your success, to get back to a level of familiarity and comfort.
Most people believe just the opposite; they believe that if only they had enough money, their worries would be over. There is a wee bit of truth in that, but only to a point. If you currently don’t have a reliable and consistent shelter, supply of food, and enough to keep the lights, heat and water on, then yes, having the money to finally meet those basic human needs will almost always bring more peace. I often tell people I joined the Navy because I wanted to become a Navy SEAL (which is true), but I also joined because I froze my ass off in a house with no heat the winter before, and ate most meals by showing up at “certain” times at the homes of friends and family. So, yes, in that situation, money does in fact take a great deal of “pressure” off. Beyond that, however, more money is more of a tool for increased opportunities and options (which is certainly a valuable and worthy thing), but the amount of “peace” it brings has diminishing returns for many people.
Give a homeless man a million bucks, and he’ll likely spend it all, benefitting few beyond himself. Give Bill Gates or Warren Buffett a million bucks, and they will likely give it away to a variety of worthwhile organizations that will benefit many. But somewhere in between those two contrasting examples, we find someone who may have had very little at one time, but through years of focused attention and consistent investing, has created a very nice “nest egg” (someone not wealthy by today’s standards, but perhaps worth 1-3 million dollars) and contributes on some level to society with some of their time and/or money. These are the people who will be very good caretakers for the introduction of massive newfound wealth and “success”. Yes, of course there are always exceptions, and this is a generalization, but a fair one.
As I think about Williams, I’d like to be proven wrong-very wrong. I’d love to see Williams, 10 years from now, making millions each year and serving not only as a role model for others who are down and out, but following in the footsteps of others who have used their wealth as leverage to make a difference for others. More importantly, I’d like to see Williams going into his 12th year clean and sober (says he’s been clean for two years now) and finding sobriety becoming easier to maintain. Time will tell, and I’m hoping that “time” is kind to Ted Williams. Prove me wrong Ted, please prove me wrong!