A woman by the name, Ms. Pretty, recently wrote a letter to James Dimon, the CEO of J.P. Morgan, asking for his advice in finding and marrying a man worth at least $500,000. She claimed to be 25, “very pretty,” with “good style” and “taste.”
Dimon, one of the most respected executives in finance, generally prefers to keep a low profile. But in this case, he couldn’t help but enlighten her. Simply put: bring something else to the table:
The fact is, my income might increase from year to year, but you can’t be prettier year after year.
Hence from the viewpoint of economics, I am an appreciating asset, and you are a depreciating asset. It’s not just normal depreciation, but exponential depreciation. If that is your only asset, your value will be much worse 10 years later.
Dimon went on to elaborate that wealthy men and women generally choose short-term and long-term partners based on value:
It might be cruel to say this, but in order to make a wiser decision, any assets with great depreciation value will be sold or “leased”.
Anyone with over $500k annual income is not a fool; we would only date you, but will not marry you. I would advise that you forget looking for any clues to marry a rich guy. And by the way, you could make yourself to become a rich person with $500k annual income. This has a better chance than finding a rich fool.
There you have it. Looks alone are literally a day late and a dollar short. And coming from a man who runs a multi-billion dollar company, you have a better chance of becoming a millionaire yourself than actually marrying a millionaire through beauty.
What do you think of Dimon’s advice? Do you agree or disagree with his financial perspective?