Multimillionaire tech entrepreneur sells his home, car, and all of his stuff to find meaning in life
Redeem now Research consistently shows that spending money on experiences makes people happier than spending on things.
Fabrice Grinda could be considered proof of that.
The New York Times profiles Grinda, a French tech entrepreneur who cofounded tech companies including a mobile phone ringtone and game maker and a global classified website similar to Craigslist. His net worth is about $100 million.
Until 2012, he lived a life of luxury. His most noteworthy possessions, as listed by the Times, included:
- a 20-acre estate in Bedford, New York
- a butler whose services cost him $50,000 a year
- a $300,000 McLaren sports car
- a $13,000-a-month Manhattan pied-à-terre near Madison Square Park in New York City
The now 40-year-old sold and donated it all, having a "midlife crisis — in reverse."
"When I looked back at the things that mattered the most to me," he told the Times, "they were experiences, friendships and family — none of which I had invested much in, partly because I was too busy, and partly because I felt anchored by my possessions."
With a single suitcase full of only 50 items, he set off to visit friends and family around the world, eschewing a home base for time with his loved ones.
However, unlike many people who sell their belongings to travel the world and experience life with less, he still spent lavishly. Eventually, he found it most convenient to bring his loved ones to him, and holds twice-yearly house parties in the Dominican Republic (he became a resident for the tax benefits) where he foots the bill for 50 or more people at a time.
They cost him about $25,000 each.
After a few nomadic years, Grinda has decided to buy a two-bedroom place in New York City's Lower East Side, which he'll occupy when he's in town and rent when he isn't.
Overall, Grinda says that his experiment in living with less helped him rekindle the relationships that were most important to him, but admits that the reality of selling everything to live out of a suitcase without a home base is different than he initially expected it would be.
"The philosophy is interesting," he told the Times. "But how do you put it into practice? How do you make it real?"
Libby Kane, CFEI Executive Editor, Personal Finance Insider Libby Kane, CFEI, is the Executive Editor for Personal Finance Insider, Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money Insider readers already know and love. She holds the Certified Financial Education Instructor (CFEI) certification issued by the National Financial Educators Council. Previously at Business Insider, she oversaw teams including Strategy, Careers, and Executive Life.Her team at Insider has tackled projects including:• Women of Means, a series about women taking control of their finances• Inside the Racial Wealth Gap, an exploration of the causes, effects, and potential solutions of the racial wealth gap in the US (finalist, Drum Award, "Editorial Campaign of the Year," 2021)• Strings Attached, a series of essays from people who have left insulated communities and how that journey affected their relationship with money• Master Your Money, a year-long guide for millennials on how to take control of their finances (first runner up, Drum Award, "Best Use of Social Media," 2022)• The Road to Home, a comprehensive guide to buying your first house (silver award winner, National Association of Real Estate Editors, "Best Multi-Platform Package or Series – Real Estate," 2022)Personal Finance Insider also rates, explains, and recommends financial products and services.Outside of personal finance, she's written about everything from why Chinese children are so good at math to the business of dogs to hard truths about adulthood.In September 2016, she helped launch Business Insider Netherlands in Amsterdam. She also spent three years as a member of the Insider Committee, a cross-team focus group working on making Business Insider an even better place to work.She's always interested in research, charts, and people: new and interesting research, compelling charts and other visuals, and people who are willing to share the details of their impressive financial accomplishments and strategies.Before joining the company in March 2014, she was the associate editor at LearnVest, covering personal and behavioral finance.If you have something to share, please reach out to lkane@businessinsider.com. Read more Read lessWatch: JAMES ALTUCHER: Why investing in a 401(k) is a complete waste of money
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