New Delhi: Jake Kassan had no idea that the $100 million he received for selling his business in 2018 would bring him nothing but misery. Despite becoming a multimillionaire through the sale of his accessories brand, Kassan struggled with anxiety and depression and lost his sense of purpose in life.
Kassan, a college dropout, started the accessory company MVMT Watches in Los Angeles. He was here to make money.
“The North Star for me when I was younger was always financial freedom,” Kassan told CNBC Make It. “I always felt my purpose was to make money.” In 2018, he sold his accessory firm to the Movado Group and became a multimillionaire at 27.
Kassan, however, was unaware that his newfound wealth would only lead to his suffering. Following the sale of his brand, he experienced anxiety and panic attacks and lost his sense of purpose. “I think I lost purpose,” he said. “For the first time in years… nothing felt as important as that entrepreneurial journey.”Â
Over time, Kassan failed to discover what he was seeking in life. “I finally climbed to the top of my mountain, but I didn’t find what I was looking for,” he shared in a YouTube video.Â
As time passed, Kassan’s sense of isolation grew. “I turned 30, I [had] just gone through a breakup… I had friends, but finding people who truly understood how lonely it felt was difficult. It was emotionally depleting,” he told CNBC Make It. In his video, he also raised an issue with depression and wealth, “How do you empathize with someone who is rich and depressed?”
Kassan, 33, is now concentrating on finding his purpose again. He is developing his YouTube channel and is working as an angel investor.
“I can’t buy more peace of mind,” he said. “That’s my relationship with money. I’m grateful for it, I appreciate it, and I’d rather have it than not… but it won’t make me a happier person,” said Kassan.
