{"id":61186,"date":"2016-06-30T01:09:22","date_gmt":"2016-06-29T23:09:22","guid":{"rendered":"http:\/\/www.arabtelegraph.com\/?p=61186"},"modified":"2016-06-30T01:09:22","modified_gmt":"2016-06-29T23:09:22","slug":"qa-royal-thoughts-and-life-lessons-from-the-prince-next-door","status":"publish","type":"post","link":"https:\/\/www.arabtelegraph.com\/?p=61186","title":{"rendered":"Q&A: Royal thoughts and life lessons from the prince next door"},"content":{"rendered":"

Among the wealthy, there is new money and old money. Then there is really old money.<\/strong><\/p>\n

Lorenzo Borghese’s noble family traces all the way back to Siena, Italy in the 1100s, where they were wealthy bankers. Among his ancestors: An actual Pope (Paul V).<\/p>\n

Borghese grew up a long way from Siena, mainly in Short Hills, New Jersey. Yes, he is a prince, but he is also an entrepreneur who started the Royal Treatment line of pet-care products, and even appeared on one season of the reality TV show “The Bachelor” on Walt Disney Co’s ABC network.<\/p>\n

Reuters sat down with Borghese to talk about the life lessons that have been passed down to him from such a storied family.<\/p>\n

Q: Coming from such a famous lineage, what family member did you look up to growing up?<\/strong><\/p>\n

A: Probably my grandmother (Princess Marcella Borghese). What is interesting about her is that she was the first person in Italy who had a noble title who started working. When she launched her cosmetics brand back in 1952, people frowned on it, because well-off families weren’t supposed to work. But she loved what she did, so when I saw her so excited about her products and fragrances, it made me excited about business, too.<\/p>\n

Q: Once your family moved to America, how did your parents start educating you about money?<\/strong><\/p>\n

A: My siblings and I had allowances and chores like everyone else, everything from taking out the garbage to cleaning rooms to doing the dishes. It taught me two things: One, that I had to work for it, and two, I had to learn how to budget. When I really wanted something, like Pac-Man on the old Atari 2600, I had to wait until I had saved enough money.<\/p>\n

Q: Do you remember your first job?<\/strong><\/p>\n

A: It was unpaid internship for Oppenheimer. Remember those old printer sheets that were connected? My job was to separate those sheets. But I still thought it was so cool, because I got to wear a suit and take the train into New York City and work on Wall Street, even thought I was only in eighth grade.<\/p>\n

Q: Did you have money role models growing up?<\/strong><\/p>\n

A: My parents, because they taught me to work hard, and that nothing in life is free. I also admire Richard Branson a lot, not just because of the success he has had in so many industries, but because of the lifestyle he enjoys. Even though he seems so stress-free, he has made a huge impact.<\/p>\n

Q: As an entrepreneur, have you made money mistakes along the way?<\/strong><\/p>\n

A: It can be extremely challenging, and you have a lot more failures than you do successes. I had one idea for a restaurant called “Deal,” based on the New York Stock Exchange. It was going to be a theme restaurant with fluctuating prices. But this was around the time Planet Hollywood was having troubles. We had a business plan and spent a ton of money, but it didn’t go anywhere.<\/p>\n

Q: What kind of an investor are you?<\/strong><\/p>\n

A: I’m pretty conservative. Some people like to look at their gains and losses daily, and it is such a waste of time. I only look at it every six months or so.<\/p>\n

Q: How did you decide where you could have a philanthropic impact?<\/strong><\/p>\n

A: Since I’m in the pet industry, I not only want to make money, but to make things better for animals. I started doing research on animals who are killed in shelters every year: You walk down rows and rows of dogs who are going to be put down that day, dogs with feelings and emotions just like us. I wanted to help them, so I co-founded the nonprofit Animal Aid USA. We go down to kill shelters in the south every single month, and so far we have saved 14,000 dogs.<\/p>\n

Q: What money lessons should wealthy families pass on to their kids?<\/strong><\/p>\n

A: I don’t think anyone should be given a trust fund until they have earned it, especially if they are younger. If they have never been out in the marketplace or had a job, then they don’t know the value of money at all. It feels a lot better when you make your own money than when you are given it.<\/p>\n

Q: From your appearance on “The Bachelor,” what did you learn about how other people perceive wealth?<\/strong><\/p>\n

A: People assumed I played polo and sipped afternoon tea and just went shopping for clothes. They thought I sat around doing absolutely nothing all day. It is the furthest thing from the truth.<\/p>\n","protected":false},"excerpt":{"rendered":"

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