The first Luxembourg salary of Serge Krancenblum, pictured, “was in 1985, for my first job at KBL, which was hiring young academics for one-year contracts”
Photo: Nader Ghavami/archives
What was the first salary of the leaders of the financial centre? What did they do with it and what experience did they gain from it? Paperjam.lu asked this question to a dozen personalities from the sector. This week: Serge Krancenblum, president of IQ-EQ group.
Paperjam: Do you remember your first Luxembourg salary?
Serge Krancenblum: It was in 1985, for my first job at KBL, which hired young academics for one-year contracts. I was paid 48,000 Luxembourg francs a month (about €1,200, editor's note).
Originally from Metz, I had just finished my studies in the United States and I arrived in Luxembourg by chance. I hadn't thought about living or working there at all.
But I had borrowed a lot of money to continue my studies and I came to work in the grand duchy for the level of salary that was offered to me.
What did you buy yourself with your first salaries?
One third of my salary was used to pay off my loan. And another third was used to pay the rent for my studio in Luxembourg.
It was only after a few months that I was able to afford my first holiday in Palma de Mallorca with my then girlfriend, who became my wife.
What's your favourite money maxim?
If the relationship with money becomes sentimental, it's often catastrophic. Money is a good valet, but it's a bad master.
So it's by no means an end in itself, but a real means of feeling safe in the event of a hard blow. Having money on the side also allows you to take more risks and have even more ambition.
Today would you say you are more a cicada or an ant?
I've always worked hard and been a real ant all my life. It’s only recently that I've been enjoying more on a personal level, but always in a way that is reasonable in relation to my heritage.
I have always invested, for example in real estate or art, but it is not a question of satisfying an immediate desire to spend money; it is more of a long-term investment".