I occasionally start a blog post by sorting out a question on this board, but I'm not sure that this subject will ever be something that the average military servicemember cares to read. I've been sitting on this one for nearly a month, and some of the people described in these articles aren't just out of my league... they're darned near a different species.
Marie at FamilyMoneyValues.com has been blogging for the last 18 months about families who accumulate wealth and then want to learn the best ways to pass it down. She profiles self-made millionaires and inheritors, reviews books, and follows current events. As a member of the Yakezie network her posts occasionally appear in "carnivals" of personal-finance posts.
That's where I found the post "Where's the Help for the Mere Millionaire?"
http://blog.familymoneyvalues.com/2...s-where-is-the-help-for-the-mere-millionaire/
She makes an interesting point:
She goes on to talk about some of them, and that led me over to The Inheritance Project: HOW TO BE A GOOD RICH PERSON: SLOWLY, AN INHERITOR FINDS HER WAY :: The Inheritance Project
The author, Barbara Blouin, interviews wealthy heirs to document their upbringing, their lifestyle, and their efforts to deal with their wealth.
One inheritor says:
Family Money Values also has another post on "Three Tools of the Mega Rich":
Three Tools of the Mega Rich
The tools range from private banking to single-family offices:
That post was inspirational. Now when someone asks "Whaddya DO all day?!?", your answer is: "I'm running a single family office."
But for those who feel that they need a little more support, it's good to know that those wild-eyed hard-partyin' big-swingin' experts at Wharton Executive Education are here to help:
Private Wealth Management Program for Investors – Executive Education in Finance at Wharton
Here's the one-week curriculum that you can sign up for in either Philadelphia or San Francisco. Act fast: the classes begin in April & August of 2013, and I'm pretty sure they'll fill up fast.
I nearly forgot to mention the fee: $9675 for a week's "education". (Yes, that's correct, nearly ten [Dr. Evil]THOUSAND dollars![/Dr. Evil] But I bet the cookies & coffee are really really yummy.
I suspect that this pricing could lead to an opportunity for entrepreneurial early retirees. Why, for just $5000 I could offer an intensive three-day curriculum on Oahu that covers the same subjects and includes a free surfing lesson!
I've barely skimmed the surface of the two blogs. They're worth browsing in more detail, if only to make you feel better about your own life...
Marie at FamilyMoneyValues.com has been blogging for the last 18 months about families who accumulate wealth and then want to learn the best ways to pass it down. She profiles self-made millionaires and inheritors, reviews books, and follows current events. As a member of the Yakezie network her posts occasionally appear in "carnivals" of personal-finance posts.
That's where I found the post "Where's the Help for the Mere Millionaire?"
http://blog.familymoneyvalues.com/2...s-where-is-the-help-for-the-mere-millionaire/
She makes an interesting point:
Where does the lowly millionaire with wealth in the 1 – 5 million dollar range go for help with wealth management, peer level interaction and education on wealth topics?
If you have 30 million or so to toss around, you can join the Institute for Private Investors.
They have an online forum, meet ups around the globe, special training programs and seminars just for you and your financial peers.
If you have a few billion or so, you can form your own family office. Then you could use the Family Wealth Alliance for consultations!
But, what if you are struggling along on an investible net worth of between one and five million? How do you meet your monetary peers, find out about valuable training/education programs for you and your next generation and hear about incredible investments you could be making?
Partial solutions to help the poor millionaires do exist.
She goes on to talk about some of them, and that led me over to The Inheritance Project: HOW TO BE A GOOD RICH PERSON: SLOWLY, AN INHERITOR FINDS HER WAY :: The Inheritance Project
The author, Barbara Blouin, interviews wealthy heirs to document their upbringing, their lifestyle, and their efforts to deal with their wealth.
One inheritor says:
During those years in graduate school, I was leading two lives—outwardly the educator life, and the more hidden philanthropic life. After I finished my doctorate, I knew I needed to decide which of those worlds I was really going to put my time and energy into. A lot of my fellow students were struggling financially, and I hid the reality of my circumstances from them. But I didn’t like living that way. So I decided to take a year off because I wanted to find out what I was doing what in terms of organizing in terms of organizing the wealthy, promoting philanthropy, and addressing the class divide.
I learned that many people of wealth are hidden, isolated, and troubled about their wealth. I wanted to help people in that frame of mind start to heal their wounds around wealth and get in touch with their power as part of an interconnected whole. I decided to start a consulting business, which I named Class Action. I describe myself as a “donor organizer and philanthropic advisor.” I focus on working with wealthy people here in the Pioneer Valley in Western Massachusetts. People with wealth often feel like they’re spread too thin. They give whenever someone asks them for a donation, so they’re being reactive instead of proactive. I take them through a series of questions to help them get clearer about how they can create boundaries, so that they can give more powerfully and with less doubt.
Family Money Values also has another post on "Three Tools of the Mega Rich":
Three Tools of the Mega Rich
The tools range from private banking to single-family offices:
The private banking team looks at the entire picture and helps determine how to allocate across multiple types of investments, countries and structures to manage the wealth. Citi's website (https://www.privatebank.citibank.com) describes it as “Wealth structuring shapes what a family's money does: how it provides protection; passes on values; minimizes taxes; enables control; fosters privacy and realizes a legacy.”
Wealth-management can include all aspects including estate-planning, tax-efficient planning across multiple countries, insurance planning, and philanthropic planning.
That post was inspirational. Now when someone asks "Whaddya DO all day?!?", your answer is: "I'm running a single family office."
But for those who feel that they need a little more support, it's good to know that those wild-eyed hard-partyin' big-swingin' experts at Wharton Executive Education are here to help:
Private Wealth Management Program for Investors – Executive Education in Finance at Wharton
Here's the one-week curriculum that you can sign up for in either Philadelphia or San Francisco. Act fast: the classes begin in April & August of 2013, and I'm pretty sure they'll fill up fast.
Through class lectures and interactive casework, participants will increase their depth of knowledge in key areas of wealth management.
The use of a "living" case study compels participants to come to terms with a wide range of investment issues that directly impact all families with significant wealth. Participants will call upon their own experiences, as well as knowledge gained during the week, to solve the problems presented. Learning is enhanced by the continual exchange among participants who have a common bond — that of the responsibility of significant wealth.
PRIVATE WEALTH MANAGEMENT SESSION TOPICS
History of Financial Markets
Asset Allocation
Modern Portfolio Theory
Evaluation of Investment Managers
Alternative Investments
Family Governance and Wealth Transfer
Real Estate
Decision Making
Subprime Crisis and Public Policy
Tuition for Philadelphia programs includes lodging and meals.
I nearly forgot to mention the fee: $9675 for a week's "education". (Yes, that's correct, nearly ten [Dr. Evil]THOUSAND dollars![/Dr. Evil] But I bet the cookies & coffee are really really yummy.
I suspect that this pricing could lead to an opportunity for entrepreneurial early retirees. Why, for just $5000 I could offer an intensive three-day curriculum on Oahu that covers the same subjects and includes a free surfing lesson!
I've barely skimmed the surface of the two blogs. They're worth browsing in more detail, if only to make you feel better about your own life...