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Who the wealthy are and how they do it
Old 06-20-2014, 09:35 PM   #1
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Who the wealthy are and how they do it

The annual US Trust survey is out, and it's interesting reading as ever. First in terms of net worth hurdles but more importantly about the issues people face and how they invest.

http://www.ustrust.com/publish/conte...9L_2015-06.pdf

Whatever your net worth, it's interesting I think
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Old 06-21-2014, 06:09 AM   #2
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Originally Posted by Dd852 View Post
The annual US Trust survey is out, and it's interesting reading as ever. First in terms of net worth hurdles but more importantly about the issues people face and how they invest.

U.S. Trust

Whatever your net worth, it's interesting I think
That link goes to their site, but not the article you referenced.
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Old 06-21-2014, 06:24 AM   #3
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This might be it or from last year:
http://www.ustrust.com/publish/conte...Worth-2013.pdf
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Old 06-21-2014, 06:30 AM   #4
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This is a news story summarizing the report:

U.S. Trust Survey Finds Modern American Family Dynamics Complicate Wealth Management - MarketWatch
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Old 06-21-2014, 06:36 AM   #5
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Here's a paragraph from the Marketwatch report I just cited, showing their methodology --what they consider "wealthy" and which of the "wealthy" they studied. I have not evaluated -- just passing it on. $3MM investable assets was the bare min for them, apparently:

"Survey Methodology
The 2014 U.S. Trust Insights on Wealth and Worth®survey is based on a nationwide survey of 680 high net worth and ultra high net worth adults with at least $3 million in investable assets, not including the value of their primary residence. Respondents were equally divided among those who have between $3 million and $5 million, $5 million and $10 million, and $10 million or more in investable assets. The survey was conducted online by the independent research firm Phoenix Marketing International in February and March of 2014. Asset information was self-reported by the respondent. Verification for respondent qualification occurred at the panel company, using algorithms in place to ensure consistency of information provided, and was confirmed with questions from the survey itself. All data have been tested for statistical significance at the 95 percent confidence level."
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Try this one...
Old 06-21-2014, 07:26 AM   #6
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Try this one...

http://www.ustrust.com/ust/pages/ins...orth-2014.aspx
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Old 06-21-2014, 08:51 AM   #7
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Link worked fine for me.

Interesting, non-sales oriented article. Didn't learn a lot about investing habits, however.

Interesting to me, was that while the lower ($3-10mm) had over 70% debt free, 50% of the over $10mm had at least 10% debt.
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Old 06-21-2014, 08:51 AM   #8
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Interesting article. I 'm skeptical of the "using credit strategically" concept as a HNWI. It would be one thing to use credit in one's business - but using credit strategically in my personal finance would be limited to a home mortgage and possibly(reluctantly) a small amount of debt for education.
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Old 06-21-2014, 09:08 AM   #9
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Interesting article. I 'm skeptical of the "using credit strategically" concept as a HNWI. It would be one thing to use credit in one's business - but using credit strategically in my personal finance would be limited to a home mortgage and possibly(reluctantly) a small amount of debt for education.
Hmmm. Could it be that US Trust is a bank, and an affiliate of Bank of America, such that they have a bias in favor of highlighting the value of borrowing money to be even more "wealthy"?
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Old 06-21-2014, 09:19 AM   #10
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Originally Posted by Golden sunsets View Post
Interesting article. I 'm skeptical of the "using credit strategically" concept as a HNWI. It would be one thing to use credit in one's business - but using credit strategically in my personal finance would be limited to a home mortgage and possibly(reluctantly) a small amount of debt for education.
Here's a simple example. Close to two years ago, I bought a new vehicle no money down, 0.99% interest over a 3 year loan. Interest costs over the life of the loan total ~$500. I took the money I had saved for the vehicle and invested it in equities. My returns on that money (unrealized) are worth approximately half of the price of the vehicle. Of course the market gods were in my favour. But I had a pretty good idea that the markets were not likely to crash in the short term.
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Old 06-21-2014, 10:30 AM   #11
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^ Similar story, bought a used vehicle 2 months ago, loan is 0%, no money down and payments start this month. Money to buy the car would have come from index funds. Stock market is up 6% since then.
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Old 06-21-2014, 01:08 PM   #12
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Here's a simple example. Close to two years ago, I bought a new vehicle no money down, 0.99% interest over a 3 year loan. Interest costs over the life of the loan total ~$500. I took the money I had saved for the vehicle and invested it in equities. My returns on that money (unrealized) are worth approximately half of the price of the vehicle. Of course the market gods were in my favour. But I had a pretty good idea that the markets were not likely to crash in the short term.
Yep. You're right. Didn't think about that. Did it twice over the past 6 years when replacing two older vehicles. We had planned to pay cash, but the .49% interest rate seemed too good to pass up. My accountant told me that I must have erred (left off a zero or something)when I gave him our interest expense on the vehicle that he knew I had purchased, as it was for our business.

OTOH - I'm not sure if this is what US Trust had in mind with respect to strategic borrowing.
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