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Old 10-27-2015, 10:58 AM   #21
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As many YRs have never been worker bees, what do the YR do for their social interactions to avoid excessive solitude?

It might be my imagination, but I'm thinking that in the past, private clubs in big cities filled a niche where the moneyed (of any age) could hang out with others of their ilk. Those venues seem to be either drying up or not necessarily where a YR might choose to spend their time socializing.

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Speaking somewhat from experience, 'avoiding excessive solitude' is seldom an issue. The greater problem is cutting loose the leeches.

Back in my day, Chamonix (Sun Valley for the lesser set) and Fort Lauderdale were the hangouts. Today, it's more Aspen and Miami.

The old money private clubs are less busy but mostly because the crowd is too mobile to spend any time in one place.

I suspect also that a good portion of YR today are no longer Americans but more Asian and Arab. There was a recent article in the Boston Globe about college sophomores with not one, but two Lamborghinis to tool around town in...and a $3M condo in town while going to school.
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Old 10-27-2015, 11:06 AM   #22
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Back in my day, Chamonix (Sun Valley for the lesser set) and Fort Lauderdale were the hangouts. Today, it's more Aspen and Miami.
I lived in FL in the 80s and this is where the word "socialite" was introduced to me. (Aside: I accidentally called someone a socialist, when I meant socialite, and got a lot of laughs.)

It was kind of strange. It seemed many women (I guess the term only applies to women?) embraced the term. To me, it was the female version of "playboy," both off-putting terms to me. But then again, I knew "yuppies" who were proud to be called that.

Anyway, I'm off topic, but when I was just a working dude living among the Y-A-R, I can say they found plenty of ways to spend time (the Club, shopping, the beach, shopping, golf, shopping, etc). And one thing is for sure, they sure as hell didn't want to spend it with me, since I was not YAR, and that was just fine with me.
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Old 10-27-2015, 11:06 AM   #23
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Then there are activities like this

Fort Lauderdale International Boat Show 2015
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Old 10-27-2015, 11:13 AM   #24
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There seem to be quite a few YR types at the beach I walk at every morning (in the very expensive La Jolla neighborhood of San Diego.). You can tell they don't have jobs because they are surfing EVERY day for hours. You can tell they are rich by the range rovers and mercedes SUVs they drive.

Coincidentally, there are a lot of YP (young poor) at the beach also. Same thing of being at the beach every single day to surf. But the cars are beat up pickups, vans, etc. Then there are the normal working folks - at the beach several times a week - but by 8:30am or so they are showering at the outdoor shower and putting on work clothes.

All three groups seem to interact together - it's all about the quality of the waves that day.
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Old 10-27-2015, 11:34 AM   #25
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Seems like many YR keep working in their passion to make the world a better place. Think Elon Musk, Mark Zuckerberg, Steve Jobs, Bill Gates...
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Old 10-27-2015, 04:34 PM   #26
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Once others know you're rich, new "friends" will come out of the woodwork...
And the tricky thing is they don't ask you for money outright, but you always seem to find out about some calamity that's about to happen in their life if they don't get $X by Y, and that they just don't know what to do. They do know none of your suggestions they appear to be asking you for will work either (how about sell that new $3,000 guitar you just bought? "Nah, the pawn shop will only give me a few hundred for it..."). I never knew how much of a jerk I was for "not getting the hint" and "letting a friend go homeless."

Of course, the date comes and goes and not only are they not homeless, but they've bought yet another new guitar. Funny how that works.

Oh, I also never knew how much of a moron I was either, for not giving a friend $100,000 to invest in some kind of scheme where he was guaranteed to pay me back double in only about a month! What idiot wouldn't want to make $100,000 in a single month?

My best friendships are with people who are doing well financially. Money can just add too much strain to a relationship.
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Old 10-27-2015, 04:42 PM   #27
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Reminds me of an adage I have actually applied in real life - the richer your friends, the more it'll cost you. We very deliberately cooled off a budding friendship about 5 years ago because the other couple was too "spendy" for our tastes.
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Old 10-27-2015, 07:26 PM   #28
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In fact, the major difference seems to be the amount of time they spend maintaining their "stuff". Owning multiple properties requires a minimum amount of attention to each. Adding a 0 to your net worth brings added responsibilities!
Another great reason to enjoy life as just barely a millionaire.
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Old 10-29-2015, 05:50 AM   #29
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small sample size, each item is a different person:
  • Started his own company, which has 50 employees now and running a nice profit
  • Another one took over a small company with dad's money, making a good return on invesment
  • Offspring from old wealth family take lots of trips and go hunting. A few of them work in the family company and get groomed to take over in the next generation
  • Became a lawyer then CEO of a local cultural icon. Job pays nothing but the icon is funded by the local who's who and has lots of prestige. Taking over the family estate on the side
  • Management consultant combining it with managing the estate of his family
  • Management consultant working part-time now


So except for the old family wealth they all seem to be working in some capacity. They do have plenty of flexibility so typically end up not working for mega-corps.
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Old 10-29-2015, 08:37 AM   #30
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So except for the old family wealth they all seem to be working in some capacity. They do have plenty of flexibility so typically end up not working for mega-corps.
Going into the "family office" is a catch-all for those who take up the philanthropic side of a family's business, which often also includes insuring there will be income for such.
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Old 10-29-2015, 08:44 AM   #31
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None of the ones I know are (visibly) involved in philantrophy.
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Old 10-29-2015, 08:46 AM   #32
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I forgot to mention an acquaintance of mine that I'm working with for blog-related stuff. He's the son of a mega-billionaire (11 digit net worth). The son is working for a tech start up presumably for the experience, contacts, and to make his own way in the business world. His dad may be part owner in the firm (no clue there).

The guy fills his day working. Facebook pics indicate he pretty much does what regular joe 20-somethings do on the weekends. Getting out on the water, fishing, hunting, bars/clubs, etc. It's just on dad's mega-yacht or a nice boat instead of a kayak and probably at a private game reserve instead of trespassing through some farmer's woods.

As a side note, I get some awfully crappy service from this company and this guy. I probably wouldn't work very hard either if I knew money really didn't matter.
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Old 10-29-2015, 08:55 AM   #33
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None of the ones I know are (visibly) involved in philantrophy.
Well, it's not the sort of thing that you 'go into work' for, outside of a few visits twice a year to the attorneys and financial people.
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Old 10-29-2015, 09:03 AM   #34
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Well, it's not the sort of thing that you 'go into work' for, outside of a few visits twice a year to the attorneys and financial people.
They have "people"...
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Old 10-29-2015, 11:00 AM   #35
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So except for the old family wealth they all seem to be working in some capacity. They do have plenty of flexibility so typically end up not working for mega-corps.
I belonged to Vistage for a few years and the other members were predominantly CEOs of small businesses. In addition to seeking advice on running their businesses, succession planning was a major interest because many had inherited family businesses. They had qualified for their positions by having the right parents.

It was entertaining to learn how they lived. Answer: not much different than the rest of us.
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Old 10-29-2015, 11:10 AM   #36
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It was entertaining to learn how they lived. Answer: not much different than the rest of us.
+1. It's not like they aren't motivated by the same things as everyone else.
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Old 11-09-2015, 05:50 PM   #37
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Here's a NYT article about how some of the private clubs in NYC have evolved for modern times, "Still Bastions of the Elite, Private City Clubs Fill New Niches"

http://www.nytimes.com/2015/11/07/yo...=headline&te=1

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Old 11-09-2015, 07:33 PM   #38
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Thread topic: "How do the young rich avoid solitude, fill their time?"

Recently, I happened across an article on Bloomberg about mainland Chinese offsprings from rich families getting bored. The parents are centimillionaire if not billionaire. One young man signed up as an Uber driver, and drove his Ferrari as a pastime in order to meet people outside of his circle, who mostly just partied. It's sad.

Old-money families know how to raise their offsprings. It requires knowledge and skills that ordinary people do not know, or need to know.
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Old 11-10-2015, 06:55 PM   #39
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We have had weekly cleaning help our entire married lives. Extra help for parties, and to open a place before returning to it after an absence. Wouldn't do without. When the kids were little, we had a housekeeper who came in half a day three days a week. She cleaned, did laundry, and cooked. As the kids became more active, we cut back to just once a week cleaning. We have had some issues, but never anything to lose sleep over.

On a similar note, we have never done any of our own yard work, snow removal, or window washing (a separate service from the cleaners). Just not worth the time to do something we don't enjoy.
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Old 11-10-2015, 08:01 PM   #40
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We have had weekly cleaning help our entire married lives. Extra help for parties, and to open a place before returning to it after an absence. Wouldn't do without. When the kids were little, we had a housekeeper who came in half a day three days a week. She cleaned, did laundry, and cooked. As the kids became more active, we cut back to just once a week cleaning. We have had some issues, but never anything to lose sleep over.

On a similar note, we have never done any of our own yard work, snow removal, or window washing (a separate service from the cleaners). Just not worth the time to do something we don't enjoy.
You may not be welcome on the Mr Money Moustache board.

I'm lucky (or am I?), I actually *enjoy* yardwork. But I can understand how many do not.

When I first signed up here a few years ago, I talked about vacuuming my carpets for exercise and spending time. I got some heck about that one.
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