Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 11-18-2020, 12:32 PM   #41
Thinks s/he gets paid by the post
 
Join Date: Oct 2019
Posts: 1,424
Quote:
Originally Posted by Boho View Post
I know nothing about the rich life but I find that hard to believe.
There are yachts and then there are YACHTs.
This page has an $18M YACHT near the bottom, but they start at $300,000.
https://www.godownsize.com/average-yacht-prices/
Time2 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-18-2020, 01:51 PM   #42
Dryer sheet wannabe
 
Join Date: Jun 2019
Posts: 17
While it's definitely a different crowd and different vibe, there are a number of posters on https://www.reddit.com/r/fatFIRE/ who are ostensibly verified by the mods as having an ultra high net worth.
EnricoPallazzo is offline   Reply With Quote
Old 11-18-2020, 02:04 PM   #43
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 47,835
Quote:
Originally Posted by EnricoPallazzo View Post
While it's definitely a different crowd and different vibe, there are a number of posters on https://www.reddit.com/r/fatFIRE/ who are ostensibly verified by the mods as having an ultra high net worth.
Curious as to the mechanism used to accomplish that verification.
__________________
Numbers is hard

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 11-18-2020, 02:08 PM   #44
Thinks s/he gets paid by the post
 
Join Date: Nov 2005
Posts: 1,380
Quote:
Originally Posted by HawaiiShrimp View Post
What Is an Ultra-High Net-Worth Individual (UHNWI)? Ultra-high-net-worth individuals (UHNWI) are people with investable assets of at least $30 million.
A relative married a guy for whom $30M is pocket change. Here is how he would answer some of your questions:

1. What do you do for fun?

Lots of international travel, all first-class (pre-COVID).

2. How you get to where you are?

Got in on the ground floor of a now-huge financial institution.

3. What are you doing to stay wealthy?

Have financial pros manage my stuff; also do some recreational stock investing on my own.

4. What is your splurge?

What does this mean?

5. Do you own a jet? a yacht?

Will sometimes charter a plane rather than take a commercial flight. I don't own a plane. I used to own a boat.

6. Do you have houses in different countries?

Yes, one. Also, have a full-time staff to take care of the house.

Quote:
Originally Posted by HawaiiShrimp View Post
I am trying to visualize how UHNWI really lives? Thanks.
I think your question is off-the-mark. It might be better to ask about high net-worth families. These families almost always have a family office (with one or more full-time employees) to manage their affairs.

Also, I'm fond of pointing out the difference between high financial net worth and high non-financial net worth. The former doesn't automatically imply the latter. The older I get, the less impressed I am by financial net worth, despite the undeniable power that money has in a mixed socialist-capitalist economy.
socca is offline   Reply With Quote
Old 11-18-2020, 02:08 PM   #45
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Amethyst's Avatar
 
Join Date: Dec 2008
Posts: 9,962
They probably just ask them, and take their word for it. I'm not sure why someone would lie, as long as it's anonymous. Unless they planned to run some kind of con on the other members...."you can be as rich as me if you do this and that..."

Quote:
Originally Posted by REWahoo View Post
Curious as to the mechanism used to accomplish that verification.
__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
It involved a mannequin hand, and an electric shaver taped to a golf club! - "The Other Guys"
Amethyst is offline   Reply With Quote
Old 11-18-2020, 02:12 PM   #46
Recycles dryer sheets
latexman's Avatar
 
Join Date: Mar 2014
Location: Apex
Posts: 462
Bezos, it's time to stop lurking and speak up!
latexman is offline   Reply With Quote
Old 11-18-2020, 02:13 PM   #47
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 10,347
Quote:
Originally Posted by luckydude View Post
Not looking to start an argument , but I am curious as to why you think so.

Many of us longer-term posters were comfortable sharing our NW and some degree of personal details when we first joined the forum, and we have continued to do so as our NW increased over time. I see little difference in owning up to having a net worth of, say, $3 million vs $5 million vs $10 million vs. $15 million. $30 million would just be another step in the progression if one gets there, but I don't see why achieving that number would suddenly stop one from sharing if one was comfortable in doing so before.

I agree that a first time/relatively new poster might be hesitant, and those who are busy running up the score or enjoying their wealth might not take time to share, but I don't see why the rest of us would not.

Lucky Dude
I think many wealthy members would be comfortable sharing such details with the regulars here, if they could assure that is as far as the info went. But this is a public forum. Very high net worth individuals should be wary of the security implications of exposing their financial details to potential predators. That would be particularly risky for a poster who shared a lot of information that could disclose who they are IRL. From various polls it is clear that some members have substantial portfolios but you don't see many in the upper ranges posting detailed dollar breakdowns. They (and most of us more pedestrian members) tend to talk in terms of percentages. I don't think that is because of modesty or embarrassment. It is just prudent..
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Old 11-18-2020, 02:14 PM   #48
Dryer sheet wannabe
 
Join Date: Jun 2019
Posts: 17
Quote:
Originally Posted by REWahoo View Post
Curious as to the mechanism used to accomplish that verification.
From what I've read, it seems to be a process of sending them whatever [redacted] docs you want to prove your point (income, NW, etc). Naturally a number of folks want nothing to do with that, and it appears it can also be easily faked, so grain of salt..
EnricoPallazzo is offline   Reply With Quote
Old 11-18-2020, 02:15 PM   #49
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Car-Guy's Avatar
 
Join Date: Aug 2013
Posts: 5,871
Quote:
Originally Posted by REWahoo View Post
Curious as to the mechanism used to accomplish that verification.
Maybe they simply "voted" in a poll. That's ostensibly isn't it?
__________________
A smart man only believes half of what he hears and reads, a wise man knows which half to believe.
Car-Guy is offline   Reply With Quote
Old 11-18-2020, 02:25 PM   #50
Thinks s/he gets paid by the post
flintnational's Avatar
 
Join Date: Mar 2008
Location: Atlanta Suburb
Posts: 1,462
They would not let us join the UHNW club. We can't even seem to spend the available money at the HNW club level. Having it and willing to spend it are apparently two different concepts. At least in our case they are. My tag line sums up my thoughts on the matter.
__________________
"Oh, twice as much ain't twice as good
And can't sustain like one half could
It's wanting more that's gonna send me to my knees" - John Mayer
flintnational is offline   Reply With Quote
Old 11-18-2020, 02:28 PM   #51
Full time employment: Posting here.
 
Join Date: Oct 2014
Posts: 970
Quote:
Originally Posted by aja8888 View Post
No, I leased that one to them and had Boeing build me one to my specifications. (LOL)

Fermion needs to step up his game with only a jet!
I was the valet for 12 F/A-18C's @ 29 million per. Did that for two years. BTW Hornet valet's don't make much $. Pilot's leave horrible tips. And they always bring the jets back broken.
__________________
-Big Dawg-FI since 9/2010. Failed ER in 2015. New target 2021.-

-"Blow that dough"-Robbie

" People say I'm lazy, dreaming my life away Well, they give me all kinds of advice designed to enlighten me When I tell them that I'm doing fine watching shadows on the wall "Don't you miss the big time, boy. You're no longer on the ball" -John Lennon-
Bigdawg is offline   Reply With Quote
Old 11-18-2020, 02:28 PM   #52
gone traveling
 
Join Date: Apr 2011
Posts: 3,375
I have one, maybe 2-3, friends who I believe would qualify.
gerntz is offline   Reply With Quote
Old 11-18-2020, 02:35 PM   #53
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 11,799
To the OP... As has been mentioned - there have been several fat-FIRE types here. Some are still around, some aren't. For the most part they didn't get to the higher net worth through being frugal... some had very large salaries and bonuses.

I definitely don't qualify for UHNW... I was able to retire through being frugal and having dual comfortable middle class income(s). No 6 figure bonuses for us.

I have one friend who probably meets the definition of UHNW. Definitely falls into the VHNW category. His home is relatively modest (<3k sf)... but has an AMAZING ocean view. He's been known to fly across country to see a concert or opera on a whim... but for the most part does free stuff like birdwatching and cooking. When I retired he suggested I might get bored and to find stuff I enjoyed (hasn't been a problem.) He still works... but on his own terms.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
rodi is offline   Reply With Quote
Old 11-18-2020, 02:42 PM   #54
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
SecondCor521's Avatar
 
Join Date: Jun 2006
Location: Boise
Posts: 5,325
It probably doesn't count because she couldn't pick me out of a line up, but I happened to be in the same Princeton class as a woman who went on to found a very successful financial business in the Chicago area and is donating enough to our alma mater to get a residential college named after her. So it'll be Forbes College, Rockefeller College, Whitman College (named after Meg Whitman), a couple of others, and this new one named after her.

I'm guessing she's probably in the club.
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
SecondCor521 is offline   Reply With Quote
Old 11-18-2020, 02:43 PM   #55
Recycles dryer sheets
 
Join Date: Jan 2013
Posts: 172
Quote:
Originally Posted by donheff View Post
I think many wealthy members would be comfortable sharing such details with the regulars here, if they could assure that is as far as the info went. But this is a public forum. Very high net worth individuals should be wary of the security implications of exposing their financial details to potential predators. That would be particularly risky for a poster who shared a lot of information that could disclose who they are IRL. From various polls it is clear that some members have substantial portfolios but you don't see many in the upper ranges posting detailed dollar breakdowns. They (and most of us more pedestrian members) tend to talk in terms of percentages. I don't think that is because of modesty or embarrassment. It is just prudent..
Thanks. I definitely agree with the prudent aspect of not sharing too much. Personally I don't mind sharing numbers but I do take the precaution of leaving out/generalizing certain personal details for the same reason.

Lucky Dude
luckydude is offline   Reply With Quote
Old 11-18-2020, 02:54 PM   #56
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 4,787
I used to do business with some very substantial people. They sold their companies many years ago in industry consolidations, and went into a very other businesses. First thing they did was go out and buy three corporate jets--two of which were very large and expensive planes.

The parents are now in their late 70's and the kids are running the family businesses. One father died 2 years ago. Now "the kids" (as I knew them) have also bought huge corporate jets--Challengers seating 22 people. One of the kids has a light piston twin airplane.

What the heck do 40 somethings need with airplanes larger than a Gulfstream? Why do they think they've got to spend a big portion of entire family's income on danged airplanes?

My nephew that runs in their social circle. He has a small cabin on a lake, but one of the local "friends" has a 8,500 square foot second home 2 doors from him. These young adults' city homes are in the $3 million+ range, and they don't even have them furnished especially nice.

They act like there's no end to the money. I just think of the good that they could do with all the money they're spending on frivolous expenses. Their fathers in their earlier years made a big impact on the city's society with proper giving.
Bamaman is offline   Reply With Quote
Old 11-18-2020, 03:05 PM   #57
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 47,835
^ Dang whippersnappers!
__________________
Numbers is hard

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 11-18-2020, 03:08 PM   #58
Thinks s/he gets paid by the post
jollystomper's Avatar
 
Join Date: Apr 2012
Posts: 3,567
I know more than a few people in this category, primarily through Dw and I attending an Ivy League school. The ones I am good friends with are just nice, considerate people. How they choose to spend their wealth is up to them. Other than traveling to more places than most people do, they do not live "big" lives, and they are fine with that.

When two of our college friends, each UHNW via their families, married about a year after we did, they invited us and other friends to spend Thursday-Monday on the grounds of the mansion where the wedding was held. It was comparable to some of the all-expense overseas trips I was awarded at Megacorp. The families treated us as one of their own.

When we were in our early 30s. another couple lived within a hour of us, and has children the same age, so we would regularly get together for hiking/biking/sightseeing. When they moved from our area, we treated them to dinner. We were shocked when they expressed thanks and said "no one has ever done that for us".

At our last college reunion, at one point I was chatted with several friends, we had not seen each other physically in years.. Two had retired from Wall Street investment banking, another had started or joined several early tech startups and was now a venture capitalist, another had taken over his family's large private business. I guessed that their combined net worth was at least $1 billion. But there was no jealously or one-upmanship, the major aspect of the conversation was reviewing our campus adventures and filling each other in on our experiences. Everyone was glad each was happy and content with the paths we had taken.
__________________
FIREd date: June 26, 2018 - wwwwwwhat a rush!
jollystomper is offline   Reply With Quote
Old 11-18-2020, 03:50 PM   #59
Recycles dryer sheets
HawaiiShrimp's Avatar
 
Join Date: Nov 2020
Location: So Cal
Posts: 78
Quote:
Originally Posted by socca View Post
Also, I'm fond of pointing out the difference between high financial net worth and high non-financial net worth. The former doesn't automatically imply the latter. The older I get, the less impressed I am by financial net worth, despite the undeniable power that money has in a mixed socialist-capitalist economy.
Can you explain what do you mean by "High non-financial net worth"?
HawaiiShrimp is offline   Reply With Quote
Old 11-18-2020, 03:50 PM   #60
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 7,979
Just being retired and particularly not being worried about money does it for me.
I supported a trader in the 1980's who was earning 5m a year back then. There are always others who have more.
__________________
TGIM
Dtail is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Ultra High Net Worth (UHNW) Article USGrant1962 FIRE and Money 20 10-09-2019 09:44 AM
High Net Worth Brokerage Services Packman FIRE and Money 3 03-30-2011 06:42 AM
High-Net Worth Investors Not Keen on Index Funds Olav23 FIRE and Money 31 06-27-2007 08:39 PM
World Wealth Report or 8.7 Million High-Net-Worth Individuals Worldwide Spacebär FIRE and Money 5 07-01-2006 09:40 AM

» Quick Links

 
All times are GMT -6. The time now is 03:47 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.