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Old 11-20-2020, 07:18 PM   #141
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I'm acquainted with the wife of one of the founders of a rather popular chain of coffeehouses. Very down to earth lady, literally - we've worked in the dirt together on a few small landscaping projects at a local retreat center. I had no idea she was UW until someone mentioned who her husband was.
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Old 11-20-2020, 08:03 PM   #142
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From the few I know of this list, my advice is: have zero dealing with them.
With 7.7B people on earth, what's the odds they earned their place justly?


https://www.forbes.com/billionaires/
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Old 11-21-2020, 05:06 AM   #143
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The biggest benefit of having a private jet is that you do not have to wait around in a commercial terminal for boarding. Even when flying 1st class, you still have to mingle with the uncouth. On the other hand, with a private jet, the boarding process including custom and immigration clearance is much quicker and more personal.

One does not need a private jet for the privilege. Just a NetJet timeshare will work.
Or skip the jet part and get something a little smaller, but you’ll need to learn how to fly.
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Old 11-21-2020, 05:17 AM   #144
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Or skip the jet part and get something a little smaller, but you’ll need to learn how to fly.
Sweet! AND within reach of many of us though YMMV
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Old 11-21-2020, 06:22 AM   #145
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Or skip the jet part and get something a little smaller, but you’ll need to learn how to fly.
That's like driving a Trabant when the rest of your friends are chauffeured in Benzs.
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Old 11-21-2020, 09:40 AM   #146
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Another part of the day I rode on the private jet. I was in the jump seat along for a ride on a training flight for my nieces husband to get his next certification. When i got to the hangar , the owner was just returning from a day trip to his Hamptons home. He brought his handyman to the hamptons home to look at a closet that he wanted remodeled.
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Old 11-21-2020, 11:06 AM   #147
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Or skip the jet part and get something a little smaller, but you’ll need to learn how to fly.
Can you cross the ocean with that? Even for domestic flying, it has some limitations about destinations and logistics. I also do not enjoy piloting any plane. It's work to me.

Now, a low-flying aircraft like an ultralight or a gyrocopter to explore the earth is something else, but of course that's not travel.
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Old 11-21-2020, 01:24 PM   #148
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Another part of the day I rode on the private jet. I was in the jump seat along for a ride on a training flight for my nieces husband to get his next certification. When i got to the hangar , the owner was just returning from a day trip to his Hamptons home. He brought his handyman to the hamptons home to look at a closet that he wanted remodeled.
Just to show that you do not have to be rich to ride on a private jet.
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Old 11-21-2020, 01:59 PM   #149
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Not to split hairs, but I know a number of people that probably have about $30M and therefore qualify as a UHNWI. Thing is, they are pretty simple people. Sure, their house is bigger and their life a little more comfortable, but as strange as it sounds, I just don't think $30M is enough to live like the ultra wealthy. The ones I know are CEO's for good size organizations that get paid in the $3M to $5M range and of course, that adds up nicely over the course of a career. They usually belong to a country club, fly first class, eat and drink well and have a very comfortable life. But, they are basically working people in that they go to work every day and run their companies, sit on boards and are involved in their communities. The couple of people in this category that I know real well would fit on this forum nicely. They worked their way up, lived below their means and saved a hell of a lot of money. That LBYM's personality just doesn't change all that much even when you have a lot of money.

I have no idea where a better place to draw the line is, but for the owning a yacht or jet or having multiple residences in multiple countries, I think you need more than $30M. Especially if you're thinking a large yacht with a crew, a jet on call and large staffed residents in multiple countries. That takes serious coin that even those I know of would be a bit envious of.

The great thing is that it is absolutely true that you can be happy at any level (acknowledging that one may have to get to a level beyond sustenance). And if you're not, it's also true that except for a couple people on earth, there's always someone who has more than you, so you're never likely to be happy. Thankfully, I'm happy and most of all grateful for how things have ended up so far.
Don't really see 30M as ultra high net worth either. (Since I'm fiscally conservative, that would be a 2% w/d rate.) I see it as flying first class - no private jets; nice cruises - certainly no yacht. Someone to help with the cleaning and yard work.

As far a multiple homes, with 30 M one could afford certainly afford a second home - but personally, I would not want it. I would prefer one nice home. If I felt like traveling, I would simply stay in a nice hotel, enjoy the change of scenery for a time - and then return home.
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Old 11-21-2020, 06:51 PM   #150
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I am trying to visualize how UHNWI really lives? Thanks.

Have you ever seen the movie Indecent Proposal? If not, watch it... It should give you an idea of how some of the super rich may chose to live. It does however, show you that money might not be able to buy everything, but it comes pretty dang close from my POV.
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Old 11-21-2020, 07:40 PM   #151
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Have you ever seen the movie Indecent Proposal? If not, watch it... It should give you an idea of how some of the super rich may chose to live. It does however, show you that money might not be able to buy everything, but it comes pretty dang close from my POV.
I heard of the movie, but never watched it. Just looked up the Web to refresh my memory.

Yes, one can do a lot with a billion, plus a lot more if you are as handsome as Robert Redford.
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Old 11-21-2020, 09:00 PM   #152
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Have you ever seen the movie Indecent Proposal? If not, watch it... It should give you an idea of how some of the super rich may chose to live. It does however, show you that money might not be able to buy everything, but it comes pretty dang close from my POV.
can't buy finding your purpose in life, what's missing inside you, the reason for getting more money, true love, wisdom, happiness, and ability to fly like a bird naturally, etc.
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Old 11-21-2020, 09:30 PM   #153
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Don't really see 30M as ultra high net worth either. (Since I'm fiscally conservative, that would be a 2% w/d rate.) I see it as flying first class - no private jets; nice cruises - certainly no yacht. Someone to help with the cleaning and yard work.

As far a multiple homes, with 30 M one could afford certainly afford a second home - but personally, I would not want it. I would prefer one nice home. If I felt like traveling, I would simply stay in a nice hotel, enjoy the change of scenery for a time - and then return home.
It may not qualify as ultra high net worth, but it’s certainly up there. I do think about 30mm as generational wealth. You can easily life a pretty flush life on a low withdrawal rate and set up the next generation to hit the 100mm mark.

I know many people in the uhnw category from my former job and likely more from our current area. The one common characteristic is that they are all still working like crazy (and loving it) and most know where every penny goes.
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Old 11-21-2020, 09:38 PM   #154
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can't buy finding your purpose in life, what's missing inside you, the reason for getting more money, true love, wisdom, happiness, and ability to fly like a bird naturally, etc.

Right.

But still,

"Money is not everything, but look at how many things it is" -- Anon.
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Old 11-21-2020, 10:18 PM   #155
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Old 11-21-2020, 11:28 PM   #156
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...... I do think about 30mm as generational wealth. You can easily life a pretty flush life on a low withdrawal rate and set up the next generation to hit the 100mm mark.

....
Or the next generation can blow it all on parties, etc,
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Old 11-22-2020, 09:07 AM   #157
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"Billions" on Showtime seems to capture the reality life for billionaires, at least some of them. Cameo appearances on the series include: Omeed Malik, Marc Lasry, and Mark Cuban. The plot lines are intriguing showing the fight between the justice dept and billionaires who try to test the legal waters of the financial world.

"Although Sorkin suggests the characters are not intentionally based on any particular real-life people, the writer, who has been covering the regional financial scene for over 20 years, built the characters using his experience with the behavior of many financial moguls and public prosecutors."

https://the-take.com/read/in-billion...on-real-people
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Old 11-22-2020, 09:34 AM   #158
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From the few I know of this list, my advice is: have zero dealing with them.
With 7.7B people on earth, what's the odds they earned their place justly?


https://www.forbes.com/billionaires/
This is the beigest unsolved problem of uneven distribution of wealth - there is no solution. “Inequality is bad.” “Inequality is dangerous.” but no feasible solution exists. Most if not all social systems are making the uneven distribution of wealth more pronounced in the name of economic growth & Capitalism. Entrepreneurship, as an example, will always contribute to the problem. It generates extraordinary wealth for a few (the best of the best individuals). Entrepreneurship also merits: innovations and products that improve qualities of lives of many people. It may motivate people to become the top 1% (LOL).
Overall, when the top 1% continues to get richer while the bottom 20% continues to struggle and lose hope, that cannot be good for humankind if we believe in humanity.
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Old 11-22-2020, 09:40 AM   #159
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This is the beigest unsolved problem of uneven distribution of wealth - there is no solution. “Inequality is bad.” “Inequality is dangerous.” but no feasible solution exists. Most if not all social systems are making the uneven distribution of wealth more pronounced in the name of economic growth. Entrepreneurship, as an example, will always contribute to the problem. It generates extraordinary wealth for a few (the best of the best individuals). Entrepreneurship also merits: innovations and products that improve qualities of lives of many people. It may motivate people to become the top 1% (LOL).
Overall, when the top 1% continues to get richer while the bottom 20% continues to struggle and lose hope, that cannot be good for humankind if we believe in humanity.
Not an easy solution to this issue, as just the simple math of increasing wealth, once one reaches a certain level becomes a reality. An example given in this forum on a lesser level, is that it is easier to reach 2m in NW vs. the first 1m. Smaller numbers, but the same concept as the top 1%.
Perhaps much higher taxes, but that can get complicated too.
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Old 11-22-2020, 09:43 AM   #160
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Or the next generation can blow it all on parties, etc,
LOL ..
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