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Old 11-22-2020, 10:01 AM   #161
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"Billions" on Showtime seems to capture the reality life for billionaires, at least some of them.
Love the show... Matter of fact I just watched season 5 again within the last week... The unfortunate part I think a lot (well some) of the ultra wealthy got that rich along the same lines as Bobby Axelrod did... Maybe not as blatant or as reprehensible but then again maybe not.....
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Old 11-22-2020, 10:08 AM   #162
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.
Perhaps much higher taxes, but that can get complicated too.
That will not happen especially conservatives claim the wealthy are already overtaxed, the current tax system is already very progressive , and all the loopholes are justifiable. LOL.
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Any Ultra High Net Worth Individual (UHNWI) here? What do you do?
Old 11-22-2020, 10:13 AM   #163
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Any Ultra High Net Worth Individual (UHNWI) here? What do you do?

Hats off to the UHNW. I’ve just never wanted the kind of responsibility, commitment or workaholism required to earn that kind of money. I wanted a couple of million to buy my freedom and it was satisfying to earn it by calibrating my effort accordingly, with always a foot in the corporation but one foot out, too, leaping when there was a better opportunity. My chosen goal achieved by age 53.

I just can’t shake the feeling that:
1). Money alone doesn’t make one happy. In my life and career I’ve known people with the full range of wealth and the full range of happiness and the correlation is only spotty.
2). Possessions need maintaining and can be a PITA. If you go to any marina, 99% of the boats are just bobbing around unused, waiting for their next bottom scraping.
3). There’s always a bigger fish. Even if you’re Elon Musk, there’s always a Jeff Bezos. And Elon Musk seems to have some “issues” that I don’t and wouldn’t want, thankfully.

I feel I’m at about the same innate happiness set point as I ever remember having so, I just dunno.
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Old 11-22-2020, 10:17 AM   #164
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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.
Can't disagree with "some of that" but so far not having billions hasn't helped with much of that stuff either and time is running out fast... So I'd take the money and continue to suffer through if that were an option!
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Old 11-22-2020, 10:30 AM   #165
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Love the show... Matter of fact I just watched season 5 again within the last week... The unfortunate part I think a lot (well some) of the ultra wealthy got that rich along the same lines as Bobby Axelrod did... Maybe not as blatant or as reprehensible but then again maybe not.....
Bobby started out very poor with a checkered childhood. When I learn about people like Bezos, Gates, Jobs, Buffet, Walton and the many they've made rich along the way, I realize they were average or below average middle class people. Maybe they changed as they grew richer, figured out ways to cut corners or scam a little. But for the most part, they were savvy and took advantage of opportunities. I can't argue with that. They are the American Dream, what so many aspire to become.
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Old 11-22-2020, 10:35 AM   #166
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Kudos to UHNW individuals, but I'm not at all attracted to their world. I speak from experience.
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Old 11-22-2020, 11:13 AM   #167
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Why do you want to know?
I want to reach that level some day.
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Old 11-22-2020, 01:26 PM   #168
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I am not a UHNW guy, but here's my 2 cents.

About getting there, we all read about people who get there, either by hook or by crook, and there seems to be many different ways. I myself tried by working hard for some years at a couple of startups that I helped found along with friends, and they both went belly up. Good thing I put none of my own money into it.

So, I got old and too tired to try anymore. Just counting my money in the market now, and I am glad I have enough to live comfortably. So, from my own experience, one is either lucky, or knows how to do it, or he doesn't. I belong in the last group.

That's the extent of my knowledge and experience about trying to get there.

About how much and what to spend money on once you get there, I think that is quite easy to learn. Other people will be glad to show you how. Spending lots of money is a skill too easily acquired. The hard part is not to let it become an addiction.

It appears that people who work hard to get their money tend to value it more and spend more judiciously. And their fortune stays intact. People who get the money falling from the sky tend to squander it fairly quickly, and they don't have that trouble of figuring how to spend that money anymore when they no longer have it.

Again, that's from observations, and not personal experience.
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Old 11-22-2020, 03:02 PM   #169
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I've never believed that money buys happiness. It can definitely reduce stress, because if you don't have money and are one medical or car repair bill from falling behind on rent or mortgage payments, that gets really stressful. And of course having a job you need is probably more stressful than not needing a job (whether you have one or not).

There's probably a point where having too much money makes it more stressful again, but you don't have to buy things that require staff to tend to it. But I'll never find out since I'm much more interested in preserving my nest egg than taking risks that might give me a chance at UHNW.
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Old 11-22-2020, 03:28 PM   #170
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I've never believed that money buys happiness. It can definitely reduce stress, because if you don't have money and are one medical or car repair bill from falling behind on rent or mortgage payments, that gets really stressful. And of course having a job you need is probably more stressful than not needing a job (whether you have one or not)...


“Money does not buy you happiness, but lack of money certainly buys you misery.” ― Daniel Kahneman


My LBYM lifestyle is totally conformant with the above quote.
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Old 11-22-2020, 03:43 PM   #171
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I want to reach that level some day.
Will you then be content? Finally satisfied? Will life be more meaningful? Finally self-actualized?
Having already amassed $10m, another $20m shouldn’t be an impossible task, right?

My point is... it’s probably less challenging to just keep doing what you are doing... which will probably make more, even $20m, money... than doing the internal work to reconcile our seeking and desires, and address that hunger within.
Maybe we are each of us on this earth for our own, unique individual reason. The money, job, family... all just a part of the process, not the ultimate meaning. Then again, maybe we’re each just random gene combinations and the goal is a giant pot of money.
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Old 11-22-2020, 03:49 PM   #172
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There's probably a point where having too much money makes it more stressful again, but you don't have to buy things that require staff to tend to it. But I'll never find out since I'm much more interested in preserving my nest egg than taking risks that might give me a chance at UHNW.
Right! Having all that stuff, all those houses, all those toys ends up ultimately causing stress. If anything, it raises your profile in the world, which makes you a target, so now you have to add security to the list of staff.

I once saw a documentary about high profile musicians. I wish I could remember who said it, but she said something like this: "The business is so complicated. You have to hire lawyers. But they'll try to screw you too, so you have hire lawyers to check your other lawyers."

Stress.
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Old 11-22-2020, 04:00 PM   #173
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Then again, maybe we’re each just random gene combinations and the goal is a giant pot of money.
There used to be a popular bumper sticker that I've seen on a number of cars:
"Whoever dies with the most toys wins"

Alas, some of those folks are still with us.
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Old 11-22-2020, 06:07 PM   #174
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Hmm... $30 million.. wow. Not me and I'd be surprised to see someone here with that kind of worth
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Old 11-22-2020, 06:12 PM   #175
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Hmm... $30 million.. wow. Not me and I'd be surprised to see someone here with that kind of worth
I was actually thinking we had a couple of folks in the general vicinity but can't point to a source.

Just curious: Why do you think that? Is it the relative rarity or more along the lines of folks with $30Mil don't hang out with us poor millionaires.
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Old 11-22-2020, 06:14 PM   #176
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The ultra rich use Twitter.
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Old 11-22-2020, 06:19 PM   #177
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The ultra rich use Twitter.
Ahhhh! I didn't think of that. I guess that's why I don't use Twitter, or FB or the other UHNW social media. Us poor millionaires aren't welcome there either
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Old 11-22-2020, 06:20 PM   #178
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At some time in my waning years, I may have "staff" on a 24/7/365 basis, if I last that long. I can guarantee it won't be due to UHNW. If I am happy where I am financially, why want for more? Isn't that the basic reason for having this group?

During my working life, I often said that once you reach a certain level, more money doesn't make you proportionally happier. But lack of money certainly can make life difficult, if not impossible. This has already been mentioned by others and attributed to others more quotable than me.
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Old 11-22-2020, 06:24 PM   #179
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Originally Posted by P.S. View Post
Will you then be content? Finally satisfied? Will life be more meaningful? Finally self-actualized?
Having already amassed $10m, another $20m shouldn’t be an impossible task, right?

My point is... it’s probably less challenging to just keep doing what you are doing... which will probably make more, even $20m, money... than doing the internal work to reconcile our seeking and desires, and address that hunger within.
Maybe we are each of us on this earth for our own, unique individual reason. The money, job, family... all just a part of the process, not the ultimate meaning. Then again, maybe we’re each just random gene combinations and the goal is a giant pot of money.
I don't spend too much time pondering life. Truth is: I will not work harder to reach UHNWI status. If it happens, it happens. I will just let money itself do the work; it does a better job compounding than me.
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Old 11-22-2020, 06:43 PM   #180
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I heard somebody say once “money doesn’t buy happiness, but it can sure make being miserable a lot better”!

Personally, I choose not to be miserable. But this may work for some.
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