What to Do if You’re Already Wealthy?

[NW-Bound]

I am definitely not wealthy if I include my wife's weight, even though her BMI is only 21.5.

 

[TOOLMAN]

I am definitely not wealthy if I include my wife's weight, even though her BMI is only 21.5.

I'm not in the 1% club for NW by age.

The top 1% household NW (wealthy) continues to be about the same as "worth your weight in gold".


age NW
------- --------------
55-59 $17,545,848
60-64 $14,629,637
65-69 $16,439,046

https://dqydj.com/average-median-top-net-worth-percentiles-by-age/

 

[RobbieB]

If you're already wealthy you can do anything you want.

Yeah, no need to waste time reading articles about what to do if you're already wealthy.

 

[robnplunder]

Highlights:
1. What is wealth?
2. Figure out your purpose in having money.
3. Don’t give your money to charity.
4. Divide Your Wealth Wisely.
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My take:

1. At my age (59), wealth = health + enough money to enjoy my lifestyle
2. See 1.
3. My starving musician son is the charity case.
4. See 3.

 

[Joylush]

A unique point of view not often expressed. If you have the same mindset as the author, he makes some interesting points. Don't just reinforce your own beliefs, understand how diverse others might be.

VW

I agree. I thought he made some good points.

 

[Lawrencewendall]

My take:

1. At my age (59), wealth = health + enough money to enjoy my lifestyle
2. See 1.
3. My starving musician son is the charity case.
4. See 3.

 

[youbet]

I agree. I thought he made some good points.

Yeah, me too. Especially when he said

A final word of advice: Don’t consume more than you make: save! Don’t spend: invest!

I still find it hard to argue against LBYM and investing. But, apparently many here can.

 

[Bigdawg]

I agree. I thought he made some good points.

Stop!

Keep thinking like that and you will find yourself on ER.org secret probation.

Next thing you know you'll me telling the group that you haven't paid off your mortgage. LOL

#groupthinkonly

 

[Lawrencewendall]

Stop!

Keep thinking like that and you will find yourself on ER.org secret probation.

Next thing you know you'll me telling the group that you haven't paid off your mortgage. LOL

#groupthinkonly

 

[cat4ever]

I haven't read the article yet, but I can tell by your comments I am going to find it interesting and at least some of it enlightening.

 

[Ed_The_Gypsy]

I like that.

Maybe #3 should have been "don't give your money to a charity" that isn't going be responsible in spending it? Not to derail the thread, but many well known charities spend WAY too much on overhead and administration costs. I've known some wealthy folks who have paid (through their own foundations) for the college tuition of a kid whose parents couldn't possibly afford it, and for whom student debt would be crippling. Only STEM education though....

 

[Joylush]

Stop!

Keep thinking like that and you will find yourself on ER.org secret probation.

Next thing you know you'll me telling the group that you haven't paid off your mortgage. LOL

#groupthinkonly

I think this went over my head. What did I miss! FWIW I do have quite a few houses but none are mortgaged.

 

[Nick12]

Hope this is not a dupe. Not a big fan of Doug Casey but I found this interesting.

Highlights:
1. What is wealth?
2. Figure out your purpose in having money.
3. Don’t give your money to charity.
4. Divide Your Wealth Wisely.

The Silver Bear Cafe

His net worth as of May 2020 is $20M. There is a sucker born every minute.

 

[ducky911]

My calculator comes up with 29,500/pound.....16 oz times 1847 dollars
did i make an error?

I just got sloppy around rounded off, to $18,000 per pound.

Hmm...something just hit me...remember the old "Speed Racer" cartoon episode, "Race Against the Mammoth Car"? Where crooks stole $50M in gold and tried to smuggle it out of the country during a race where any type of vehicle could enter?

Well, the crooks built this monster rig that was sort of like an extra-long tractor trailer, about 600 feet long and had melted the gold right into its structure. Of course, if you think too much into the logistics and such, the episode is riddled with plot holes and such, but still a fun watch.

Anyway, adjusting for inflation, $50M of gold, nowadays, comes out to around 2800 lb. You could haul that out in the back of a 2500 series pickup. Actually, I know from experience you could haul it in a halfway decent half-ton truck, as long as you drive gently! Not that I've ever hauled that much gold around in a half-ton truck, but I know I grossly overloaded my Granddad's old '85 Silverado a few times!

 

[Out-to-Lunch]

My calculator comes up with 29,500/pound.....16 oz times 1847 dollars
did i make an error?

Yes, you did. The price you quoted ($1847) is the price per troy ounce. There are not 16, but about 14.5, troy ounces per standard (avoirdupois) pound.

 

[ducky911]

ok 1847 times 14.5 equals 26,781/pound

still more than Andre post at 18000/pound

even with a bit of Christmas/covid weight I still made the cut

 

[Out-to-Lunch]

ok 1847 times 14.5 equals 26,781/pound

even with a bit of Christmas/covid weight I still made the cut

Nice! Well done.

 

[Andre1969]

I don't know where I came up with that $18,000 per pound. I know I did some rounding, but I wasn't THAT sloppy! However, when I did the calculation, I don't remember it being in the $184X/ounce range. So whatever site I googled it from might have been wrong, or outdated.

But, at $26,781/lb, that $50M from the old Speed Racer episode would now only be about 1867 lb. My grandmother's old '85 LeSabre could handle that. Although probably not if you put the whole 1867 lb in one fairly concentrated place!

 

[Out-to-Lunch]

I don't know where I came up with that $18,000 per pound. I know I did some rounding, but I wasn't THAT sloppy! However, when I did the calculation, I don't remember it being in the $184X/ounce range. So whatever site I googled it from might have been wrong, or outdated.

But, at $26,781/lb, that $50M from the old Speed Racer episode would now only be about 1867 lb. My grandmother's old '85 LeSabre could handle that. Although probably not if you put the whole 1867 lb in one fairly concentrated place!

Wow, and we are now down to only 11.6 gallons. You will need to use both the front and backseats of the LeSabre!

 

[Koolau]

Like the guy who gave up on saving his first million dollars and decided to work on his second million dollars instead, I've given up on my weight in gold. I couldn't earn (or, more likely grow) that much money and/or lose that much weight. BUT, here's my alternative. I'll calculate my weight in silver. Looks like today's spot for silver is $25.65. So that's about $372 per lb. YAY! I'm in the weight-in-silver club. I can even throw DW's weight in there and I'm still golden, er, silvern.

I'm betting most of us here could OWN our weight in silver. At a (probably) inflated weight of 200 lbs. per member, that's less than $75K worth. A $1000 face bag of so-called "junk" silver coins (US minted '64 or before) weighs about 54 lbs so 90% of 54lbs X 14.5 troz/lb X 25.65 = about $18,500+/-. Unfortunately, there's a premium that makes a "bag" cost around $19,500+/-. SO, for roughly $80K(++) you can own your weight in silver contained in US dimes/quarters/halves pre '65. Here's your big chance - and no, I don't sell the stuff, so YMMV.