How do the young rich avoid solitude, fill their time?

[Kabekew]

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.

 

[Midpack]

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.

 

[FUEGO]

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.

 

[Totoro]

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.

 

[marko]

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.

 

[Totoro]

None of the ones I know are (visibly) involved in philantrophy.

 

[FUEGO]

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.

 

[marko]

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.

 

[HFWR]

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"...

 

[kcowan]

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.

 

[Danmar]

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.

 

[omni550]

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/y...oney&nl_art=0&nlid=16505654&ref=headline&te=1

omni

 

[NW-Bound]

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.

 

[45th Birthday]

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.

 

[JoeWras]

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.

 

[razztazz]

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.

I'll go so far as to say I enjoy mowing the lawn! I don't go in for gardening and I don' like raking leaves in the Fall. In fact I usually just run over them with the mower and mulch them into oblivion.

I mow the lawn twice a week in the Summer whether it needs it or not

 

[NW-Bound]

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.

Hey, I remember that. I also remember not being among those who gave you a hard time.

 

[45th Birthday]

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.

Argh, I posted this on the wrong thread, sorry.

 

[harley]

Argh, I posted this on the wrong thread, sorry.

Obviously nobody noticed. Far from the worst threadjack I've seen (or started).

 

[NW-Bound]

No, you did not mess up. I believe the forum Web software got a string of posts starting with yours misplaced. They used to be on the thread about "Cleaning/Service Maids" here: http://www.early-retirement.org/forums/f28/cleaning-service-maids-79341.html.

This happened to me before. A post of mine was initially in the right thread, but later got sent off elsewhere.

 

[45th Birthday]

No, you did not mess up. I believe the forum Web software got a string of posts starting with yours misplaced. They used to be on the thread about "Cleaning/Service Maids" here: http://www.early-retirement.org/forums/f28/cleaning-service-maids-79341.html.

This happened to me before. A post of mine was initially in the right thread, but later got sent off elsewhere.

Thank you. I was worried I was slipping. And, even better news, apparently I was FIRST!