Any Ultra High Net Worth Individual (UHNWI) here? What do you do?

[NW-Bound]

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.

 

[Spanky]

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.

 

[tb001]

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.

 

[NW-Bound]

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.

 

[Ed_The_Gypsy]

Why do you want to know?

 

[Sunset]

...... 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,

 

[Rianne]

"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-billions-are-the-characters-based-on-real-people

 

[Spanky]

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.

 

[Dtail]

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.

 

[Spanky]

Or the next generation can blow it all on parties, etc,

LOL ..

 

[Car-Guy]

"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.....

 

[Spanky]

.
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.

 

[Markola]

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.

 

[Car-Guy]

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!

 

[Rianne]

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.

 

[FIREd]

Kudos to UHNW individuals, but I'm not at all attracted to their world. I speak from experience.

 

[HawaiiShrimp]

Why do you want to know?

I want to reach that level some day.

 

[NW-Bound]

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.

 

[RunningBum]

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.

 

[NW-Bound]

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.

 

[P.S.]

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.

 

[JoeWras]

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.

 

[braumeister]

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.

 

[retired1]

Hmm... $30 million.. wow. Not me and I'd be surprised to see someone here with that kind of worth

 

[Koolau]

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.