That’s effectively the way the Zuckerburgs of the world made their money (to a lesser degree). Get on the ground floor with significant equity in a company that goes ballistic.Firemenot wrote: ↑Mon Jan 17, 2022 3:29 pmGoing in-house somewhere with generous option grants where company has explosive growth will get you there at an earlier age. I know two lawyers who did this and achieved UHNW status in 50s — one worth several hundred million. For them, choosing the right small enough company with a long growth runway was key. They put a lot of thought into selection, but of course it was highly speculative in the end. Neither were in “Tech”.alfaspider wrote: ↑Mon Jan 17, 2022 2:06 pmI hit $2MM at 36 (spouse and I are both lawyers). I suppose if we were willing and able to work into our 70s and the markets continue on their trajectory of roughly 8% annual gains (real), it would be theoretically possible to hit $30MM in 2022 dollars before I die. But in practice, I’m not going to decide to work another decade at 60 to reach some arbitrary net worth goal. Heck, I will probably be done before 50 if the pace continues.Hannibal Barca wrote: ↑Mon Jan 17, 2022 1:43 pmIt's definitely doable to get to $2M by age 30, which gives you a 30-40 year investment horizon. One approach: Dual income couple who both work in professions that 1) don't require grad school, 2) have entry level incomes >$100k, and 3) have good promotion / income growth trajectories. So obviously medicine and law are out (because of grad school) and so is accounting (because the entry level income is well below $100k), but finance and consulting fields fit the bill. The couple just needs to have a high savings rate (not hard when one has very little free time).nigel_ht wrote: ↑Mon Jan 17, 2022 7:41 am The most reliable path to UHNW is to be born in it.
That’s not viable for most folks but you CAN try to help your descendants reach UHNW (as an aggregate) because all it takes is time.
Many of the paths described here say something along the lines of $2M invested for 30-40 years can get you there whether it’s real estate, stocks or whatever.
Hard to get that 30-40 years in a single lifetime unless you start with that $2M out the gate.
Hard for any individual to get to $30M even if you start with $2M out the gate because it still requires luck and work.
But for a family…over a couple generations, with a little luck, can Boglehead their way to UHNW status for the third. Call it 2 kids per generation, $2M inheritance from the founders, $4M from their 2 kids add 40 years of cook time and the 4 descendants of the original founding generation have a good shot at UHNW doing nothing more than passive indexing.
So that’s my plan. Took my small inheritance and put it into a family LLC to grow 20 years while we are alive (hopefully), then add our own own estate to that amount when we go and tell the kids they can start pulling 2% out a year and splitting that after it hits $15M and to pass it along to their kids…preferably adding to the pot when their time comes.
Individually they won’t hit UHNW but the family LLC will eventually get there unless they decide to dismember it. That’s up to them…I won’t care, I’ll be dead.
Obviously there are plenty of downsides with this approach: High stress, little free time (you're basically selling your 20's), low career stability, up-or-out cultures, likely delayed family formation, etc. But the couple can always pivot to less stressful jobs once they've got the $2M snowball going and feel comfortable taking their foot off the gas.
Path to UHNW
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Re: Path to UHNW
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Re: Path to UHNW
So we just need to know which companies are going to 1000x ahead of time? Noted.alfaspider wrote: ↑Mon Jan 17, 2022 4:14 pmThat’s effectively the way the Zuckerburgs of the world made their money (to a lesser degree). Get on the ground floor with significant equity in a company that goes ballistic.Firemenot wrote: ↑Mon Jan 17, 2022 3:29 pmGoing in-house somewhere with generous option grants where company has explosive growth will get you there at an earlier age. I know two lawyers who did this and achieved UHNW status in 50s — one worth several hundred million. For them, choosing the right small enough company with a long growth runway was key. They put a lot of thought into selection, but of course it was highly speculative in the end. Neither were in “Tech”.alfaspider wrote: ↑Mon Jan 17, 2022 2:06 pmI hit $2MM at 36 (spouse and I are both lawyers). I suppose if we were willing and able to work into our 70s and the markets continue on their trajectory of roughly 8% annual gains (real), it would be theoretically possible to hit $30MM in 2022 dollars before I die. But in practice, I’m not going to decide to work another decade at 60 to reach some arbitrary net worth goal. Heck, I will probably be done before 50 if the pace continues.Hannibal Barca wrote: ↑Mon Jan 17, 2022 1:43 pmIt's definitely doable to get to $2M by age 30, which gives you a 30-40 year investment horizon. One approach: Dual income couple who both work in professions that 1) don't require grad school, 2) have entry level incomes >$100k, and 3) have good promotion / income growth trajectories. So obviously medicine and law are out (because of grad school) and so is accounting (because the entry level income is well below $100k), but finance and consulting fields fit the bill. The couple just needs to have a high savings rate (not hard when one has very little free time).nigel_ht wrote: ↑Mon Jan 17, 2022 7:41 am The most reliable path to UHNW is to be born in it.
That’s not viable for most folks but you CAN try to help your descendants reach UHNW (as an aggregate) because all it takes is time.
Many of the paths described here say something along the lines of $2M invested for 30-40 years can get you there whether it’s real estate, stocks or whatever.
Hard to get that 30-40 years in a single lifetime unless you start with that $2M out the gate.
Hard for any individual to get to $30M even if you start with $2M out the gate because it still requires luck and work.
But for a family…over a couple generations, with a little luck, can Boglehead their way to UHNW status for the third. Call it 2 kids per generation, $2M inheritance from the founders, $4M from their 2 kids add 40 years of cook time and the 4 descendants of the original founding generation have a good shot at UHNW doing nothing more than passive indexing.
So that’s my plan. Took my small inheritance and put it into a family LLC to grow 20 years while we are alive (hopefully), then add our own own estate to that amount when we go and tell the kids they can start pulling 2% out a year and splitting that after it hits $15M and to pass it along to their kids…preferably adding to the pot when their time comes.
Individually they won’t hit UHNW but the family LLC will eventually get there unless they decide to dismember it. That’s up to them…I won’t care, I’ll be dead.
Obviously there are plenty of downsides with this approach: High stress, little free time (you're basically selling your 20's), low career stability, up-or-out cultures, likely delayed family formation, etc. But the couple can always pivot to less stressful jobs once they've got the $2M snowball going and feel comfortable taking their foot off the gas.
Re: Path to UHNW
My social circle isn’t that big and I know two. Dumb luck? Maybe. Both in boring economic sectors. Consistently growing companies over time with options can result in crazy wealth. And to be clear, these are annual options grants. Both stayed 15+ years at their companies. The truly wealthy one almost 30.Livehard1234 wrote: ↑Mon Jan 17, 2022 4:21 pmSo we just need to know which companies are going to 1000x ahead of time? Noted.alfaspider wrote: ↑Mon Jan 17, 2022 4:14 pmThat’s effectively the way the Zuckerburgs of the world made their money (to a lesser degree). Get on the ground floor with significant equity in a company that goes ballistic.Firemenot wrote: ↑Mon Jan 17, 2022 3:29 pmGoing in-house somewhere with generous option grants where company has explosive growth will get you there at an earlier age. I know two lawyers who did this and achieved UHNW status in 50s — one worth several hundred million. For them, choosing the right small enough company with a long growth runway was key. They put a lot of thought into selection, but of course it was highly speculative in the end. Neither were in “Tech”.alfaspider wrote: ↑Mon Jan 17, 2022 2:06 pmI hit $2MM at 36 (spouse and I are both lawyers). I suppose if we were willing and able to work into our 70s and the markets continue on their trajectory of roughly 8% annual gains (real), it would be theoretically possible to hit $30MM in 2022 dollars before I die. But in practice, I’m not going to decide to work another decade at 60 to reach some arbitrary net worth goal. Heck, I will probably be done before 50 if the pace continues.Hannibal Barca wrote: ↑Mon Jan 17, 2022 1:43 pm
It's definitely doable to get to $2M by age 30, which gives you a 30-40 year investment horizon. One approach: Dual income couple who both work in professions that 1) don't require grad school, 2) have entry level incomes >$100k, and 3) have good promotion / income growth trajectories. So obviously medicine and law are out (because of grad school) and so is accounting (because the entry level income is well below $100k), but finance and consulting fields fit the bill. The couple just needs to have a high savings rate (not hard when one has very little free time).
Obviously there are plenty of downsides with this approach: High stress, little free time (you're basically selling your 20's), low career stability, up-or-out cultures, likely delayed family formation, etc. But the couple can always pivot to less stressful jobs once they've got the $2M snowball going and feel comfortable taking their foot off the gas.
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Re: Path to UHNW
Probably unusual luck. I know you said “not tech”, but it’s probably most common there.Firemenot wrote: ↑Mon Jan 17, 2022 4:33 pmMy social circle isn’t that big and I know two. Dumb luck? Maybe. Both in boring economic sectors. Consistently growing companies over time with options can result in crazy wealth.Livehard1234 wrote: ↑Mon Jan 17, 2022 4:21 pmSo we just need to know which companies are going to 1000x ahead of time? Noted.alfaspider wrote: ↑Mon Jan 17, 2022 4:14 pmThat’s effectively the way the Zuckerburgs of the world made their money (to a lesser degree). Get on the ground floor with significant equity in a company that goes ballistic.Firemenot wrote: ↑Mon Jan 17, 2022 3:29 pmGoing in-house somewhere with generous option grants where company has explosive growth will get you there at an earlier age. I know two lawyers who did this and achieved UHNW status in 50s — one worth several hundred million. For them, choosing the right small enough company with a long growth runway was key. They put a lot of thought into selection, but of course it was highly speculative in the end. Neither were in “Tech”.alfaspider wrote: ↑Mon Jan 17, 2022 2:06 pm
I hit $2MM at 36 (spouse and I are both lawyers). I suppose if we were willing and able to work into our 70s and the markets continue on their trajectory of roughly 8% annual gains (real), it would be theoretically possible to hit $30MM in 2022 dollars before I die. But in practice, I’m not going to decide to work another decade at 60 to reach some arbitrary net worth goal. Heck, I will probably be done before 50 if the pace continues.
I’m in-house as well, have met literally hundreds of in-house lawyers, and don’t know anybody who amassed that sort of wealth through their in-house comp package. Perhaps the GCs are in the $30MM bucket, but almost certainly not $100MM+.
Re: Path to UHNW
I’m not Tech. I’m in an industry most would consider super boring. If I stayed until 60-65 (another 15-20 years), I’d most likely be in excess of $30 million — mostly off my options — if the company keeps slowly and steadily growing like it has the last 30 years. There’s still lots of global runway and industry consolidation.alfaspider wrote: ↑Mon Jan 17, 2022 4:40 pmProbably unusual luck. I know you said “not tech”, but it’s probably most common there.Firemenot wrote: ↑Mon Jan 17, 2022 4:33 pmMy social circle isn’t that big and I know two. Dumb luck? Maybe. Both in boring economic sectors. Consistently growing companies over time with options can result in crazy wealth.Livehard1234 wrote: ↑Mon Jan 17, 2022 4:21 pmSo we just need to know which companies are going to 1000x ahead of time? Noted.alfaspider wrote: ↑Mon Jan 17, 2022 4:14 pmThat’s effectively the way the Zuckerburgs of the world made their money (to a lesser degree). Get on the ground floor with significant equity in a company that goes ballistic.Firemenot wrote: ↑Mon Jan 17, 2022 3:29 pm
Going in-house somewhere with generous option grants where company has explosive growth will get you there at an earlier age. I know two lawyers who did this and achieved UHNW status in 50s — one worth several hundred million. For them, choosing the right small enough company with a long growth runway was key. They put a lot of thought into selection, but of course it was highly speculative in the end. Neither were in “Tech”.
I’m in-house as well, have met literally hundreds of in-house lawyers, and don’t know anybody who amassed that sort of wealth through their in-house comp package. Perhaps the GCs are in the $30MM bucket, but almost certainly not $100MM+.
Re: Path to UHNW
No sure how they know it - how would this information be obtained? There is no wealth tax in the US, or any other reason for people to compute and declare their wealth or net worth (at least not until death).GP813 wrote: ↑Mon Jan 17, 2022 3:26 pm The United States is home to 101,240 ultra high net worth (UNHW) individuals worth at least US$30 million and 927 Billionaires according to 2020 statistics collected by WealthX
so UHNW is already so rare it's only .03% of the U.S. population. Billionaires are .00028% of the U.S. population.
Re: Path to UHNW
Why do you need 30M by age 60-70? I'd rather stop in late 40s than keep working just to claim 'I did it' Time is waaaay more valuable imhoHannibal Barca wrote: ↑Mon Jan 17, 2022 1:43 pm
It's definitely doable to get to $2M by age 30, which gives you a 30-40 year investment horizon.
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Re: Path to UHNW
Some people enjoy their jobs. It stimulates them and keeps them vibrant. Some retire to play golf, fish, travel or work on old hot rods. Others don't feel productive unless their hair is on fire. Who is to say what's the right path?gogreen wrote: ↑Mon Jan 17, 2022 5:08 pmWhy do you need 30M by age 60-70? I'd rather stop in late 40s than keep working just to claim 'I did it' Time is waaaay more valuable imhoHannibal Barca wrote: ↑Mon Jan 17, 2022 1:43 pm
It's definitely doable to get to $2M by age 30, which gives you a 30-40 year investment horizon.
Re: Path to UHNW
They're a research and marketing firm. There are all kinds of companies that track the wealthy population and sell that info and research to interested parties like wealth management firms, luxury goods and services providers, charities and non-profit fundraisers, etc. I suspect they obtain the information from a mixture of publicly available data like the Census Bureau, IRS provided data, court records and private research obtained from banking institutions.visualguy wrote: ↑Mon Jan 17, 2022 4:58 pmNo sure how they know it - how would this information be obtained? There is no wealth tax in the US, or any other reason for people to compute and declare their wealth or net worth (at least not until death).GP813 wrote: ↑Mon Jan 17, 2022 3:26 pm The United States is home to 101,240 ultra high net worth (UNHW) individuals worth at least US$30 million and 927 Billionaires according to 2020 statistics collected by WealthX
so UHNW is already so rare it's only .03% of the U.S. population. Billionaires are .00028% of the U.S. population.
https://www.wealthx.com/approach/our-specialist-focus/
Last edited by GP813 on Mon Jan 17, 2022 6:08 pm, edited 4 times in total.
Re: Path to UHNW
Enjoying the job and chasing the number are the orthogonal thingsCaliforniastate wrote: ↑Mon Jan 17, 2022 5:21 pmSome people enjoy their jobs. It stimulates them and keeps them vibrant. Some retire to play golf, fish, travel or work on old hot rods. Others don't feel productive unless their hair is on fire. Who is to say what's the right path?gogreen wrote: ↑Mon Jan 17, 2022 5:08 pmWhy do you need 30M by age 60-70? I'd rather stop in late 40s than keep working just to claim 'I did it' Time is waaaay more valuable imhoHannibal Barca wrote: ↑Mon Jan 17, 2022 1:43 pm
It's definitely doable to get to $2M by age 30, which gives you a 30-40 year investment horizon.
Re: Path to UHNW
I think that a lot of people can attain this by a little bit of luck and a whole lot of hard work. I think people discount the fact that many self-made wealthy people got that way by working extremely hard.
Remember when you wanted what you currently have?
Re: Path to UHNW
What I tell most people: hard work and a lot of luck.
What I tell my kids: make your own luck by working harder than you ever imagined, then work harder still. Marry someone with the same mindset and work ethic. Start your own business. If you think you’re automatically inheriting the business I built from nothing, think again.
From what I’ve seen, Ivy to consulting or PE to entrepreneur has been the most likely path to 30M.
What I tell my kids: make your own luck by working harder than you ever imagined, then work harder still. Marry someone with the same mindset and work ethic. Start your own business. If you think you’re automatically inheriting the business I built from nothing, think again.
From what I’ve seen, Ivy to consulting or PE to entrepreneur has been the most likely path to 30M.
Re: Path to UHNW
It really is. I find that time is a useful comparison tool.
1 million seconds is about 12 days.
1 billion seconds is about 31 years.
250 billion seconds is about 7,927 years.
The scale is hard to comprehend.
Re: Path to UHNW
Start a business, be an early employee at a unicorn company, commercial RE development/investor, or top 0.01% in a variety of fields.
Real estate, where even the most mediocre can become wealthy.
Re: Path to UHNW
Right, so the definitive path to UHNW - earn $1 a second for 31 years straight.
Definitive path to richest man in the world - earn $250 a second for 7927 years.
Re: Path to UHNW
Many younger folks have not yet realized time is the ultimate currency. At some point, we grow up have so much more money than we could spend. And at that point, we wish we have more time.gogreen wrote: ↑Mon Jan 17, 2022 5:08 pmWhy do you need 30M by age 60-70? I'd rather stop in late 40s than keep working just to claim 'I did it' Time is waaaay more valuable imhoHannibal Barca wrote: ↑Mon Jan 17, 2022 1:43 pm
It's definitely doable to get to $2M by age 30, which gives you a 30-40 year investment horizon.
See my signature.
Time is the ultimate currency.
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Re: Path to UHNW
Love your signature. A busy life is a wasted life.
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Expecting the unexpected
Re: Path to UHNW
Yup, making it more extreme - for me $5m at 25 is WAY more valuable than $5b at 90H-Town wrote: ↑Mon Jan 17, 2022 6:54 pmMany younger folks have not yet realized time is the ultimate currency. At some point, we grow up have so much more money than we could spend. And at that point, we wish we have more time.gogreen wrote: ↑Mon Jan 17, 2022 5:08 pmWhy do you need 30M by age 60-70? I'd rather stop in late 40s than keep working just to claim 'I did it' Time is waaaay more valuable imhoHannibal Barca wrote: ↑Mon Jan 17, 2022 1:43 pm
It's definitely doable to get to $2M by age 30, which gives you a 30-40 year investment horizon.
See my signature.
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Re: Path to UHNW
You're right, there's definitely underreporting. Some people who wouldn't make it on the list:visualguy wrote: ↑Mon Jan 17, 2022 4:58 pmNo sure how they know it - how would this information be obtained? There is no wealth tax in the US, or any other reason for people to compute and declare their wealth or net worth (at least not until death).GP813 wrote: ↑Mon Jan 17, 2022 3:26 pm The United States is home to 101,240 ultra high net worth (UNHW) individuals worth at least US$30 million and 927 Billionaires according to 2020 statistics collected by WealthX
so UHNW is already so rare it's only .03% of the U.S. population. Billionaires are .00028% of the U.S. population.
-Someone builds and majority owns a relatively large private business that has never taken external equity financing or didn't report the valuations it took that financing at
-Someone who gets a few hundred million from selling a business (many times the transaction figure isn't reported, and certainly not the outgoing equity split). If that money is invested for 2-3 decades he'll reach the billionaire level
-Someone with inherited wealth from a family that keeps things private and doesn't have major ownership in a public company where reporting would be required
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Re: Path to UHNW
Why? It seems very random. Cut the most grass in the world, jump more than anybody? Why is this even a value?
Excessive work comes at a price, wasted life, time, happiness, education. Why chase money if it not necessary?
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Re: Path to UHNW
Why do some people try for a sub 5 minute mile time? It's a goal, and to some it can be motivating. Does it stay motivating for 30-40 years? Who knows, but probably not.gogreen wrote: ↑Mon Jan 17, 2022 5:30 pmEnjoying the job and chasing the number are the orthogonal thingsCaliforniastate wrote: ↑Mon Jan 17, 2022 5:21 pmSome people enjoy their jobs. It stimulates them and keeps them vibrant. Some retire to play golf, fish, travel or work on old hot rods. Others don't feel productive unless their hair is on fire. Who is to say what's the right path?gogreen wrote: ↑Mon Jan 17, 2022 5:08 pmWhy do you need 30M by age 60-70? I'd rather stop in late 40s than keep working just to claim 'I did it' Time is waaaay more valuable imhoHannibal Barca wrote: ↑Mon Jan 17, 2022 1:43 pm
It's definitely doable to get to $2M by age 30, which gives you a 30-40 year investment horizon.
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Re: Path to UHNW
Re: Path to UHNW
The person cutting the most grass in the world probably has a very productive landscaping company! The person who jumps more than anyone is probably a world class athlete!
Not random. Hard work and perseverance don’t always result in success, monetary or otherwise, but I don’t know anyone who has made 30M who doesn’t have incredible work ethic.
Re: Path to UHNW
Enjoying running and hunting for sub 5 min mile are also orthogonal things For some it might be motivating for others it might influence health so bad that they stop running at all in few yearsHannibal Barca wrote: ↑Mon Jan 17, 2022 8:51 pmWhy do some people try for a sub 5 minute mile time? It's a goal, and to some it can be motivating. Does it stay motivating for 30-40 years? Who knows, but probably not.gogreen wrote: ↑Mon Jan 17, 2022 5:30 pmEnjoying the job and chasing the number are the orthogonal thingsCaliforniastate wrote: ↑Mon Jan 17, 2022 5:21 pmSome people enjoy their jobs. It stimulates them and keeps them vibrant. Some retire to play golf, fish, travel or work on old hot rods. Others don't feel productive unless their hair is on fire. Who is to say what's the right path?gogreen wrote: ↑Mon Jan 17, 2022 5:08 pmWhy do you need 30M by age 60-70? I'd rather stop in late 40s than keep working just to claim 'I did it' Time is waaaay more valuable imhoHannibal Barca wrote: ↑Mon Jan 17, 2022 1:43 pm
It's definitely doable to get to $2M by age 30, which gives you a 30-40 year investment horizon.
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Re: Path to UHNW
In the end we're all dead.
Spend your time wisely, as it's more valuable than money, the more you age.
[Non-uhnw couple enjoying snowboarding at Jackson Hole this week]
Spend your time wisely, as it's more valuable than money, the more you age.
[Non-uhnw couple enjoying snowboarding at Jackson Hole this week]
Re: Path to UHNW
THIS!SilverSmurfer wrote: ↑Tue Jan 18, 2022 4:21 pm In the end we're all dead.
Spend your time wisely, as it's more valuable than money, the more you age.
[Non-uhnw couple enjoying snowboarding at Jackson Hole this week]
Going to take an unpaid vacation to snowboard in CO in March
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Re: Path to UHNW
The most efficient way is commercial real estate. Every flyover town in America has a random guy worth $50 million from buying and holding CRE. It really isn’t hard relative to the other paths, but you have to spend time in places most other smart motivated people wouldn’t be caught dead in.
Re: Path to UHNW
And how many UHNW real estate moguls can that town support?BillWalters wrote: ↑Tue Jan 18, 2022 7:13 pm Every flyover town in America has a random guy worth $50 million from buying and holding CRE.
Meet my pet, Peeve, who loves to convert non-acronyms into acronyms: FED, ROTH, CASH, IVY, ...
Re: Path to UHNW
This thread is interesting in a strange way. OP asked for paths to UHNW. By definition it’s very rare.
1. Yet on this board you have a lot the people claiming it is not, and worse they claim Boglehead philosophy will get you there. Boglehead philosophy is bright and allows one to live a balanced life without using up a lot of precious time trying to figure out how to arrive.
2. Reminds me of the kid (with no talent) who said I could be pro football player. News flash ……. Nope. It’s very hard/rare to be a Pro
3. Or you want to be UHNW person get a degree in fine arts (play the flute). Why? My imagery friend Jethro Tull (Ian Anderson) did it...Please You can’t use the exception and claim it’s the rule.
My point, If a person’s main goal in life is to be UHNW (I would advise get a new goal). But, if that’s the goal and failure is not an option would you advise this person to get a good job, live below your means, and invest in index funds and this would be the best path to UHNW?
Knowing the majority of people in that category are self employed/self made, special skills, inherent/married it and of course luck. Even, Jack Bogle did not became wealthy through investing in index funds,
1. Yet on this board you have a lot the people claiming it is not, and worse they claim Boglehead philosophy will get you there. Boglehead philosophy is bright and allows one to live a balanced life without using up a lot of precious time trying to figure out how to arrive.
2. Reminds me of the kid (with no talent) who said I could be pro football player. News flash ……. Nope. It’s very hard/rare to be a Pro
3. Or you want to be UHNW person get a degree in fine arts (play the flute). Why? My imagery friend Jethro Tull (Ian Anderson) did it...Please You can’t use the exception and claim it’s the rule.
My point, If a person’s main goal in life is to be UHNW (I would advise get a new goal). But, if that’s the goal and failure is not an option would you advise this person to get a good job, live below your means, and invest in index funds and this would be the best path to UHNW?
Knowing the majority of people in that category are self employed/self made, special skills, inherent/married it and of course luck. Even, Jack Bogle did not became wealthy through investing in index funds,
Re: Path to UHNW
It’s more exclusive at the Yellowstone Club…lol.gogreen wrote: ↑Tue Jan 18, 2022 6:27 pmTHIS!SilverSmurfer wrote: ↑Tue Jan 18, 2022 4:21 pm In the end we're all dead.
Spend your time wisely, as it's more valuable than money, the more you age.
[Non-uhnw couple enjoying snowboarding at Jackson Hole this week]
Going to take an unpaid vacation to snowboard in CO in March
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Re: Path to UHNW
I am (was) a corporate drone. Never started my own business.
If the market doubles every seven years and I keep working and contributing at the same rate let's say I'll hit $30 million in roughly 30 years, at age 85. So in order to hit that number I either have to be miserable for the next 30 years or I'll die trying.
I'm good with less... a LOT less.
If the market doubles every seven years and I keep working and contributing at the same rate let's say I'll hit $30 million in roughly 30 years, at age 85. So in order to hit that number I either have to be miserable for the next 30 years or I'll die trying.
I'm good with less... a LOT less.
Re: Path to UHNW
I don't think $30m will get you there... Residences start from $18m. We need a new topic - Path to Yellowstone Clubnigel_ht wrote: ↑Wed Jan 19, 2022 8:08 amIt’s more exclusive at the Yellowstone Club…lol.gogreen wrote: ↑Tue Jan 18, 2022 6:27 pmTHIS!SilverSmurfer wrote: ↑Tue Jan 18, 2022 4:21 pm In the end we're all dead.
Spend your time wisely, as it's more valuable than money, the more you age.
[Non-uhnw couple enjoying snowboarding at Jackson Hole this week]
Going to take an unpaid vacation to snowboard in CO in March
Re: Path to UHNW
It can…it just takes a couple generations…
Anyone who can get to a 7 figure estate (lots of Bogleheads) and has a kid who will safeguard it another 48 years (that’s a little harder but not excessively difficult) after they are gone while continue to add to the pot has a good chance of getting their family into UHNW status as long as we don’t end up with a Nikkei style crash.
Say you leave behind $2M. Double every 12 years. $2M->$4M->$8M->$16M->$32M.
If my kid is 20 when we pass away then at age 68 she has a good shot at UHNW status especially if she follows BH principles in her own life and has a couple million saved herself.
Will this be rare? Yes.
But it’s not technically difficult. It just requires the desire and the market to continue the same general path for another 50 years.
If not, then passive investing will have stopped working and bogleheads will be obsolete.
Re: Path to UHNW
Nah…$320K for membership and $9.2M for a condo.gogreen wrote: ↑Wed Jan 19, 2022 8:22 amI don't think $30m will get you there... Residences start from $18m. We need a new topic - Path to Yellowstone Clubnigel_ht wrote: ↑Wed Jan 19, 2022 8:08 amIt’s more exclusive at the Yellowstone Club…lol.gogreen wrote: ↑Tue Jan 18, 2022 6:27 pmTHIS!SilverSmurfer wrote: ↑Tue Jan 18, 2022 4:21 pm In the end we're all dead.
Spend your time wisely, as it's more valuable than money, the more you age.
[Non-uhnw couple enjoying snowboarding at Jackson Hole this week]
Going to take an unpaid vacation to snowboard in CO in March
https://yellowstoneclub.com/real-estate ... residences
Alas, they are sold out.
Used to only be like $4M for a condo a few years ago*…but yeah, $30M is kinda light to dump 33% of your net worth into a vacation house. How could you possibly manage with only $20M left? Lol.
Amusingly Spanish Peaks sold for $26M…for the price of many Yellowstone Club properties you could have been like Cartman and owned your own park and told folks they couldn’t come…
See…$30M ain’t so ultra…
Last edited by nigel_ht on Wed Jan 19, 2022 8:47 am, edited 1 time in total.
Re: Path to UHNW
nigel_ht wrote: ↑Wed Jan 19, 2022 8:43 amAmusingly Spanish Peaks sold for $26M…for the price of many Yellowstone Club properties you could have been like Cartman and owned your own park and told folks they couldn’t come…gogreen wrote: ↑Wed Jan 19, 2022 8:22 amI don't think $30m will get you there... Residences start from $18m. We need a new topic - Path to Yellowstone Clubnigel_ht wrote: ↑Wed Jan 19, 2022 8:08 amIt’s more exclusive at the Yellowstone Club…lol.gogreen wrote: ↑Tue Jan 18, 2022 6:27 pmTHIS!SilverSmurfer wrote: ↑Tue Jan 18, 2022 4:21 pm In the end we're all dead.
Spend your time wisely, as it's more valuable than money, the more you age.
[Non-uhnw couple enjoying snowboarding at Jackson Hole this week]
Going to take an unpaid vacation to snowboard in CO in March
See…$30M ain’t so ultra…
Yeah, luxury jets can hit $500M so as human beings we can also find something to struggle about
Re: Path to UHNW
Your analysis doesn't take inflation into account.nigel_ht wrote: ↑Wed Jan 19, 2022 8:31 amIt can…it just takes a couple generations…
Anyone who can get to a 7 figure estate (lots of Bogleheads) and has a kid who will safeguard it another 48 years (that’s a little harder but not excessively difficult) after they are gone while continue to add to the pot has a good chance of getting their family into UHNW status as long as we don’t end up with a Nikkei style crash.
Say you leave behind $2M. Double every 12 years. $2M->$4M->$8M->$16M->$32M.
If my kid is 20 when we pass away then at age 68 she has a good shot at UHNW status especially if she follows BH principles in her own life and has a couple million saved herself.
Will this be rare? Yes.
But it’s not technically difficult. It just requires the desire and the market to continue the same general path for another 50 years.
If not, then passive investing will have stopped working and bogleheads will be obsolete.
Re: Path to UHNW
It does because doubling every 12 years is based on 6% (below the 6.8% CAGR adj for inflation since 1871). If we used the 11%ish average you would double every 6.5 years.Leesbro63 wrote: ↑Wed Jan 19, 2022 9:11 amYour analysis doesn't take inflation into account.nigel_ht wrote: ↑Wed Jan 19, 2022 8:31 amIt can…it just takes a couple generations…
Anyone who can get to a 7 figure estate (lots of Bogleheads) and has a kid who will safeguard it another 48 years (that’s a little harder but not excessively difficult) after they are gone while continue to add to the pot has a good chance of getting their family into UHNW status as long as we don’t end up with a Nikkei style crash.
Say you leave behind $2M. Double every 12 years. $2M->$4M->$8M->$16M->$32M.
If my kid is 20 when we pass away then at age 68 she has a good shot at UHNW status especially if she follows BH principles in her own life and has a couple million saved herself.
Will this be rare? Yes.
But it’s not technically difficult. It just requires the desire and the market to continue the same general path for another 50 years.
If not, then passive investing will have stopped working and bogleheads will be obsolete.
So, it accounts for inflation and then shaves off another 0.8% for extra cushion.
Re: Path to UHNW
Fair enough. I stand corrected.nigel_ht wrote: ↑Wed Jan 19, 2022 11:45 amIt does because doubling every 12 years is based on 6% (below the 6.8% CAGR adj for inflation since 1871). If we used the 11%ish average you would double every 6.5 years.Leesbro63 wrote: ↑Wed Jan 19, 2022 9:11 amYour analysis doesn't take inflation into account.nigel_ht wrote: ↑Wed Jan 19, 2022 8:31 amIt can…it just takes a couple generations…
Anyone who can get to a 7 figure estate (lots of Bogleheads) and has a kid who will safeguard it another 48 years (that’s a little harder but not excessively difficult) after they are gone while continue to add to the pot has a good chance of getting their family into UHNW status as long as we don’t end up with a Nikkei style crash.
Say you leave behind $2M. Double every 12 years. $2M->$4M->$8M->$16M->$32M.
If my kid is 20 when we pass away then at age 68 she has a good shot at UHNW status especially if she follows BH principles in her own life and has a couple million saved herself.
Will this be rare? Yes.
But it’s not technically difficult. It just requires the desire and the market to continue the same general path for another 50 years.
If not, then passive investing will have stopped working and bogleheads will be obsolete.
So, it accounts for inflation and then shaves off another 0.8% for extra cushion.
Re: Path to UHNW
The path to $30 million on a Bogleheads strategy is a bit baffling to me in another way. Do the "save $250k/year for 40 years" suggestions imagine that those savers are also spending ~$500k/year along the way? If not, why do those savers need such a large portfolio (even with hyper-conservative withdrawal rates)? And if so, then you're talking about people netting ~$750k/year after tax. Even on Bogleheads, that can't be much of the audience, and even among those of us doing it, how many of us would even claim there's 40 years of it to be had?Wricha wrote: ↑Wed Jan 19, 2022 8:06 am This thread is interesting in a strange way. OP asked for paths to UHNW. By definition it’s very rare.
1. Yet on this board you have a lot the people claiming it is not, and worse they claim Boglehead philosophy will get you there. Boglehead philosophy is bright and allows one to live a balanced life without using up a lot of precious time trying to figure out how to arrive.
2. Reminds me of the kid (with no talent) who said I could be pro football player. News flash ……. Nope. It’s very hard/rare to be a Pro
3. Or you want to be UHNW person get a degree in fine arts (play the flute). Why? My imagery friend Jethro Tull (Ian Anderson) did it...Please You can’t use the exception and claim it’s the rule.
My point, If a person’s main goal in life is to be UHNW (I would advise get a new goal). But, if that’s the goal and failure is not an option would you advise this person to get a good job, live below your means, and invest in index funds and this would be the best path to UHNW?
Knowing the majority of people in that category are self employed/self made, special skills, inherent/married it and of course luck. Even, Jack Bogle did not became wealthy through investing in index funds,
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Re: Path to UHNW
Presumably, because they have non-financial motivations to continue working beyond financial independence or some desire for money that does not involve spending it all, such as charity or legacy motivations.EddyB wrote: ↑Wed Jan 19, 2022 12:07 pm The path to $30 million on a Bogleheads strategy is a bit baffling to me in another way. Do the "save $250k/year for 40 years" suggestions imagine that those savers are also spending ~$500k/year along the way? If not, why do those savers need such a large portfolio (even with hyper-conservative withdrawal rates)? And if so, then you're talking about people netting ~$750k/year after tax. Even on Bogleheads, that can't be much of the audience, and even among those of us doing it, how many of us would even claim there's 40 years of it to be had?
My wife and I are W2-only, index-fund only savers. If you ask Portfolio Visualizer what will happen if we continue on our current course of savings, it predicts reaching $30M (in 2022 dollars) somewhere between about ages 55 and 70. I agree that it's not terribly likely that we will actually follow this path as far as that, because there are many years to go where something could go wrong and, of course, our other priorities might pull us away from work sooner. But it does not seem like a horribly objectionable outcome, to me, if we did arrive at this destination, especially if luck caused us to get there on the earlier end of that range. I am not particularly interested in retiring with children still at home and a wife who is continuing to work because she loves what she does. My work is frustrating at times, but a lot of good could be done with the extra money beyond what we need for our lifestyle if that is what ends up happening.
Global Market Portfolio + modest tilt towards volatility (80/20->60/40 as approach FI) + modest tilt away from exchange rate risk (80% global+20% U.S. stocks; currency-hedge bonds) + tax optimization
Re: Path to UHNW
I don't buy it. Seriously, I can look at firecalc and see the projections (in the best historic sequence, I'd get there in just another six years!), and lots of Bogleheads can, and yet, actually getting there seems to be incredibly rare. I'm not saying it's impossible by any stretch, just unrealistic in almost every case, for a whole bunch of reasons.HootingSloth wrote: ↑Wed Jan 19, 2022 1:11 pmPresumably, because they have non-financial motivations to continue working beyond financial independence or some desire for money that does not involve spending it all, such as charity or legacy motivations.EddyB wrote: ↑Wed Jan 19, 2022 12:07 pm The path to $30 million on a Bogleheads strategy is a bit baffling to me in another way. Do the "save $250k/year for 40 years" suggestions imagine that those savers are also spending ~$500k/year along the way? If not, why do those savers need such a large portfolio (even with hyper-conservative withdrawal rates)? And if so, then you're talking about people netting ~$750k/year after tax. Even on Bogleheads, that can't be much of the audience, and even among those of us doing it, how many of us would even claim there's 40 years of it to be had?
My wife and I are W2-only, index-fund only savers. If you ask Portfolio Visualizer what will happen if we continue on our current course of savings, it predicts reaching $30M (in 2022 dollars) somewhere between about ages 55 and 70. I agree that it's not terribly likely that we will actually follow this path as far as that, because there are many years to go where something could go wrong and, of course, our other priorities might pull us away from work sooner. But it does not seem like a horribly objectionable outcome, to me, if we did arrive at this destination, especially if luck caused us to get there on the earlier end of that range. I am not particularly interested in retiring with children still at home and a wife who is continuing to work because she loves what she does. My work is frustrating at times, but a lot of good could be done with the extra money beyond what we need for our lifestyle if that is what ends up happening.
Charitable motives? To accumulate a fortune over decades, rather than give in the nearer term (which is quite different for an index investor than someone like Buffett, where his fortune and control are linked)?
People who believe fundamentally in living well below their own means, but prioritize an enormous legacy? Perhaps for some special needs situations, of course, but I worry tremendously about my kids' perspective even now, living on 10% of my income. I'm going to prioritize leaving them a vast sum?
Not inconceivable, but a real corner case. Relatively speaking, I know a ton of people who are, I assume, around this level, many of whom probably applied some boglehead-like approach to their investing, but with incomes that even by bogleheads standards make it a bit more understandable (professionals in partnerships that average $4 or $5 million in annual profit), because it's what it takes to continue their lifestyles.
ETA: Just to emphasize, I'm not disputing the possibility, or challenging anyone's odds of doing it if it's what they want, just remarking that it seems to involve enough competing elements, within a pool that would necessarily be relatively rare in the first place, that it just strikes me as quite unlikely that many bogleheads who could, would want to.
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Re: Path to UHNW
I agree that it is quite unlikely that many will end up wanting to do this. It is not something you would do (without an extraordinarily high income) if your primary goal of working, saving, and investing is to optimize your financial life. It is something that you have to do incidental to other goals because you will just stop working at $5M or $10M or $20M if that is your motivation.EddyB wrote: ↑Wed Jan 19, 2022 3:53 pmI don't buy it. Seriously, I can look at firecalc and see the projections (in the best historic sequence, I'd get there in just another six years!), and lots of Bogleheads can, and yet, actually getting there seems to be incredibly rare. I'm not saying it's impossible by any stretch, just unrealistic in almost every case, for a whole bunch of reasons.HootingSloth wrote: ↑Wed Jan 19, 2022 1:11 pmPresumably, because they have non-financial motivations to continue working beyond financial independence or some desire for money that does not involve spending it all, such as charity or legacy motivations.EddyB wrote: ↑Wed Jan 19, 2022 12:07 pm The path to $30 million on a Bogleheads strategy is a bit baffling to me in another way. Do the "save $250k/year for 40 years" suggestions imagine that those savers are also spending ~$500k/year along the way? If not, why do those savers need such a large portfolio (even with hyper-conservative withdrawal rates)? And if so, then you're talking about people netting ~$750k/year after tax. Even on Bogleheads, that can't be much of the audience, and even among those of us doing it, how many of us would even claim there's 40 years of it to be had?
My wife and I are W2-only, index-fund only savers. If you ask Portfolio Visualizer what will happen if we continue on our current course of savings, it predicts reaching $30M (in 2022 dollars) somewhere between about ages 55 and 70. I agree that it's not terribly likely that we will actually follow this path as far as that, because there are many years to go where something could go wrong and, of course, our other priorities might pull us away from work sooner. But it does not seem like a horribly objectionable outcome, to me, if we did arrive at this destination, especially if luck caused us to get there on the earlier end of that range. I am not particularly interested in retiring with children still at home and a wife who is continuing to work because she loves what she does. My work is frustrating at times, but a lot of good could be done with the extra money beyond what we need for our lifestyle if that is what ends up happening.
Charitable motives? To accumulate a fortune over decades, rather than give in the nearer term (which is quite different for an index investor than someone like Buffett, where his fortune and control are linked)?
People who believe fundamentally in living well below their own means, but prioritize an enormous legacy? Perhaps for some special needs situations, of course, but I worry tremendously about my kids' perspective even now, living on 10% of my income. I'm going to prioritize leaving them a vast sum?
Not inconceivable, but a real corner case. Relatively speaking, I know a ton of people who are, I assume, around this level, many of whom probably applied some boglehead-like approach to their investing, but with incomes that even by bogleheads standards make it a bit more understandable (professionals in partnerships that average $4 or $5 million in annual profit), because it's what it takes to continue their lifestyles.
ETA: Just to emphasize, I'm not disputing the possibility, or challenging anyone's odds of doing it if it's what they want, just remarking that it seems to involve enough competing elements, within a pool that would necessarily be relatively rare in the first place, that it just strikes me as quite unlikely that many bogleheads who could, would want to.
It does seem to me that other routes that end up with $30M are quite unlikely as well and people choosing those paths also often don't do so primarily for monetary rewards.
Global Market Portfolio + modest tilt towards volatility (80/20->60/40 as approach FI) + modest tilt away from exchange rate risk (80% global+20% U.S. stocks; currency-hedge bonds) + tax optimization
Re: Path to UHNW
I almost always love your posts and I appreciate your final sentence above. Yet I have often cringed in recent decades at some of what has passed for "charity" or "philanthropy." I find that gifts from some of the most conspicuously wealthy folks today - MacKenzie Scott, for one example, often go to causes that to me suggest a misdiagnosis of true problems, or from others - Bill Gates, Melinda French Gates, and Warren Buffett, to causes that to me, anyway, are misanthropic and unjust. I won't go into details, but the differences stem I think from basic disagreements about right and wrong or that some believe in bad means to good ends.willthrill81 wrote: ↑Sun Jan 16, 2022 7:51 pmIf it's like radio band frequencies, it would go to 'super high', then to 'extremely high', then to 'tremendously high'.
In reality, there are no clear designations in the real world for such things, and those with wealth at all levels are often just trying to compare themselves to other wealthy people. It's no different than kids playing contests on the playground except that the stakes are higher.
How much better would we all be if all our efforts to outdo others were instead devoted to helping others.
- willthrill81
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Re: Path to UHNW
I entirely agree. The track record of private foundations in the U.S. is abysmal. IIRC, only about 40% of the inflows to all private foundations go to their stated causes.Irenaeus wrote: ↑Wed Jan 19, 2022 5:22 pmI almost always love your posts and I appreciate your final sentence above. Yet I have often cringed in recent decades at some of what has passed for "charity" or "philanthropy." I find that gifts from some of the most conspicuously wealthy folks today - MacKenzie Scott, for one example, often go to causes that to me suggest a misdiagnosis of true problems, or from others - Bill Gates, Melinda French Gates, and Warren Buffett, to causes that to me, anyway, are misanthropic and unjust. I won't go into details, but the differences stem I think from basic disagreements about right and wrong or that some believe in bad means to good ends.willthrill81 wrote: ↑Sun Jan 16, 2022 7:51 pmIf it's like radio band frequencies, it would go to 'super high', then to 'extremely high', then to 'tremendously high'.
In reality, there are no clear designations in the real world for such things, and those with wealth at all levels are often just trying to compare themselves to other wealthy people. It's no different than kids playing contests on the playground except that the stakes are higher.
How much better would we all be if all our efforts to outdo others were instead devoted to helping others.
Further, the total lack of basic compassion for human beings among some of the very wealthy is absolutely abhorrent, such as that indicated by the recent statement by an NBA team owner (I won't say more than that due to forum rules).
One's worldview literally dictates how one lives.
The Sensible Steward
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Re: Path to UHNW
I know someone who will probably retire in his mid 40s with about $15 million and a rather below-average work ethic. Just in the right tech place at the right time.MaxDakota wrote: ↑Mon Jan 17, 2022 10:42 pmThe person cutting the most grass in the world probably has a very productive landscaping company! The person who jumps more than anyone is probably a world class athlete!
Not random. Hard work and perseverance don’t always result in success, monetary or otherwise, but I don’t know anyone who has made 30M who doesn’t have incredible work ethic.
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Re: Path to UHNW
The pie also grows over time in real terms. So $30M in today's dollars may be enough to get you into the 0.1%-ers today; in a few generations it may only get you into the 1%.Leesbro63 wrote: ↑Wed Jan 19, 2022 11:56 amFair enough. I stand corrected.nigel_ht wrote: ↑Wed Jan 19, 2022 11:45 amIt does because doubling every 12 years is based on 6% (below the 6.8% CAGR adj for inflation since 1871). If we used the 11%ish average you would double every 6.5 years.Leesbro63 wrote: ↑Wed Jan 19, 2022 9:11 amYour analysis doesn't take inflation into account.nigel_ht wrote: ↑Wed Jan 19, 2022 8:31 amIt can…it just takes a couple generations…
Anyone who can get to a 7 figure estate (lots of Bogleheads) and has a kid who will safeguard it another 48 years (that’s a little harder but not excessively difficult) after they are gone while continue to add to the pot has a good chance of getting their family into UHNW status as long as we don’t end up with a Nikkei style crash.
Say you leave behind $2M. Double every 12 years. $2M->$4M->$8M->$16M->$32M.
If my kid is 20 when we pass away then at age 68 she has a good shot at UHNW status especially if she follows BH principles in her own life and has a couple million saved herself.
Will this be rare? Yes.
But it’s not technically difficult. It just requires the desire and the market to continue the same general path for another 50 years.
If not, then passive investing will have stopped working and bogleheads will be obsolete.
So, it accounts for inflation and then shaves off another 0.8% for extra cushion.
Re: Path to UHNW
The definition of UHNW will certainly change over time but generally the first million is the hardest.Hannibal Barca wrote: ↑Wed Jan 19, 2022 10:51 pmThe pie also grows over time in real terms. So $30M in today's dollars may be enough to get you into the 0.1%-ers today; in a few generations it may only get you into the 1%.Leesbro63 wrote: ↑Wed Jan 19, 2022 11:56 amFair enough. I stand corrected.nigel_ht wrote: ↑Wed Jan 19, 2022 11:45 amIt does because doubling every 12 years is based on 6% (below the 6.8% CAGR adj for inflation since 1871). If we used the 11%ish average you would double every 6.5 years.Leesbro63 wrote: ↑Wed Jan 19, 2022 9:11 amYour analysis doesn't take inflation into account.nigel_ht wrote: ↑Wed Jan 19, 2022 8:31 am
It can…it just takes a couple generations…
Anyone who can get to a 7 figure estate (lots of Bogleheads) and has a kid who will safeguard it another 48 years (that’s a little harder but not excessively difficult) after they are gone while continue to add to the pot has a good chance of getting their family into UHNW status as long as we don’t end up with a Nikkei style crash.
Say you leave behind $2M. Double every 12 years. $2M->$4M->$8M->$16M->$32M.
If my kid is 20 when we pass away then at age 68 she has a good shot at UHNW status especially if she follows BH principles in her own life and has a couple million saved herself.
Will this be rare? Yes.
But it’s not technically difficult. It just requires the desire and the market to continue the same general path for another 50 years.
If not, then passive investing will have stopped working and bogleheads will be obsolete.
So, it accounts for inflation and then shaves off another 0.8% for extra cushion.
Bogleheads are generally in a lucky financial group that can even contemplate such things. It is much easier to LBYM to save more for investments when making a good income.
Re: Path to UHNW
Good income + paid off house + no debts = super saver.
The only big ticket expense we have now is taxes.
Time is the ultimate currency.
Re: Path to UHNW
Eh, as a group today’s billionaires are not quite as rapacious as the previous ones. Vanderbilt, Carnegie, et al we’re far worse. The MS Windows Monopoly was very benign in comparison.Irenaeus wrote: ↑Wed Jan 19, 2022 5:22 pmI almost always love your posts and I appreciate your final sentence above. Yet I have often cringed in recent decades at some of what has passed for "charity" or "philanthropy." I find that gifts from some of the most conspicuously wealthy folks today - MacKenzie Scott, for one example, often go to causes that to me suggest a misdiagnosis of true problems, or from others - Bill Gates, Melinda French Gates, and Warren Buffett, to causes that to me, anyway, are misanthropic and unjust. I won't go into details, but the differences stem I think from basic disagreements about right and wrong or that some believe in bad means to good ends.willthrill81 wrote: ↑Sun Jan 16, 2022 7:51 pmIf it's like radio band frequencies, it would go to 'super high', then to 'extremely high', then to 'tremendously high'.
In reality, there are no clear designations in the real world for such things, and those with wealth at all levels are often just trying to compare themselves to other wealthy people. It's no different than kids playing contests on the playground except that the stakes are higher.
How much better would we all be if all our efforts to outdo others were instead devoted to helping others.
People will disagree about the value of specific causes Gates etc contribute to but at the end of the day there will be some positive outcomes for their giving.
Re: Path to UHNW
I don’t think wealth is a major factor in how much compassion any given human will have.willthrill81 wrote: ↑Wed Jan 19, 2022 6:09 pm
Further, the total lack of basic compassion for human beings among some of the very wealthy is absolutely abhorrent, such as that indicated by the recent statement by an NBA team owner (I won't say more than that due to forum rules).
One's worldview literally dictates how one lives.
Perhaps certain personalities that naturally tend toward less compassion also tend toward more success but I’m not willing to make that assertion without more research.
Do you believe that the percentage of lack of compassion is more prevalent among the rich than the poor or that it simply matters less?
The great evils of the world generally occurred when the masses participated in it. Arguably the elite went to lengths to convince them of the sub-human status of the victims but doesn’t it take a total lack of basic compassion to be part of genocide?
So personally my belief is that wealth is mostly an amplifier of the kind of human a person really is.