Building very high net worth

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student
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Re: Building very high net worth

Post by student » Tue Oct 24, 2017 9:17 am

Reading this thread is like watching a Hollywood movie. It will never happen to me in my chosen career but I do like my job.

deltaneutral83
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Re: Building very high net worth

Post by deltaneutral83 » Tue Oct 24, 2017 9:17 am

Pajamas wrote:
Tue Oct 24, 2017 8:58 am
angelescrest wrote:
Mon Oct 23, 2017 9:54 pm
Pajamas wrote:
Mon Oct 23, 2017 4:16 pm
Honestly, if you are talking about high net worth, $12 million no longer qualifies because there are now over 2,000 billionaires. I would think it would take at least $100 million to be considered "quite wealthy" these days. $12 million is just comfortable when a new studio apartment can easily cost over $1 million.
This is a remarkably out of touch.
No, that is reality.
I believe in 2015 $7-8MM puts you in the 1% for NW. I would guess that number is $8-9 now, and closer to $9MM. You are mathematically stating that being well into the 1% for NW is "just comfortable." Of course where you live has major implications and I'm assuming you are incorporating VHCOL.

Admiral
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Re: Building very high net worth

Post by Admiral » Tue Oct 24, 2017 9:19 am

Pajamas wrote:
Tue Oct 24, 2017 8:58 am
angelescrest wrote:
Mon Oct 23, 2017 9:54 pm
Pajamas wrote:
Mon Oct 23, 2017 4:16 pm
Honestly, if you are talking about high net worth, $12 million no longer qualifies because there are now over 2,000 billionaires. I would think it would take at least $100 million to be considered "quite wealthy" these days. $12 million is just comfortable when a new studio apartment can easily cost over $1 million.
This is a remarkably out of touch.
No, that is reality.
One would have to define "quite wealthy" or "reality" for your comments to really have any objective connection to what people in the real world actually have. These are simply your descriptions or perceptions. If you have a net worth of $2.8 million in the U.S., you have more assets than 96 percent of the population. Forget how much an apartment costs in NYC, that is a small sample size. If you have more than 96%, I submit that makes you "quite wealthy" in this country (not to mention globally.) If all your friends have $100m, then you probably feel destitute. But that's not reality, that's perception.

As to the OP's question, I disagree with the premise. One seems more likely to meet with financial success if one A) invests in education, including advanced education; and B) if one has the intellectual flexibility and capacity to continually reinvent oneself and adapt to new opportunities, especially those provided by changing technology and a changing economy. It also helps to be a diligent saver and not a consumerist.

That, and some good luck, which should not be discounted.

dbr
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Re: Building very high net worth

Post by dbr » Tue Oct 24, 2017 9:27 am

It would be more helpful to compile a distribution of means to achieve wealth vs amount of wealth rather than wander around trying to define HNW. In any case Warren Buffett and Bill Gates are not the same as the doctor, lawyer, executive in one of the big houses in the trendy neighborhood.

But we have already agreed that documenting how those who were successful got there does not result in a method to get there.

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Pajamas
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Re: Building very high net worth

Post by Pajamas » Tue Oct 24, 2017 9:31 am

deltaneutral83 wrote:
Tue Oct 24, 2017 9:17 am

I believe in 2015 $7-8MM puts you in the 1% for NW. I would guess that number is $8-9 now, and closer to $9MM. You are mathematically stating that being well into the 1% for NW is "just comfortable." Of course where you live has major implications and I'm assuming you are incorporating VHCOL.
J. Paul Getty was only worth $2 billion when he died in 1976 and he was the richest man in the world. Now it is Bill Gates with over $80 billion. $1 million (or $12 million) ain't what it used to be. :beer

Hoosens
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Re: Building very high net worth

Post by Hoosens » Tue Oct 24, 2017 9:36 am

kjvmartin wrote:
Mon Oct 23, 2017 10:46 pm
eye.surgeon wrote:
Mon Oct 23, 2017 9:59 pm
When it comes to career advice, I would agree with Warren Buffett. Choose as a career what you would do if you didn't need a job. Success more often than not comes from being passionate about what you do, rather than being passionate about becoming rich.
Unrealistic advice. Not everyone has the opportunity, skills, or means to achieve the career they would do if they didn't need a job. If everyone could follow this advice, we'd all be harvesting our own potatoes and slaughtering our own cattle. Would any more than 0.01% of the population fall into the category you describe?
I think it is very realistic advice. I have zero desire to harvest potatoes or slaughter cattle, and don't. I do not work in a high paying field and most of the people I am surrounded by chose the profession because of passion for the job. While I am here on this board, and certainly desire to not struggle through life and try to live as comfortably as I am able, I have never been solely driven by chasing a higher salary. Would I like to make more? Of course, and I have changed jobs within my profession to make more money. Would I change professions to do something I don't care about? Not likely. I can assure you that much more than 0.01% of the population falls into that category.

Admiral
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Re: Building very high net worth

Post by Admiral » Tue Oct 24, 2017 9:38 am

Pajamas wrote:
Tue Oct 24, 2017 9:31 am
deltaneutral83 wrote:
Tue Oct 24, 2017 9:17 am

I believe in 2015 $7-8MM puts you in the 1% for NW. I would guess that number is $8-9 now, and closer to $9MM. You are mathematically stating that being well into the 1% for NW is "just comfortable." Of course where you live has major implications and I'm assuming you are incorporating VHCOL.
J. Paul Getty was only worth $2 billion when he died in 1976 and he was the richest man in the world. Now it is Bill Gates with over $80 billion. $1 million (or $12 million) ain't what it used to be. :beer
If you have $12m (4% of which is $480,000 per year) you can live very, very well and not work another day in your life in any city on Earth. Including New York City.

Phil DeMuth
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Re: Building very high net worth

Post by Phil DeMuth » Tue Oct 24, 2017 10:11 am

>> As to who the rich are in America, he shows that they are overwhelmingly white, married, highly educated, older, and self-employed, most likely in finance or business and professional services. <<

from a recent article I've lost the link to....

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Pajamas
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Re: Building very high net worth

Post by Pajamas » Tue Oct 24, 2017 10:15 am

Phil DeMuth wrote:
Tue Oct 24, 2017 10:11 am
>> As to who the rich are in America, he shows that they are overwhelmingly white, married, highly educated, older, and self-employed, most likely in finance or business and professional services. <<

from a recent article I've lost the link to....
Probably from a review for the book A Century of Wealth in America by Edward N. Wolff.

https://www.publishersweekly.com/978-0-674-49514-2

stoptothink
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Re: Building very high net worth

Post by stoptothink » Tue Oct 24, 2017 10:21 am

Admiral wrote:
Tue Oct 24, 2017 9:38 am
Pajamas wrote:
Tue Oct 24, 2017 9:31 am
deltaneutral83 wrote:
Tue Oct 24, 2017 9:17 am

I believe in 2015 $7-8MM puts you in the 1% for NW. I would guess that number is $8-9 now, and closer to $9MM. You are mathematically stating that being well into the 1% for NW is "just comfortable." Of course where you live has major implications and I'm assuming you are incorporating VHCOL.
J. Paul Getty was only worth $2 billion when he died in 1976 and he was the richest man in the world. Now it is Bill Gates with over $80 billion. $1 million (or $12 million) ain't what it used to be. :beer
If you have $12m (4% of which is $480,000 per year) you can live very, very well and not work another day in your life in any city on Earth. Including New York City.
...except Bogleheadville. Statements like those made by Pajamas in this thread are why a lot of normal people are intimidated by this board. I think I know a lot of wealthy people; my boss is one of four founders of a multi-billion dollar company (has the Gulfstream and I assume is worth mid 9-figures), one of my best friends makes mid 7-figures/yr and literally lives on a yacht (like any respectable successful concert promoter should)...but anybody who has hit mid 7-figures in NW falls into the "wealthy" category for me (and we have a household income of ~4x the national average). Outside of Bogleheads, most of my friends and family consider us wealthy and chances of us ever hitting 8-figures are slim (two comma club should come before I hit 40 and wife 35 though).

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Pajamas
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Re: Building very high net worth

Post by Pajamas » Tue Oct 24, 2017 10:46 am

stoptothink wrote:
Tue Oct 24, 2017 10:21 am
...except Bogleheadville. Statements like those made by Pajamas in this thread are why a lot of normal people are intimidated by this board.
Bogleheadville isn't mostly people with a very high net worth according to current standards. I am certainly nowhere near it and will likely never be. Most people don't understand how wealth is distributed and how much more unequal it has become. That book referred to obliquely above by Phil DeMuth discusses those topics.

Cyclesafe
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Re: Building very high net worth

Post by Cyclesafe » Tue Oct 24, 2017 11:00 am

My nephew-in-law had nothing other than optimism and passion, throwing himself at one failed "hare-brained" scheme after another. But then one hit. Hit big. He was LUCKY, but he was smart enough to STOP. Now he works at projects / hobbies only to keep busy.

I was a corporate drone who was granted stock options that took off only because another part of the company was wildly successful (the LUCKY part). Then the company was sold and I was laid off into very early (45yo) retirement (the STOP part).

Everyone is different, but personally I just can't conscientiously spend, after taxes and medical expenses, much more than about $100k/year. To spend more makes me feel like I'm just throwing it away. I've tried to be more spendthrift, but I'm just happier continuing being frugal. This attitude makes me feel "rich", but of course I'm not.

TLDL: Luck and knowing when to stop.

stoptothink
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Re: Building very high net worth

Post by stoptothink » Tue Oct 24, 2017 11:07 am

Pajamas wrote:
Tue Oct 24, 2017 10:46 am
stoptothink wrote:
Tue Oct 24, 2017 10:21 am
...except Bogleheadville. Statements like those made by Pajamas in this thread are why a lot of normal people are intimidated by this board.
Bogleheadville isn't mostly people with a very high net worth according to current standards. I am certainly nowhere near it and will likely never be. Most people don't understand how wealth is distributed and how much more unequal it has become. That book referred to obliquely above by Phil DeMuth discusses those topics.
Why is the opinion of a finance talking head considered the current standard for "very high net worth"? It is totally subjective. To the huge majority of people, $12M is a lot of money.

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Sandtrap
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Re: Building very high net worth

Post by Sandtrap » Tue Oct 24, 2017 11:47 am

In "Bogleheadville" there is a not so general consensus, depending on individual situations, that 25x is "winning the game", no matter how one got there, albeit legally. At that point and beyond, "lifestyle creep" is a non-issue, Porches and Ferraris and Rolex's are non-issues.
So it's all relative. To those that are affluent with high consumption, 25x = 250 million -- to others . . . 2.5 million. . . etc.
Of course this relativity only applies within the county limits of "Bogleheadville" where building substantial net worth. . is. . relative.

inbox788
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Re: Building very high net worth

Post by inbox788 » Tue Oct 24, 2017 12:08 pm

sambb wrote:
Mon Oct 23, 2017 10:08 pm
The doctor path? Not sure about that. It isnt just salary, it is hours worked. So they start with 200k-400k in debt, then enter a low paying job as a intern.resident for 5-6 years AND work 80 hours a week for 50-60k. Isnt that equivalent to making 25-30k in a 40 hours a week job (they work 80). Then they finish, and join the workforce at age 30-35 and cont to work 60-70 hours a week (+ nights on call), and make 200-300k?

Most of the high net worth i have met, are business owners or owned stock, or are in the entertainment/sports industry.
Another factor is the launchpad one takes off from. Some 2nd generation doctors have no debt and make large salaries from day one after residency/fellowship. If they inherit a practice, they can go from high net worth to very high net worth in a relative short time. Other small businesses can also thrive when a younger generation takes over and expands outward. It's a lot easier to get to $1M beginning at $0 than negative $400k, and that much easier when you start at positive $200k.
Theseus wrote:
Mon Oct 23, 2017 10:10 pm
My average intelligence tells me that in the absence of a stable(are there any?) corporate career that pays $500k-$1Million, starting a business is the only way of being a high net worth individual - in the context of OP's question.
I'm guessing corporate management is paying in that range (if not higher). You need not start a business, just know how to run one well. An MBA may be helpful (note that median values and top earners are likely to be quite different). Top management at SP500 companies are probably making $500k+. And I'm not talking about just the CEO. Folks with titles like President or Senior Vice President and such are probably in this ballpark.

http://www.mbacrystalball.com/blog/2016 ... -20-years/

Some smallest cap SP500:
http://www.reuters.com/finance/stocks/c ... ficers/UAA
http://www.reuters.com/finance/stocks/c ... ers/NAVI.O

Some small caps:
http://www.reuters.com/finance/stocks/c ... ers/HIIQ.A
http://www.reuters.com/finance/stocks/c ... ers/BIOS.O
Last edited by inbox788 on Tue Oct 24, 2017 12:37 pm, edited 1 time in total.

coinflip
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Re: Building very high net worth

Post by coinflip » Tue Oct 24, 2017 12:22 pm

Pajamas wrote:
Mon Oct 23, 2017 4:16 pm
A $12 million net worth wouldn't even get you an appointment with a real estate agent to look at a normal-sized apartment in an exclusive pre-war co-op because you wouldn't qualify financially to buy one even if you were otherwise acceptable.
As an owner of a pre-war co-op in a prime area of Manhattan, I think you're exaggerating a bit here.

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Pajamas
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Re: Building very high net worth

Post by Pajamas » Tue Oct 24, 2017 12:27 pm

coinflip wrote:
Tue Oct 24, 2017 12:22 pm
Pajamas wrote:
Mon Oct 23, 2017 4:16 pm
A $12 million net worth wouldn't even get you an appointment with a real estate agent to look at a normal-sized apartment in an exclusive pre-war co-op because you wouldn't qualify financially to buy one even if you were otherwise acceptable.
As an owner of a pre-war co-op in a prime area of Manhattan, I think you're exaggerating a bit here.
Not at all an exaggeration. I specified "exclusive" pre-war co-op. There are plenty of non-exclusive pre-war co-ops to which that wouldn't apply.

bigred77
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Re: Building very high net worth

Post by bigred77 » Tue Oct 24, 2017 12:31 pm

Pajamas wrote:
Tue Oct 24, 2017 9:15 am
technovelist wrote:
Tue Oct 24, 2017 9:07 am
Pajamas wrote:
Tue Oct 24, 2017 8:58 am
angelescrest wrote:
Mon Oct 23, 2017 9:54 pm
Pajamas wrote:
Mon Oct 23, 2017 4:16 pm
Honestly, if you are talking about high net worth, $12 million no longer qualifies because there are now over 2,000 billionaires. I would think it would take at least $100 million to be considered "quite wealthy" these days. $12 million is just comfortable when a new studio apartment can easily cost over $1 million.
This is a remarkably out of touch.
No, that is reality.
Well, that settles it. Who can argue with logic like that? :oops:
Isn't it not knowing about or ignoring facts that is "out of touch" rather than being aware of facts and considering them?
Why don't we just define "high net worth" for the purposes of this thread?

Top 1% of net worth households globally/US/developed countries? Top 0.1%? Top 0.01%?

Most financial advisers classify a household with $1M+ in investable net worth as "high net worth". It takes $30M+ to be called "ultra high net worth".

In almost any case, if you exceed $10M in net worth, you are in the top percentile of the richest countries in the world. I don't know how anyone can NOT call that a high net worth.

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Pajamas
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Re: Building very high net worth

Post by Pajamas » Tue Oct 24, 2017 12:41 pm

bigred77 wrote:
Tue Oct 24, 2017 12:31 pm
. . . . if you exceed $10M in net worth, you are in the top percentile of the richest countries in the world. I don't know how anyone can NOT call that a high net worth.
I agree and that roughly puts you in the top 1%. However, I would not consider $12 million extreme or very high, etc. in the context of how much wealth is concentrated in the top 0.1% as opposed to merely the top 1% at this time.

I also disagree with other statements in the original post. For instance, it is very possible for people with a salary of $500 k + to accumulate $12 million + in wealth through Boglehead methods. If they didn't, I would think that they were not following the Boglehead philosophy.

timemoveson
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Re: Building very high net worth

Post by timemoveson » Tue Oct 24, 2017 12:43 pm

stoptothink wrote:
Tue Oct 24, 2017 11:07 am
Pajamas wrote:
Tue Oct 24, 2017 10:46 am
stoptothink wrote:
Tue Oct 24, 2017 10:21 am
...except Bogleheadville. Statements like those made by Pajamas in this thread are why a lot of normal people are intimidated by this board.
Bogleheadville isn't mostly people with a very high net worth according to current standards. I am certainly nowhere near it and will likely never be. Most people don't understand how wealth is distributed and how much more unequal it has become. That book referred to obliquely above by Phil DeMuth discusses those topics.
Why is the opinion of a finance talking head considered the current standard for "very high net worth"? It is totally subjective. To the huge majority of people, $12M is a lot of money.
I have about $10M. I can assure you $12M is a hell of a lot of money by any rational standards!

technovelist
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Re: Building very high net worth

Post by technovelist » Tue Oct 24, 2017 12:50 pm

Pajamas wrote:
Tue Oct 24, 2017 12:41 pm
bigred77 wrote:
Tue Oct 24, 2017 12:31 pm
. . . . if you exceed $10M in net worth, you are in the top percentile of the richest countries in the world. I don't know how anyone can NOT call that a high net worth.
I agree and that roughly puts you in the top 1%. However, I would not consider $12 million extreme or very high, etc. in the context of how much wealth is concentrated in the top 0.1% as opposed to merely the top 1% at this time.

I also disagree with other statements in the original post. For instance, it is very possible for people with a salary of $500 k + to accumulate $12 million + in wealth through Boglehead methods. If they didn't, I would think that they were not following the Boglehead philosophy.
Roughly how many households in this country have a salary of $500k or more? Is it as much as 1%?
In theory, theory and practice are identical. In practice, they often differ.

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Pajamas
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Re: Building very high net worth

Post by Pajamas » Tue Oct 24, 2017 1:00 pm

technovelist wrote:
Tue Oct 24, 2017 12:50 pm
Roughly how many households in this country have a salary of $500k or more? Is it as much as 1%?
I don't know, you left the link to your reference out of your post.

deltaneutral83
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Re: Building very high net worth

Post by deltaneutral83 » Tue Oct 24, 2017 1:20 pm

Pajamas wrote:
Tue Oct 24, 2017 9:31 am
deltaneutral83 wrote:
Tue Oct 24, 2017 9:17 am

I believe in 2015 $7-8MM puts you in the 1% for NW. I would guess that number is $8-9 now, and closer to $9MM. You are mathematically stating that being well into the 1% for NW is "just comfortable." Of course where you live has major implications and I'm assuming you are incorporating VHCOL.
J. Paul Getty was only worth $2 billion when he died in 1976 and he was the richest man in the world. Now it is Bill Gates with over $80 billion. $1 million (or $12 million) ain't what it used to be. :beer
$2 billion in the S&P in 1976 (11+% CAGR) would be well over $100 billion today and Mr. Getty's heirs would have most assuredly used Bogle's first index to limit fees?!? Also Buffet has given over I think $30 billion of BRK stock to Bill Gates over the last decade in estate preparation. He'd easily have cleared $100 billion I think 2 years ago if he was hoarding it.

kosomoto
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Re: Building very high net worth

Post by kosomoto » Tue Oct 24, 2017 1:45 pm

Pajamas wrote:
Tue Oct 24, 2017 12:41 pm
bigred77 wrote:
Tue Oct 24, 2017 12:31 pm
. . . . if you exceed $10M in net worth, you are in the top percentile of the richest countries in the world. I don't know how anyone can NOT call that a high net worth.
I agree and that roughly puts you in the top 1%. However, I would not consider $12 million extreme or very high, etc. in the context of how much wealth is concentrated in the top 0.1% as opposed to merely the top 1% at this time.

I also disagree with other statements in the original post. For instance, it is very possible for people with a salary of $500 k + to accumulate $12 million + in wealth through Boglehead methods. If they didn't, I would think that they were not following the Boglehead philosophy.
Geez. "If you make a salary that is 10 TIMES higher than the median national HOUSEHOLD income it is easy to accumulate 12 million"

Well duh, but obviously people don't make that much.

I consider myself lucky to make more than the median household income on my own. But 500k a year? I could literally retire in two years.

NotWhoYouThink
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Re: Building very high net worth

Post by NotWhoYouThink » Tue Oct 24, 2017 1:53 pm

kosomoto wrote:
Tue Oct 24, 2017 1:45 pm
Pajamas wrote:
Tue Oct 24, 2017 12:41 pm
bigred77 wrote:
Tue Oct 24, 2017 12:31 pm
. . . . if you exceed $10M in net worth, you are in the top percentile of the richest countries in the world. I don't know how anyone can NOT call that a high net worth.
I agree and that roughly puts you in the top 1%. However, I would not consider $12 million extreme or very high, etc. in the context of how much wealth is concentrated in the top 0.1% as opposed to merely the top 1% at this time.

I also disagree with other statements in the original post. For instance, it is very possible for people with a salary of $500 k + to accumulate $12 million + in wealth through Boglehead methods. If they didn't, I would think that they were not following the Boglehead philosophy.
Geez. "If you make a salary that is 10 TIMES higher than the median national HOUSEHOLD income it is easy to accumulate 12 million"

Well duh, but obviously people don't make that much.

I consider myself lucky to make more than the median household income on my own. But 500k a year? I could literally retire in two years.
Actually, the OP claimed to know people who made that much but didn't accumulate 8 figure portfolios. That's what started this discussion, but then posters couldn't decide what big money was in the context of this discussion.

If you are good at sports or entertainment, you can make huge money in those fields, or you could go broke. Often both.
If you are good at starting businesses, or buying and selling real estate, or getting in on a tech start-up, or selling investment services, you can make huge money in those fields, or you can go broke.

If you feel like you have an excellent chance of outliving your money, then you've got it made. But if that's all anyone wanted, the world would be a boring place.

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Re: Building very high net worth

Post by KyleAAA » Tue Oct 24, 2017 2:22 pm

Theseus wrote:
Mon Oct 23, 2017 10:10 pm

I respectfully disagree. While I agree that correlation is not same as causation, of 400+ people I know professionally, not a single person with regular white color job (even several physicians - unless they owned the practice or part of it) seem to have achieved $12 million net worth. But everyone of the business owners seem to be in $12+ million category or on their way to be there. I'd love to know those many roads without starting a business to get to high net worth - perhaps I can steer my kids to that.
I'm not sure what exactly you're disagreeing with. This is an academic question about statistical inference and the correct way to conduct a study.

KlangFool
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Re: Building very high net worth

Post by KlangFool » Tue Oct 24, 2017 2:41 pm

Folks,

1) I worked in a division that was bought over by the megacorp with about 1 billion in cash. So, there were 20 to 40 people in that division with a net worth of a few hundred million to 10+ million.

2) One of my family members strikes the lottery 3 times in his life.

3) Another one of my family members made about high 6 to 7 figures in salary and bonuses for at least 10+ years.

4) Another one of my family members made about high 6 figures in an ex-pat assignment for 10+ years. All his expenses and taxes were paid by the employer. While he worked, he started 3 companies and sold 2.

It is all over the map. The only constant in all these examples, they are LBYM. Or else, their net worth would not be high regardless of their income.

KlangFool

investing1012
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Re: Building very high net worth

Post by investing1012 » Tue Oct 24, 2017 2:46 pm

Ron Scott wrote:
Mon Oct 23, 2017 3:46 pm
During the course of my life I have known 10 to 15 people I believe were quite wealthy—in today’s dollars, say $12m+. They fell into two categories: A) very successful doctors who ran good sized offices, owned the building and had their heyday in the 60s, 70s, and 80s, and B) people who were directly connected to significant equity ownership—business owners, stock option guys and Wall Street types. I have known many people with large corporate compensation, salary and bonuses of half-million $$ and up; they were “comfortable“ but did not become that wealthy.

Since we are well past the mega-rich doctor days, I am left believing that real well is directly tied to one’s proximity to big-equity.

I understand that generating major wealth is not everyone’s life goal, and I appreciate that. Much better to follow one’s muse then set out with the big bank account in mind. But for those who have the bug I wonder if we shouldn’t be giving different advice about investing.

For such young people, who are not yet yoked with financial responsibility for others, I would recommend starting a business, investing in themselves instead of index funds and giving it a shot. They can always work for “the man“ and get going with the three-fund strategy, but investing in their own ideas and ingenuity might prove a better approach.

Thoughts?
You can definitely reach 12m+ on a physicians salary. Save 300k per year (you can do this in the higher paid specialties as I am now) and put it in index funds. By my calculation I'll reach there before 50 years of age.

selters
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Re: Building very high net worth

Post by selters » Tue Oct 24, 2017 3:05 pm

Pajamas wrote:
Tue Oct 24, 2017 9:15 am
No, that is reality.
So you have to be in the top 1% to be considered quite wealthy?

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Pajamas
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Re: Building very high net worth

Post by Pajamas » Tue Oct 24, 2017 3:15 pm

selters wrote:
Tue Oct 24, 2017 3:05 pm

So you have to be in the top 1% to be considered quite wealthy?
Yes, in my opinion, but not all of the top 1% would be considered "quite wealthy". $12 million is in the top 1% but does not qualify as "quite wealthy" and realistically can be attained by someone who makes $500 k. That was my point. There is a huge amount of wealth concentrated in the top of the top 1% compared to the lower top 1%.

Divide $100 billion by $10 million to compare them if you don't see my point. Even the two wealthiest men understand that and are redistributing their wealth.

Of course, others can use whatever standards they want to.

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Re: Building very high net worth

Post by LadyGeek » Tue Oct 24, 2017 3:49 pm

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Re: Building very high net worth

Post by LadyGeek » Tue Oct 24, 2017 7:33 pm

Via PM, 4nursebee has requested an addition to this topic:
4nursebee wrote:
Tue Oct 24, 2017 7:29 pm
I'd like to point out that my non doctor income, not C suite exec etc income and firecalc projections predict dying with an average of 11M and perhaps up to 32M, simply by maintaining lifestyle and living the BH way while taking advantage of compound interest.

No magic, no business risk, no eggs all in one basket. SP 500 low cost index funds.
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To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

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