Conquer Club

Hi all,

I recently played a game with a multi millionaire and it got me curious - despite not being a multimillionaire myself, do we have any multi millionaires here and if so - what is your life like? It would be interesting to know how you spend your money, do you still work and if you don't work, how do you spend your free time?

Would be interesting to find out from you!

Thanks
Tom

Tom51 wrote:Hi all,

I recently played a game with a multi millionaire and it got me curious - despite not being a multimillionaire myself, do we have any multi millionaires here and if so - what is your life like? It would be interesting to know how you spend your money, do you still work and if you don't work, how do you spend your free time?

Would be interesting to find out from you!

Thanks
Tom

Define multi-millionaire.

Is this someone who has tens of millions in cash on hand, and is able to spend it fairly freely without impacting his/her net worth?

Or

Is this someone whose assets total over 2 million... but those assets may be tied up in his/her property, retirement fund, etc.

The former is a rare person.

Many millions of Americans have “net worth” in excess of 2 million. The person who has a net worth over 2 million is likely in Top 5-10% of total income in USA... but they still have to work. In some areas in Massachusetts a modest colonial can cost $500K or more... $1million house in Newton Mass. is by no means a mansion. If you bought it 20-30years ago it might’ve only been $250, but now it’s paid off and your ‘net worth’ starts at that $500K. There’s no great way to access that money though... you have to live in that asset. If you saved for retirement you may have a several hundred thousand or even a million more in 401K or 503B (college fund for kids). You add in other personal effects, cars, life-insurance policies, etc... you can easily getaway net worth into the millions, but your lifestyle doesn’t change much.

I look at things differantly, assets are assets, a house value might be diferrent from what a person thinks it can be sold for and what it can actually be sold for.
A person might show in a bank account on his online banking balance, 1 million dollars, I would say he has digits on a screen.

Im old school tho, I think the amount you have is what you can touch, hold in your hand, all the rest has counterparty risk.
Even currency has counterparty risk. Big time actually.

An old school saying is "if you cant hold it you dont own it". Possession is 9 10ths of the law, "money" in the bank belongs to the bank.