4 ms·

What I find interesting is you think the ultra-rich do their own banking? They are not paying assistants and accountants so they can do mundane tasks like logi

What I find interesting is you think the ultra-rich do their own banking? They are not paying assistants and accountants so they can do mundane tasks like login to a banking site and pay a bill.

tomrod 4y ago
Not at 500k. Exclusive private offices start making financial sense in the 160M to 200M range. There are shared private offices below that, but this* gets nebulous with asset management and such. Edit: thst -> this. Mobile autocorrects the wrong "correction"
- kennend3 4y ago
  as someone posted, 500K was like 20 years ago.. it is now a million dollars. and no one said they have 'exclusive accountants'. There are accounting services where you pay them for a few days work and they take care of all your bills for you. I've only met one multi-billionaire in my life and can assure you that he has never seen his bills, let alone pay them. He doesnt even own a smart phone, because he has assistants who handle most of that for him allowing him to focus on one thing - making money.
  - junofan 4y ago
    The comment you’re responding to is talking about family offices.
  - jquery 4y ago
    So basically he doesn’t even enjoy his money except as a means to make more money. Sounds like a hunger curse.
    - tomrod 4y ago
      To have such problems.
      - jquery 4y ago
        It sounds sad to me. It’s like how visions of heaven 500 years ago all imagined huge feasts every day, but if you told me heaven was a Golden Corral, I’d look for a different heaven. We are still in this scarcity-capitalist-mindset that more money/stuff is always better, but I don’t think that’s the right way to be looking at things. We should appreciate the forced scarcity, like how our ancestors may have been hungry sometimes but lived at a much healthier weight. Please keep in mind I’m not talking about living in poverty, I’m talking about having all your monetary needs met to live your lifestyle (without being forced to work), without having a huge excess left over.
        tomrod 4y ago
        > Please keep in mind I’m not talking about living in poverty, I’m talking about having all your monetary needs met to live your lifestyle (without being forced to work), without having a huge excess left over. Out of curiosity (not debating, but rather conversating) -- what portion of humanity is in this enviable condition?
        jquery 4y ago
        I'm not even sure what the measurement would be. It's like asking what portion of humanity didn't suffer any food insecurity back in the 1500s. It's gonna depend on a lot of variables. It's probably somewhere <5%, maybe <1%, right now (I would include current successful retirees).
  - tomrod 4y ago
    Family offices are an investment fund + services company wholly owned by a single person/family for the benefit of that person/family's goals. It's much more than accounting services. It's a step above private bank / wealth and assess management by a firm with multiple clients. Their quality and approaches are highly varied, but the one billionaire you know probably uses one, as the "never pay bills and no smart phone" is fairly indicative of a family office behind the scenes.
smugma 4y ago
I know many rich people maybe one qualifies as ultra rich ($100M+, private jet with crew). Some have assistants but they all access their own banking. They move money around, check balances, dispute fraudulent charges etc. But all the rich people I know are in tech or banking/investing, and made, not inherited, their money. As an aside, my guess is that average tax rate for the techies is 40% but probably <30% for the bankers.
browningstreet 4y ago
I work at a bank catering to private wealth management. The rich do their own banking, but maybe not their own investing.

What I find interesting is you think the ultra-rich do their own banking? They are not paying assistants and accountants so they can do mundane tasks like login to a banking site and pay a bill.

tomrod 4y ago

Not at 500k. Exclusive private offices start making financial sense in the 160M to 200M range. There are shared private offices below that, but this* gets nebulous with asset management and such. Edit: thst -> this. Mobile autocorrects the wrong "correction"

kennend3 4y ago
as someone posted, 500K was like 20 years ago.. it is now a million dollars. and no one said they have 'exclusive accountants'. There are accounting services where you pay them for a few days work and they take care of all your bills for you. I've only met one multi-billionaire in my life and can assure you that he has never seen his bills, let alone pay them. He doesnt even own a smart phone, because he has assistants who handle most of that for him allowing him to focus on one thing - making money.
- junofan 4y ago
  The comment you’re responding to is talking about family offices.
- jquery 4y ago
  So basically he doesn’t even enjoy his money except as a means to make more money. Sounds like a hunger curse.
  - tomrod 4y ago
    To have such problems.
    - jquery 4y ago
      It sounds sad to me. It’s like how visions of heaven 500 years ago all imagined huge feasts every day, but if you told me heaven was a Golden Corral, I’d look for a different heaven. We are still in this scarcity-capitalist-mindset that more money/stuff is always better, but I don’t think that’s the right way to be looking at things. We should appreciate the forced scarcity, like how our ancestors may have been hungry sometimes but lived at a much healthier weight. Please keep in mind I’m not talking about living in poverty, I’m talking about having all your monetary needs met to live your lifestyle (without being forced to work), without having a huge excess left over.
      - tomrod 4y ago
        > Please keep in mind I’m not talking about living in poverty, I’m talking about having all your monetary needs met to live your lifestyle (without being forced to work), without having a huge excess left over. Out of curiosity (not debating, but rather conversating) -- what portion of humanity is in this enviable condition?
        jquery 4y ago
        I'm not even sure what the measurement would be. It's like asking what portion of humanity didn't suffer any food insecurity back in the 1500s. It's gonna depend on a lot of variables. It's probably somewhere <5%, maybe <1%, right now (I would include current successful retirees).
- tomrod 4y ago
  Family offices are an investment fund + services company wholly owned by a single person/family for the benefit of that person/family's goals. It's much more than accounting services. It's a step above private bank / wealth and assess management by a firm with multiple clients. Their quality and approaches are highly varied, but the one billionaire you know probably uses one, as the "never pay bills and no smart phone" is fairly indicative of a family office behind the scenes.

smugma 4y ago

I know many rich people maybe one qualifies as ultra rich ($100M+, private jet with crew). Some have assistants but they all access their own banking. They move money around, check balances, dispute fraudulent charges etc. But all the rich people I know are in tech or banking/investing, and made, not inherited, their money. As an aside, my guess is that average tax rate for the techies is 40% but probably <30% for the bankers.

browningstreet 4y ago

I work at a bank catering to private wealth management. The rich do their own banking, but maybe not their own investing.