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On a personal level I know several guys who are worth $10-30M, one who's worth probably $40M, and one who's worth around $700M, this is LNW. Not much in the Re

On a personal level I know several guys who are worth $10-30M, one who's worth probably $40M, and one who's worth around $700M, this is LNW. Not much in the Reddit reply checks out for me. It's true that the $700M guy socializes with "Senators/Congressmen/community leaders." He travels a lot, and comfortably, but has no ownership in a jet. He retired young-ish and no longer works so maybe that's why. He doesn't flash his wealth around except to women he likes, and it's an absolute magnet for them, he gets pretty much any woman he wants to sleep with him simply by being a decent guy who's also worth $750M. I mean, they know that as long as he's dating them they will have a life of permanent luxury travel and not have to work, so not a surprise. But beyond that he's pretty unassuming, doesn't flash his wealth, and mainly just likes to talk about finance and give people business advice. The $10-30M people don't seem much different from me. Their contingencies for dealing with potential financial catastrophes run a lot deeper than mine. Their property is worth more and they do travel a bit more frequently and lavishly than I do. Idk nobody I know is doing this stuff where they're really fixated on getting into the best restaurant in town, or they're totally inaccessible except through their "people" and personal assistants. I don't know a lot of it sounds like a type of person I don't associate with I guess, maybe I am not flamboyant and rich enough. I know there are rich people out there who spend like this guy describes; I interact with them very occasionally and briefly; I'm sure I am super boring to them; I question whether they remain that rich for very long :) I don't know anyone who hobnobs with celebrities nor wants to. The comment is 10 years old, maybe Hollywood has lost its cultural cachet. Eureka, that's it: this is probably a post about Hollywood people.

NooneAtAll3 1y ago
what does LNW mean?
- InfiniteLoup 1y ago
  >what does LNW mean? "Liquid net worth", I'd assume.
nothrowaways 1y ago
the NW of 700M guy increased to 750M in 1 min - does he sell eggs?
- safety1st 1y ago
  "around"
TacticalCoder 1y ago
I was invited for coffee at a friend's friend. He seemed a pretty regular guy, very friendly: kids playing in the pool. Nothing out of the ordinary except as many house employees as adult guests (and house employees where calling guests by their name). I happened to know the artist Jeff Koons: not a big fan of the "inflated balloon dogs" but I do like his ballerinas. Well... Turns out the dude had one house destroyed then rebuilt to accommodate a 3 meters high Jeff Koons sculpture of two ballerinas. I don't know exactly but I take it that's a $15m sculpture. I'd say most people don't know who Jeff Koons is and most people have no idea that some people shall just level an entire house just to have an architect redesign a new house, at the same place, so that a sculpture can now be admired from the living room, kitchen and garden. He's got several paintings from Basquiat too. He's actually in the top 200 of the world's top art collectors (I found that out by googling his name after having been to his place). And he's got his art pieces sprinkled around the world, in his many properties. > The $10-30M people don't seem much different from me. Definitely not very different. One little fantasy I saw not one but two people in that range do is buy several times the exact same car. Identical. Same config. Then they use one as a daily, and put the the others at different vacation places they have: so they land, take a cab, then get to enjoy the same car. Weird but I've seen two people do it, so I take it's a thing? One had identical Range Rover, the other identical Lexus. Not real petrolheads: rich car petrolheads are actually going to own fancy stuff like old Ferrari 250 (even if "just" a GTE), old GT40, old Porsche, etc. which every body expects rich people to have if they're into cars at all. But yup: buying x times the exact same car when times comes to change cars is kinda just weird.
- georgemcbay 1y ago
  > buying x times the exact same car Triples is best. https://youtu.be/8Inf1Yz_fgk https://youtu.be/8Inf1Yz_fgk
- JKCalhoun 1y ago
  Yeah, surprise the linked reply doesn't mention art. There's no ceiling there. I suppose you can add actual Jurassic era bones to the weird stuff the wealthy seek out.
- throwanem 1y ago
elzbardico 1y ago
Please remember that this is from 10 years ago. For wealth comparison, you need to take into account the valuation of assets in this period. What the author says about 700M, is probably roughly equivalent to today's 5 billions.
- gus_massa 1y ago
  Nah, inflation in USA is not so high. [Hi from Argentina!] From this site https://www.in2013dollars.com/us/inflation/2015?amount=700000000 https://www.in2013dollars.com/us/inflation/2015?amount=70000... it look like 700M in 2015 is almost 1B now.
- jeanlucas 1y ago
  The American inflation is nowhere close to this high
- gruez 1y ago
  >What the author says about 700M, is probably roughly equivalent to today's 5 billions. The cumulative inflation for the past 10 years is 35.6%, not 7x as you imply. https://fred.stlouisfed.org/series/CPIAUCSL https://fred.stlouisfed.org/series/CPIAUCSL
  - Majromax 1y ago
    > The cumulative inflation for the past 10 years Without taking a stand on which metric is better for social and lifestyle comparisons, the grandparent poster said 'valuation of assets' rather than inflation. Per Yahoo Finance (https://finance.yahoo.com/quote/%5ESP500TR/ https://finance.yahoo.com/quote/%5ESP500TR/), the S&P500 is about 340% of its mid-2015 level on a total return basis (reinvesting dividends). Today's $700-millionaire would have been a 'mere' $200-millionaire in mid-2015 if invested fully in equities. That allocation is probably ballpark reasonable, since with that kind of net worth investment horizons are very long (multiple generations of inheritors) and the investors themselves can be nearly risk-neutral rather than risk-averse.
    - 1y ago
moneywoes 1y ago
how did they create their networth, self made or inheritance
- oooyay 1y ago
  The way I think about it you can become a millionaire by yourself through decent strategy, a bit of luck, and a lot of (the right) knowledge. Over $10M you start to need other people who are probably giving you some of their labor at a discount or for free.
Suppafly 1y ago
>I don't know anyone who hobnobs with celebrities nor wants to. My wife has an uncle that uses his access to wealth and some connections to meet and develop friendships with sports players. It's not even that expensive but you do have to have the personality to be somewhat charming and have the ability to exploit connections. Once you have an in, you can extend that to others. If I had his money, I'd move out to the middle of the woods and never talk to anyone. I just depends on what you like to do.

NooneAtAll3 1y ago

what does LNW mean?

InfiniteLoup 1y ago
>what does LNW mean? "Liquid net worth", I'd assume.

nothrowaways 1y ago

the NW of 700M guy increased to 750M in 1 min - does he sell eggs?

safety1st 1y ago
"around"

TacticalCoder 1y ago

I was invited for coffee at a friend's friend. He seemed a pretty regular guy, very friendly: kids playing in the pool. Nothing out of the ordinary except as many house employees as adult guests (and house employees where calling guests by their name). I happened to know the artist Jeff Koons: not a big fan of the "inflated balloon dogs" but I do like his ballerinas. Well... Turns out the dude had one house destroyed then rebuilt to accommodate a 3 meters high Jeff Koons sculpture of two ballerinas. I don't know exactly but I take it that's a $15m sculpture. I'd say most people don't know who Jeff Koons is and most people have no idea that some people shall just level an entire house just to have an architect redesign a new house, at the same place, so that a sculpture can now be admired from the living room, kitchen and garden. He's got several paintings from Basquiat too. He's actually in the top 200 of the world's top art collectors (I found that out by googling his name after having been to his place). And he's got his art pieces sprinkled around the world, in his many properties. > The $10-30M people don't seem much different from me. Definitely not very different. One little fantasy I saw not one but two people in that range do is buy several times the exact same car. Identical. Same config. Then they use one as a daily, and put the the others at different vacation places they have: so they land, take a cab, then get to enjoy the same car. Weird but I've seen two people do it, so I take it's a thing? One had identical Range Rover, the other identical Lexus. Not real petrolheads: rich car petrolheads are actually going to own fancy stuff like old Ferrari 250 (even if "just" a GTE), old GT40, old Porsche, etc. which every body expects rich people to have if they're into cars at all. But yup: buying x times the exact same car when times comes to change cars is kinda just weird.

georgemcbay 1y ago
> buying x times the exact same car Triples is best. https://youtu.be/8Inf1Yz_fgk https://youtu.be/8Inf1Yz_fgk
JKCalhoun 1y ago
Yeah, surprise the linked reply doesn't mention art. There's no ceiling there. I suppose you can add actual Jurassic era bones to the weird stuff the wealthy seek out.
throwanem 1y ago

elzbardico 1y ago

Please remember that this is from 10 years ago. For wealth comparison, you need to take into account the valuation of assets in this period. What the author says about 700M, is probably roughly equivalent to today's 5 billions.

gus_massa 1y ago
Nah, inflation in USA is not so high. [Hi from Argentina!] From this site https://www.in2013dollars.com/us/inflation/2015?amount=700000000 https://www.in2013dollars.com/us/inflation/2015?amount=70000... it look like 700M in 2015 is almost 1B now.
jeanlucas 1y ago
The American inflation is nowhere close to this high
gruez 1y ago
>What the author says about 700M, is probably roughly equivalent to today's 5 billions. The cumulative inflation for the past 10 years is 35.6%, not 7x as you imply. https://fred.stlouisfed.org/series/CPIAUCSL https://fred.stlouisfed.org/series/CPIAUCSL
- Majromax 1y ago
  > The cumulative inflation for the past 10 years Without taking a stand on which metric is better for social and lifestyle comparisons, the grandparent poster said 'valuation of assets' rather than inflation. Per Yahoo Finance (https://finance.yahoo.com/quote/%5ESP500TR/ https://finance.yahoo.com/quote/%5ESP500TR/), the S&P500 is about 340% of its mid-2015 level on a total return basis (reinvesting dividends). Today's $700-millionaire would have been a 'mere' $200-millionaire in mid-2015 if invested fully in equities. That allocation is probably ballpark reasonable, since with that kind of net worth investment horizons are very long (multiple generations of inheritors) and the investors themselves can be nearly risk-neutral rather than risk-averse.
  - 1y ago

moneywoes 1y ago

how did they create their networth, self made or inheritance

oooyay 1y ago
The way I think about it you can become a millionaire by yourself through decent strategy, a bit of luck, and a lot of (the right) knowledge. Over $10M you start to need other people who are probably giving you some of their labor at a discount or for free.

Suppafly 1y ago

>I don't know anyone who hobnobs with celebrities nor wants to. My wife has an uncle that uses his access to wealth and some connections to meet and develop friendships with sports players. It's not even that expensive but you do have to have the personality to be somewhat charming and have the ability to exploit connections. Once you have an in, you can extend that to others. If I had his money, I'd move out to the middle of the woods and never talk to anyone. I just depends on what you like to do.