FilterHN

points

10 months ago

| 2 comments

One thing I didn't quite realize is that they accidentally spend significant amounts of money. At a party I talked to someone who was like a financial coach for super wealthy people and he helps them clean up their shit. The way we might accidentally have a running $50/mo subscription for something we don't use any longer, they might have a $500/mo club membership they never go to. Or prebooked vacation rentals they don't visit, or maintenance on cars they don't use, etc.

▲

em500

10 months ago

[-]

If you're over 100m net worth and get 5% returns, you get over 400k/month income on capital. At that point it might not be worth your time and attention to save $50 or even $500/mo if it takes any effort.

▲

mixmastamyk

10 months ago

[-]

Or you could pay an advisor a thousand to clean that up. Then donate excess to charity and get a tax break. Win win.

▲

pc86

10 months ago

[-]

Exactly, to use the same math from the linked comment, it's less like comparing $500/mo and $50/mo and more like comparing $500/mo for the high net worth folks to $0.05/mo for someone making a more average salary.

You could have a single part-time minimum wage job and you're not going to waste your time worrying about $0.05/mo. 60¢ a year? Please.

▲

hgomersall

10 months ago

[-]

This is it really. Being wealthy is the ability to live financially inefficiently without concern. That is very liberating.

▲

arizen

10 months ago

[-]

They are optimizing for the scarce resource - which is time, since they got money in abundance.