No doubt, some of our regular readers have no need to wonder: they’re wealthy enough to be in-the-know.
Perhaps they’re reading anyway, just to see how they stack up against their glittering peers. For the rest of us –aspiring, determined professionals all – it’s something we hope to know ourselves one day. For now, though, we sit around and wonder: how to the ultra-rich spend their money?
Let’s admit that our intro is something of a tease. As our featured author notes, most of your wealthy clients are pretty simple folks living moderate lives. Skilled workers and mid-level professionals who persevere in their craft, eschew divorce, pay a moderate mortgage and invest carefully can end up pretty darn wealthy – the core customers of many an advisory.
Still, we wonder: what concerns will arise when our wealth grows into the ultra category? The first matter, our author declares, is privacy. We can dig it: there’s already too many sharks out there, if only telemarketers, that want to invade our space. The rich are tempting targets for the most voracious of predators. So they hide behind compound walls, gated community fences, security cameras and loyal, bite-enabled dogs. You can’t blame them a bit.
They say we live more intensely over a week of vacation than during ten weeks of ordinary life. The wealthy usually work like maniacs, so they need to rest big, too. A client and friend of ours recently cruised on the Queen Mary 2. She was grand enough to show us the invoice: it was enough to make the Sun King quaver. We know the details of her career and can say without pause: she deserved it. But she’s come a Neil Armstrong-style journey from the BnB days of her youth, for certain.
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How Do the Wealthy Spend Their Money? | ThinkAdvisor