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Yes they would be. Especially if it's in stock. For example if they're a founder of a firm and that firm goes bankrupt they're screwed.
It is probably unlikely you can find examples of people who made 10 million, and lost it by being stupid enough to remain completely invested in only one stock.
First I don't think you have any idea of what a successful surgeon or other specialist makes. Many will be in the range of $5-10 million annual income. To retire and live off of investments would require investments in the range of $100-200 million or more.
Next what do you mean by "stop at?" Since you mentioned risk, I assume you mean why don't they invest in safe and fixed assets. I am sure many wealthy investors do just that. Investors of modest means also are likely to do that.
My dad is a surgeon.
Surgeons don't make $10M a year... LOL
The average surgeon salary is $230K. The highest paid surgeon in my dad's organization made $400K.
The head of surgery at Weill Cornell makes $2.8M. That's about as high as it gets.
Surgeons who own a surgery clinic might make a few mil a year. There's probably like 1000 out of 130K in the country that make more than a million dollars.
To answer the OP - In my field (internet software) I do know people who cashed out and then pursued something else. One guy I know cashed out $20M, set up a metal shop and makes custom knives and motorcycle components. Another does the light show for a popular traveling music act. Yet another became a commercial pilot.
12-20-2014, 04:58 PM
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n/a posts
Quote:
Originally Posted by rzzzz
My dad is a surgeon.
Surgeons don't make $10M a year... LOL
The average surgeon salary is $230K. The highest paid surgeon in my dad's organization made $400K.
The head of surgery at Weill Cornell makes $2.8M. That's about as high as it gets.
Surgeons who own a surgery clinic might make a few mil a year. There's probably like 1000 out of 130K in the country that make more than a million dollars.
To answer the OP - In my field (internet software) I do know people who cashed out and then pursued something else. One guy I know cashed out $20M, set up a metal shop and makes custom knives and motorcycle components. Another does the light show for a popular traveling music act. Yet another became a commercial pilot.
This.
I know the head of pediatric neurosurgery at one of the children's hospitals here makes a bit over a $1 million (became well known when she embarked on a disastrous train wreck of a senate campaign). But she's an administrator as well as a surgeon.
People seem to live in bizarre alternate realities where even mundane occupations rake in mid six figures.
Some people get an awful lot of satisfaction out of making money. I do.
But making money has nothing to do with pursuit of happiness. It is simply one of the things I do that makes me happy. Some people are like that.
Sailing; working in the yard; fixing things for the neighbors; making money. Those are the things that make me happy.
FWIW: I no longer work. I make money from investing. Not trading; investing. I'm not very good at spending money - my pickup is 25 years old. But I do like to make it.
I know the head of pediatric neurosurgery at one of the children's hospitals here makes a bit over a $1 million (became well known when she embarked on a disastrous train wreck of a senate campaign). But she's an administrator as well as a surgeon.
People seem to live in bizarre alternate realities where even mundane occupations rake in mid six figures.
People here seem to BS their salaries quite a bit. I assume they make 1/2, 1/3, or 1/4 of what they claim depending on how unlikely their claimed job is.
I know the head of pediatric neurosurgery at one of the children's hospitals here makes a bit over a $1 million (became well known when she embarked on a disastrous train wreck of a senate campaign). But she's an administrator as well as a surgeon.
People seem to live in bizarre alternate realities where even mundane occupations rake in mid six figures.
My memory was not correct. This incident occurred in 2009, not 10 years ago.
I do indeed live in an area where mundane occupations can rake in mid six figure incomes. That would include many who are police and teachers. Not rookies but those who have been in the field for a while. Plumbers who have had the smarts to work for themselves are likely to make much more. I had two friends who were plumbers and they did extremely well. One was a drug addict. When he was clean, he made really good money. He went from poverty to riches several times before the last binge killed him. I have a friend who is a hairdresser/barber who easily makes mid 6 figures without working fulltime.
I have friends, family and more distant relatives who live in various parts of the country. I have 3 brother in laws. One retired from the Federal government a great many years ago. Another is an anesthesiologist and earns about $850k in a low stress salaried job. The third was an engineer who retired quite a few years ago with many millions. My older 30 something daughter is a social worker who makes a very modest salary. My 20 something recently graduated daughter is looking to make money as an engineer. She is only 3 years out of school but will soon hit 6 figures.
I don't think I live in a bizarre alternate reality. I do see a huge disparity in incomes that continues to grow.
From what I have observed it is something of gluttony or greed.
More for the sake of More.
I suppose the ethics question would be:
Would you attempt to make/take more -- if it meant others had to do with less?
But More for the sake of More seems like Growth for the sake of Growth.
I only see in that in nature among Cancer Cells and the Morbidly Obese.
Making more money does not mean someone else is going to make less.
Call it greed if you like. Greed usually means people make more money than you. Greed and gluttony are not at all related. Gluttony and obesity are most serious among the poor.
I don't know about you but I have struggled my whole life to earn a living and support my family. Hopefully I now have enough to last me and my wife until we die. To make that happen we still need to live carefully. I have done better than most but I don't even worry a bit about those with millions and millions in their investments.
Making craploads of money is not from being a doctor but from building businesses that supplement your income.
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