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Old 05-31-2018, 07:39 AM
 
10,265 posts, read 6,491,094 times
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According to these standards even doctors and lawyers are not rich. Unless you are a great plastic surgeon or heart or brain and a top lawyer often in class actions you will not amass $25 million.
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Old 05-31-2018, 09:41 AM
 
Location: Central New Jersey
1,526 posts, read 539,993 times
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Quote:
Originally Posted by cebuan View Post
My bank already thinks I'm rich. They charge me five or ten bucks service charges for the most trivial acts of simple decency, which any other business enterprise would do with a smile..
My bank refunds any and all fees we may incur when using our debit cards. All depends on the bank on how much you have in your accounts. I suggest you shop around. Many offer this service for deposits as little as 200k and can be spread among different accounts such as checking, savings, money market, cd's.
Good luck
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Old 05-31-2018, 10:43 AM
 
1,953 posts, read 752,771 times
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Quote:
Originally Posted by LifeIsGood01 View Post
I missed it by $25 million.
I missed it by $25,001,352
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Old 05-31-2018, 11:08 AM
 
Location: Midwest
3,697 posts, read 6,712,673 times
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Quote:
Originally Posted by LifeIsGood01 View Post
I checked to see what the net worth of one of my favorite singers was and it's about $15 million, poor guy had hit albums and does large sold out tours and is not even rich.
Give us his name and address, I'm sure someone will start a gofundme and he can maybe get to $15 million + a couple of Mr. Franklins.
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Old 05-31-2018, 11:41 AM
 
Location: Honolulu, HI
4,550 posts, read 1,138,948 times
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Quote:
Originally Posted by SportyandMisty View Post
$25M may make you rich, but you're still pretty far from private jet wealthy, which the article implies starts at about $1 Billion.
Not when you can just lease one. Furthermore $25 million puts you in the neighborhood of a lot of friends who may have one.

Quote:
Originally Posted by LifeIsGood01 View Post
According to these standards even doctors and lawyers are not rich. Unless you are a great plastic surgeon or heart or brain and a top lawyer often in class actions you will not amass $25 million.
They won’t amass that because it will largely be spent on a nice standard of living. But a smart plastic surgeon or lawyer will take some of that salary and buy up some property and make a good fortune with a chance to amass $25 million. That’s what Donald Sterling thing.
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Old 05-31-2018, 12:55 PM
 
10,696 posts, read 20,114,276 times
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Quote:
Originally Posted by SportyandMisty View Post
$25M may make you rich, but you're still pretty far from private jet wealthy, which the article implies starts at about $1 Billion.
You can buy a small jet for not a ton of money. $1.3m for this CJ still with 700+ hours on the engines. The CJ is a single pilot plane so you can fly yourself, no need to pay a pilot.

https://www.controller.com/listings/...a-citation-cj1
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Old 05-31-2018, 03:09 PM
 
8,374 posts, read 7,362,552 times
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Your local banker, is not considering how much your total net worth is, as to give your very preferred treatment.

It is how much money you keep in their branch of the banking system.

I have found if you keep a few hundred thousand cash in their bank, they will treat you like royalty.

My bank president, sees me in the bank, and comes out to personally greet me and visit a little to make sure I am a happy camper as they say.

Go to the woman that does the notary work, sit down to wait for her to finish another party, and the bank president comes out and takes you to his office, and uses his notary stamp to assist you.

And what are all those charges some are talking about. I never see them.

Have enough in the bank, and you are royalty and treated as such. Have an account with occasional over drafts, and you are looked down on and treated as dirt.

Your banker does not really care about how much you have in net worth, near as much as how much you have in his/her bank.
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Old 05-31-2018, 04:30 PM
 
5,751 posts, read 3,035,945 times
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Quote:
Originally Posted by oldtrader View Post
Your local banker, is not considering how much your total net worth is, as to give your very preferred treatment.

It is how much money you keep in their branch of the banking system.

I have found if you keep a few hundred thousand cash in their bank, they will treat you like royalty.

My bank president, sees me in the bank, and comes out to personally greet me and visit a little to make sure I am a happy camper as they say.

Go to the woman that does the notary work, sit down to wait for her to finish another party, and the bank president comes out and takes you to his office, and uses his notary stamp to assist you.

And what are all those charges some are talking about. I never see them.

Have enough in the bank, and you are royalty and treated as such. Have an account with occasional over drafts, and you are looked down on and treated as dirt.

Your banker does not really care about how much you have in net worth, near as much as how much you have in his/her bank.
Why would I have a few hundred thousand in their bank? It's not earning me anything just sitting there. And anyone who has enough total assets to have a few hundred thousand in cash sitting around, pretty much should meet the definition of wealthy because they will have a lot of other assets.
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Old 05-31-2018, 04:54 PM
 
855 posts, read 568,116 times
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Quote:
Originally Posted by Jim1921 View Post
Several banks have a wealth management businesses that have much lower minimums.
Much much, much lower. Allows some regulatory relief...
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Old 05-31-2018, 04:57 PM
 
17,605 posts, read 12,197,156 times
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I think this quote from the article makes more sense and puts the headline a little misleading territory


“Fast-forward almost 25 years, and $25 million is how we define ultra-high net worth.”
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