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Old 06-01-2018, 12:22 PM
 
2,924 posts, read 1,714,859 times
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Quote:
Originally Posted by oldtrader View Post

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.
Not all banks are local banks with only one branch/headquarters
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Old 06-01-2018, 06:01 PM
 
Location: Limbo
6,458 posts, read 5,912,441 times
Reputation: 6228
Quote:
Originally Posted by eliza61nyc View Post
25 million in investable wealth.

https://www.bloomberg.com/news/artic...urce=applenews

lol, darn it, I just missed it by 24 million.

funny stuff.
$25 million at least.

Rich is buying what you want and not noticing.
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Old 06-01-2018, 06:18 PM
DKM
 
Location: Thousand Oaks, CA
2,060 posts, read 676,534 times
Reputation: 2215
Quote:
Originally Posted by Jim1921 View Post
Several banks have a wealth management businesses that have much lower minimums.
Even Goldman Sachs will take on clients with a measly 10 mill
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Old 06-02-2018, 01:32 AM
 
6,308 posts, read 4,775,863 times
Reputation: 8437
Quote:
Originally Posted by dollar psf View Post
If you can invest $500,000 a year for 30 years (should be achievable by a neurosurgeon earning $1M a year) you would have $30M with an 8% return.
Don't neurosurgeons pay taxes?
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Old 06-02-2018, 06:05 AM
 
1,144 posts, read 392,942 times
Reputation: 1195
Quote:
Originally Posted by Larry Siegel View Post
Don't neurosurgeons pay taxes?

An average neurosurgeon makes less than $400k a year, and if he/she lives in California, pays about 45% of that income in federal and state taxes. The maximum investable amount is realistically close to $50k per year. Not entirely bad, but surely not $500k :-). Where do people get such grandiose ideas about surgeons' incomes?
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Old 06-02-2018, 08:57 AM
 
8,680 posts, read 2,406,950 times
Reputation: 8220
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.
The only docs and lawyers I know who are rich got most of their money from family money...or their wives family.

We have a 2nd house in a small condo development and the couple of docs and lawyers that bought there had to get mortgages. We, and many others, bought cash.

Doctors are generally not rich. That's why they are so easily drawn into the Pill Mill thing, etc.
Any real money they would have earned was sucked away long ago by medical corporations, health insurance companies, etc.

Lawyers, other than a few at the very top, are also definitely not rich. Maybe upper middle class, but not in the current status we call "rich". Rich these days is for VC's, Wall Streeters, etc.

Anyone can get a money manager - it's just that they take a vast percentage of your earnings in many cases (especially at the low end)....

There is no free lunch - other than "The Art of the Con" and that doesn't work out well either. If Trump would have invested in Berkshire instead of himself, he's have 180 BILLION dollars instead of virtually nothing (3 billion - so he only "lost" 177 Billion).

Even at a billion or two you buy "used" in terms of jets and also often just buy some hours on netjet.

You can buy an old working airliner for 1-3 million dollars. Cheap. But can you afford the fuel, pilots and other costs?
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Old 06-02-2018, 09:01 AM
 
8,680 posts, read 2,406,950 times
Reputation: 8220
Quote:
Originally Posted by DKM View Post
Even Goldman Sachs will take on clients with a measly 10 mill
Yeah, some 20-something will spend a few minutes here and there when you harken.

It's easy to do the calcs. Figuring a conservative average of 6% these days, your 10 million dollar account can make $600,000 a year. If GS can suck you dry for 10% of that, the giant corporation makes 60K....not enough for them to spend very much time on you.

Many ETF's and mutual funds are run by a team of folks that are very experienced - and, in the long run, they almost always beat personal advice.

Why anyone would want a single individual giving them such advice is beyond me!
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Old 06-02-2018, 02:41 PM
 
Location: Sector 001
7,154 posts, read 5,958,670 times
Reputation: 8075
That's about what I expected. In the crypto space it wasn't until people had paper accounts of $15+ million that they started to get attention. A couple of million dollar is still small potatoes in the global economy. Even if I had $25 million I have no desire to have a private jet. I'd rather learn to fly and take a little crop duster out and have a little fun.

I don't understand these people with private jets, given so many of them vote democrat and try to tell me that I pollute.
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Old 06-03-2018, 12:32 AM
 
6,308 posts, read 4,775,863 times
Reputation: 8437
Quote:
Originally Posted by elnrgby View Post
An average neurosurgeon makes less than $400k a year, and if he/she lives in California, pays about 45% of that income in federal and state taxes. The maximum investable amount is realistically close to $50k per year. Not entirely bad, but surely not $500k :-). Where do people get such grandiose ideas about surgeons' incomes?
Nice to know that if I need brain surgery the person doing it will be grossly underpaid. :-(
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Old 06-03-2018, 12:35 AM
 
6,308 posts, read 4,775,863 times
Reputation: 8437
Quote:
Originally Posted by craigiri View Post
Yeah, some 20-something will spend a few minutes here and there when you harken.

It's easy to do the calcs. Figuring a conservative average of 6% these days, your 10 million dollar account can make $600,000 a year. If GS can suck you dry for 10% of that, the giant corporation makes 60K....not enough for them to spend very much time on you.

Many ETF's and mutual funds are run by a team of folks that are very experienced - and, in the long run, they almost always beat personal advice.

Why anyone would want a single individual giving them such advice is beyond me!
The valuable advice is tax and estate planning, not which fund to buy.
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