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Old 06-03-2018, 12:36 AM
 
2,008 posts, read 1,803,071 times
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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.
How many people or households would this be? I can't believe there are that many of these households.
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Old 06-03-2018, 12:42 PM
 
8,674 posts, read 2,406,950 times
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Quote:
Originally Posted by fumbling View Post
How many people or households would this be? I can't believe there are that many of these households.
A couple million - maybe 1 1/2 million households or 2.5 to 3 million people (couples, etc.) are worth in excess of 10 million dollars.

That's enough for these high end brokerages to chase. Many of these people are visible in one way or another (through databases, etc.), so they can be targeted. It's also a fairly safe bet figuring out where many of them live.
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Old 06-03-2018, 05:14 PM
 
5 posts, read 1,343 times
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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?
Googling "how much do neurosurgeons make" returns a number of websites. One lists median of $704k. Another average of $540k. Where did you get $400k? If they can invest $50k of $400k does that mean they can invest the entire after tax difference of the amount you were off? These websites state "experienced" neuros earn a base of $800k plus.

If you are going to state #'s you might remember Google is your friend.
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Old 06-04-2018, 10:50 AM
DKM
 
Location: Thousand Oaks, CA
2,060 posts, read 676,534 times
Reputation: 2215
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!
You obviously don't have any experience in this arena.
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Old 06-04-2018, 02:01 PM
 
Location: Silicon Valley
2,773 posts, read 1,219,983 times
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Between my wife and I, we have banking accounts at many different banks, as usually all of them have better mortgage rates if you're a checking customer as well.

Some banks are very nice. Some treat you like cattle...with an occasional prod from one line to a shorter one. The one I like the most is where I have my real checking and our family checking accounts. I have nothing else there. A teller eventually ***-bank manager has always been nice to me. It's close to the house and I always drop stuff off in Saturday grubs for doing chores. Blew his mind when I finally asked for a loan on commercial property....he's like...you have to personally guarantee it, and I'm like....that's fine. He's like....no you have to have the assets to be able to personally guarantee it. Again I'm like...that's fine. Finally, he got frustrated and was like....do you know what your net worth is, without your wife? I thought for about 30 seconds and gave him the number. His mouth dropped. I told him that it was kinda cool that he's treated me well all these years without knowing it. Unfortunately, the deal didn't go through, but it would have been nice.

While I like the idea of a relationship banker that I can grow with, the reality seems to be the transactional costs tend to be enough to outweigh things. Banks have different specialities it would seem. If you want to buy a car, skip the banks and go to credit unions....but credit unions are worthless for buying new properties. Some banks are great for residences, but horrible for equity. Some have different DTI ratios they can stomach. Some will haircut your rental income while others will put everything on the side. Some will include bonuses, some will exclude self-employment income. Some are great for commercial property but don't want to waste time on residences. Some can deliver operations for a business, some can't. Some will let me make deposits for my wife, some won't.

I think in part some of the relationship has to be aligning your needs with what the bank is good at doing. These personal banker arrangements scare me because maybe that's not an ideal setup. I don't have $25M in investable assets, so I can't say firsthand from an owner standpoint, but I've worked on integration efforts post acquisition where an owner has sold and it seems like you're often trading the access everyone else has for one person, and that person may or may not be good operationally. Getting information has been slow. Transitioning things is slow. I couldn't imagine paying a premium for that.
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Old 06-05-2018, 07:44 AM
 
1,235 posts, read 1,314,336 times
Reputation: 2273
This is just another sensational article. They have to make money and outlandish numbers not fathomable by most people does just that. I wouldn't put too much thought into it. Going by the articles definition of rich is as silly as saying a car cannot be considered a super car unless its worth as much or more then a Bugatti. Anyone with a bit of car knowledge knows how stupid that sounds. The article's definition of rich sounds just as stupid to me.

Just having $1 million in investable assets puts you in the top .21% worldwide. That's already rich compared to most people on the planet. I think the definition of rich should have brackets starting from "real world rich" to "stupid rich." If you make $125K in passive income in a medium COL area (that keeps growing with inflation), have a paid off house in a nice neighborhood and have no debt your at a level where you are "real world rich" in the USA. To generate that amount very very safely requires about 3.5 million in investable assets.
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