Fascinating observations from a person who is around incredibly wealthy people. This was in the Personal Finance Subreddit (link below): I am an architect that focuses on residential design. I have a unique group of clients that all have one thing in common: they started tech/internet companies in the last ten years, and are all very, very wealthy. I have become good friends with most of them, and some have shared their success stories with me in great detail; including what some of their businesses have sold for. The least wealthy of the group sold his business for $140 million about 18 months ago. It blows my mind how money conscious they all are. One of the more wealthy gentlemen started a company that creates and customizes billing software for government organizations and large corporations around the world. He is worth at least $400 million. The home that we designed is about a $900,000 home. Thats it. He made budget decisions regarding countertop materials because he felt we were getting too close to the number he wanted to spend. I felt close enough that I wanted to ask him why he wouldnt go over budget to build the home of his dreams, or at least get a few nicer finishes. He said that they are just countertops; they wont make his life any better. He said he learned along time ago that the worst mistake you can make no matter how much money you have is blowing a budget out of the water just because you can. It takes discipline to meet a budget, and he wants to remain disciplined so that he still has that refined skill long into the future when it might be a $30 - 40 million transaction, not just a piddly $4,000 countertop upgrade. I was shocked and impressed. The amazing thing is that the guys that have this ridiculous wealth are all like this (at least the ones I interact with). Its the guys that make $300,000 to $600,000 a year that act like they have all the money in the world. Imported tile from Italy, German made cabinets, etc. Just thought Id share a quick story that we all might benefit from, and demonstrate that there are some really responsible wealthy people out there. EDIT: Since this post has gained some traction, I thought Id share another tidbit. This one doesnt fall under the solid financial advice column, but more of a personal tip in the pursuit of wealth. I am an eager, ambitious young man (31). One of these clients (the one that I would consider my closest friend out of the bunch) can see my eagerness to get to where he is. He has helped me try to manage my angst, and really enjoy the ride. Having sold his business for nearly $300 million, he shocked me one day when he said you know [post author], I envy you. I laughed and said yea right. He said I do, I really do. You wake up every morning knowing that there is something great out there and you still have too go get it. You wake up every morning knowing that if you dont give it your best, your finances will suffer, your goals wont be met, and your family may go without. I will likely never feel that again. Sure, I am involved with charity work, and I try to give a lot back, but that satisfaction doesnt match the chase. the pursuit, the fight. My advice, [post author]: enjoy it while you can. Be grateful for the struggle. Appreciate the unknown. Wake up every day and go get it. Cause one day you will wake up and it will already be there. Then what? This has had a lasting impact on me. then what? doesnt mean that this man has lost his fire; anything but. It just means that his days of unsurety are gone. he has to find new ways to challenge himself. He will likely never be faced with an eat or be eaten situation again. reddit/r/personalfinance/comments/27kl7q/interesting_observations_about_extremely_wealthy/
Posted on: Sun, 08 Jun 2014 15:58:06 +0000
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