For a few years, I worked for a high net worth investment planning firm. To be considered a client, you needed to have at least $2 million in investable assets. What does this mean? It means you have to be able invest $2 million with us, in some combination of retirement and non-retirement accounts. Don’t get this confused with net worth, as net worth has nothing to do with investable assets.
Anyways, in total, we had over $500 million under management. I mainly worked on building the plans, so I got to know the intimate details of our clients – things that most other people would never know about these people.
So what did I learn from dealing with the rich? I list the most interesting insights below. Some things may seem obvious to you while others will surprise you. Hopefully, you will learn something and be able to apply it to your financial life.
Priceless Lessons Learned While Working With The Rich
Financial Lessons Learned
Most of our clients were self-made millionaires. Very few inherited their money. The majority were doctors, a good many owned their own business, and a few were executives. In fact, one worked for Kellogg’s, the cereal company. Every holiday season he would bring us boxes of cereal! Another worked at a pretzel factory and we would get pretzels from him. Finally, another worked at Clif Bar and we got a ton of those too. [Read more…]