Definitely. 99% of those here should have someone manage their finances or just index, perhaps just dabbling token amounts into their curiosities otherwise.
The 1% think very, very differently from what I see versus the conventional wisdom commonly discussed. I know a lot here take it as elitist but then they admit they don't want to do the work, don't care beyond FI, etc. Reality is you can't really be part of the herd if you wish to accomplish any significant upward mobility, because anyone can do that. For the masses, accepting index returns keeps a ceiling on returns and hence inflation, thereby limiting the erosion of buying power for billionaires, decamillionaires, etc. Of course the 1% themselves don't want just 7 or 8% long term annualized returns, or 2-3% real after inflation/taxes. Hence they buy growing businesses, leveraging RE, outperforming sectors, fine art, rare collectibles thereby continuing to grow their wealth much faster than market averages, with the added benefit of lower tax rates than the masses, due to these investments. Maybe many roads to Dublin, fewer roads beyond though. Ambitions for a comfortable retirement with average spending - conventional wisdom is fine. I've chosen a more aggressive route that has paid off significantly more dividends over 2 decades with just a little more effort, certainly easier than the red tape and administrative hassles of practicing medicine, and that drives me since it's a bigger bang for my efforts.
The minimum threshold for the 1% by NW is about $11M and by salary essentially breaking into the top tax bracket. Not many docs get there especially by NW as it's quite difficult with indexing due to our late career starts, especially if you have an income (growth) cap as an employee. Whether it's business ownership, RE leveraging, or outperforming sector funds, a fog is lifted on the high speed road towards success. It takes effort, but the 1% have added the turbochargers, racing tires and carbon fiber parts - representing the greater effort and tools necessary for accelerate financial compounding.
You're off to a great head start, and I like your independence of thought. Recognize the subconscious impact of social media articles on your freedom of thought. There are a lot of very wealthy people/corporations that want you think a certain way for their benefit. Whether it's about how you should earn, spend, save or invest. You read it enough times, it must be true right? Wrong. Too many get caught in that trap. The 1% aspirations are keenly aware of this. Just another roadblock on that road to be circumvented.
The 1% think very, very differently from what I see versus the conventional wisdom commonly discussed. I know a lot here take it as elitist but then they admit they don't want to do the work, don't care beyond FI, etc. Reality is you can't really be part of the herd if you wish to accomplish any significant upward mobility, because anyone can do that. For the masses, accepting index returns keeps a ceiling on returns and hence inflation, thereby limiting the erosion of buying power for billionaires, decamillionaires, etc. Of course the 1% themselves don't want just 7 or 8% long term annualized returns, or 2-3% real after inflation/taxes. Hence they buy growing businesses, leveraging RE, outperforming sectors, fine art, rare collectibles thereby continuing to grow their wealth much faster than market averages, with the added benefit of lower tax rates than the masses, due to these investments. Maybe many roads to Dublin, fewer roads beyond though. Ambitions for a comfortable retirement with average spending - conventional wisdom is fine. I've chosen a more aggressive route that has paid off significantly more dividends over 2 decades with just a little more effort, certainly easier than the red tape and administrative hassles of practicing medicine, and that drives me since it's a bigger bang for my efforts.
The minimum threshold for the 1% by NW is about $11M and by salary essentially breaking into the top tax bracket. Not many docs get there especially by NW as it's quite difficult with indexing due to our late career starts, especially if you have an income (growth) cap as an employee. Whether it's business ownership, RE leveraging, or outperforming sector funds, a fog is lifted on the high speed road towards success. It takes effort, but the 1% have added the turbochargers, racing tires and carbon fiber parts - representing the greater effort and tools necessary for accelerate financial compounding.
You're off to a great head start, and I like your independence of thought. Recognize the subconscious impact of social media articles on your freedom of thought. There are a lot of very wealthy people/corporations that want you think a certain way for their benefit. Whether it's about how you should earn, spend, save or invest. You read it enough times, it must be true right? Wrong. Too many get caught in that trap. The 1% aspirations are keenly aware of this. Just another roadblock on that road to be circumvented.
Comment