||[Aug. 15th, 2006|02:06 pm]
Ultra-High Net Worth Individual
A reader posted a fairly long comment, and I thought I'd try to respond to a couple questions or comments (not necessarily in order):
Upon reflection, this blog makes you seem as though your money is the focus of your life, which it may be, or else it is the focus of this blog.I certainly hope it's not the focus of my life! But I hope I made clear in my first entry, this blog is not about me, but about what I have.
What I wonder after reading your blog is why you spend time writing a blog...might I ask if you are somewhat conflicted about having so much money? [...] But since you are likely a busy person, why spend time this way...I am curious.Given that it's been nine weeks since my last entry, you might say that I don't spend time writing a blog. But it is a valid question; why have a blog at all?
I read a lot of blogs about the industry I'm in, and I find that a lot of the blogs aren't for the purpose of explaining things to the reader, but explaining them to the writer. Writing about what you're thinking about helps get your thoughts in order. That's really what the purpose of this blog is. I have two financial advisors and a tax advisor, and all of them have different styles, and depending on the situation, all three could be telling me different things. I don't have any education in economics or finances, but I'm trying to learn as quickly as possible, and I'm hoping this blog will help.
Am I conflicted about being rich? I'd have to say no. It does provide a different perspective sometimes though.
Basically you sound like an 'inverse' egoist, like you like to hide the fact of your money, at the same time that you relish the secret power it gives you.That's a very interesting observation. It's true, I don't like people to know that I have a lot of money, but mainly it's because it's hard to predict how other people will react. As I said in my first entry, "Life is much simpler when people aren't thinking about your assets." But it's not that I "relish the secret power it gives"; believing that other people aren't thinking about it makes it easier for me to think of it simply as a resource.
I would think you might want to step back and think about money as a resource, which you have, and how it can be used, to buy free time, experiences, help others. I thought Warren Buffett's recent gift to Gates' foundation showed much intelligent reflection.I agree completely.
Since I know nothing about you, I wonder why you work at all? I assume that you own a company that was successful and like this work...and probably like to work period.I own the stock of a company that was successful, as I've said.
I tried to answer this question in an earlier entry. There are basically two reasons for it. The main one is that I like to feel productive, and a business environment provides that in a way I don't think I could get otherwise. The secondary reason is social; people expect an answer to the question, "What do you do?"
What I also wonder about is your wife with her modest Civic. This seems a bit much...there are other modest cars which could give more comfort and pleasure.My wife bought her Civic before we were married, and basically had two requirements at the time: good gas mileage, and air conditioning. Both of us come from families that tend to drive cars into the ground before replacing them, and both of us have picked up on that habit. We'll be replacing both of our cars soon. I could keep my sports car, but there's not really a reason to. I don't need it for my "male ego". And yes, I'll be the one buying both of our new cars.
So, I advise you to: [...] Agree with your wife on a certain amount to live on and budget so that there are no constraints. She sounds like a reasonable person and does not need to have your wealth held over her head like a shadow.I think I may have given a slightly skewed perception when I wrote about my wife. In a legal sense, almost everything is mine, but that doesn't really enter into our conscious when we're making decisions. She joins me for meetings with our financial planners; we agree together on how much we'd like to spend on, for example, cars or furniture; in practice that money gets spent on both of us. I really don't think either of us think that it's being "held over her head."
Get some hobbies and stop worrying so much about your wealth.My wife already thinks I spend too much time on my hobbies. People who read this blog who think I should write more often would probably agree. (Sorry for the two month break. I'll try and get back on a more regular schedule now.)