Everyday I have a high net worth balance sheet put in front of my face. Everyday I will put together a balance sheet that will go way north of the $1,000,000 that people tend to strive for, but most won’t make.
There seems to be a disgusting amount of class warefare going on in today’s society, but for me, these balance sheets give me motivation, but forget me (just for today…) does this one example give you a sense of “I can do that one day” or “What the hell is the point of trying”?
|Assets**||Mr. Smith*||Mrs. Smith||Joint – ROS||Total|
|Liabilities||Mr. Smith||Mrs. Smith||Joint – ROS||Total|
|Main Residence MTG||—||—||($200,000)||($200,000)|
|Total Net Worth:||$25,000,000||$190,000||$2,240,000||$27,440,000|
* Names have been changed to protect the ultra wealthy
** Assets were rounded down to protect the ultra wealthy
So how do you feel?
I think it’s always interesting to take a peek into someone else’s finances. It’s not always motivating or demotivating just because someone has a high net worth… interesting to see different situations… but it’s always good to hear the story behind the numbers. Otherwise the numbers are out of context and you don’t really know anything about the individual.
“Otherwise the numbers are out of context and you donâ€™t really know anything about the individual.”
People take a look at your balance sheet every month since you are nice enough to post it for the world to see:
People have a gut reaction that may or may not be out of context, but it is still there…my question is do these ROUNDED DOWN numbers inspire you to continue and beat the crap out of the personal finance blogging world, or pack up your bags and think I’ll never be that big?
Personally, no, the numbers above are not inspiring to me because they mean nothing. Those numbers could have been the same for 20 years. How inspiring would it be to make no progress 20 years? Even worse, these numbers could reflect a downward trend. That’s not inspiring. Numbers on a page without context are mostly meaningless. The only thing I can draw from the table above is Mrs. Smith is a gold-digger. 🙂 (OK, and even that is making a number of assumptions that could well be wrong.)
There are people who are inspired by big numbers on a balance sheet, and that’s fine for them. I’m more inspired by thinking about my own goals and interests.
Hey even if they stayed at 27mil for 20 years I’ll take that. 🙂 Somehow I doubt they stayed that way.
Kick butt inspiring for sure! Love all the property and private company assets.
Hope they never see their net worth here!
No chance they’d see it. Numbers have been changes and they aren’t named the Smiths.
But how inspiring is it? The pure concentration of wealth is fantastic!
How inspiring? Pretty inspiring. We can all at least emulate the asset classes. Love the low debt too.
Bottom line, buy real assets ie property, and start a business.
Very interesting. That motivates me because I’d love to have a balance sheet that looks like that one day. It definitely motivates me to work on starting a business.
Wow, that’s pretty inspiring alright. I kind of feel like a slacker after seeing those numbers! While inspiring, I’d be happy with just a quarter of what they have!!!
What an interesting position you must be in! I’m sure you’ll have millions some day, but do you forsee yourself getting up to that level? I guess anything is possible, and you aren’t one to let moss grow…
Yup, I love my job! Can’t let the bosses know how much I love it though.
To answer your question, No I couldn’t even begin that kind of wealth, but I wouldn’t mind being in the realm of 25% of that lol (the 6.75 range has a good sound to it!)
very very nice assets, why aren’t they retired in the Caribbean? do they think they will be taking a penny with them beyond the grave?
Retired? Who needs retirement when you are doing what you love lol.
While they won’t be taking a penny beyond the grave they have the opportunity to make sure their grandchildren don’t have to worry about who is going to pay for college nevertheless food on the table.
If they made the money themselves (and legally of course), impressed.
oh what’s also interesting is how much they do (or don’t) have in retirement accounts. Can I ask how old they are?
Not 75 old but not 30 young. We havne’t gotten far enough into the relationship to determine why retirement accounts are a lower % of their net worth.
To be honest I am going to assume that the $16,500 didn’t mean squat to them, and no one approached them with a more creative retirement solution like a 412i, Defined benefit, etc. where six figures could be saved per year.
Hey you know this also, any way to delay or decrease your tax burden is a big win!
Same goes for taxable accounts, not much there. Obviously too much into the biz(es), even for someone who’s my age.
Oh a site that’s interesting to peer into other’s net worth (high and low):
I take some with a grain of salt (not sure if they are honest)
I would find it very motivating, but it would also have to be realistic/attainable.
On bad days, I would want to see a spreadsheet of someone at my stage of life that isn’t doing quite as well. Your outlook can totally be changed by who you decide should be your ‘comparison other’….
I feel nosy 😉
I’d love to meet those folks for lunch and find out what it is they do in their business, etc.