What do multimillionaires and billionaires do with their money?
Coming from a really poor family from France, I have little idea about what rich people do with their money. I don't think I can even conceive what billionaires do with their money; not only how much money it is, but what doors this money opens up for them...
You hear top hedge fund managers, CEOs etc. earn this crazy money but... what do they do with it? I can only think of so much... buy massive houses, have incredible expensive holidays.
I don't think I'm able to imagine what they do with so much money.
Most of that money is tied up in various assets/investments/businesses and is being put to work. It's not like they have billion dollar checking accounts waiting to be spent at the mall.
I'll bite while I'm having my first cup of coffee.
Many of them donate their money to support foundations/causes, arts and culture, alma maters, etc. They buy art, support their families, and fund hobbies (car racing, restaurants, film productions, etc.)
I think after a point, money doesn't get you that much more but makes life a whole lot easier.
I know some of these 'richer-than-God" folks and your question was eloquently explained to me: (this is an excerpt from the middle of the conversation in which I asked the same question) After a while, you begin to make more money than you can reasonably spend on your upkeep. When you start making $500,000 or more a year, you can't/won't buy $100,000 more Whoppers and food and clothes. So, after you put away some capital as reserves, you can spend it on items that functionally do the same thing as their cheaper counterparts (or in many cases, are less functional), but that cost more- namely, designer and antique furniture, houses, real estate, cars, etc. That is why you buy the $60,000 antique chair that you can't sit in- because what else were you going to do with the money? You have already given a ton to charities.
Also, there is a kind of capital that money can't buy directly- social capital. So that is why seats on the Board of the Philharmonic Orchestra, the Met, and various art organizations are available for a 'donation' of a couple of million dollars. Philanthropy, as it is called, is merely another realm of competition for social stratification and standing.
A large percent of that money is usually equity stakes in the companies they created. Branson owns a home on a tropical island, Buffet still drives an old car, Osama Bin Laden funded a war. They spend the money on the same stuff as anyone, just on several orders of magnitude larger than the average folk.
well you said you were from France so ill tell you how it works in America. The rich give their money to the government
Ha ha ha ha
you should watch the movie richie rich.. its classic.. Also, this is what trump does with his extra $100mm http://www.bing.com/videos/watch/video/donald-trump-shows-off-new-priva…
[quote=hookedup]you should watch the movie richie rich.. its classic.. Also, this is what trump does with his extra $100mm http://www.bing.com/videos/watch/video/donald-trump-shows-off-new-priva…]
+1 for RICHIE RICH - i soo loved that movie!
[quote=hookedup]you should watch the movie richie rich.. its classic.. Also, this is what trump does with his extra $100mm http://www.bing.com/videos/watch/video/donald-trump-shows-off-new-priva…]
I like how the hostess chick is smiling and eating pretzels like she's watching the funniest movie ever and there are gun shots ringing out, lol.
Regards
Completely irrelevant to topic, however I saw this article the other day, apparently Branson's home was struck by lightning and burned down; I hope he had a big insurance policy on it.
http://www.cbsnews.com/stories/2011/08/23/earlyshow/leisure/celebspot/m…
No Billionaire has a Billion dollars ( Gates, Buffet) in cash? Since most of their net worth is tied into assets?
yachts
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