Why do you want to be superwealthy?
Real Estate Professional · Las Vegas, NV · Member since 2013 · 225 posts · 74 votes
Why do you want to be superwealthy?
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Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
8yJust need to clarify that I don't desire super wealth. To me that's GC 10x type flying around in your jet working all the time.
Our goals change over time of course. First for me was content FI. I just wanted freedom. Freedom from the commute and rules, freedom to do or don't take a nap.
Then it was- what if my kids never had debt, ever (except a house maybe). What if their kids didn't either. Never a car loan, never a cc, never a student loan. What a leg up they would have. I'll be the first one ever in my family to pass something down. Legacy.
Then it was- what if my parents who were 'poor' but always provided could donate a 3rd of their estate (my share someday, maybe $75-100k) to local causes they supported for decades. My dad had tears when I told him I would like to do that. Giving.
We'll never be 'super wealthy' but will impact at least 2 subsequent generations. There's been enough sacrificing and doing without in my family tree. Time to let some younguns not have to start from scratch. I think that's my biggest why. Good discussion!
125 Replies
- Investor · Leander, TX · Member since 2016 · 296 posts · 402 votes8y
Having enough of it, so I don’t worry about not having enough of it.
- Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes8y
Originally posted by @Lucia Rushton:
@Jerryll Noorden - I support you, in the biggest or smallest way - what ever works for you! PM me if I can be of any support.
well.. I do like home cooked food...
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Jerryll Noorden:
Originally posted by @Lucia Rushton:
@Jerryll Noorden - I support you, in the biggest or smallest way - what ever works for you! PM me if I can be of any support.
well.. I do like home cooked food...
we all have our dreams of what I would do when I have enough cash to do whatever..
one thing I would like to do is buy a condo on the cruise ship the world.. you can get a nice one for about 2 million. and the monthly dues are not sure but probably only 2500 to 5k.. then just cruise the world in your own cruise ship in your own neato apartment..
I almost rented one for a 2 week cruise they will let you do that if your interested in buying.. just to check it out.. and I think you can get one for maybe as low as 1 million.. not sure if they finance or has to be cash.. pretty tough having your collateral sail around the world constantly but maybe.. there is a loan product for everything. And I like were the private jet apps are going.. I have a jetsmarter app I have not activated it yet but going to once I start spending time in Vegas.. its only 10k a year and then you can hop on G 4s to go to NY many times for as little as 500 one way.. its right on your app on your phone.. will see I will try it one year and see how it works.. they also shuttle to LA X were I can then get other flights.. but the more these apps allow uber like services for private aviation the happier I get.
plus the net working those flights I bet will pay for it.. your flying with other business folks that have some modicum of success and a bunch of B and C list movie folks LOL they are always looking for investments..
- Investor · Glendale, AZ · Member since 2015 · 25 posts · 9 votes8y
Wealth has brought great freedom.
It allows me to spend a day with my kids instead of working for some crappy boss. I think the level of happiness wealth brings depends on the person. Yes, it's nice to travel the World.
Wealth give me more "choices" which in turn bring happiness. It also, helps reduce stress that I had before becoming wealthy (stress of bills).
Also, I like being able to go to the store and buy whatever is needed and buy some gifts for others that truly need help (say disabled - not just lazy or entitled), it's rewarding. I can influence outcomes much easier.
One will hear throughout your life, that money does not buy happiness, and while that might be partially true, money sure does provide more happiness "options", as well as opportunities to help others.
People are BS'ing to say otherwise.
Mike
- Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes8y
Originally posted by @Jay Hinrichs:
Originally posted by @Jerryll Noorden:
Originally posted by @Lucia Rushton:
@Jerryll Noorden - I support you, in the biggest or smallest way - what ever works for you! PM me if I can be of any support.
well.. I do like home cooked food...
we all have our dreams of what I would do when I have enough cash to do whatever..
one thing I would like to do is buy a condo on the cruise ship the world.. you can get a nice one for about 2 million. and the monthly dues are not sure but probably only 2500 to 5k.. then just cruise the world in your own cruise ship in your own neato apartment..
I almost rented one for a 2 week cruise they will let you do that if your interested in buying.. just to check it out.. and I think you can get one for maybe as low as 1 million.. not sure if they finance or has to be cash.. pretty tough having your collateral sail around the world constantly but maybe.. there is a loan product for everything. And I like were the private jet apps are going.. I have a jetsmarter app I have not activated it yet but going to once I start spending time in Vegas.. its only 10k a year and then you can hop on G 4s to go to NY many times for as little as 500 one way.. its right on your app on your phone.. will see I will try it one year and see how it works.. they also shuttle to LA X were I can then get other flights.. but the more these apps allow uber like services for private aviation the happier I get.
plus the net working those flights I bet will pay for it.. your flying with other business folks that have some modicum of success and a bunch of B and C list movie folks LOL they are always looking for investments..
Man, you talk about a million as if it were pocket change.
The robots I could build and the people they could help if I had a million!
I will print a poster of your face and hang it on my mirror and write, this is where I will be in 1 years time!
You rock my friend!
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Jerryll Noorden:
Originally posted by @Jay Hinrichs:
Originally posted by @Jerryll Noorden:
Originally posted by @Lucia Rushton:
@Jerryll Noorden - I support you, in the biggest or smallest way - what ever works for you! PM me if I can be of any support.
well.. I do like home cooked food...
we all have our dreams of what I would do when I have enough cash to do whatever..
one thing I would like to do is buy a condo on the cruise ship the world.. you can get a nice one for about 2 million. and the monthly dues are not sure but probably only 2500 to 5k.. then just cruise the world in your own cruise ship in your own neato apartment..
I almost rented one for a 2 week cruise they will let you do that if your interested in buying.. just to check it out.. and I think you can get one for maybe as low as 1 million.. not sure if they finance or has to be cash.. pretty tough having your collateral sail around the world constantly but maybe.. there is a loan product for everything. And I like were the private jet apps are going.. I have a jetsmarter app I have not activated it yet but going to once I start spending time in Vegas.. its only 10k a year and then you can hop on G 4s to go to NY many times for as little as 500 one way.. its right on your app on your phone.. will see I will try it one year and see how it works.. they also shuttle to LA X were I can then get other flights.. but the more these apps allow uber like services for private aviation the happier I get.
plus the net working those flights I bet will pay for it.. your flying with other business folks that have some modicum of success and a bunch of B and C list movie folks LOL they are always looking for investments..
Man, you talk about a million as if it were pocket change.
The robots I could build and the people they could help if I had a million!
I will print a poster of your face and hang it on my mirror and write, this is where I will be in 1 years time!
You rock my friend!
I prefaced that comment that we can all dream that's my dream I did not say I could stroke a check for it.. the 10k app and 500 dollar to 2 k private air fare that I can do without dreaming LOL
- Flipper/Rehabber · Los Angeles, CA · Member since 2009 · 1k+ posts · 732 votes8yJay Hinrichs I remember reading about the World cruise ship some years ago , it definitely sounds pretty awesome . Do you know if the prices fluctuate , similar to regular real estate or i wonder if its more like a NYC coop type thing where prices pretty much stay the same . Definitely not in the market myself .. unfortunately .. but curious . The jet app sounds interesting , that does seem really reasonable for private jet travel and that makes sense about networking , a lot cheaper than a country club . I’ve heard of “jet cards “ where you buy a certain number of hours on a private jet per year but that seems to be like $100k or more per year .
- Rental Property Investor · Oakalla, TX · Member since 2015 · 67 posts · 24 votes8yI don’t.
- 8yMichele GallowayPro MemberInvestor · Windsor Mill, MD · Member since 2010 · 29 posts · 11 votes
I want to join the Bill Gates, Ophra Winfrey, Brian Stephenson club.
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Joseph M.:
Jay Hinrichs
I remember reading about the World cruise ship some years ago , it definitely sounds pretty awesome .
Do you know if the prices fluctuate , similar to regular real estate or i wonder if its more like a NYC coop type thing where prices pretty much stay the same .
Definitely not in the market myself .. unfortunately .. but curious .The jet app sounds interesting , that does seem really reasonable for private jet travel and that makes sense about networking , a lot cheaper than a country club .
I’ve heard of “jet cards “ where you buy a certain number of hours on a private jet per year but that seems to be like $100k or more per year .
Yup any number of companies sell by the hour.. its about 5k an hour to start for a entry level Citation.. Jet Smarter is aggregating seats. not all flights you can get the 500.00 bucks on many are 5,500 one way :) but you watch the app and pick the right flight and sometimes they are free sometimes 500.00 some times 5,500 and passengers are 5,500.. that's Vegas to NYC one way on the G4 hop to LA much less. One of my business partners had the citation shares and he bought 25 hours a year for 125k.. and used it mainly to entertain he was/is in the wine business.. ( owns wineries) and or to fly his kids and dogs from Napa to La Quinta..
- Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes8y
One of the martial arts masters I trained with owned a school here in GA but agreed to a 3 year missionary trip in Quito, Ecuador. He sold off his school.
His family has been living there and in year 3 of the commitment. I enjoy giving to that cause from time to time as you get to see things they are doing. They post pictures,videos,events,etc.
I think sometimes people might feel like if they are not doing something EXTREME with charity or giving then what they feel comfortable doing is less than or inadequate. I think no matter how large or small the gesture small acts of kindness can make the world a better place. It could be something as small as striking up conversation and getting someone to smile that day. That one moment in time could make them feel better for the whole day which could translate to how they interact with others friends,family,etc.
So I personally believe positive giving by people larger or small can have great impact. It doesn't have to be money. It can be time, compassion, empathy,etc.
To those saying they will give it all to their kids that's a personal choice. Me I believe people should be self made. Sure if the kids make no excuses and really put in the effort then you want to help start them on their way. I think to just say you had it tough and made it so now want to give them everything can backfire big time. Kids need self discovery and self mastery to have success on their own.
One thing I highly enjoy is the beach and ocean. I go any chance I can get with time. I lived in GA all my life so the mountains and leaves changing colors is nice and I still enjoy it but the beach and ocean calls out to me.
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Joseph M.:
Jay Hinrichs
I remember reading about the World cruise ship some years ago , it definitely sounds pretty awesome .
Do you know if the prices fluctuate , similar to regular real estate or i wonder if its more like a NYC coop type thing where prices pretty much stay the same .
Definitely not in the market myself .. unfortunately .. but curious .The jet app sounds interesting , that does seem really reasonable for private jet travel and that makes sense about networking , a lot cheaper than a country club .
I’ve heard of “jet cards “ where you buy a certain number of hours on a private jet per year but that seems to be like $100k or more per year .
as I stated I have not activated my Jet Smarter account yet but I have the app.. so out of curiosity and to give correct info. June 17th if I want to go from my Home in Vegas to NYC I would pay on that leg 1,080 for my seat and 4,110 for my wife one way.. Gulfstream 4 leaves Vegas at 11am from the GA terminal.. so no TSA to really go through just drive up and walk on.. So for High rolling NYC folks round trip about 10k on a G 4 that's a DEAL of course your sharing the plane with 9 other passengers this plane has 10 seats. and they have flight attendant and drinks and what have you.. not sure about wifi though.. I suspect they have it people would expect it..
I popped in New York to Boston shuttle on june 13th its on a Hawker 400 XP 310 one way for member 700 for guest.. I can for sure see the money folks in New York doing that all day long for private to Boston for 1k for two.. no TSA fast trip .. I suspect they fly out of Teterboro.. not sure where they go in Boston..
In Vegas is McCarren and LA I think its LAX..
but if this works for people with the wherewithal and freedom of their time I can see this being pretty cool for the money. compared to chartering the jet..
I suspect though on the Vegas flights you will have to put up with some drunk folks.. I have a friend who has a jet .. He lets a charter service use it when its not working ( many do this) and he wont allow it to come or go to Vegas.. too many people partying.. and you know in a private jet you break the seat and its 10k.. or really anything its 5k plus.. not cheap..
- Real Estate Entrepreneur / Investor · Chicago, IL · Member since 2016 · 688 posts · 367 votes8y
wow. There’s been some great thoughts shared in this thread. I don’t want to repeat what others have said already but I really like what @Joe Splitrock & @Steve Vaughan said. Those two hit it on the head of how I feel on this subject. So....my question is besides real estate how can everyone that posted in this thread get wealthy besides real estate? There are only so many good deals for a flip or a good rental property(that’s if you do your numbers correctly). I’m not the one to rain on anyone’s parade but it’s the truth. How is everyone going scale their real estate goals to get wealthy with just real estsate?theres also only so much land available. I would think there needs to be another industry that you must start doing business in besides real estate in order to get wealthy. Industries such as healthcare, agriculture, oil and energy will be here to stay.
That’s not to mention the competition of the big guys like the hedge funds and the super wealthy and their companies I.E. Warren buffet that buys up great deals and in bulk all the time. The law of economic always applies to any business and the more saturated(buys and sellers) something becomes the less effective it is in the future.
- Ossining, NY · Member since 2018 · 18 posts · 4 votes8yPeople who say money doesn’t make you happy are broke!They don’t manage their money wisely.I need to be well off for me and my family and all the people that I can be of great help.
- Flipper/Rehabber · Los Angeles, CA · Member since 2009 · 1k+ posts · 732 votes8yElbert Dockery it seems most of the super wealthy in real estate become that way from development . Or creating some kind of large fund and then selling that fund . There has always been the same amount of land in Manhattan since people starting building and living there but there is still new building going on. Fortunes have been made in healthcare , agriculture , oil and energy but the barrier to entry and specialized knowledge seems a lot higher than real estate . Tech has definitely created a bunch of billionaires . Bill Gates , Zuckerberg and many more. But the failure rate of tech startups is also super high. I do think it’s always good to keep an eye out for different opportunities though. I think someone like billionaire Sam Zell is interesting as he’s made a fortune in real estate but he’s also in other industries like healthcare , energy ,logistics etc .
- Real Estate Entrepreneur / Investor · Chicago, IL · Member since 2016 · 688 posts · 367 votes8y
@Joseph M. and that was my point. Those barriers to enter in those industries are much higher. Which also means less competition. Real estate is a high risk industry as well. Look how easy it is to enter. It’s so many people that get into it thinking their going make so much money. Then when they are in they are sadden by the results or how hard it is. No matter what avenue they choose within real estate. Things never go smoothly. There’s always hiccups. Well atleast in every transaction I been involved in.
Any business is very hard to be successful in. As you said those other industries can net you a lot of money if you know what your doing. The core concepts of business applies to all industries. Market, marketing, sales, customer service. For me, wholesaling and flipping has definitely opened my eyes to becoming a better businessman overall. It’s very hard work but I can translate some of those skills to any industry that I choose to start a business in. Focusing on your market(buyers) and their needs and becoming very valuable will lead to success. If your giving people what they want and building relationships, it’s very hard not to be successful.
- Flipper/Rehabber · Los Angeles, CA · Member since 2009 · 1k+ posts · 732 votes8yElbert Dockery Yeah that’s true , I agree . barrier to entry can be a good thing as well if one has the money, knowledge , experience license , connections etc Otherwise people view it as a bad thing. With real estate barrier to entry can be either low or high . Buying a $50,000 turnkey property for example and getting financing on it . Or the barrier can be very high . How could we go about developing a luxury apartment or condo building in Manhattan ? Even if we had the money there would be politicians and labor unions to deal with ( and maybe pay off ) environmental reviews , homeowners groups , lawsuits etc . Low barrier to entry and low price doesn’t necessarily mean low risk though as we’ve seen from those that have lost money with certain turnkey providers that promised real estate as a low / no risk “hands off “ way to create passive income and wealth . I agree also that a lot transfers and you often hear people on BP podcast and other places say things like “We aren’t in the real estate business we are in the marketing business “ especially if they are wholesaling for example . Gurus promote wholesaling as a low risk low barrier way to get in real estate . But one has to really be a marketing /lead gen expert to do well with wholesaling .
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Joseph M.:
Elbert Dockery
Yeah that’s true , I agree . barrier to entry can be a good thing as well if one has the money, knowledge , experience license , connections etc
Otherwise people view it as a bad thing.With real estate barrier to entry can be either low or high . Buying a $50,000 turnkey property
for example and getting financing on it .Or the barrier can be very high .
How could we go about developing a luxury apartment or condo building in Manhattan ? Even if we had the money there would be politicians and labor unions to deal with ( and maybe pay off ) environmental reviews , homeowners groups , lawsuits etc .
Low barrier to entry and low price doesn’t necessarily mean low risk though as we’ve seen from those that have lost money with certain turnkey providers that promised real estate as a low / no risk “hands off “ way to create passive income and wealth .
I agree also that a lot transfers and you often hear people on BP podcast and other places say things like “We aren’t in the real estate business we are in the marketing business “ especially if they are wholesaling for example .
Gurus promote wholesaling as a low risk low barrier way to get in real estate . But one has to really be a marketing /lead gen expert to do well with wholesaling .exactly what lacks with most in wholesaling that I see is they have zero sales skills.. you need it all to make decent money at it.
- Real Estate Entrepreneur / Investor · Chicago, IL · Member since 2016 · 688 posts · 367 votes8y
@Joseph M. yessir and overall just delivering what people want. Supplying the demand is what any successful business and businessman or businesswoman does. The same goes for fix and flips too, the market is the retail buyer since they are the one buying a home thats all fixed up and aesthetically appealing.
LOL i never seen a home or any kind of real estate that was truly turnkey to be honest, it always needed something even if its a couple of small things....Your right about development and building large scale apartments but thats commercial real estate and development. Most people usually have partners and vendors on deals like that to work together to make it happen. Commercial real estate in general is a higher barrier to enter compared to how easy it is to enter residential.
Overall, I was trying to make others aware of how there are other industries besides real estate that provide equal value if not higher than real estate. But the key factor I was trying to explain is to become a business owner and make deals or partner on deals with others. I would think for example partnering with Exxon or BP, developing some kind of product or service OR partnering with a small company and selling the product or service to them will yield a massive amount of revenue and profit for that person(LLC or Corp) running their business. Combine the real estate skills with that type of business dealing....the results = WOAH!/super wealthy.
- Lender · Pensacola, FL · Member since 2017 · 658 posts · 626 votes8y
Originally posted by @Elbert D.:
my question is besides real estate how can everyone that posted in this thread get wealthy besides real estate?
Find your calling (your niche in the economy).
An ant that goes up against an elephant is going to get crushed. An ant that finds its calling between the toes of an elephant has the opportunity to thrive.
Follow the "millionaire next door" strategy: start a business or career you know (perhaps it's plumbing), live below your means, and save and invest the rest. Both high-end and low-end real estate has plumbing that needs servicing periodically.
When I shop for groceries, the checkout staff never asks me if my money comes from interest and dividends (which it does), rents (which it doesn't), or paychecks (which it doesn't). The store is happy to have my business.
Also, never compare yourself to other people.
- 8yDan H.Pro MemberInvestor · Poway, CA · Member since 2015 · 7k+ posts · 8k+ votes
The older I get the more it requires to be wealthy. When I was a young man, $1M seemed like a lot of money. I thought I could retire on $1M. As I got older, $1M was a SFR in my community. So $2M seemed like a lot. A decent SFR in a nice community and $1M to live on. But on the way to $2M the standard of living increases. Nice meals costs more, entertainment costs more, trips become more extravagant, and I need to send more $ soldiers out to return with more dollars. So $5M certainly is enough but now there is greater costs and greater donations so it keeps going. Is $10M super wealthy? I question if it will be.
Why? Do I need the pursuit to stay motivated? Is there nothing I would enjoy more than pursuing more money?
Why do billionaires keep pursuing more wealth?
Money has allowed me to spend time with the family, donate to worthy causes, and have a certain freedom on the work I choose. Yet I still chose to work to earn more even though I do not love my W2 job. I do like the hunt for RE but is there nothing I like better?
Maybe the pursuit of money brings a certain fulfillment. It is the only thing that seems to make sense.
- Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes8y
Originally posted by @Alex Silang:
Just an honest question.
Besides being able to "retire early" and maybe do a couple international trips a year, why do you want to acquire a massive amount of wealth?
I used to fall into this category. But then I switched jobs and enjoyed my job a lot more (so much so that I think i'll work til 65 or whatever the retirement age will be). Also investing in real estate has made me pay attention to my budget more. I find "cutting back" on luxuries doesn't hurt me at all and it's kind of the situation where buying real estate to make me wealthy is making me realize I don't need to be wealth to be happy.
What do you think?
Poor & Wealthy...I've done them both. Wealthy is considerably better.
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