thank you for most helpful Award
Scroll Down to Read Other Opinions
Hold on. We are talking about $5,000,000. To even be able to inflate your bank account to say you have $5,000,000 you would need to have enough assets to fake it in the first place. If you only had 1 million and were still not capable of living comfortably for 20-30 years, you may not deserve to. Go bag groceries for someone living on welfare an realize that they have more net worth than you do. Then maybe you will appreciate why people pretending that millions of fluid assets and investments being "not valuable" are chronically detrimental to the economy. "Oh no, I can't fund the building of a brand new factory that would quadruple my worth in 2 years. Nope. not rich at all"
@JinRavage there are lots of people who are worth $0 or even negative but have luxury cars and multiple homes and such. That only lasts so long.
So are you assuming he has more than the $5 million? Otherwise, 5 is 5. A bank is also a terrible place to have 5 million for multiple reasons. But you still think $5 million in net worth is not rich? That amount can easily produce $300,000 for life without impacting the principal amount. $300k just sitting around and enjoying life is a compete luxury to even the first world population.
I think of rich as being able to walk into any locally owned business and buy in cash 5 million dollar won't do that
It in cash
Why the would I invest $5 million of my money when businesses have a high failure rate? I would use other people’s money until the business is a success. I also wouldn’t want to buy someone else’s business unless it was truly a great deal. I would rather build my own. But that’s just me. Anyway, investments are easier and less time consuming so no running a business for me.
And thats why you think 5 million is a lot well i don't i coown 3 buisnesses and a farm i inherited
Of course you inherited, that’s why you don’t think it’s a lot. First generation wealth see it differently. You have little in common with the man that started those businesses and they way he had to think in the early days. Anyway, of course you know that inherited wealth usually disappears by the third generation. Perhaps you are doing better than that.
I only inherited the farm with has been in my family and growing for 110 years i started the business with my brother and sister but ya i was lucky to have assests so i could easily get a loan and i understand the value of money im just used to dealing with a lot higher values
No your not dealing with higher values. Given my role, on the daily I am making deals worth a LOT more than $5 million. I get that it becomes very normal. A 5 million dollar deal is a small amount in what I do but it isn’t mine. I have done billion dollar deals and many, many hundred million dollar deals. And when I say doing them, I mean being the lead and really doing them. I look at things differently though. I would avoid a local business. I would also see a 110 year old farm as a future buy out target at best since it is too small to compete long term. But you do sound like you understand money, but not like the family members 100 years ago as they struggled through the depression and the struggles of the 1970s with many being auctioned if I remember right. Anyway, I wish you well.
To small it for 12000 acers and 60 of with is a designated historical site that can't be altered
When other people were auctioning in the 70s my parents were buying because they found oil up here and we leased a bunch of land for oil sites
Smart move they made. I came from nothing, zippo, to a ballpark net worth of this particular question. At 31, I was in a Fortune 5 company leading a team that were much older than myself. And no, I am not 103 years in age as my profile says. Going from zero to 5 takes a different way of looking at things. I could have made a lot more but life balance was a priority and still is. If I run a business, it will be just for fun as I prefer investing in other things as it brings more free time to me.