Not if you are a spendthrift! This was exactly the case for a high-net-worth individual who had a $200 million net worth, and requested that his financial advisor analyze his situation. The advisor duly reported that Mr Big Bucks would have to restrict his passion for art collecting to an expenditure of $15 million per year or less.
This anecdote is from a fascinating new article, co-authored by the Wharton School and State Street Global Advisors, entitled "High Net Worth/High Net Risk: Balancing the Variables to Meet Retirement Goals" "link to article"
For many of us, it would seem ridiculous to consider that a multi-million dollar net worth would be insufficient for a long-lasting, comfortable retirement. Not so, according to Olivia Mitchell, the director of Wharton's Pension Research Council and the Center for Boettner Center for Pensions and Research. She says, "Retirement-saving shortfalls run up and down the income and wealth scale. In some cases, shortfalls were worst for people with high earnings. Of course, these people are in position to save a lot, but people with high earnings spend a lot. They don't necessarily set money aside."
Sadly, any amount of money can be frittered away in a remarkably short period of time. In this Age of Consumption, one's level of spending often rises to meet income levels...regardless of where these income levels lie.
As I said, this is terrific article. If you are a financial advisor who is marketing to high-net-worth individuals, the report is a must-read.
Finally, Happy Winter Solstice to you! Solstice celebrations go back at least 30,000 years. Ancient peoples believed that, because daylight was on the wane, it might go away forever. To counter this fearful solar trend, they lit huge bonfires to tempt the sun to return. The tradition of decorating houses and Christmas trees is passed down from these ancient bonfires.
In Ancient Rome, the winter solstice was celebrated with the festival of Saturnalia.
During this festival, Romans gave themselves up to wild joy. They feasted, they gave gifts, they decorated their homes with greenery. The usual order of the year was suspended: grudges and quarrels forgotten; wars interrupted or postponed. Businesses, courts, schools closed. Rich and poor were equal, slaves were served by masters, children headed the family. Cross-dressing and masquerades, merriment of all kinds prevailed. A mock king -- the Lord of Misrule -- was crowned. Candles and lamps chased away the spirits of darkness.
Well, as they say...Ciao!
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