Not at 500k. Exclusive private offices start making financial sense in the 160M to 200M range. There are shared private offices below that, but this* gets nebulous with asset management and such.
Edit: thst -> this. Mobile autocorrects the wrong "correction"
as someone posted, 500K was like 20 years ago.. it is now a million dollars.
and no one said they have 'exclusive accountants'. There are accounting services where you pay them for a few days work and they take care of all your bills for you.
I've only met one multi-billionaire in my life and can assure you that he has never seen his bills, let alone pay them.
He doesnt even own a smart phone, because he has assistants who handle most of that for him allowing him to focus on one thing - making money.
Family offices are an investment fund + services company wholly owned by a single person/family for the benefit of that person/family's goals. It's much more than accounting services. It's a step above private bank / wealth and assess management by a firm with multiple clients.
Their quality and approaches are highly varied, but the one billionaire you know probably uses one, as the "never pay bills and no smart phone" is fairly indicative of a family office behind the scenes.
It sounds sad to me. It’s like how visions of heaven 500 years ago all imagined huge feasts every day, but if you told me heaven was a Golden Corral, I’d look for a different heaven. We are still in this scarcity-capitalist-mindset that more money/stuff is always better, but I don’t think that’s the right way to be looking at things. We should appreciate the forced scarcity, like how our ancestors may have been hungry sometimes but lived at a much healthier weight.
Please keep in mind I’m not talking about living in poverty, I’m talking about having all your monetary needs met to live your lifestyle (without being forced to work), without having a huge excess left over.
> Please keep in mind I’m not talking about living in poverty, I’m talking about having all your monetary needs met to live your lifestyle (without being forced to work), without having a huge excess left over.
Out of curiosity (not debating, but rather conversating) -- what portion of humanity is in this enviable condition?
I'm not even sure what the measurement would be. It's like asking what portion of humanity didn't suffer any food insecurity back in the 1500s. It's gonna depend on a lot of variables.
It's probably somewhere <5%, maybe <1%, right now (I would include current successful retirees).
Edit: thst -> this. Mobile autocorrects the wrong "correction"