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okwhateverdude@lemmy.world ⁨1⁩ ⁨day⁩ ago

That much money is a fucking hassle. Everyone wants it and bothers you about it. You can’t just leave it alone, it needs to be managed. Some portion of that money goes to pay for the management of it. And if anyone finds out you have that money, they treat you differently because generally, only shitheads and assholes have that much money. Money is fucking toxic and humanity is a giant disappointment

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partial_accumen@lemmy.world ⁨1⁩ ⁨day⁩ ago

And if anyone finds out you have that money, they treat you differently because generally

At $1B I’d assume the person and any close family members would be at risk of kidnapping/ransom. I would imagine billionaires all have to hire and pay for private security.

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- okwhateverdude@lemmy.world ⁨1⁩ ⁨day⁩ ago
  EXACTLY. What a pain in the dick. And of course, how do you evaluate if that private security is actually working? It is basically insurance that you hope pays out if something goes sideways.
  
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cheese_greater@lemmy.world ⁨1⁩ ⁨day⁩ ago
How would it be seriously if you just keep it in high-interest savings account or whatever that gives you like even 1-2% (around $10 million/year)

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- okwhateverdude@lemmy.world ⁨1⁩ ⁨day⁩ ago
  It depends on how much risk you want I guess. Amounts that big aren’t covered by deposit insurance in a single account. Banks also fuck up all the time. They could give someone else access to your money without you knowing. And if you have that much money, it makes you a target. There will be tax things you have to do around that money too.
  
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  - cheese_greater@lemmy.world ⁨1⁩ ⁨day⁩ ago
    Yes but you can pay “the smartest people” to delegate that even pay for a series of overseers of the smart people to ensure its handled properly
    
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    okwhateverdude@lemmy.world ⁨1⁩ ⁨day⁩ ago
    Sure, but then you still need to deal with people. And people aren’t trustworthy with money, so now you gotta worry about that too. And what kinda rubric do you even come up with for those interviews for smart people to make sure they aren’t going to just steal your money or lose it through negligence? So now you gotta think about that shit too. Ever done interviews? No thanks. Again, giant fucking hassle.
    
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- CapuccinoCoretto@lemmy.world ⁨21⁩ ⁨hours⁩ ago
  You would still be losing purchasing power due to inflation. At this scale it as long as you are not a greedy moneywhore investing it, or not would not impact a lavish and privileged lifestyle for a few generations.
  
  If you wanted to keep your descendents wealthy for as long as possible, you park it all in a trust, have a family office manage it for you aiming for real returns of 3%, so roughly 5-6% nominal returns and descendents get whatever real returns acrue after inflation as income forever.
  
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