Ben Carlson
๐ค SpeakerAppearances Over Time
Podcast Appearances
And that's the hardest part is finding someone else out there to make you feel comfortable enough.
And I don't know if that's a spouse or a friend.
For some people, it's a financial advisor.
But that's the thing that people have the hardest time with.
And the hard part is the more money you make, the more rich people you hang out with.
So you stop feeling rich anymore, even though by any objective measure,
you're in the top 1% of the 1% or whatever, you still might not feel rich because, well, geez, I fly first class, but the person down the street flies private.
I'm not rich.
And so that's the hard part is trying to figure out how to just move your goalposts a little instead of moving them a lot.
It is funny, Ed, your question about quantifying it.
So we have like these different breakpoints for our firm in terms of the clients we work with.
So there's the people who make, who have less than a million dollars up to 5 million.
And then there's the people who have 5 to 10 million, 10 million and up, and then like 20 million and up is, you know, ultra high net worth.
And I've talked to our advisors about this and I say, who are the clients who have like the least amount of stress?
Because at a certain point, money becomes more of a responsibility than a stress.
And they say the sweet spot is somewhere in like the $5 to $10 million range for wealth management clients.
Because it's enough money where you know you're going to be okay, but you don't have enough money where people are constantly trying to reach into your pockets and make you do something and give money away or help them out.
And so we've actually talked about this.
It's like, what is the least stress value?
But if you talk to those people, they're not going to think that.