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Ben Carlson

๐Ÿ‘ค Speaker
419 total appearances

Appearances Over Time

Podcast Appearances

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

And that's the hardest part is finding someone else out there to make you feel comfortable enough.

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

And I don't know if that's a spouse or a friend.

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

For some people, it's a financial advisor.

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

But that's the thing that people have the hardest time with.

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

And the hard part is the more money you make, the more rich people you hang out with.

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

So you stop feeling rich anymore, even though by any objective measure,

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

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.

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

I'm not rich.

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

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.

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

It is funny, Ed, your question about quantifying it.

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

So we have like these different breakpoints for our firm in terms of the clients we work with.

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

So there's the people who make, who have less than a million dollars up to 5 million.

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

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.

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

And I've talked to our advisors about this and I say, who are the clients who have like the least amount of stress?

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

Because at a certain point, money becomes more of a responsibility than a stress.

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

And they say the sweet spot is somewhere in like the $5 to $10 million range for wealth management clients.

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

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.

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

And so we've actually talked about this.

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

It's like, what is the least stress value?

Prof G Markets
Why Americans Earning $500K a Year Still Feel Broke

But if you talk to those people, they're not going to think that.