Im Rich. Now What?

In this episode, the hosts discuss philanthropy and the importance of giving back. One host shares a recent conversation with his girlfriend about the necessity of charitable contributions, despite feeling that the year has been tough. He considers himself a giver, contributing both time and money, often influenced by his involvement on various boards and tax planning strategies. They explore how philanthropy can also serve as a means to manage tax obligations and reflect on how different wealthy individuals, like Bill Gates and Warren Buffett, approach giving. The conversation delves into the effectiveness of charities, with a critical view on resource management and potential corruption in nonprofit organizations. The hosts also consider how personal involvement in charitable activities, such as volunteering with organizations, can provide a more direct impact than simply donating money. They emphasize the need for effective charitable solutions to address various social issues and discuss their own struggles with deciding how much time and money to allocate for giving. The episode ends with an invitation for listeners to share their own giving experiences and thoughts on what constitutes a meaningful contribution. Hosted on Acast. See acast.com/privacy for more information.

In this episode, the hosts dive into the dynamics of daily life when you're wealthy. One host describes how his daily life is flexible, allowing him to pursue various interests, while acknowledging the necessity of continuing to work for fulfillment. He works seven days a week, as he enjoys it, but admits that the routine can feel monotonous, like “Groundhog Day.” The other host, Richie Rich shares that his days are meticulously planned and filled with activities ranging from evaluating investment opportunities to mentoring small business owners. He emphasizes the importance of productivity and enjoying the freedom of choice in his life. He discusses a recent opportunity to invest in a hotel, illustrating how his focus has shifted to evaluating ventures rather than working in a traditional job. They both reflect on the excitement that comes from making deals and the thrill of new experiences. While one host finds value in variety and change, the other feels content with his productive lifestyle. They humorously touch on the complexities of personal relationships, suggesting that a bit of unpredictability can be engaging. The episode ends with a lighthearted disclaimer about not providing legal or financial advice, teasing future discussions on rich people's lifestyles and relationships. Hosted on Acast. See acast.com/privacy for more information.

**Summary of Podcast Episode: "I'm Rich, Now What?"** In this episode, the hosts discuss the concept of owning a second home, weighing its practicality and motivations. Zeus shares his experience of purchasing a second home post-divorce, emphasizing the emotional appeal rather than purely investment motives. He purchased a beach house valued at around $900,000, which has appreciated to about $2.2 million, yet he rarely uses it, preferring privacy. The other host contrasts this with his investment strategy, operating multiple properties, including a renovated second home that he rents out on Airbnb. He notes that the vacation rental market doesn't always appreciate in value, prompting him to rethink his investment strategy. As they delve into motivations behind buying second homes, they acknowledge that many people often choose them to impress others. They conclude that owning a second home makes sense if you genuinely plan to use it, suggesting that potential buyers evaluate their lifestyle and usage to determine if it aligns with their goals. The episode wraps up with a humorous exchange about the disparities between their experiences, highlighting the lighthearted nature of the discussion around wealth and property ownership. Hosted on Acast. See acast.com/privacy for more information.

In a recent episode, various methods for obtaining funds for investments are explored. Conventional lending from banks typically requires a 20-25% down payment and relies on the income generated from the property being financed. Asset-backed lending allows investors to leverage existing assets, such as stocks, to secure lines of credit, enabling them to avoid liquidation and potential tax penalties. Hard money lending offers quick access to capital through private lenders, albeit at higher interest rates (around 12%), which comes with increased risk. Additionally, investors can borrow against the cash value of whole life or indexed universal life (IUL) insurance policies, benefiting from potential tax advantages. Lastly, mezzanine debt, often used by private equity groups, serves as short-term, higher-interest financing to fill gaps when conventional lenders provide insufficient funding. The discussion highlighted the growing importance of compliance in the investment landscape while suggesting a shift in the approach to regulatory advice that could pose challenges in the industry. Overall, understanding these diverse financing options is crucial for strategic investment planning. Hosted on Acast. See acast.com/privacy for more information.

Hey everyone, welcome to another episode of "I'm Rich, Now What?" with Iron Man and Thor. Today, we're diving into the topic of financial advisors. Do you need one? When should you get one? Iron Man shares his journey of finding a financial advisor at a trade show while he was still building his wealth. His advisor provided industry-specific insights, like restricted property trusts and captive insurance plans, to help him maximize profitability and mitigate taxes. Thor discusses the importance of having a financial advisor who understands your industry and the value of a good CPA and tax attorney. They debate whether CPAs who are also attorneys are too stretched thin to be effective. The conversation touches on how CPAs can either just handle your taxes or proactively suggest ways to minimize them. Iron Man talks about the significance of a financial advisor who acts as a family office, managing all financial transactions and planning. He emphasizes the need for strategic planning, balancing current and future financial goals. The hosts agree on the necessity of having a financial team that includes a financial advisor, CPA, and possibly a tax attorney. They highlight the importance of finding the right professionals who are attentive and aligned with your financial needs and goals. In the end, they ponder the appropriate costs and thresholds for hiring a financial advisor and share personal anecdotes about their experiences with financial planning. #financialadvisor #wealthmanagement #investmentstrategy #moneymanagement #assetmanagement #taxplanning #financialgoals #smartinvesting #financialfreedom #taxmitigation Hosted on Acast. See acast.com/privacy for more information.

In this episode, Lion and Mouse discuss their preferred credit cards and their experiences with them. Lion reveals his go-to credit card is the AMEX Platinum, highlighting its benefits like no spending limits, travel perks, and metal design. Mouse humorously points out the practicality of his Discover card from college. They also delve into whether credit cards can influence social perceptions, debating if a high-limit card like AMEX Platinum can make a difference in professional settings. They also discuss the pros and cons of various cards based on lifestyle needs, including points and rewards systems. The conversation touches on the importance of credit cards over debit cards for security and dispute resolution. They also emphasize the benefits of the AMEX dispute process and shares his concerns about using debit cards. In the end, the episode discusses the value of choosing a credit card that aligns with your lifestyle and financial goals. #financialadvice #financialgoals #lifestylefinances #disputeresolution #travelperks #financialplanning #moneymanagement #moneytalks #financialwellness #smartspending Hosted on Acast. See acast.com/privacy for more information.

Today, Lion and Panther dive into the topic of choosing a car when you're wealthy. We explore the different motivations and considerations behind car ownership among the affluent. Lion proudly lists his collection, which includes high-performance and luxurious vehicles like a Range Rover SV, GMC Denali turbo diesel pickup truck, and a Challenger Hellcat, emphasizing his preference for fast, powerful cars with a touch of luxury. He also owns a mix of classic cars, such as a 74 Bronco, a 41 Dodge Power Wagon, and a 72 Olds 442, highlighting his passion for unique and vintage automobiles. In contrast, Panther’s approach to car ownership is more practical. I drive a 2017 BMW 440xi hardtop convertible, a dream car I bought used to enjoy the blend of a convertible with year-round usability. However, I'm considering switching to something more economical and practical, like a Toyota Camry, to avoid the high costs of premium gas and expensive maintenance. They discuss the importance of balancing personal enjoyment, practicality, and even tax considerations when selecting a car. Additionally, they touch on how some people choose cars as status symbols, while others prioritize comfort and functionality. In conclusion, the conversation reveals that car choices among the rich are deeply personal, reflecting individual values and lifestyles. Whether it's about the thrill of driving a high-powered machine or the practicality of a reliable daily driver, the key is to find what best suits your needs and preferences. #luxurycars #wealthylifestyle #personalfinance #carethusiast #vehiclepreference #highperformancecars #financialplanning Hosted on Acast. See acast.com/privacy for more information.

Today, we're discussing how to build a multi-generational legacy. Goose and Gander start by defining what a legacy means—whether it’s about passing down your DNA or supporting causes through trusts. For Goose, legacy ties closely to his genetic lineage, but he also considers non-biological descendants. Goose outlines his approach with a dynasty trust designed for his descendants, acknowledging the challenge of it lasting beyond three generations due to common pitfalls. He plans for conservative trust management, with trustees ensuring wise use of funds. We explore the balance between rigid and flexible trust structures and the importance of trusted individuals as trustees. Goose and Gander also discuss investment strategies, weighing conservative and aggressive approaches. In the end, while Goose hopes his legacy plan works, he recognizes that once he's gone, the outcomes are beyond his control. #legacyplanning #wealthmanagement #financialplanning #generationalwealth #financialfreedom #investmentstrategy #financialgoals #trustfund #familywealth #moneymanagement #inheritance Hosted on Acast. See acast.com/privacy for more information.

In this episode of we explore the question, "Should I serve on a board?" Goose and Iceman discuss the different types of boards: corporate, nonprofit, and startups. They delve into the pros and cons of each, emphasizing the importance of aligning with boards that match your passions and skills. Goose highlights the value of networking and influence in high-profile boards, while Iceman stresses the time commitment and potential lack of direct impact. They also touch on the dynamics of board participation, including the reasons behind joining and the significance of strategic decision-making. Tune in to hear their insights on navigating board membership and maximizing your contributions. Hosted on Acast. See acast.com/privacy for more information.

In this episode, we delve into the intriguing question of choosing a second act after achieving financial success. They share personal anecdotes and reflections on navigating the transition from the first act to the next phase of life. Rudy recounts his journey of exploration and experimentation following a period of uncertainty, highlighting the challenges and insights gained along the way. The conversation explores the nuances of risk tolerance, personal fulfillment, and the quest for purpose beyond financial wealth. Join them for an engaging discussion on the complexities of defining a second act in life. Hosted on Acast. See acast.com/privacy for more information.

In this episode, we tackle the topic of retirement and the changing financial landscape. They discuss the recent revelation that Americans now believe it takes $1.46 million to retire comfortably, marking a significant increase from previous estimates. The conversation delves into the concept of retirement age versus financial readiness, exploring the 4% rule and its implications for sustainable income in retirement. We share our perspectives on what constitutes "rich" and the corresponding financial milestones for retirement. Through witty banter and insightful analysis, they offer thought-provoking considerations for planning a financially secure future. Hosted on Acast. See acast.com/privacy for more information.

In this lively discussion, we dive into the question of whether one should invest in stocks at all-time highs. Thor shares his perspective, focusing on momentum rather than valuation, emphasizing the importance of a company's potential and future prospects. The host, on the other hand, prefers to leave the investing to professionals due to personal experiences. They explore the complexities of timing, long-term investing strategies, and the psychology behind buying and selling stocks. Ultimately, they stress the significance of self-awareness, resilience, and staying the course in the volatile world of stock markets. Hosted on Acast. See acast.com/privacy for more information.

In this episode, we discuss the intriguing concept of becoming wealthy with no money. Drawing from examples of billionaires who lost it all and rose again, they explore the notion of resilience and the enduring cost of success. From market testing to timing and self-awareness, they dissect the multifaceted journey to wealth creation. Emphasizing the importance of a unique idea, strategic timing, and charisma, they offer invaluable insights for aspiring entrepreneurs. Whether through entrepreneurial ventures or long-term investment strategies, the path to wealth requires perseverance, vision, and a deep understanding of oneself. Hosted on Acast. See acast.com/privacy for more information.

In this episode of "I'm Rich Now What," we discuss the elusive concept of becoming a millionaire overnight. From fleeting fame to unforeseen fortunes, they explore the stories of individuals who seemingly struck gold overnight, like the Ocean Spray guy and the announcer's voice phenomenon. However, we delve deeper into the reality behind overnight success, emphasizing the importance of endurance, preparation, and paying the price for success. Join us as we navigate the fine line between luck and sustainable wealth, leaving you with valuable insights on the journey to riches. Don't miss out on this enlightening discussion! Hosted on Acast. See acast.com/privacy for more information.

Tune in to this intriguing episode of "I'm Rich" where the duo, Achilles and Tendon, explore the world of Backdoor Roth IRAs and Traditional IRAs. They guide listeners through the complexities and benefits of these investment strategies. This episode is perfect for anyone looking to understand the what, why, and when of using a Backdoor Roth or Traditional IRA, especially those navigating the often confusing landscape of retirement planning. Achilles and Tendon use their unique perspectives and experience to shed light on these topics in a way that's both informative and engaging. Whether you're an experienced investor or just getting started, this episode offers valuable insights and tips to help you make the most of your retirement savings. Don't miss out on "I'm Rich. Now What?" – your go-to podcast for smart financial advice! Hosted on Acast. See acast.com/privacy for more information.

Ever wondered if finding love gets trickier when you've got more zeros in your bank account than digits in your phone number? Join us, two wealthy individuals who've climbed the financial ladder but find themselves facing a different kind of summit: the elusive peak of true partnership. In this candid and hilarious podcast, we'll be dissecting the dating scene for the affluent, delving into the unique challenges and considerations that come with navigating love when money's no object. From gold diggers to gold-plated expectations, we'll be covering it all: Are shared interests enough, or do shared investments matter more?Pre-nups: love shields or love killers?Can you buy compatibility, or is it priceless?Is age just a number?This ain't your average love advice podcast. This is where luxury meets reality, where champagne toasts turn into soul-searching roasts, and where finding "the one" might just involve dodging a few "zeros." Tune in for laughs, relatable struggles, and maybe even a sprinkle of wisdom (we're still working on that last one). Hosted on Acast. See acast.com/privacy for more information.

In this engaging podcast episode, we delve into the intriguing question: "How do I meet rich people?" The host, playfully named Bob for today's discussion, shares his candid insights and experiences about socializing within affluent circles. Bob humorously debunks the myth of a secret society of the wealthy, revealing that most rich people he knows prefer solitude and personal comforts over exclusive gatherings. He emphasizes that wealth allows for personal choices based on individual desires rather than societal expectations, a theme that resonates throughout the conversation. Bob and his guest explore various avenues where the wealthy might intersect, such as country clubs and networking groups, but with a critical eye. They discuss how some activities, like golf or skiing, have become less exclusive over time and no longer guarantee mingling with the affluent. The conversation shifts to highlight that wealthier individuals often engage in hobbies or join clubs based on genuine interests, not solely for networking purposes. An example is a high-end car club that combines luxury cars with social events, offering an authentic and sophisticated atmosphere. The podcast takes a deeper dive into the reality of wealthy social circles. It suggests that rich individuals often don't seek each other out for friendship but rather for business relationships or occasional social validation. The discussion also touches upon charity work and nonprofit board memberships, emphasizing the importance of genuine interest in the cause rather than using it as a means to expand wealthy networks. Overall, the episode provides a refreshing and honest perspective on the social dynamics of the affluent, challenging stereotypes and offering a unique glimpse into the world of wealth and relationships. Hosted on Acast. See acast.com/privacy for more information.

In this episode, we explore the concept of buying time versus selling it, particularly focusing on personal choices and outsourcing tasks. The host, shares his experiences with outsourcing podcast production and house cleaning, emphasizing the need for efficiency in personal and professional life. He highlights his use of personal trainers and accountants to optimize his time, while also discussing his involvement in decision-making processes with his financial advisors and attorneys. The conversation also touches on the impact of AI and technology in daily tasks, the emotional value of certain activities like driving children to school, and the balance between personal involvement and outsourcing in life's various aspects. The episode is an insightful reflection on how individuals prioritize and manage their time, especially in the context of wealth and resources. Hosted on Acast. See acast.com/privacy for more information.

Join us on I'm Rich, Now What, a podcast where two financially successful individuals delve into the unique challenges and opportunities that come with financial security. Each week, we explore topics that resonate with those who have achieved financial freedom, including: Investment Strategies:Philanthropy:Lifestyle Design:Mental Wellness:Legacy Planning:I'm Rich, Now What is for: High-net-worth individuals and familiesInvestors seeking sophisticated wealth management strategiesEntrepreneurs who have achieved financial successAnyone interested in exploring the unique challenges and opportunities of financial securityJoin us each week for stimulating conversations, actionable insights, and inspiration to live a life beyond wealth. Keywords: high-net-worth, wealth management, financial security, investment strategies, philanthropy, lifestyle design, mental wellness, legacy planning, entrepreneurs, success, fulfillment, happiness, purpose Hosted on Acast. See acast.com/privacy for more information.