The Monthly Expenses ($60k) of a 35 Year Old Worth Over $100 million

TL;DR

A millionaire named Dave shares his journey of investing heavily in himself and his personal team, prioritizing experiences and quality of life over financial savings.

Transcript

it's weird to have like a paper thing where you're thinking it okay in five years or something I should be able to do XY or Z but you have practically none of that spending power or access today today's guest is my Anonymous friend who will'll call Dave Dave is worth around1 to $150 million however the vast majority of his net worth is in privately... Read More

Key Insights

• 😤 Investing in yourself and your personal team can greatly improve your quality of life and happiness.
• 🫗 Diversifying your portfolio across different asset classes, including liquid and illiquid investments, can provide opportunities for growth.
• 🍧 Having confidence in your financial decisions and the ability to bet on yourself is crucial for success.
• 😄 Taking some money off the table, even at a lower valuation, can provide mental ease and comfort.
• 💦 Surrounding yourself with amazing people and being engaged in challenging and interesting work makes life more fulfilling.
• 😃 It's important to be purposeful and intentional with your spending, focusing on experiences and things that bring you joy.
• ⚓ The value of financial assets can fluctuate, and it's important not to anchor too strongly to future expectations.

Questions & Answers

Q: Why does Dave choose to invest heavily in himself and his personal team?

Dave believes that investing in experiences and quality of life brings more fulfillment than simply saving money. He wants to spend more time doing things he cares about and surround himself with amazing people.

Q: How does Dave manage his portfolio and allocate his investments?

Dave allocates around 20% to liquid assets, 40% to cryptocurrencies, 25% to stocks, 10% to venture capital, and 5% to angel startup investments. He also has some real estate investments.

Q: Does Dave find it stressful to have a large portion of his net worth tied up in illiquid investments?

While it can be weird to think about the uncertainty of these illiquid investments, Dave feels blessed with where he is and doesn't experience significant stress or anxiety. He is aware that investments can go to zero but remains optimistic about their potential value.

Q: How does Dave's upbringing and early experiences with money influence his financial decisions?

Dave's early memories of financial stress and seeing his parents work jobs they didn't enjoy due to money motivated him to start his own businesses and have control over his financial and time freedom.

Summary & Key Takeaways

• Dave, worth around $150 million, lives on a relatively modest income and is focused on investing in himself and his personal team.

• He has a diverse portfolio, with 20% in liquid assets, 40% in cryptocurrencies, 25% in stocks, 10% in venture capital, and 5% in angel startup investments.

• Dave spends around $700,000 a year on personal expenses, including hiring a personal assistant, executive assistant, and personal chief of staff.