When Money Doesn’t Matter: Up Close & Personal With The Son of a Chinese Billionaire

Kai (not his real name) didn’t think much of the United States but he lived here because it gave him freedom from his parents who otherwise might object to his constant whoremongering and general slothfulness. His father was (is) a government official who couldn’t fully flaunt his fortune since it would make his corruption a bit too obvious, and I suppose that cramped standard of living—spending a million dollars on a single piece of furniture instead of a private jet—was too limiting for Kai.

Old People Can Be So Cute

60 Minutes does not mention that it also helps to be rich. According to US News:
Wealth and, more broadly, socioeconomic status, play a powerful role in determining how long we live.

What It Feels Like to Have Lots of Money

My feelings of safety and immortality quickly gave way to scarcity. After all, I thought, if I could make 10 million dollars then it must be too easy. In fact, I honestly thought, everyone else had probably already made 11 million dollars. So then I felt poor again. I now needed 100 million dollars to be happy. I drove in a car with a friend of mine and his wife. I said, “everyone has 10 million dollars now.” She quickly said, “not everyone.” — James Altucher

There’s a fascinating thread on Quora asking, “What does it feel like to be financially rich?” The responses are revealing. Take author and investor James Altucher, who explains why a rich person with $10 million would feel poor, and how he had to be reminded that he’s not actually poor. (Live the life you want to live and stop comparing yourself to others or you’ll never be happy.)

Here’s another excerpt of an interesting response by Mona Nomura, who works in the tech industry:

When my parents finally divorced, she left my brother and me with our dad and succeeded career wise. So much so, she retired in her early 40s. After she attained what she thought was success, she was diagnosed with Stage IV cancer. She spent the days up until her death regretting almost all the choices she made and beat herself up day after day. One of her last journal entries included reflections on how unappreciative she was with the things in front of her, and finally realizing happiness does not lie within superficial matters a little too late.

More responses can be found in the thread. [Thanks to Katie for the link pointing me to this.]

Photo of James Altucher: Wikimedia Commons

Someday My Ultra-High Net Worth Individual Will Come

“Credit Suisse estimates that worldwide there are 98,700 ‘ultra-high net worth individuals,’ or people worth $50 million or more. Almost half of them live in the United States.” 100,000 is a lot of ultra high net worth individuals! And half of them are here! 50,000! I mean that just seems like a lot. It seems like I could run into one of them. Maybe tonight. They could be anywhere. They could be reading this right now. Hi.

Are You ‘Last Minute Trip to Burning Man’ Rich?

Emily Witt went to Burning Man and wrote about it for the London Review of Books. Nice work if you can get it, eh?

Tom Perkins Makes a TV Appearance

Tom Perkins talked with Emily Chang on "Bloomberg West" last night, explaining his position that the rich have been threatened by calls by the poor and middle class for a more equal society. He also said the watch he was wearing was worth a "six-pack of Rolexes." You can see more clips at Bloomberg TV.

What It’s Like to Be a Personal Assistant for the Rich and Famous, Part II

Last month we talked to Amy, a longtime personal assistant who currently works for, among others, a Very Famous Writer.

CEO Wins Chance to get Killed By George RR Martin

In a perfect confluence of events, a wolf-loving Michigan CEO has won the right to be killed off by renowned wolf-aggrandizing author George R.R. Martin. Responding to a competitive fundraising call, Dr. Dave Cotton’s family made a $20,000 donation to a wolf-related charity in his honor — for father’s day. (Aww!)

Mike Cotton, chief operating officer of Meridian Health Plan and one of Dr. Cotton’s three sons, said his father had an affinity for wolves before he started reading Martin’s fantasy series, “A Song of Fire and Ice,” which was first published in 1996.

“We saw this crowdfunding come up online and we thought it would be perfect for his love of wolves,” Mike Cotton told ABC News. Mike’s brother, Sean, who is an administrative officer at the family-operated company, said their father loves the books and watches the HBO series “avidly.”

“He’s always referred to himself as a lone wolf,” he said of his father.

Managing the Houses of the Super-rich

Davidson's goal was to be hired by a rich person to manage their home and get paid six figures, which is typically what estate managers earn.

“A Currency for Paid Friends”

I don't know what to make of this at all. It's like an alternate universe to me. I'm just going to leave this here.