If your ambition doesn’t grow with your wealth, the wealth makes you stupid by enabling you to delay decisions longer under uncertainty.
I’ve done most of my on-time risky trigger pulling when money was tight, delayed it too long when it wasn’t
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When wealth accumulates, so do advisors around that wealth. Possibly harder to trust intuition when lots of people you pay yelling to pump the breaks?
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Don’t know how common that effect is. Most wealthy people I know limit that to some living-trust type stuff but retain control over bulk of wealth and ignore advisors. But they do need to develop appetite for making bigger moves in same time.
In my experience most wealth management is outsourced unless managing your own wealth is a full time gig.
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Depends what you mean by management. Mechanics/taxes/vehicles/concierge yes, strategic allocation decisions (public vs private markets vs hedge funds, real estate, own act 2 efforts ...) not so much. Depends on how they make money I guess. SV millionaires not like say movie stars
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More to say, when you have more to lose and take new risks (again), perhaps more likely to ask experts for advice. While most truly great innovation comes from ambition + slicing up knowledge anew + confidence being wrong for a bit
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