Financial blogs/forums for the Prius millionaire
February 7, 2019 6:19 AM   Subscribe

I’m looking for blogs/communities for “regular” wealthy people.

My partner and I are humbled to have accumulated a fair amount of wealth. We’d like to be good stewards of this prosperity.

We, and our parents, have had financial advisors in the past (both fee- and %-based), and none has been particularly helpful, and certainly not a trusted advisor. The best advice I’ve gotten has been from friends and colleagues, but there are limits to what one feels like sharing in the context of those relationships.

I’d like to find a MetaFilter-like community (thoughtful, articulate, educated, and progressive) that discusses financial matters, but specifically for working, again, “regular” people with one to ten million dollars in wealth.

Collective groan! I know, “regular people” and “$10 million” don’t often go together (we don’t have $10M), but you take two professionals living on the coasts, and after 15 years of work, affluence can happen. We live simply, and our only real luxury (and it is a luxury we are thankful for and mindful of) is not worrying terribly much about money.

A lot of the internet sites I see are about either hyper frugality/super early retirement, or digging out from debt, or are geared to people who are really into being rich. I’d hope instead to see a practical and frank discussion of personal involvement in the management of what is (literally) a small fortune. Humility and a sense of humor would be a plus.

Does such a site or community exist?
posted by myaskme to Work & Money (14 answers total) 27 users marked this as a favorite
 
You might find some leads through the (free, downloadable) archives of More Than Money Journal.
posted by cocoagirl at 7:07 AM on February 7 [1 favorite]


There is some discussion of philanthropy on the MrMoneyMustache forums, as well as over on Bogleheads (if you can muscle through the eye-assaulting website)
posted by SinAesthetic at 7:12 AM on February 7 [3 favorites]


You might be interested in Resource Generation, "a multiracial membership community of young people (18-35) with wealth and/or class privilege committed to the equitable distribution of wealth, land, and power."

It sounds like that's not your demographic, but I've found their resources really interesting and thought-provoking on how to deal responsibly with being wealthy.
posted by ITheCosmos at 8:19 AM on February 7 [1 favorite]


I came to recommend Bogleheads, too. It's pretty heavily skewed toward passive/index fund investing and simple "three fund" portfolios, but there's good stuff on tax planning and there's a ton of smart people on the boards.
posted by AgentRocket at 8:23 AM on February 7 [4 favorites]


It’s orthogonal to your question, but related to the difficulty you have had finding such a resource online: rich people tend to be able to afford private professional advice and prefer (and can afford) privacy about their finances.

My own view is that at the level of wealth you’re talking about, adjusting for a few variables (age, risk tolerance profile, dependents, financial literacy, future earning and income prospects, job security) you actually do need a range of highly trusted professional advisers, whose expertise can combine differently: these would be a fee based independent financial planner/investment adviser; a lawyer who understands tax and estate issues, possibly other issues depending on your sources of wealth; a tax accountant who works with clients of similar means; and an insurance agent or adviser who serves similar clients. Maybe a real estate agent too.

Finding highly trustworthy and relatable people to fill these roles is really challenging but on a scale of decades (and lifetimes of you’re planning to leave wealth behind in some form) it is worth it.

It is of course true that you just must financially educate yourself.
posted by spitbull at 9:47 AM on February 7 [4 favorites]


My favorite person in your demographic (with the aging Prius, even) used to recommend the free parts of Future Advisor with a lot of salt if certain types of investments didn't make sense to you. Sadly they've gone to more of a fee model recently.

While askme skews index fund, I'd be tempted to try a few more specific questions here, as there are goodly number of folks in that demographic. But I'll also be curious to see your other answers.
posted by ldthomps at 10:06 AM on February 7


There are definitely some bloggers around that are much more focused around the working professional demographic.
A few of them I like around the investing side of things.
A Wealth of Common Sense
Of Dollars and Data
posted by GnomePrime at 11:35 AM on February 7


r/personalfinance on Reddit can be a pretty good resource as well. It's not restricted to your level of wealth, but it's a good place for people who are thinking seriously about money.
posted by craven_morhead at 11:49 AM on February 7


Nth Bogleheads. The site is a big mix of people and I think skews older, but quite a fair number of working people (many medical folks) just managing what they have, and most with humility. Articulate and educated, usually. However, politics is verboten there, and I think the median Boglehead is probably not that progressive.

The Grumpies often post on personal finance; I'm pretty sure at least one of them is an economist; and their blogroll has some people you might be interested in as well.
posted by Dashy at 12:34 PM on February 7 [1 favorite]


Instead of an advisor, I think you need to figure out what you want *to do* with your money. Once you figure that out, then join the groups associated with that. You say 'steward', but if you are not interested in early retirement and don't want the entrenchments of 'wealth', there is very little for you to do. If you have accumulated, you don't need an advisor - you already know what to do.

If you are looking at minimizing taxes or making it last forever - ie: pass it to children and generally growing it - then yeah, Boggleheads is great.
posted by The_Vegetables at 12:41 PM on February 7 [1 favorite]


Lemon Fool UK which grew out of the now closed Motley Fool UK forum.
The have a wide range of posters from the rich to the 'wanna be rich' to the just want to save enough to retire one day. However it is very UK focussed which will limit it's utility for Americans.
posted by Lanark at 1:02 PM on February 7


I came here to suggest Bogleheads, which is exactly that demographic, but skewing older (I get the sense a lot of people are nearing traditional retirement age.)

Rather that r/personalfinance I would recommend r/financialindependence. They are both sillier than Bogleheads (younger reddit demographic) and financial independence is focused on retiring early, but has a lot of really useful resources for wealth (in depth discussions of tax harvesting, etc). Financial independence is definitely people with a more sophisticated situation than personal finance, which has a lot of questions about consumer debt, etc.

For investing it’s hard to beat low cost index funds, so the only secret is balancing your portfolio (if you want) and maybe tax management. If you have a certain amount of funds in Vanguard they will give you personal attention, and that’s enough for my family members with wealth. If you’re comfortable with money you don’t need a highly paid advisor.
posted by rainydayfilms at 4:18 AM on February 8


You might like the Fire v London blog . He is, I think, aiming at retiring early but, unusually for these kinds of blogs, he’s not aiming at being very frugal - he’s not short of a few bob, as we’d say in the UK (where he’s obviously based). Although he’s very different from me financially, I still find his frank, but anonymous, descriptions of how he handles his finances interesting.
posted by fabius at 8:21 AM on February 8


I didn’t see anyone mention fragiledeals.com which is where a lot of the prominent fatwallet finance forum people went
posted by one4themoment at 1:55 PM on February 8


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