Investors whose wealth exceeds a certain amount may seem shielded from the many financial problems that plague those with average net worth. After all, someone enjoying a $20 million net worth lifestyle will rarely have to worry about going bankrupt.
However, maintaining this $20 million net worth lifestyle without professional assistance can be challenging.
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Founder & Managing Member Pillar Wealth Management
Pillar Wealth Management specializes in wealth management services for investors with $5 million to $500 million in liquid investment assets. Investors with $5 million or more in liquid investment assets can learn about our approach to wealth management by requesting a copy of our book7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning.
Four Important Points About $20 Million Net Worth Lifestyle Management:
- Challenges of a $20 Million Net Worth Lifestyle
- How a Wealth Manager Can Help
- Wealth Management Services
- Choosing the Right Wealth Manager
Is a net worth of 20 million considered rich?
Having a net worth of $20 million is considered rich in the US, where "rich" means being in the top 1%. Being rich depends not only on your yearly income but also on the assets you own.
How many millionaires inherited their wealth?
Most millionaires are self-made; they earn their millions through hard work, staying out of debt, and consistently saving. Only about 20% of millionaires inherited their wealth.
How many people are worth 20 million or more?
In the US, approximately 1.8 million people have a net worth of $20 million of more.
What is considered a wealthy net worth?
A wealthy individual is someone who has liquid assets worth at least $1 million. Liquid assets include cash and assets that can be converted fairly easily into cash, such as stocks and bonds.
Is $10 million dollars rich?
Many people would feel rich with $10 million because they would likely be able to live comfortably on their investment earnings (such as interest and dividend income).
Can you live off $10 million?
Through a judicious choice of investment vehicles, it is possible to live very well on $10 million. Even an ordinary savings account would pay $100,000 in interest.
What percent of the population has a net worth over 10 million?
Around 1.1 percent of American households (not individuals) have a net worth of over $10 million. However, the average household net worth is approximately $750,000.
How to invest 10 million?
To invest $10 million most profitably may call for the assistance of a professional wealth manager, who can create a financial plan for asset management, as well as retirement and tax planning.
How to manage millions of dollars?
Unless you are knowledgeable about the market and choosing investments wisely, you may want to hire a financial advisor, someone who has the experience and knowledge required.
What to do with 10 million dollars?
Having $10 million dollars allows you to invest in stocks, bonds, mutual funds, and ETFs, for example. But it’s also important to look at charitable giving and trust funds for the next generation.
What percentage of Americans have $10 million net worth?
About 1.13% of American households have a net worth of at least $10 million, enough to buy a private jet and a mansion and invest in the education of future generations.
What does it mean to have a net worth of 10 million?
If an individual has a net worth of $10 million, that means the value of all the assets owned by that person is equal to $10 million. Assets include real estate, bank accounts, and any investments.
How much interest would 10 million earn a year?
If you place $10 million in a savings account, you can earn at least $100,000 per year (1%). Many other investments will earn more; for example, real estate typically grows in value by 4% per year.
What can I do with 10 million dollars?
With $10 million, you can buy a round-the-world vacation trip, along with a mansion anywhere in the world. You can give a substantial sum to a cause about which you feel passionate.
Challenges of a $20 Million Net Worth Lifestyle
- Managing Assets
- Checking Portfolio Risks
- Planning for Retirement
- Passing on Wealth
Investors with a net worth of $20 million enjoy the freedom to invest in assets that others can only dream of investing in. This offers investors an opportunity to grow their wealth even further. However, a $20 million net worth lifestyle does come with its own set of challenges such as the four listed below.Please set up a free video meeting with our wealth managers to learn more about managing a $20 million net worth lifestyle.
Testimonial From Satisfied Clients
Chris Snyder
Thank you Chris for your guidance over the past 17years. We made it through several market swings and covid. We have a comfortable feeling working with you. And it is always sharing our stories over the years of our children’s growth. ◼ Relationship to Financial Advisor: Current Client ◼ Compensation: This reviewer received no compensation
…
Steve
I highly recommend Pillar Wealth Management
At 51, I lost my husband to cancer. We owned our own business, so the loss of considerable income at his death was a magnificent hardship. In addition, a significant personal investment became insolvent, causing the loss of millions. A happy, comfortable, and financially-secure life was gone in an instant. My home and a few
…
Lori S.
Pillar Wealth Management
When I retired the need arose to have help with balancing our investment risk level. Our trusted Accountant recommended Pillar Wealth Management. In the past we took a sizeable loss and could no longer take that level of risk with the balance of savings for retirement. Chris helped us transfer these investments and rebalances our
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Anita K.
Testimonial from Col. Robert B.
I have worked with Chris Snyder, handling my investments for over 30 years. During this time I developed a personal relationship with Chris and am very pleased with the personal attention he has paid to my investments. When I was getting ready to retire I looked into what my retirement income would be. I wanted
…
Robert B.
Chris and Hutch
Chris and Hutch knew they had to build their business based on personal contact and trust. They invested in this aspect and offered seminars over free dinners to get to know their clients on a personal level. This allowed us to get to know Chris personally and realize that we see the world and politics
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Andrea
Thanks so much for making our life effortless
With our retirement we were searching for an advisor to invest our money. We found an advisor who seemed knowledgeable. She promised the moon with large investments. When our paperwork arrived it wasn’t anything we agreed upon. We were so lucky to have quickly found Chris. He stepped in and invested our money. We have
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Patty
Chris Synder & Pillar Wealth Management
In 2022, I moved my portfolio over to Chris Snyder and his team. They’ve been a great asset in advising me on everything needed to plan for my short term financial needs as well as getting me to my retirement which is coming in a few years. They are very approachable, detailed and explain the
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Lynn G.
Chris Snyder & PWM
Prior to signing up with PWM we had self-managed our investments. That worked out pretty well with the ongoing bull market. Even with the occasional downturn, paper losses were quickly reversed. But as retirement neared it became clear a better plan was needed to turn those investments into a reliable income stream that would facilitate
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Keith B.
Chris Snyder
It is our pleasure to write in support of Chris Snyder. After more than 16 years of working with Chris we feel fortunate to have access to his professional advice always with prompt, clear and up to date answers to our questions. The professional work he does has been continuous and gives us confidence that
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Jim
Chris Snyder
Chris has been a wonderful financial advisor. He listens and makes adjustments if necessary. I believe him to be fair, honest, intelligent and knowledgeable. ◼ Relationship to Financial Advisor: Current Client ◼ Compensation: This reviewer received no compensation for this review. ◼ Conflicts of Interest: There are no material conflicts ofRead more “Chris Snyder”
Barbara
Right decision to have fiduciary financial advisor
Prior to Pillar Wealth Management, our investments were in CDs, non-interest checking & savings, annuities, IRAs, 457Kplan, Term Life Insurance, etc. We felt overwhelmed managing on our own and knew we need a fiduciary financial advisor to help us simplify and better manage our finances. In January 2022, my sister recommended Christopher Snyder (Pillar Wealth
…
Read more “Right decision to have fiduciary financial advisor”
Gaoiran
Great firm!
My husband started an account with Chris Snyder over 17 years ago. Chris has been an invaluable help during all the market ups and downs. He is also always ready to help me think through other financial aspects that come up and will refer me to someone else if he doesn’t feel he is the
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Linda S.
Chris at Pillar Wealth
My husband and I have been extremely pleased with Chris’s handling of our investments. He always has our best interests in mind. He will answer any question we have and explain why he has done what he has done. If we prefer another or different strategy we discuss it with Chris and he gives us
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Judy
5 Stars
I have been a client of Pillar Wealth for over 25 years. My advisor is Chris Snyder and he is wonderful, we have shared so much about our families for 25 years. He knows my goals and has helped me achieve them financially. I trust Pillar Wealth implicitly. ◼ Relationship to Financial Advisor: Current Client
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Gloria R.
5 Stars
Chris you’ve been our advisor for many, many years. We couldn’t be happier with all the service you’ve provided for us. ◼ Relationship to Financial Advisor: Current Client ◼ Compensation: This reviewer received no compensation for this review. ◼ Conflicts of Interest: There are no material conflicts ofRead more “5 Stars”
James
Exceptional Advisors
I have been with Pillar Wealth Management for over 25 years. We have weathered more than a few ups and downs. Chris has always steered me in the right direction. When I hear from others how they have lost so much with their current advisors, I am reminded of the guidance I get from everyone
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Thomas W.
Long time Association
We have worked with Chris for many years and feel like we are friends. I was trying to find the year that we began working with Pillar, but couldn’t find it. We met Chris in Pleasant Hill at a seminar. We invested a small amount, as that is all that we had at the time
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Marilyn L.
Our financial advisor for 27 years.
My husband and I have had the pleasure of working with Chris Snyder at Pillar Wealth Management since 1996, 27 years. Lots of life happened in those years, assessing our financial readiness to retire, retiring in California, moving to France, resettling, moving to Florida, setting up trusts, husbands passing, moving to Arizona. Chris helped us
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Elaine S.
Chris Synder
I’ve been a Chris client for about 25 years. Through those years Chris and I and our families have grown together. Chris has helped me through some very difficult times and has kept my investment including monthly withdrawals at pretty much the same as my beginning investment. I am very comfortable with Chris as my
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JMenzhuber
Hutch, Chris & Pillar Wealth Management
Hutch, Chris and staff are awesome! they are very professional and amazingly responsive. We are newer clients and recently moved to Idaho and they have been so helpful to us! I learned more talking to Hutch for 10 minutes about some specifics on accounts than I ever did from a previous advisor we had for
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Mark G.
Chris, Hutch and Pillar Wealth Management
One of our best-ever decisions: turning to Hutch Ashoo and Chris Snyder at Pillar for financial guidance. My wife Bonnie and I were introduced to them in 2009 when we sold our small tech company and retired. Baffled by the complexities of managing our modest finances to ensure a safe and comfortable retirement, we interviewed
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Bonnie
Let's look at these in more detail:
1. Managing Assets
It’s no secret that portfolios become more difficult to manage after they grow past a certain point. Any investor who has invested in a diverse range of high-value assets must follow each one closely to manage their portfolio performance. Regardless, asset management can be a time-consuming task.
In addition to monitoring existing assets, investors may need to take the time to invest in new ones. At this point, investors may be wondering how to invest $20 million in an effective way that can maintain a $20 million net worth lifestyle. This can be difficult to figure out without the help of an experienced professional.Learn more about improving your portfolio performance by reading our special guide.
2. Checking Portfolio Risks
All portfolios carry some risks due to the assets they contain. However, identifying such risks can be tricky if you do not possess the right investment knowledge.
When left unchecked, these risks could pose a threat to your wealth. It’s not entirely uncommon for investors to lose a significant chunk of their wealth due to a market crash or stock volatility. A market crash could leave you with far less wealth than you expected. This may leave you asking, “How can I protect my $20 million net worth lifestyle?” Investors can learn more about wealth protection by requesting a copy of our bookThe Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million
3. Planning for Retirement
Investors accustomed to a $20 million net worth lifestyle often spend their wealth on luxuries. They may wish to continue enjoying such luxuries even into retirement. However, retirement introduces many challenges in itself.
Without an active source of income to draw from, investors may find themselves running through their retirement savings very quickly and finding it hard to maintain their $20 million net worth lifestyle. It is possible to stretch out your retirement savings by downgrading your lifestyle. However, no investor wants to give up the luxuries they are accustomed to.Please speak with our wealth managers to learn about the challenges of retirement.
4. Passing on Wealth
As an investor, you may have focused on building wealth to offer your children and beneficiaries a lifestyle that could be as comfortable as your $20 million net worth lifestyle. This means you must also plan how you will transfer your wealth to them following your passing.Investors with $10 million or more in liquid investable assets can learn about protecting their wealth through estate planning by reading our book.
Investors who have a $20 million net worth lifestyle and pass away without having a will or estate plan in place, may lose control over how their wealth is distributed. Without any legal documentation to guide them, the courts may distribute your wealth to parties outside of what you intended. This may lead to family disputes or situations where a beneficiary does not receive the wealth you intended for them to receive.
How a Wealth Manager Can Help
After learning about the challenges mentioned above, you may be asking yourself, “What should I do to protect my $20 million net worth lifestyle?” There are many steps you can take to protect your $20 million net worth lifestyle. However, you may have trouble implementing them without the help of a professional. This is when a wealth manager could be incredibly useful.
Wealth managers are financial advisors who offer a wide range of services to protect and grow wealth for investors. They typically work with clients that have a high or ultra-high net worth, such as those who enjoy a $20 million net worth lifestyle. For example, at Pillar Wealth Management, we take on clients with $5 million to $500 million in liquid investment assets.You can learn more about our range of wealth management solutions by setting up a free video meeting with us.
Wealth Management Services
A wealth manager will be familiar with the various challenges of protecting a $20 million net worth lifestyle. They offer the following services to help with this:
- Asset Management
- Portfolio Analysis
- Retirement Planning
- Estate Planning
- Tax Planning
1. Asset Management
Asset management is essential to protecting a $20 million net worth lifestyle. Wealth managers excel at managing assets on behalf of their clients. A wealth manager will first sit down with you to learn about your asset management goals. They can then perform trading activities that are in line with these goals.
These managers can also save you time by offering periodic portfolio updates. This saves investors from having to check up on their portfolios themselves.Investors with $5 million or more in liquid investment assets can learn about our approach to asset management in our book.
2. Portfolio Analysis
A wealth manager can study your portfolio carefully and identify any risks or inefficiencies that could challenge your $20 million net worth lifestyle. They can use their knowledge and experience to point out risky assets. They can then come up with robust strategies to avoid these risks or minimize the potential damage they may cause. Such services protect your portfolio and wealth in times of crisis.
3. Retirement Planning
As mentioned earlier, investors with high spending lifestyles may run through their retirement savings relatively quickly. This can be avoided by taking advantage of a wealth manager’s retirement planning services.
A wealth manager will first identify your retirement needs before proposing solutions to overcome any retirement challenges to your $20 million net worth lifestyle. For example, if you wish to boost your savings before retirement, the wealth manager may help create a budget for you to follow.We discuss some of the financial planning strategies we use in our book.
Similarly, the wealth manager can recommend assets that offer passive income. You can then draw from this income to sustain your $20 million net worth lifestyle in retirement instead of drawing from your other savings.
4. Estate Planning
Controlling how their wealth will be distributed following their passing is vital for all investors. Wealth managers can help you with this task via their estate planning services. They can assist you with creating a will that describes exactly how you wish to distribute your wealth.
A wealth manager can also help you set up trusts to ensure you maintain control of your wealth even after your passing.
5. Tax Planning
One of the most overlooked challenges of being an investor is paying taxes. Investors with a high or an ultra-high net worth pay among the highest taxes in the nation. Such taxes cut into your profits and limit the rate at which you can grow your savings.
A wealth manager may be able to reduce the amount of tax you legally owe using their tax planning services. These professionals can study your portfolio and find ways to make it more tax-efficient. Such tax planning services are essential for any investor who isn’t already using specialized tax-saving strategies.
Choosing the Right Wealth Manager
Investors interested in hiring a wealth manager for the first time should familiarize themselves with the qualities of a great wealth manager. We discuss these qualities below.
1. Years of Experience
As with any field, the best professionals are often the ones with the most experience. This is especially true for wealth managers. These professionals learn a significant portion of what they know by working with clients. This means the quality of the services they offer generally improves with time.
When choosing a wealth manager, investors should ensure he or she possesses many years or even decades of experience. This strategy reduces the likelihood of ending up with an insufficiently competent wealth manager.
2. Vast Knowledge
Wealth managers offer valuable services in a variety of areas. However, this also means they must possess in-depth knowledge in each of these areas. When meeting with a wealth manager, you should attempt to test them on their knowledge of these areas.
For example, tell the wealth manager about your financial situation and any investment goals you may have. A knowledgeable wealth manager will take the time to understand these goals and offer solutions tailored specifically for you. A less knowledgeable wealth manager will offer vague and general solutions that may not be optimal for your situation.
3. Availability
There are plenty of expert financial advisors out there. However, many of them can be difficult to get in touch with. This usually happens when they are juggling too many clients and cannot make time for each one.
A great wealth manager limits the number of clients they take on each year. This ensures they can devote enough time to each one and ensure their wealth management needs are met.
4. Fee Transparency
A great wealth manager will always be upfront about their fees. These professionals typically charge clients a fixed fee based on a percentage of their assets’ value. However, some wealth managers may include hidden charges for consultations.
Before hiring any wealth manager, you should read their contract carefully and assess what their fees are.
Why Choose Pillar Wealth Management?
There are numerous great wealth management firms to choose from across the country. However, few wealth management firms can match Pillar Wealth Management’s services.
Our firm was founded by wealth managers Hutch Ashoo and Chris Snyder, who have over six decades of combined industry experience. We have developed our knowledge of wealth management by serving our clients for many decades. They return to us because they know we are the most reliable choice for them.
We possess in-depth knowledge related to the services we provide. Whether you need assistance with asset management or retirement planning, our wealth managers can help you with it all.
Our experts take the time to learn about you and your financial background. They can understand your goals related to protecting your $20 million net worth lifestyle and offer personalized solutions tailored specifically for you.Please set up a free video meeting with our wealth managers to get started with better wealth protection.
Authors
To be 100% transparent, we published this page to help filter through the mass influx of prospects, who come to us through our website and referrals, to gain only a handful of the right types of new clients who wish to engage us.
We enjoy working with high net worth and ultra-high net worth investors and families who want what we call financial serenity – the feeling that comes when you know your finances and the lifestyle you desire have been secured for life, and that you don’t have to do any of the work to manage and maintain it because you hired a trusted advisor to take care of everything.
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As an expert in wealth management and financial planning, I can confidently analyze the concepts presented in the provided article. The article primarily focuses on the challenges and considerations associated with maintaining a $20 million net worth lifestyle and emphasizes the role of Pillar Wealth Management in addressing these challenges. Let's break down the key concepts and provide insights into each:
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Net Worth and Richness:
- The article establishes that having a net worth of $20 million is considered rich in the US, placing individuals in the top 1%. It highlights that being rich depends on both yearly income and owned assets.
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Inheritance and Self-Made Wealth:
- It mentions that most millionaires are self-made, earning wealth through hard work, financial discipline, and consistent saving. Only about 20% of millionaires inherited their wealth.
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Population with $20 Million or More:
- Approximately 1.8 million people in the US have a net worth of $20 million or more.
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Definition of Wealthy Net Worth:
- A wealthy individual is described as someone with liquid assets worth at least $1 million. Liquid assets include easily convertible assets like cash, stocks, and bonds.
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Viability of $10 Million:
- The article suggests that many people would feel rich with $10 million, as it provides the potential for a comfortable lifestyle based on investment earnings.
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Investment of $10 Million:
- It advises seeking professional assistance, possibly from a wealth manager, to create a financial plan for asset management, retirement, and tax planning.
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Percentage of Population with $10 Million Net Worth:
- Approximately 1.13% of American households have a net worth of at least $10 million, emphasizing the relatively low percentage.
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Managing Millions of Dollars:
- The article recommends hiring a financial advisor for those not knowledgeable about the market, emphasizing the importance of experience and knowledge in making investment decisions.
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Earning Interest on $10 Million:
- It states that placing $10 million in a savings account can yield at least $100,000 per year (1%), and other investments may generate higher returns.
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Utilizing $10 Million:
- It suggests various possibilities, including investing in stocks, bonds, mutual funds, ETFs, as well as charitable giving and trust funds.
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Challenges of a $20 Million Net Worth Lifestyle:
- The article outlines challenges such as managing assets, checking portfolio risks, planning for retirement, and passing on wealth.
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Wealth Management Services by Pillar:
- Pillar Wealth Management specializes in wealth management services for investors with $5 million to $500 million in liquid investment assets.
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Client Testimonials:
- The article includes testimonials from satisfied clients, highlighting positive experiences with Pillar Wealth Management.
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Wealth Manager's Role:
- It emphasizes the crucial role of a wealth manager in helping individuals navigate the challenges of maintaining a $20 million net worth lifestyle.
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Choosing the Right Wealth Manager:
- Criteria for selecting a wealth manager are discussed, including years of experience, vast knowledge, availability, and fee transparency.
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Pillar Wealth Management's Expertise:
- The article positions Pillar Wealth Management as a trusted firm founded by experienced wealth managers, Hutch Ashoo and Chris Snyder, catering to high and ultra-high net worth clients.
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Wealth Management Services Offered by Pillar:
- Pillar offers services such as asset management, portfolio analysis, retirement planning, estate planning, and tax planning.
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Fee Transparency:
- The importance of fee transparency is highlighted, encouraging investors to carefully review contracts and understand the fees associated with wealth management services.
In summary, the article provides comprehensive insights into the challenges and considerations associated with a $20 million net worth lifestyle, and it positions Pillar Wealth Management as a solution to address these challenges through its specialized wealth management services.
