LongAngle.com a place for the rich

[iris lily]

Ramit Sethi is shilling this service to the newly rich, a website and membership service called LongAngle.com.

https://www.longangle.com/

It is a place for high net worth individuals to share information. What kind of information you may ask? Well, Ramit named these topics his found interesting lately:

*multi-generation vacations
*months long vacations with kid…what do you do about school?
*strategies for large charitable donations
*investor opportunities for large amounts
*concierge physicians

These are just example of the things you can discuss with other rich people.

These are topics not generally covered (sez Remit) in the mainstream because …poor folks are many.

Apparently, once you’re in the group, you may have online discussions with your fellow members. They have fun meet ups. Lots of camaraderie and information sharing.

How do you get into this group? You demonstrate you have $2.2 million in invested or investable assets. The operators of this service want to see statements from accounts.

Gee, kinda sounds like the no-hype place here at Mr. Money Mustache forums only this place is free  and doesn’t try to sell you stuff. I don’t actually know how LongAngle makes its money. If anyone knows please chime in.

.Thoughts?

[2Birds1Stone]

There's already a forum that many MMMers now belong to which also requires 7 figure assets (verified) so I guess it's the new "cool kids" way of weeding out the plebs......

Maybe these forums are less susceptible to the "eternal September" effect that's very common with message boards, forums, and groups which grow too big for their own good.

[Bartlebooth]

Why would I want to read posts about how to get rid of my money and leave the comfort of my own home?

I guess I can respect this slightly more than the similar one that charges $600/year for access.

[patchyfacialhair]

There's already a forum that many MMMers now belong to which also requires 7 figure assets (verified) so I guess it's the new "cool kids" way of weeding out the plebs......

Maybe these forums are less susceptible to the "eternal September" effect that's very common with message boards, forums, and groups which grow too big for their own good.

I'm out of the loop what is the other forum? I'd love to lurk.

[Brystheguy]

Gee, kinda sounds like the no-hype place here at Mr. Money Mustache forums only this place is free  and doesn’t try to sell you stuff. I don’t actually know how LongAngle makes its money. If anyone knows please chime in.

.Thoughts?

The only revenue we collect is a small management fee and carry on those deals where we set up an SPV for the community to invest collaboratively. These fees only partly offset the cost of organizing SPV’s and running the community.

[Brystheguy]

I find those to be interesting topics given the "relatively" low investable assets they deem worthy. With that kind of money those are not the topics I would be interested in yet. Maybe at 5 miliion! That type of money doesn't necessarily give you the means to fund multi-generational vacations and taking months long vacations without income. Most people that have amassed that amount of money have high income jobs and high spending so I think it would be difficult to swing these costs while maintaining their current standard of living.

[iris lily]

I find those to be interesting topics given the "relatively" low investable assets they deem worthy. With that kind of money those are not the topics I would be interested in yet. Maybe at 5 miliion! That type of money doesn't necessarily give you the means to fund multi-generational vacations and taking months long vacations without income. Most people that have amassed that amount of money have high income jobs and high spending so I think it would be difficult to swing these costs while maintaining their current standard of living.

Some of those people can run their lucrative businesses long distance during months-long travel.

I agree that the threshold to get in is relatively low. I would be interested in discussing strategies for donating amounts of money. I am interested in concierge physicians, because I go to a direct care physician. It cost $1000 a year. That’s peanuts but I’d like to compare notes with other people to see how they’re using their physician. Etc.

[catccc]

I'm reviving this because I'm a recently added member of Long Angle and wanted to share my thoughts.  It's a little wild.  Average NW is probably $15M and some of the discussions are, predictably, suited to people with VHNW  (HNW = 2.2-5M, VHNW = 5-25M, UHNW = 25M+).  It's also 86% male.  I get the feeling regular wage workers are not the norm there, it seems like big time real estate investors and geniuses that create and sell companies.  Also, at 44, I feel "old" there.  There are a few regular people.  I may be cramping their style as a regular person, but that's okay.

Saw this hilarious reference there from Succession about $5M being a "nightmare."  At 2.5M of investable assets, I barely made the cut off and I'm "the poorest rich person" there.  Not sure what to make of it yet, but I'm intrigued, even though I'm not sure if it is good for me.

The other forum someone referenced that you pay (Millionaire Money Mentors) for is more in between this forum and Long Angle.

I used to post stuff here about adhering the tiny sliver of a soap bar to your new soap bar to save $.  That kind of stuff doesn't happen in Long Angle, I don't think.

[2sk22]

I'm reviving this because I'm a recently added member of Long Angle and wanted to share my thoughts.  It's a little wild.  Average NW is probably $15M and some of the discussions are, predictably, suited to people with VHNW  (HNW = 2.2-5M, VHNW = 5-25M, UHNW = 25M+).  It's also 86% male.  I get the feeling regular wage workers are not the norm there, it seems like big time real estate investors and geniuses that create and sell companies.  Also, at 44, I feel "old" there.  There are a few regular people.  I may be cramping their style as a regular person, but that's okay.

Saw this hilarious reference there from Succession about $5M being a "nightmare."  At 2.5M of investable assets, I barely made the cut off and I'm "the poorest rich person" there.  Not sure what to make of it yet, but I'm intrigued, even though I'm not sure if it is good for me.

The other forum someone referenced that you pay (Millionaire Money Mentors) for is more in between this forum and Long Angle.

I used to post stuff here about adhering the tiny sliver of a soap bar to your new soap bar to save $.  That kind of stuff doesn't happen in Long Angle, I don't think.

Our NW is squarely in the middle of the VHNW range you mentioned above but I don't think I would have much in common with such people. We built up our money solely from W2 income and thirty plus years of index fund investing. We don't want a second house or a boat. I am not looking for exotic investments. I will freely admit that our vacations are extravagant by Mustachian standards but even so, our travel budget is about $30k per year. What would I get out of becoming a member of such a forum?

[catccc]

I've only been involved for about a week but based on what you said, maybe the main value for you would be travel recommendations?  Or, with your NW, maybe estate planning or philanthropy strategies.  The guy that did my interview and NW verification was a regular like you and me, so it's not all start up richie riches.

Also, it is just eye opening to see the kinds of things available out there.  I recently learned that concierge medical services are not as pricey as I thought and exosome therapy is a thing.  (On that last one I was like "woah, rich people are buying back their youth!  But really, people already do in the form of personal trainers and other wellness spending.)

I think the bottom line is that a lot of these people are generally smart individuals to have done so exceptionally well.  As with most of life, I like exposure to diverse mindsets, and this is a new one I haven't tapped into before.  I'll treat it like a salad bar and just take what I like from it, and try not to get too spendy in the process, but also get a little spendy. 

My penny pinching ways sometime seem more like a liability than an asset to life these days.  I am trying to loosen the purse strings a bit and see what value I get.  I upgraded our room on a recent ski vacation and it was so worth the extra money for my family.  I paid more for parking at the airport for a lot that I thought might be more convenient and regretted it.  I am hoping by trial and error I can strike the right balance.  In this forum, spending more is frequently met with "but why?" and the need to rationalize it.  Yes, we can always say it's just what you value, but the need to rationalize can stem from a scarcity mindset, which I am trying to move away from.

I'm not trying to convince anyone to join, just laying out my initial impressions and why I am there.

[Fru-Gal]

Why would I want to read posts about how to get rid of my money and leave the comfort of my own home?

😂

Also, now I’ve read this thread so I know all I need to about VHNW concerns!

Honestly it can be fun to discuss these things but in this world the daily difference in how a billionaire lives and how I live is not that great.

[aloevera1]

I would be extremely wary of submitting my bank accounts' statements to some website for verification to join the forum... What kind of data handling processes do they use? How do they store it? Do they encrypt it at every possible way? How do they destroy the documents? Yea, I probably could get some insight from their privacy policy but I am too lazy to dig into it right now. Plus, there is no guarantee that is actually what they do.

If that (potentially existing) database gets leaked or hacked, bad agents would have tons of information at their disposal.

Even if I qualified (which I don't), I wouldn't join...

[Villanelle]

I've only been involved for about a week but based on what you said, maybe the main value for you would be travel recommendations?  Or, with your NW, maybe estate planning or philanthropy strategies.  The guy that did my interview and NW verification was a regular like you and me, so it's not all start up richie riches.

Also, it is just eye opening to see the kinds of things available out there.  I recently learned that concierge medical services are not as pricey as I thought and exosome therapy is a thing.  (On that last one I was like "woah, rich people are buying back their youth!  But really, people already do in the form of personal trainers and other wellness spending.)

I think the bottom line is that a lot of these people are generally smart individuals to have done so exceptionally well.  As with most of life, I like exposure to diverse mindsets, and this is a new one I haven't tapped into before.  I'll treat it like a salad bar and just take what I like from it, and try not to get too spendy in the process, but also get a little spendy. 

My penny pinching ways sometime seem more like a liability than an asset to life these days.  I am trying to loosen the purse strings a bit and see what value I get.  I upgraded our room on a recent ski vacation and it was so worth the extra money for my family.  I paid more for parking at the airport for a lot that I thought might be more convenient and regretted it.  I am hoping by trial and error I can strike the right balance.  In this forum, spending more is frequently met with "but why?" and the need to rationalize it.  Yes, we can always say it's just what you value, but the need to rationalize can stem from a scarcity mindset, which I am trying to move away from.

I'm not trying to convince anyone to join, just laying out my initial impressions and why I am there.

My parents are pretty well off.  I don't know their exact financial status.  As I guess, they'd be right on the line of qualifying for "HNV", maybe making it, maybe not. So they aren't swimming in gold coins ala Scrooge McDuck, but they have done well for themselves.   They are also very frugal in most things.  Anyway, a few years ago, they signed up with a concierge doc.  I was a little concerned with they first mentioned it.  They are pretty savvy, but I worried it was a scam or something to bilk extra money out of seniors.  But they have been thrilled with it.  They pay an annual fee (pretty sure mom said $1000, but I don't know if that is pp or total) ad have a 24/7 cell phone for the doc. (Encouraged to only call after-hours during an emergency.)  They had many issues with getting prescription refills called in and things like that.  His office manages everything effectively and efficiently.  When they caught Covid while on vacation in Mexico, he spoke with them several times, told them what meds to ask for, etc.   He also bills their insurance, so other than the buy-in fee, there's no additional costs.  So while $1000 (if I have that number right) isn't chump change, it's not nearly as expensive as I imagined when I heard the term "concierge medicine". 

[Fru-Gal]

In the future, one of the most promising applications for AI and mobile technology is home health.

I have long predicted that we’ll have unobtrusive medical devices that combine commonly tracked health stats (heart rate, lung sounds, VO2 max, blood sugar, blood pressure, temperature, weight, adipose vs. muscle and mineral density, etc) — plus genetic and immunologic early cancer detection.

It’s already happening with wearables. My trainer at the gym said many athletes are now wearing continuous glucose monitors.

It will democratize access to specialized and early care, after the initial prices come down. Once again eroding the difference between an adipose billionaire and me.

[Askel]

My parents are pretty well off.  I don't know their exact financial status.  As I guess, they'd be right on the line of qualifying for "HNV", maybe making it, maybe not. So they aren't swimming in gold coins ala Scrooge McDuck, but they have done well for themselves.   They are also very frugal in most things.  Anyway, a few years ago, they signed up with a concierge doc.  I was a little concerned with they first mentioned it.  They are pretty savvy, but I worried it was a scam or something to bilk extra money out of seniors.  But they have been thrilled with it.  They pay an annual fee (pretty sure mom said $1000, but I don't know if that is pp or total) ad have a 24/7 cell phone for the doc. (Encouraged to only call after-hours during an emergency.)  They had many issues with getting prescription refills called in and things like that.  His office manages everything effectively and efficiently.  When they caught Covid while on vacation in Mexico, he spoke with them several times, told them what meds to ask for, etc.   He also bills their insurance, so other than the buy-in fee, there's no additional costs.  So while $1000 (if I have that number right) isn't chump change, it's not nearly as expensive as I imagined when I heard the term "concierge medicine".

FWIW, I don't think the $1000/year unlimited access deal is all that uncommon. A couple of private practice doctors around here (in a very rural and not very rich area) offer it. Although I've never heard it referred to as "concierge" service.  My wife uses one.  Our local hospitals have constant staffing issues and it can take a month or more to get an appointment which makes them a very attractive option. 

[catccc]

I would be extremely wary of submitting my bank accounts' statements to some website for verification to join the forum... What kind of data handling processes do they use? How do they store it? Do they encrypt it at every possible way? How do they destroy the documents? Yea, I probably could get some insight from their privacy policy but I am too lazy to dig into it right now. Plus, there is no guarantee that is actually what they do.

If that (potentially existing) database gets leaked or hacked, bad agents would have tons of information at their disposal.

Even if I qualified (which I don't), I wouldn't join...

I did not share any information I wouldn't put out here.  I suppose if someone was trying to be nefarious they could have recorded the call and what I shared, but again, I did not share any account numbers, it was a quick visual check of some online portals via screen share.

[iris lily]

My parents are pretty well off.  I don't know their exact financial status.  As I guess, they'd be right on the line of qualifying for "HNV", maybe making it, maybe not. So they aren't swimming in gold coins ala Scrooge McDuck, but they have done well for themselves.   They are also very frugal in most things.  Anyway, a few years ago, they signed up with a concierge doc.  I was a little concerned with they first mentioned it.  They are pretty savvy, but I worried it was a scam or something to bilk extra money out of seniors.  But they have been thrilled with it.  They pay an annual fee (pretty sure mom said $1000, but I don't know if that is pp or total) ad have a 24/7 cell phone for the doc. (Encouraged to only call after-hours during an emergency.)  They had many issues with getting prescription refills called in and things like that.  His office manages everything effectively and efficiently.  When they caught Covid while on vacation in Mexico, he spoke with them several times, told them what meds to ask for, etc.   He also bills their insurance, so other than the buy-in fee, there's no additional costs.  So while $1000 (if I have that number right) isn't chump change, it's not nearly as expensive as I imagined when I heard the term "concierge medicine".

FWIW, I don't think the $1000/year unlimited access deal is all that uncommon. A couple of private practice doctors around here (in a very rural and not very rich area) offer it. Although I've never heard it referred to as "concierge" service.  My wife uses one.  Our local hospitals have constant staffing issues and it can take a month or more to get an appointment which makes them a very attractive option.

 I pay around $1000 a year for my doctor. She calls it “direct care “ not concierge care .

we are in rural flyover country and her practice is just regular folks.

 Actually, I pay more than most people because I’m old, the scale is sliding, depending on your age. One family I know pays the family rate for their kids even though they have another doctor through insurance because this direct care physician is so handy for little stuff with their children.