When it comes to making money, it is clear that billionaires have what it takes to get it done. Hard work, a knack for smart investing, the ability to take risks, and a whole lot of dedication are all qualities that contribute to financial success, but does that mean there is no time left for simply having fun?
While hobbies for billionaires differ greatly from average income earners, they are just as passionate about their interests and causes. They have more options, however, since money is no object. So, what are some of the top billionaire hobbies?
Going Above and Beyond
- Collecting: Many affluent people become passionate about building a collection of rare art pieces, such as Leonardo da Vinci, whose Salvator Mundi sold for $450 million several years back. Others choose to amass highly valued bottles of wine; a 1992 Screaming Eagle Cabernet fetched $500,000 at auction.
Some wealthy individuals take it a step further, like Frances Ford Coppola and Brad Pitt, both of whom own or have owned their own wineries. Watches and cars are also popular collectors’ items. Jay Leno and Jerry Seinfeld are both known for their one-of-a-kind car collections.
- Sports: Exercise is good for mind, body, and soul, but we are not talking about playing a pick-up game of basketball at the neighborhood park. The ultra-rich gravitate toward elite and expensive sports, such as polo and horse racing, which may involve buying a well-trained thoroughbred horse.
Yachting is another popular pastime, coming with the hefty price of building and maintaining a private yacht. Golfing is a favorite among folks of all walks of life, but belonging to exclusive clubs, perhaps frequented by the likes of Bill Murray and Michael Jordan, can run you in the hundreds of thousands per year.
- Aviation: High net worth individuals, like celebrities, do not generally fly commercial airlines. Some develop such a passion for aviation that they obtain their private pilot’s license and even own their own plane. Even bigger than standard aviation, there is the newest frontier, space travel. Talk about every kid’s dream.
Having Fun While Fully Protected
Ultra-high net worth individuals have more options than most when it comes to choosing how to spend their free time, and protecting what they have worked so hard for is a critical piece of the puzzle in order to pass on those same privileges to their families. This is accomplished through careful and safe legacy planning, part of which may include premium financed life insurance (PFLI). PFLI addresses big ticket items like business, inheritance, and capital gains taxes for the heirs.
Questions? Contact Jeffrey M. Verdon Law Group, LLP for information on legacy planning and securing your wealth for the next generation.