Monday, October 15, 2007

Downward Mobility for Multimillionaires

After a business owner accustomed to living on $3 million a year cashes out, how can he adjust to living on investment income of only $1 million a year?

According to the money issue of The New York Times Sunday Magazine, that's the sort of question that comes up at meetings of Tiger 21, the investment club/support group for men (mostly) with investable assets of $10 million or more.

Multimillionaires with angst seem to be in plentiful supply, the NY Times reports. Tiger 21 (the Investment Group for Enhanced Results in the 21st Century) now has "nine circles or groups of 12 members each based in New York, and there is one each in Palm Beach, Miami, Los Angeles, San Diego and the San Francisco Bay Area. Additional groups are being formed in New York, San Francisco, Palm Beach and Dallas."

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