Feeling crappy about being loaded? Try “wealth peering.”
WSJ: When it comes to advice on their lives and money, the rich trust one source above all others: each other. That’s why wealth peering – a kind group therapy for the rich, where similarly wealthy investors meet regularly to swap investing and life tips — has been so successful.
Now, a California entrepreneur is taking the wealth-peering group to a new level.
Entrepreneur Frank Kavanaugh is teaming up with UC Irvine’s Paul Merage School of Business to launch “Prosperitas,” a wealth-peering group with a college feel. Rather than inviting speakers to pitch products or having members opine on their alpha, the group will ponder the bigger questions of wealth. As in, what is money for? How much is too much? And how can I raise responsible and thoughtful children amidst large wealth?
“I didn’t want to just focus on finances,” Mr. Kavanaugh says. “I wanted it to be more like in college, when you’d stay up all night talking with your friends about bigger stuff. I wanted to create a place to discuss ideas that could threaten the basic concepts of what we believe.”
He added that the group would benefit from the energy and inspiration of the students at UC Irvine.
So basically it’s camp for rich people. Um, is this for the people not already invited to Bohemian Grove?
Members will meet about 10 to 12 times a year. And the group will also host events, like lectures and behind-the-scenes looks at UC Irvine research.
How pumped is UC Irvine to get all these in-love-with-themselves rich guys to come on campus and potentially donate?
Prosperitas will be small — somewhere between 10 and 20 people — and it has already signed up the first five members. “Anything larger and you lose that intimate feel,” Mr. Kavanaugh says. Later, Prosperitas may expand to other UC locations.
Most importantly, Mr. Kavanaugh says, the group will be a no-sell zone, meaning product sales are banned and its speakers will talk about broader questions of investing and living with wealth. The group will also probe the university’s research into philanthropic issues like poverty, education and health care.
Have to have some attempt at gravitas in there so people have something to tell their friends when they get home.
While there’s no hard and fast wealth threshold, Mr. Kavanaugh says that it will be “self-selecting” — meaning those worth less than $10 million will probably want to look elsewhere. The annual dues will be $25,000, with $24,000 of that being tax-deductible, since it will go to the university. (It’s being launched with the Merage School’s centre for Investment and Wealth Management).
More than wealth, however, the criterion for joining will be character. “We want entrepreneurial people. Smart people who have very different views of the world.”
Yep, the people who will part with $25K to talk about how rich they are. If I were a con man (woman) I’d go there in a second. This is an easily fleeced and earnest bunch.
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