The term jet set was coined in the 1950?s and was used to describe wealthy individuals who would ?jet? from city to city partaking in whatever luxuries the current locale could offer. The term still holds true today but perhaps in a different form as high net worth individuals take more of a personalized role in managing their businesses and careers leaving precious little time for anything else.
One of the most important commodities for affluent individuals is time. With the adoption of technology and our ?always on call? society, those with considerable assets are finding it more difficult to put in the time needed to handle or manage their more complex affairs.
The accumulation of assets is definitely a positive result of hard work, but like anything worth money, high value assets require time and consideration to keep up their values. Assets such as yachts, private jets, vintage cars and even artwork cannot just be purchased and ignored. Time and resources must be allocated to managing and enhancing such assets and wealthy individuals just don?t have the time to effectively take care of appreciating non-financial assets.
Real estate has always been the backbone of many high net worth portfolios but also has the highest maintenance obligations. Concerns such as taxes and bylaws and all the way down to landscaping can represent the biggest time black hole to their owners. When time is money, there just isn?t any resources available when you have your own ?empire? to buil...