Quote Originally Posted by unknownk View Post
I don't know anybody with $10M in stock that actually worked for it (outside of some celebrities), most people with that kind of money inherited it or sold a family business and parked it there.
If you go to the San Francisco Bay Area, you will find lots of people worth $10 million or more who work for tech companies such as Facebook, Square, and Twilio (but NOT GoPro and a few others) and they got that level of net worth due often times to the value of their stock options.



I've personally spoken with some of these people, often from their late 20's to early 30's. Many of them were in school or too young to intimately remember the great recession. I remember one who had probably 95% or more of their net worth tied up in company stock. He wouldn't flinch about spending $2-3 million for a pretty small house. I remember several of these people felt invincible. It reminded me of Leonardo DiCaprio shouting "I'm on top of the world!" in the movie Titanic. We all know what happened shortly after he shouted that.

I tried to explain a bit about diversifying, learning about stock options such as collars to reduce risk, and the person in his 20's worth over $10M was like "Yeah, whatever..." Some day they will get hurt and will have nobody to blame but the person in the mirror who looks just like them.

It's funny- I would think someone in the Bay Area would know that some tech stocks haven't done well for long stretches (like GoPro mentioned above). You would think that would make them wise up a bit, but NOOOOOOOOO (as Steve Martin used to say).