103: The 5 Money Mindset Secrets of the Ultra High Net Worth

(0:00) The millionaire club just exploded from 2020 to 2023. (0:06) The amount of millionaires in the United States doubled. (0:10) Yes, doubled to 22 million people and it's tech and tech compensation (0:15) that's leading the charge.

(0:17) In 2025, tech companies are projected to pay over 40 billion in restricted (0:22) share units, and this is just public technology companies. (0:26) But here's the kicker. (0:27) Nobody is teaching these new tech millionaires how to manage their money.

(0:33) They've got equity, income, and opportunity, but they've got no roadmap, (0:38) no system, and no strategy. (0:41) For you, it is time to stop playing defense. (0:44) You didn't earn your money to just hand it over to somebody else.

(0:48) So whether you're a tech professional, a founder, or an executive, today, I am (0:53) going to give you the five money mindset secrets of the ultra high net worth. (0:58) Welcome to the era of the portfolio CEO. (1:01) Let's go.

(1:08) Hello, welcome to Managing Tech Millions. (1:10) My name is Christopher Nelson. (1:11) I am your host and welcome.

(1:13) This is episode number one of a foundation series. (1:16) Over the next number of episodes, I am going to ensure that you, the tech (1:21) millionaire, the new tech millionaire, who've just come into your wealth, you (1:25) can actually understand some core concepts and principles to be able to start (1:30) transitioning from money maker to money manager. (1:33) There's a core foundation that you need to understand, and it's important here at (1:38) Managing Tech Millions that we give that to you.

(1:41) So today we're going to talk about the five money mindset (1:46) secrets of the ultra high net worth. (1:49) Now, I know whenever you hear the word secret, it may sound like click bait. (1:53) It may sound like, oh, they're trying to bring me in just to tell (1:57) me something that I already know.

(1:59) And I don't believe that that's the case here. (2:01) I use that word very intentionally because of the fact that when I was trying to (2:06) understand this in my journey from tech millionaire to managing my business as a (2:13) wealth management company and building my micro family office, these things (2:17) were not readily available. (2:18) I had to go search them out.

(2:19) And this is from conversations with ultra high net worth individuals with family (2:25) office, chief information, chief investment officers, and others that I (2:29) was able to discover. (2:31) So this is what I want to share with you today. (2:33) So let's get back to the problem statement, right? (2:38) Millionaires in the United States are growing.

(2:41) It's great news. (2:42) Hard work is paying off. (2:44) People are able to grow their wealth and especially work for tech equity.

(2:48) Equity compensation is the third way that you can actually get equity, which (2:54) is trading your time and talent for it. (2:57) But here is the challenging news: only one in three millionaires in the United (3:06) States actually feel wealthy despite their financial status. Over (3:12) less than half believe that their financial plan needs improvement. (3:16) This goes to the fact that they have worked so hard to get here, but they (3:23) don't understand or have the tool sets to get to where they're actually (3:27) managing and on top of their money and helping it work for them.

(3:31) So that's what we're going to dig into today. I want to ask you the (3:34) question, what differentiates the people who are ultra high net worth? (3:41) That means $30 million net worth and above. (3:44) What differentiates them and their ability to maintain and grow their (3:49) wealth from the newly wealthy? (3:54) What's the difference? (3:56) Well, the first step in understanding any type of difference is you (4:01) always want to look at the mindset. (4:04) How do they think differently about their wealth? (4:08) How have they been taught to think differently? (4:10) How have they learned to think differently versus what we are (4:14) taught and what we are shown? (4:17) Like many of you, I did not come from a wealthy upbringing.

(4:21) I came from middle middle-class America. (4:24) Mom was a school teacher. (4:26) Dad worked in agricultural construction as a project manager.

(4:30) So when all of a sudden I came into wealth going through my first IPO in 2012, I had (4:37) to start learning and understanding how the ultra wealthy think differently so (4:43) that then I could start acting differently and also understand what else did I need (4:48) to learn to be able to start managing my money differently? (4:52) So this episode is going to dive into the five. (4:56) Key secrets or principles, call them whatever you want that guide the ultra (5:02) high net worth in the way that they think about their wealth. (5:05) And if you listen to each one, understand what it means, this is going to open your (5:11) eyes and be a little bit of a red pill moment, right? (5:15) Morpheus, red pill, blue pill, where you're going to now start understanding why they (5:21) think that way and how it actually then changes what they're doing in their day to (5:26) day.

(5:26) Because I believe that when you get this mindset, it's going to give you clarity and (5:31) that clarity is then going to give you confidence to then take moves and start (5:37) managing your money. (5:38) So let's dig into number one. (5:41) So the number one secret of the ultra wealthy is that they give their wealth a (5:48) multiple generational mission and also structure.

(5:53) What did he say? (5:54) Yeah, let me repeat that. (5:56) They look at their wealth and they think to themselves, I am building something that is (6:02) going to last for multiple generations and they also give it a structure. (6:07) It's called an evergreen structure that allows it to continue to provide income to (6:14) the family and grow for multiple generations.

(6:17) That is number one. (6:19) So when you think about that, setting that intention, my wealth is not just going to (6:25) be some type of a storehouse that I'm building for this generation. (6:29) I'm going to draw it down and then give whatever's left to my heirs, but I'm (6:36) actually building something for multiple generations.

(6:40) When you build something with that intent, you're going to then structure it (6:45) differently. (6:46) Again, the evergreen portfolio, this is where they actually ensure that all of (6:54) their assets are divided between growth, where the intention is for it to grow, and (7:01) then the other asset where its job is to provide income. (7:06) This is very different than a traditional drawdown portfolio where it is in growth (7:13) assets and then when it's time for the generation one to retire or work less, (7:20) they're drawing down off of it and ultimately they're trying to exit this (7:27) mortal coil, they're trying to die before they run out of money and whatever's left (7:30) they pass it on.

(7:32) Those are two totally different mindsets. (7:35) It's important that you understand and it's also that they're choosing a different (7:38) structure for their portfolio. (7:41) That is really important to understand.

(7:43) It's also important to understand that this is so critical to what they're doing (7:49) that they document this. (7:51) They actually create an artifact called a legacy statement. (7:56) A legacy statement is a document that is a key part of an investment thesis that is (8:03) used by ultra high net worth families to write down the intention for this (8:09) generation that created this wealth and started this family business, this (8:13) business to put their principles of how they want the money managed.

(8:20) It's also to document what they want it used for, right? (8:24) They want it used to, you know, create impact in the world. (8:28) They want to use it for contribution. (8:31) They want to de-incentivize consumption.

(8:35) They define the purpose for their wealth and its intention for the family and the (8:40) community. (8:41) This is then complimented by this portfolio thesis that then is, really sort of (8:47) enacts the evergreen portfolio structure and how do they want it structured to (8:53) again, last multiple generations. (8:55) Sit on that for a moment because when you think that through, you will reflect on (9:02) the fact that what, what we're being taught and what comes up from middle-class (9:07) America is, you know, in middle-class earnings and mindset is we want to build (9:15) wealth that can create a number of years of retirement for us and we will then grow (9:23) it, we will draw it down and then we will, whatever's left over, we will give to our (9:28) children good luck versus I have built this wealth.

(9:35) I want to now create a construct that will last for multiple generations. (9:41) I want to document what it, what, what are my beliefs? (9:46) What are my principles? (9:47) What is my intention for this wealth in a legacy statement? (9:53) And then I write out a, you know, portfolio thesis, an investment thesis (9:58) says, here's how I want it structured so that I can meet these particular goals. (10:03) Two different ways of thinking, two different intentions.

(10:09) That's so important to understand when considering the, you know, when you're (10:15) thinking about what is the mindset of the, the ultra high net worth and what's (10:18) sort of a middle-class mindset because the new millionaire needs to be (10:22) moving in that other direction. (10:25) So that is the secret number one. (10:28) Here is secret number two.

(10:30) You are the CEO of your portfolio. (10:34) That is what the ultra high net worth people believe. (10:37) That is so different from what we are taught and, and brought (10:42) up from a middle-class mindset.

(10:44) Let me break this down for you. (10:46) This is the difference between owning the outcome and outsourcing the outcome. (10:52) And this is a huge difference.

(10:53) And this is where you need to cross this chasm. (10:57) If you want your money to work for you, I can't say this enough. (11:01) So middle-class mindset, I am so focused on creating and generating (11:06) income that I give the decisions of my, of how I'm investing to a financial (11:14) advisor, wealth advisor, and I give them all my money and they make all the (11:18) decisions, what I usually do as the middle-class mindset is then I'm the (11:24) bookkeeper, I do my books, maybe I even do my own taxes, but I do all of the (11:30) lower level functions of a wealth management organization.

(11:34) And then I go and I sit quarterly or every year in front of this person. (11:39) Who's going to then from up on high say, here's what we're doing. (11:42) Here's what we're not going to do.

(11:44) Uh-huh. (11:44) Uh-huh. (11:45) I had the middle-class mindset that does not have vision and does not drive it.

(11:50) Whereas the ultra wealthy, the ultra high net worth, they are the CEO. (11:56) And what I'm, what I'm saying is that they don't do this by themselves. (12:01) They go in, they find specialists that they will intentionally hire the same (12:06) way that you would hire an employee.

(12:08) You would go in, interview people. (12:11) You would have a criteria of what you're looking for. (12:14) You would then gauge performance.

(12:15) If they're performing well, great. (12:18) You may even want to incent them to perform better. (12:21) If they're not performing well, you would fire them, right? (12:25) So this is the difference, right? (12:27) Is as when you adopt the CEO mentality of the ultra high net worth, you're going to (12:32) set the mission and vision for your wealth, defining the goals and the directions.

(12:39) You're also going to then direct this hiring of the resources and you're going (12:45) to be providing them these goals. (12:47) Hey, to my, you know, tax strategist, I provide goals of how much I want (12:54) to prevent paying this year. (12:56) I want to go every year.

(12:57) I want to try and decrease my tax exposure by three to 5%. (13:02) Am I going to be on course? (13:04) Can we work together and, and, and get that strategy achieved as the CEO? (13:09) I'm driving for that. (13:11) If all of a sudden they're missing the target by 1%, okay.

(13:17) How do we get back in range? (13:18) Help me understand what's feasible. (13:20) Let me make sure that I'm talking with other vendors so that I can (13:24) understand, am I working with the team that understands these concepts and is (13:28) pushing the boundaries so that I can actually achieve my goals or not? (13:34) Or if I'm continuing to miss my goals and I'm not achieving what I want and getting (13:38) the answers, what I want, then I need to be looking for other providers and (13:44) then be able to transition to them. (13:47) That's the CEO mindset of where you're directing resources (13:51) and you're building a business.

(13:54) You're evaluating, you're hiring, and sometimes you're firing those partners. (14:01) You need to be asking yourself right now, am I partnered with the right team that (14:07) is going to help me grow and scale this wealth? (14:09) I think the other thing a CEO is, is working with partners that are there (14:13) to educate you and make you better. (14:16) Do you think that some of the CEOs that we know, think of Bill Gates, Jeff (14:22) Bezos, even Mark Zuckerberg, these CEOs that were founders, they had to surround (14:29) themselves with people and partners that were helping them become better because (14:35) otherwise they would not be able to evolve.

(14:38) They were in a constant state of learning. (14:40) If you are partnered with a wealth manager that wants to keep all the (14:45) knowledge and is not empowering you to make more decisions yourself, then you (14:51) need to ask yourself the question, who are you partnered with? (14:54) Are you partnered with somebody who wants to enable you to be (14:57) the CEO of your wealth or not? (14:59) I'll tell you a funny story. (15:01) I, a couple of weeks ago, I was expecting a phone call, uh, from (15:05) somebody that was not in my network.

(15:07) And I had my phone off, do not disturb. (15:09) And the call came through and it turned out to be a cold call (15:13) from a wealth management company. (15:15) And, you know, here we are in 2025.

(15:18) And they were saying, there's a lot of Splunk employees that are concerned (15:21) with what's going on and how they're managing their wealth. (15:25) How are you feeling? (15:26) And I said, you know, I feel pretty confident about what's (15:30) going on and what I'm doing. (15:31) And they asked if I needed help.

(15:33) So I quickly turned and pivoted and I said, well, you know, I presently do not (15:37) work with a wealth manager right now, but my question to you is if I worked (15:44) with you, would you be willing to be my VP of investments that would be held. (15:49) Responsible for some different goals and targets. (15:52) Or do you want to be the CEO? (15:54) Because I just want to let you know, like I, my intention is (15:57) to be the CEO of my portfolio.

(16:00) Their answer was they would not be comfortable being the VP of my (16:05) investments and that they were most comfortable being the CEO. (16:08) Then it was simple. (16:09) I just said, Hey, looks like this isn't a great fit.

(16:12) I'm moving on. (16:14) Not that I had any intention of subscribing to that in the first place, but these are (16:19) the questions that you need to be asking. (16:22) Who is going to help you grow and become a CEO of your portfolio and manage your (16:30) wealth versus who wants control of your wealth so that they can make millions off (16:37) your millions and they're not incented, whether you succeed or fail.

(16:42) Are there any disincentives? (16:45) If you have a traditional wealth manager assets under management and your stock (16:49) portfolio is doing a nosedive and they're not doing any active management, any (16:53) hedging, what, what happens? (16:56) Do they get any disincentives? (16:58) Ask yourself that question. (17:00) This is really important because the ultra wealthy CEO of my portfolio, my wealth (17:06) has targets and I need to make sure that I'm surrounding myself with a team. (17:12) Then incentives are aligned to help me grow this thing and align to my vision (17:16) that I created in secret.

(17:18) Number one, middle-class mindset is I'm outsourcing it. (17:22) And this is just going to be for a single generation. (17:25) So let me just get to my retirement.

(17:28) Two different mindsets, two different results. (17:32) Hey, before I get to number three. (17:34) I just wanted to let you know that I do run masterclasses.

(17:39) I do teach people how to actually build an investment thesis. (17:44) If this is something that you're interested in, just go to wealth ops.live. (17:50) If you go to wealth ops.live, you will be able to see when is our next scheduled (17:54) course, you will be able to put in an application and, you know, ultimately (17:59) it is so important for me that you truly understand how do you take this (18:03) knowledge and how do you actually put it into work and create an investment (18:08) thesis in the current masterclass. (18:11) We do a two day live session interactive where you learn, how do you (18:16) actually build an investment thesis? (18:18) And part of that is writing your legacy statement.

(18:21) So if that is something you're interested in, wealth ops.live, (18:24) go there and apply now. (18:27) Thank you. (18:28) Okay, here we go.

(18:30) Secret number three is that the ultra wealthy think outside of the stocks. (18:37) They think outside of traditional investments, meaning that they embrace (18:42) a very strategic and diversified asset allocation because the reality is (18:49) traditional investments, traditional investments are comprised of stocks, (18:53) bonds, REITs, certificates of deposit, CDs, your bank accounts, anything that (18:59) is managed by the SEC traditional investment, once you get outside of that, (19:05) you have alternative investments, or you also can have like hard assets, (19:09) like silver, gold, real estate, or you have private equity, right? (19:14) Which is private investments that essentially are to invest in a way that (19:20) stay outside the purview of the SEC. (19:23) And there's obviously a lot more risk there, but when you're managing a (19:27) multimillion dollar portfolio, you need to look beyond the traditional assets.

(19:32) If you want to unlock the strategy of the ultra high net worth. (19:38) Middle-class investors. (19:39) Let's talk about this middle-class investors really focus on what's (19:43) called the traditional portfolio, which is a portfolio that's composed (19:47) mostly of stocks, generally speaking, it's going to be, uh, what is it? (19:53) 60, 30, 10.

(19:55) So 60% gross stocks, 30% bonds, 10% cash or cash equivalent. (20:02) That is going to then give them a hundred percent, 60, 30, (20:05) 10 of that type of portfolio. (20:08) And the reason is, and there's nothing wrong with that, right? (20:11) Trying to grow a portfolio like that.

(20:13) That's what my portfolio was structured like until I exceeded, you (20:18) know, a million dollars net worth. (20:19) Then all of a sudden I realized, okay, now it's time for me to start (20:23) diversifying. (20:23) So I'm not trying to say there's anything wrong with that.

(20:26) I believe that that serves a purpose. (20:28) I believe that there's a way to, uh, reduce risk and grow that strategically. (20:34) But once you pass that, if you do want to think like the ultra wealthy, you (20:39) want to manage your millions.

(20:40) So they work for you. (20:42) It's important that you start looking outside of the stocks. (20:46) So what did I do? (20:47) Here is a real practical example of what you can do to start getting educated.

(20:54) I went to tiger 21.com tiger 21 is a private organization of people that have (21:04) $20 million net worth and above. (21:07) And what tiger 21 does is they bring people into smaller communities (21:11) to manage their assets together. (21:14) Quarterly, they will produce an asset allocation where they just have a high level (21:20) grouping of all of their members, where they're asked to allocate assets.

(21:25) And, um, when I first pulled this report, I was sort of like, whoa, taking (21:31) a back because how much do you think was allocated towards public equities or (21:35) stocks at that point, you know, in like 2013, it was around 27%. (21:42) So you could roughly say like, that's a quarter of the pie. (21:45) Then there was another quarter that was real estate.

(21:48) There was another quarter that was private equity, private investments. (21:52) Then there was a quarter that was sort of a mix between, I would say, you know, (21:56) commodities, you know, uh, silver gold, you know, sort of these very low risk, (22:03) long held assets, and then your venture capital, your hedge funds, your (22:07) really high octane investments. (22:09) That was my moment where I realized like, wow, like they are structuring (22:14) their portfolio very differently than we are here in sort of this middle-class (22:21) mindset and that opened my eyes that said, if I want their results, not only (22:28) do I need to be thinking differently about my mindset of how do I think (22:32) differently, but I need to open my mind and be open to different types of (22:37) investments.

(22:39) So they are the, why do they make these changes? (22:43) Why are they selecting these different types of assets? (22:46) Well, number one is non-correlation, right? (22:50) When the stock market goes down, other assets can increase in value. (22:54) Stock market's going down. (22:55) Oh, gold and silver are going up.

(22:58) Stock market's going down. (22:59) Real estate is going up. (23:01) Hard assets are going up, you know, stock market's going down.

(23:04) Income is staying the same. (23:06) Like I'm getting good, still rental income from, from the different properties. (23:12) So this is where it's really important to understand that thinking outside the (23:17) stocks isn't just because they can.

(23:22) This all aligns to a thought process and a way of thinking that starts with the (23:28) multi-generational vision to being the CEO of their portfolio, to then having a (23:34) larger strategic and diverse investment mandate. (23:38) So that is secret number three. (23:41) Let's jump into secret number four right now.

(23:43) So secret number four is they build a specialized team to scale. (23:50) They're thinking about a team and they're thinking about a scale, scaling (23:54) their business, scaling their wealth business. (23:57) So when you think about the middle-class mindset, it's all about doing it yourself.

(24:03) DIY. (24:05) And how do I lower my costs? (24:07) How do I pay less for services? (24:10) Well, as you start growing and scaling your wealth, what can happen (24:14) is you are preventing growth. (24:17) You're actually, you're, you're reaching.

(24:20) And I know plenty of technology employees today who are sitting on a lot (24:27) of stock in one particular, you know, company. (24:32) So they have one, their company they're working for, they're holding a lot of (24:35) stock, they actually just are very much locked into traditional investments. (24:40) And they don't understand how to actually get this to cash (24:43) effectively and in a smart way.

(24:46) And generally speaking, I'll talk to them and I'll say, well, (24:49) I'm still doing my taxes myself. (24:51) And one of the things that unlocked for me is, is starting to work with a tax (24:55) strategist who put me on a multi-year plan and then also opened my eyes to how (25:01) can I, how can I combine that with ways that I invest so that I can start (25:06) diversifying out of the stock market and getting different assets that (25:11) create much more tax efficiency. (25:13) And this was one of the things that really propelled my portfolio forward (25:19) was being able to get a level of expertise that I didn't have, (25:23) that I didn't even understand.

(25:26) So DIY lower cost versus when you think about the ultra high net worth is they're (25:32) looking for strategic partners. (25:34) They may be willing to pay up. (25:36) I may pay a little bit more than I would before, but I also am going to (25:40) hold them accountable for results.

(25:43) We're going to align on goals and incentives that are going to help me grow. (25:49) This is a growth mindset versus a defensive mindset, right? (25:55) When you think about business in general, what they'll say is you can only trim (26:00) out of the bottom line before you may start eroding the business. (26:05) The real effective thing is to grow the top line, right? (26:10) And so focusing on yourself and investing entities, but also investing with people that (26:16) allow you to keep more dollars and move that forward or be more efficient in what (26:21) you're doing and where you can be spending the time.

(26:25) Because this all goes into the structure of your company, where do you want to (26:29) be spending and doing the time? (26:30) Are you the best tax resource? (26:31) Are you the best accounting resource? (26:34) Or should you be the chief investment officer? (26:37) It's a choice for you to make, but you can also get these experts, you're (26:43) leveraging their expertise and what that often does, it often saves you time. (26:48) So it's saving you money because you're bringing smarter people in the room that (26:53) are helping educate you that are helping move things forward a lot faster. (26:57) Also, when you're dealing with a different level of professionals, they can be (27:01) bringing you strategies that you've never thought of before strategies that are (27:08) leveraged by more ultra wealthy clients.

(27:11) This again is something that I realized as I've leveled up in asset protection and (27:17) estate planning is thinking about things in a much different way that is going to (27:23) allow to save money in the transition to the next generation, or can be, uh, you (27:30) know, saving me time, effort, and heartache in the way that I'm structuring (27:33) my assets for protection today. (27:35) All of these services, you want to align with some type of a return on investment, (27:39) getting clear on what you're going to get out of it, getting clear on you're making (27:44) an investment into a partnership that you want to see benefits coming back to your (27:48) portfolio business that you're ultimately growing all of this as well. (27:53) Right.

(27:53) Is, is thinking too, are you partnering with partners that have some level of (27:59) failover and redundancy in their, in your business or not? (28:02) I know I tell the story of, we had a phenomenal tech strategist that had (28:07) saved us hundreds of thousands of dollars over the years. (28:10) But then as we were working with her, we realized, oh, uh, she's getting ready to (28:16) retire. (28:17) So we went then on a search to find our next tech strategist that we then made (28:24) sure that we transitioned from her before she retired, because we wanted to make (28:30) sure that we were working with a company that could grow in scale with us as well.

(28:35) And that's why when we chose the next company, it wasn't just a single provider, (28:38) but actually a company that could provide those services. (28:42) So secret number four is again, this building a specialized team to scale. (28:48) So you're running a business, you want to scale a specialized team versus, you know, (28:54) just always DIY and trying to cut expenses.

(28:57) The next one is a big one. (28:59) Let's jump to number five right now. (29:01) Okay.

(29:02) Here we are fifth in the final secret. (29:04) And this one, this one's a big one. (29:07) This was arguably like the biggest one that we have.

(29:10) And you know, could it have been five and six? (29:13) I don't know. (29:14) Tell me if you think it should have been five and six, but secret number five is (29:18) you adopt a proactive business mindset and build it in a community. (29:25) You do that with others.

(29:28) So let's contrast it again. (29:30) Let's contrast. (29:31) What are we taught? (29:31) We're taught to, Oh, don't talk about money.

(29:35) I was taught that like at the dinner table, like don't know. (29:38) No, no, don't. (29:39) You might know that somebody had money, had wealth.

(29:42) And if you were curious about how they made it or what they were doing with it, (29:46) like we, no, don't ask, don't talk about it. (29:49) Well, how are we supposed to learn? (29:51) The other thing is I always saw and witnessed like, Oh, like it's the end of (29:56) the year, let's rush to do taxes Or, Oh, we got a rush too, we got to meet with the financial advisor. Oh, it's taking time out of our day.

Right. Those are the types of things that are going to keep you where you are. Like, if you really want to grow and scale your wealth, you're number one, thinking about your wealth as a business.

This is something for me that it's switched, you know, a couple years after the first IPO, as I realized, wait a second, I have got these multiple millions of dollars that are little workers that if I can put them to work. You know, this is what I learned from Robert Kiyosaki. And then I had to figure out how to build the structure of a micro family office around it.

But it's if I can put them to work and I'm managing them the same way I'm managing employees. What are you working on now? What should you be working on next? How do I set you up for success? How do I surround you with a team that is moving you forward? How do I, as the CEO, set the business plans the same way I did as a director and VP.  I set plans for my organization.

I rolled up plans. How do I set KPIs and goals and targets that I want them to hit? If we didn't hit it, why not? Okay. Let's document that and understand what were the lessons learned? What do we do differently next time? And then how do I do that in a community? How do I share, Hey, here's what I'm doing.

You know, I, Hey, I, you know, came out of the gate hot, invested a lot in multifamily. It went well for a few years.Then all of a sudden assets got overpriced.

Hey, there's no income there. Oh, what are you doing? Oh, I'm looking at self storage and mobile home parks.Oh, I'm going to do the same thing.

And, you know, then I start talking to other people. Oh, there's, you know, debt and credit funds.There's, you know, industrial, there's all these other asset classes out there.

You know, I'm still talking about what people are doing in the stock market? Oh, many people are, um, you know, creating smaller portfolios that have different intentions.  So I have my index portfolio.Oh, no, I have a really high octane portfolio where I'm getting into new tech companies, et cetera.

But this is where I'm able to advance my business because I'm out here talking about it with people. And I also have a mindset that says I'm owning my business. All of this is also surrounded by, when you think about a business as having standardized structures and processes, this is exactly why I built WealthOps to be the framework for how people run a micro-family office so that you don't have to go reinvent that.

You can go pull that off the shelf and go, okay, got it. WealthOps. Here's how I actually run a micro-family office.

Community allows us to grow from others' experiences, get introductions. And many of us can learn from, um, you know, what education did other people take or, or read or get that helped them move forward faster, right? All of these things are accelerators versus the reactive mindset of, oh, wow, this is a headache. I'm going to react to this.

I'm not going to think about this. And you can see that the mindset all cascades, right? When you're not the CEO, when somebody else is the CEO, then you're, you know, you're a, you know, senior director in your day job, but then you go and you're like, oh, I'm the bookkeeper for my, you know, for my financial advisor. And I'm not good.

I didn't do the bookkeeping. Well, it's probably because you're not a bookkeeper. You're not a good bookkeeper, right? This is where I tell people that, you know, the mindset has shifted for somebody when they say, I am going to start getting a bookkeeper to do my bookkeeping and I am going to become the CEO of my portfolio.

And I want to see the reports. I don't want to be in the QuickBooks.I want to be seeing the reports and understanding what's happening. That's when the mindset shifts. And the power of community is when you're around other people doing the same thing. This is why they've created organizations like Tiger 21.

This is why I'm building out the WealthOps Collective to be a community of micro family offices, managing their money together. So number five, you are adopting this proactive business oriented mindset.And you're doing that in a community that is going to be different than what you did before.

Let me roll this all up to you and sort of give you some final thoughts. Okay. Let's recap real quick.

Let's go through these five secrets or principles, whatever you, however you want to think about them in the ultra high net worth money mindset. How do they think about money differently? Number one is they put their money on a generational mission and they structure the portfolio accordingly. They're saying my money is here for multiple generations.

I'm building a portfolio evergreen. So it will be there for my family. Number two, they are the CEOs of their portfolio.

Don't, don't get it mistaken. They are the CEO. They set the mission mission.

They set the vision and they set the goals and they hold people accountable, just like a great CEO would do.Number three, they think outside of the stocks. They embrace a strategic and diverse asset allocation that is going to help them achieve their goals.

Number four, they build a specialized team to scale. They're not DIY. They are strategically building a team that is going to allow them to scale their wealth more than they could ever could by themselves.

Number five, they're adopting a proactive business oriented mindset and executing this in a community. Let that sink in. This is your red pill moment.

Like now you see it. And I remember getting off of one of my masterclasses. I was in a feedback call and I was talking with a woman, senior director, and technology executive.

And she said, I never thought that I could be the CEO of my wealth, but that's right. That is the right way to think about it if I need to be the CEO. I have to set the vision because if ultimately you want your money to work for you to achieve the lifestyle that you have envisioned for yourself, nobody else is going to do that for you.

Nobody else is going to do that for you at this level of one to $30 million net worth. It's a service desert there. You're either going to go get an off the shelf growth portfolio that won't have any income and will leave you wanting for more, or you're going to potentially pay up for something that, you know, you ultimately can't afford, but in this zone, you need to be that portfolio.

And it starts with understanding this mindset. Ultimately, these strategies are implemented and deployed inside of family offices, family offices, where there's a structure, a business structure that's created around your wealth to allow you to scale it and grow it, thinking of it like a business and also building it. So that is something that can be passed on to the next generation, not as a collection of loose investments, but a business with a plan, a cadence and an organization around it, that's easy for somebody to come in and manage.

Here's what I want for you to do today.I want you to sit back and think, is this something that you want? Because you do need to want this. There will be work that will need to be focused and you will be ultimately uncomfortable. But I'm also here to tell you, as somebody who has done this, is doing this, is that when you ultimately unlock your lifestyle and you're able to get the things out of your life that you truly enjoy, and you're able to graduate to this impact level of your life, where you can work on passion projects and build those around your life. You are going to truly be grateful for everything that you have. And I do know that grateful people are very happy.

So again, this was episode one of the foundational series, and it's so important that we get the mindset.Next week, I'm going to be talking about the micro family office and describing to you what it is because the micro family office is really, when you are ready to adopt this mindset, the next thing is you want to know and understand what it is to create, build and run a micro family office.That'll be next week.

My name is Christopher Nelson. I hope that you enjoyed that today. And if you want to hear more, if you go to managing tech, millions.com, I'm on sub stack. You can subscribe to the podcast there. You can also subscribe to the newsletter there and we will definitely be seeing you next week. Thank you.