Ever meet someone who has more money than he knows what to do with? You know the type. He hasn't even counted it as yet because it would take a lifetime? No? I didn't either until a recent wedding put me next to this chap at dinner.

Now, the first thing I noticed is that he was rather young, no more than 35. I don't know how we got to how much money he has but a guy at the other end of the table knew him and opened the door with something to do with the market…that's the financial market, not the one dealing with artichokes.

So, I look at this guy closely. Seems rather likeable, nothing ostentatious about his dress. Of course, we are all in formal attire and with men, how showy can you really get? There's the basic black garb and the choice of a tie, or button, and a cummerbund or vest. Doesn't really get anymore exotic than that.

I was really interested in who his financial advisor was and exactly how much authority that advisor had. What I found was that this guy didn't have simply one advisor; he had a whole army from his financial institution to his stockbroker to his bond maven to his CPA (actually, it was a huge firm) to his lawyer, and on and on it went.

Apparently, he made his money in computers (so, what else is new?) and even had a dot-com company once, but his advisors were swift enough to get him to squirrel shekels away and to move investments into lucrative and safe places. The guy really didn't know how much he had and even where his investments were.

"I put them in the hands of my people. I trust them and they haven't steered me wrong yet."

My eyebrows shot up. Yet? And what happens if something goes amuck and you wind up getting embezzled? Where will that leave you, I wondered?

It seemed to me that this guy was playing some kind of financial roulette with his money. He was letting it ride with a bunch of people who were making decisions all over the lot. All he knew was that each month he was given a check for a certain amount (probably more than I make in 10 years) and he went on his merry way. The houses he had were all paid for (naturally), as were the cars and the country clubs. Actually, he didn't have to put his hand in his pocket for anything, which now dovetailed with what he told me at the coat checkout. "I never carry a wallet," he beamed.

He borrowed $2 from me for the coat check person. I don't expect to see it back. No wonder he has millions. Now, that's financial planning.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access