How High Net Worth Individuals Invest and a Deep Dive on Alternative Assets

#87:  Tad Fallows, co-Founder of Long Angle, joins Chris to discuss the misconceptions of how high net worth investors spend and manage their money, whether they hire wealth managers and tax accountants, and how they might invest differently than conventional financial advice. They also do a deep dive on alternative assets and share their favorite house-buying hacks.Tad Fallows (@LongAngleHNW) is co-founder of Long Angle, a private online community of highly successful young entrepreneurs and executives. He also cofounded iLab Solutions LLC, a global leader in cloud-based laboratory management software, which Agilent Technologies acquired in 2016.Full show notes at: https://allthehacks.com/long-angle-tad-fallows Partner Deals goodr: Free shipping on $25 stylish and comfortable sunglassesRocket Money: Easily cancel your unused subscriptionsFabric: Affordable term life insurance for you and your familyMasterworks: Up to $200 in free shares + VIP access to skip the waitlist Selected Links From The EpisodeConnect with Tad Fallows: Twitter | LinkedIn | EmailLong Angle Website2022 Portfolio Allocation Benchmarking StudyfatFIRE subreddit Full Show NotesIntroduction to Tad Fallows  (00:00)The common misconception of how high-net-worth people spend and manage their money (01:49)How Long Angle, the global community for high-net-worth investors, was founded (03:01)What Tad has learned by talking to Long Angle members (05:21)Current (and potentially future) information available from the group  (08:46)Hiring wealth managers and tax accountants  (11:03)Benchmarking surveys (15:50)Trends regarding homeownership among the Long Angle group members (18:37)Why renting isn’t the worst thing in the world (20:45)Being aware of the economic environment when investing (22:39)Purchasing a home that has long been on the market, rebating commission, and other house-buying hacks (27:24)  Cash allocation and how the rich are investing differently than conventional financial advice (35:39)How the Long Angle communities invest in equities (more indices or individual stocks) (41:29)Characteristics of alternative investments (44:34)How the less liquidity of alternatives can be good and bad (46:16)The different classes of alternative investments (50:25)How to evaluate different alternative investments and who’s eligible to purchase them (63:13)What to for when deciding on an investment platform (1:08:08)How to find out more about Long Angle (1:16:53) PartnersFabricFabric by Gerber Life is where parents come to start their families' financial lives. They make life insurance easy with new lower prices that mean significant savings over other providers, like a million dollars in coverage for less than a dollar a day. With everything online, it takes less than 10 minutes to apply, and you could be offered coverage instantly, with no health exam required.It takes less than 10 minutes to apply and you could be offered coverage instantly, with no health exam require