Everyone Worries About Financial Hardship, Although Hardship May Be Different

Paul Sullivan, in Too Rich to Worry? Not in This Downturn, N.Y. Times, Oct. 2, 2009, writes that the wealthiest of the wealthy in the United States are learning, among other things, to keep cash on hand:

At a closed-door meeting of advisers to family offices — which serve families who typically are worth more than $500 million — I learned that the super-rich are just as concerned about the future as everyone else. 

. . .

“They are now looking at financial planning and things middle-class families live by,” Kathryn McCarthy, a leading adviser to wealthy families, including the Rockefellers, said at the gathering this week convened by Bessemer Trust.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.