Ready For Retirement Podcast: "$10M+ Net Worth Case Study: What to Do First"

Host: James Conole, CFP®
Guest: Ari Taublib, Chief Growth Officer at Root Financial
Date: October 11, 2025

Episode Overview

In this episode, James Conole and Ari Taublib dive into the challenges and opportunities faced by individuals and families with a net worth exceeding $10 million. Using a real-world-inspired case study, they break down practical initial steps for wealth management, key decision points around spending, investing, and legacy, and explore common emotional responses to sudden or inherited wealth. The conversation is informative but approachable, aiming to deliver insights both for those with significant assets and for listeners at other stages of their financial journey.

Key Discussion Points and Insights

1. Understanding the Ultra High Net Worth Landscape

• Defining "Ultra High Net Worth" ([00:42–01:19])
  • James and Ari open by discussing what it means to have a net worth over $10 million, referencing Fidelity's definition of "ultra high net worth" as $30 million or more in investable assets.
  • Notably, there were 147,000 ultra high net worth individuals in the US in 2023, contrasting listeners' guesses of far lower numbers.
    • "25,000 is a good guess, but according to Fidelity, you're off by about $100,000...fidelity says here in 2023 there were 147,000 individuals..." — Ari, 00:53

2. Case Study Introduction ([01:41–03:48])

• Ari presents a hypothetical couple with a $14 million net worth, comprised of retirement accounts, inherited stock (Apple and Amazon), and additional investments.
• Emphasizes listener feedback: Even those far from such wealth find value in these concepts, as strategies often scale to all asset levels.

3. Emotional Considerations Around Sudden or Inherited Wealth ([05:00–05:28])

• Ari discusses the "lucky sperm and egg club" and how emotional attachments to inherited assets can complicate decisions:
  • "If I were to just sell monster stock, I might feel maybe I've lost a little bit of my dad. Now we have financial conversations, but many of you will share with us transparently, I just can't sell that stock." — Ari, 05:00

4. The Central Question: How Much Should You Spend? ([05:58–07:48])

• The couple's financial plan projects an eventual portfolio of $70 million if they maintain modest spending, raising questions about purpose and intention versus just accumulation.

• Key theme: Maximizing net worth is not always the right measure. Instead, focus on experiencing and leveraging your wealth to support lifestyles and causes you care about.

  • “It’s not all just about spending and how much can you buy...but what it is about is what does this actually represent to you?” — James, 06:38

5. The Impact of Spending Choices & Investment Decisions ([07:13–11:16])

• Spending Scenarios:
  • $25,000/month ($300k/year) is "very comfortable;" doubling to $50,000/month ($600k/year) still leaves significant wealth at the end of life.
  • Yet, small changes in investment strategy or increased conservatism can cause massive difference (running out by age 75 in a preservation-heavy scenario).
• Investment Mix and Risk:
  • Stress testing is crucial. Projections depend on rates of return, inflation, and market assumptions.
    • “There is no guarantee that your specific investment mix is going to return a specific rate of return. There’s no guarantee that inflation is going to stay under a certain rate...” — James, 09:19
  • Compound interest continues to grow wealth substantially even at already high levels.
• Lifestyle Patterns:
  • Retirement spending is not linear; higher in early years, often declining with age.
    • “Not just for our clients, but I think for retirees and people. Well, as a whole, it is not the exact same every single month throughout retirement.” — James, 11:16

6. Planning for Experiences and Avoiding Regret ([13:16–14:37])

• Regret vs. Security:
  • Common fear among wealthy: "Will I run out?"
  • Equally important: Avoid missing out ("regret") by under-spending or not pursuing desired experiences.
    • “...they wake up one day when they're 85...and they say, oh my gosh, I now have $60 million in my portfolio. There's only so much I can do as an 86 year old, as an 87 year old with this money.” — James, 13:50

7. Rapid-Fire Questions: What Comes Next? ([14:37–15:34])

Ari and James run through a lightning round of the top questions for ultra high net worth individuals:

• How much conservative money should I have? Should I have a 60/40 portfolio?
• Should I invest purely for dividend income?
• Do Roth conversions make sense for me?
• How can/should I support my family and pass wealth on?
• Do I need a basic trust, or something more complex?
• Which tax strategies matter most now that I have $10M+?

8. Preview of Upcoming Episodes ([15:34–16:25])

• James teases further deep dives into tax strategies, investment strategies, and estate planning in future case-study episodes.

Notable Quotes & Memorable Moments

• “$25,000 a month is a lot of money, especially for someone who…saved [and] invested well…if we were to double this…to $50,000 a month…that’s $600,000 a year after taxes…33 million fewer dollars.” — Ari, 07:13
• “People are shocked at what…compound growth will continue to take that number…there’s only so much I can do as an 86 year old, as an 87 year old with this money. Sure, I’ve got some healthcare expenses, but man, I wish I could have spent this money in my 50s, in my 60s, in my 70s…” — James, 13:50
• “We want to make sure you understand…you need to plan for your retirement, nobody else’s. So the assumptions in here are key.” — Ari, 10:13
• “If I were to just sell monster stock, I might feel maybe I've lost a little bit of my dad.” — Ari, 05:00

Timestamps for Important Segments

• 00:53 – Number of ultra high net worth individuals in the U.S.
• 01:41 – Introduction to the $14M case study couple
• 05:00 – Emotional impact of inherited wealth
• 07:13 – How much can you spend—and implications
• 09:19 – The importance of assumptions and stress-testing investment plans
• 11:16 – Retirement spending is not static
• 13:16 – The risk of regret from under-spending
• 14:37 – Rapid-fire key questions for high net worth individuals
• 15:34 – Upcoming content preview

Conclusion

This episode provides an accessible yet detailed look at the critical first steps and dilemmas faced by those with—or expecting—a net worth in the $10M+ range. James and Ari balance technical insight with thoughtful commentary on the emotional side of wealth, repeatedly encouraging listeners to align planning with values, not just financial outcomes.

Their main advice:

“You need to plan for your retirement, nobody else’s… there might come a day when you really regret not doing some of the things that you could have done.” – Ari & James

For those at any stage of wealth, the core principle is to build a strategy that reflects what matters most to you—now and for the future.