The New York Time recently published an article In Silicon Valley, Millionaires Who Don?t Feel Rich about people who have big savings and big salaries, but still keep working crazy hours:
Mr. Kremen estimated his net worth at $10 million. That puts him firmly in the top half of 1 percent among Americans, according to wealth data from the Federal Reserve, but barely in the top echelons in affluent towns like Palo Alto, Menlo Park and Atherton. So he logs 60- to 80-hour workweeks because, he said, he does not think he has nearly enough money to ease up.
?You?re nobody here at $10 million,? Mr. Kremen said earnestly over a glass of pinot noir at an upscale wine bar here.
Working inside a start-up has always been invigorating, she says. But she and her husband, 62, who also works, have concluded that she must stick with it if they are to continue to live the life they enjoy here. Recently the couple hammered out an agreement: Ms. Baranski will work at least five more years for the sake of their bottom line.
?People around here, if they have 2 or 3 million dollars, they don?t feel secure,? said David W. Hettig, an estate planner based in Menlo Park who has advised Silicon Valley?s wealthy for two decades.
The easy response, and my initial one as well, is “boo-fricken-hoo, cry me a river”. But it kept sticking my mind for some reason. Will I be like this? These people are obviously intelligent, but perhaps these people are stuck in their own little hamster wheel, albeit perhaps a nice Land Rover version. Work, spend, work, spend. When looking at the rich people around me, sometimes I think that the people who get to be millionaires at a young age are the same people who just need to keep working. More, more, more. I can only hope that I will know the meaning of “enough”.
Perhaps I should buy this USB hamster wheel, which spins when you type. Seems like a perfect daily reminder 🙂
The Best Credit Card Bonus Offers – March 2024
Big List of Free Stocks from Brokerage Apps
Best Interest Rates on Cash - March 2024
Free Credit Scores x 3 + Free Credit Monitoring
Best No Fee 0% APR Balance Transfer Offers
Little-Known Cellular Data Plans That Can Save Big Money
How To Haggle Your Cable or Direct TV Bill
Big List of Free Consumer Data Reports (Credit, Rent, Work)
Right on, Jonathan. Here in San Francisco I see people every day that fit that description and it’s so very sad. I do not begrudge ANYONE for working hard, as long as they contribute to society in some fashion and don’t “live to spend” and impress other people. What a waste of time and energy.
Johnathan, first off, I’ve been reading your blog for a couple months now and it has become part of my daily routine. Keep up the great work!
As for this post, that’s the key to all this isn’t it? Having a goal, achieving it, and the key, knowing when to stop. A great book was written on this very subject a few years back, entitled “Affluenza”. (Affluence + Influenza). It discusses the “keeping up with the Jones’s” problem. Highly recommended.
So according to mr. cry about 10 million in the bank, I should probably be begging in the streets for his used 50 dollar bills as a lowly software engineer in the valley.
But seriously, if you have $10 million and it’s not “enough” that just means you’re sick in the head. Take a step back, look at everyone else in the world (not just the guys with the shinier, newer car down the block) and realize what you have.
He can keep his greedlust…I’m lusting after a Dutch box bike 🙂
It’s easy to pass judgement on these folks, but I’m sympathetic to their plight. I feel the article was somewhat unfair, it was written in manner to paint them as never satisfied with enough. Which isn’t to say it’s untrue, but these folks like working, they like their jobs. You don’t startup companies because you don’t enjoy it. As much as I hate it, the feeling of wealth is all relative. It doesn’t mean you can’t escape it, but it’s alot harder than most people suppose.
No life.
The saying goes, “You’ve got New York and California, and then there is the land in between called America.” These people have a truly skewed perspective of wealth and what “enough” means. All those profiled are firmly locked into the “Keeping up with the Joneses” mentality and it is bleeding them dry. $5 million net worth and in your 60s yet still feeling compelled to work? Are you stupid?!
It just goes to show that financial stability and well-being are as much a function of the cash you have in the bank as it is a state-of-mind.
Man, haven’t I been saying this for a while now? 🙂
This guy with 10 million in the bank seems obviously “sick in the head” (as Tommy succinctly put it), but he’s just the blatant example of the common disease.
Lots of people work 60-80 hour weeks with no goal or end in sight. “Keeping up with the Joneses” is a deadly phenomenon and this guy is just the shining example, but far from the exception. Of course, it all goes back to the “know thyself” and the “have goals” that have come up over the last little while on this blog. You’ll know when to stop b/c you’ll have enough money to do the things you love on a regular basis without “undue hardship”.
For some inspiration, read Phillip Greenspun’s blog. He has all kinds of articles talking about what to do (and not do) when you’re 40 and retired (in his case with many millions). He talks about hobbies and health and working/volunteering when you have nothing but time on your hands 🙂
For the technically inclined, a guy like John Walker, founder of AutoDesk (of AutoCAD fame). He basically walked away with his 50+ million and when off and “did something else”. Based on his URL, he’s somewhere in Switzerland writing books and maintaining a lot of activity on his blog. But he didn’t just “die off”, he actually spent all kinds of time writing books and stories, including the very popular Hacker’s Diet, which is like the 101 weight loss plan for anyone who can stomach a little math. (if you read this blog and are overweight, his book will likely appeal to you)
If you don’t know what you want to do, then start the easy way. Imagine that you won $10 million dollars tomorrow. What would you do with the money?
Classically, people buy a few big ticket items (house / nice car) and then say “I’ll throw the rest in the bank and quit my job”. But that’s not really the end of it. What do you do after the house and the car? What do you with the 8 million in the bank? Eat out every night? Take up hang-gliding? Buy a kick-ass gaming system and play games every day? Do you blog a whole bunch? Start a new business (not like you need the money)? Maybe you don’t quit your job, I probably wouldn’t, maybe you just work 6 months/year so that you can travel or write or make movies or pursue a PhD.
Of course, once you’ve answered that part of the question, then you’ll know “when to stop” b/c you’ll be doing all of that stuff you love and you’ll still have enough money coming in.
Clearly, the money in his life is a mark of prestige. Professional athletes deal on the same level. Really, I don’t think it’s about the money — it’s about your ranking against every other “player”. This is just another sport — and btw, it wouldn’t surprise me at all if this guy was also big into sports. And really, he probably likes working a lot anyway.
His first problem is that he is deciding who is who by money. Go back to high school if popularity is that important to you.
Do you make enough to give you and your family a comfortable life?
If you answer yes, then you win. If you answer no, then you loose. If no than are you working to change that? Everything else is just peer pressure.
Nyte
I don’t know the guy, so I can’t really speak for him. I do know among the masses that everybody wants to be “rich”, yet if you really asked them to stop and think about what that means, you’d probably get a list of material possessions, a certain amount in the bank, and maybe some travel. I’m not sure what happens when people actually do achieve these things, but it’s probably important to work out your values before you do.
The main problem is that people forget what’s the real purpose of life. They’re too busy making a living..whether it is millionaires/billionaires/average or poor folks.
You have to take a break from time to time..to really see what the reality is. Unfortunately, people realize this when something terribly happens to them or when it is too late. then they wake up.
Human life is meant for more than just “Eating, Sleeping, Mating and Defending” which are the core activities of any living entity.
Gandhi righly said: There’s enough for everybody’s need in this world but not for their greed.
As always..great work, great site…keep up Jonathan!! I always check this daily except on weekends..:-)
Vic
Great blog, Jonathan – been reading it for sporadically a couple of years…..I think most people who end up millionaires go about it the same way you seem to be: Have a budget, think twice about every purchase, deprive yourself sometimes, find ways to cut costs, and save as much as possible while investing long term. Suddenly you adopt this lifestyle – and you become a millionaire before you know it. Not the way Mr. Kremen’s doing it as he obviously makes a ton – and by saying ?You?re nobody here at $10 million,? sounds like status is important the guy. But if he’s worth $10M – he’s not overspending to where he HAS to work – even if it’s in Palo Alto. Probably likes his job…and must have some hellacious goals….
When I joined the Air Force as an officer back in 98, they warned us about the LT-mobile; a car too expensive for our budgets. 2nd Lt pay is not very high, but after two years, you get a noticeable boost. At the time, I didn’t realize the reason for this, although many readers of this site would probably find it quite obvious. Sure the cynic would say it’s to save Uncle Sam money, but I disagree. I think it was to teach us how to spend less, making us better with our cash when we got more. By Captain, after 4 years, the salary is quite nice; or at least I thought so, but by then I was used to a budget and living below my means. The whiner this article is about never learned that, but then he has a right to have all that extra meaningless stress if he wants it.
I’m definitely sympathetic, more on the level that I might not ever feel like I have enough money to slow down.
I understand many people like working at start-ups or simply like their jobs (look at Warren Buffett, he still works), but check out the part I quoted carefully:
I agree that he either thinks of dollars like status points in some cosmic video game, or my original theory that he needs to keep making money to keep up his lifestyle. If he’s worth $10M, then it’s obvious he’s not stupid, and he’s actually able to save money if he chooses to. I could be this guy.
It might not even be that he needs to keep making the money to keep up his lifestyle – might it be that he doesn’t “feel” financially secure enough to ease up?
I can see how a younger person may have this mentality (eg
A interesting post. Thanks. I think the main point of the New York Times piece was that wealth is measured relative to what other people in one’s immediate vicinity have.
This makes a lot of sense to me. People measure all sorts of things relative to their immediate surroundings; beauty, freedom, wealth. etc etc.
Best,
James H.
The more you possess,the more you become possessed.
“Hello, Mr. Jones? Your wife just called, and your neighbor just got a yacht.”
“Time for an upgrade…”
I believe it is just a matter of personality whether there is an ?enough? or always ?just a bit more? for some people. For others, I think spending money becomes an addiction. They enjoy spending, so they work harder to get more to spend.
v/r
“It might not even be that he needs to keep making the money to keep up his lifestyle – might it be that he doesn?t ?feel? financially secure enough to ease up?”
I think that is it, but the reason that he doesn’t feel financially secure with $10M is that he knows his expenditures are too high. Even at a 3% withdrawal rate while still being invested in both stocks and bonds, on 10 million dollars that’s $300,000 a year.
If he chose a lifetime annuity, he could probably get at least $400,000 per year, every year, for the rest of this life.
—
But to some extent, we are all living extravagantly compared to someone out there in the world…
“will I be like this?”
I read this statement and my only answer is: “Yes, only you are ALREADY like this”. So is everyone who posted comments of the “boo-hoo” tone.
Face it people: To the vast majority of the planet, your earnings make you RICH. To everyone else, your earnings are just as ridiculously large as $10m are to you. It’s all a matter of perspective.
Americans are in the 5% percentile of income. globally. Your $50k salary even at purchasing power parity affords you a life style that is unmatched in this time or any time in the past of this planet.
We are privileged, exceptionally wealthy and lead an unfathomably leisurely life compared to most humans in most of history. It’s all relative.
Try having this discussion with a relatively well-off farmer in Kenya. Tell them about the angst of the American middle class. Guess what he/she would say… “Oh BOO-hoo”
I read this article earlier in the week and found it particularly interesting and timely. I certainly have friends who are in similar positions.
As it turns out, I’m taking an extended leave of absence from work starting in a couple weeks when my little monster heads into kindergarten. This is also test run for full or semi-retirement. I may not have a net worth of 10mil, but I’ve got enough to live a comfortable, but not extravagant life for the next 40+ years.
I’ll be volunteering at my son’s school and doing a lot of cycling (i’ve gotten kindof soft around the middle the last couple years). Beyond that, I haven’t a clue yet. It’s both exciting and terrifying at the same time.
Jeff
andreas…….agreed!!
$10M is a lot of coin. But when you compare it to your neighbors in Atherton, $10M might not seem so great.
It’s all relative. If you choose to define yourself and your level of success by comparing your net worth to that of the top one-half percent of the population that lives around you.
Isn’t the only real game in life to work? I know that’s why Buffet, Trump, Kiyosaki and others continue to do it. Working and creating business empires is truly the most fun activity for many many people. Yes, $10M is a great sum of money, but you have to take this article with a grain of salt. Maybe that “affuenza” concept is exactly what the writer is trying to portray is the problem here when in reality there is no problem!
If a man choses to do what he loves by continuing to work and improve the economy, then by all means he should continue to do it and not be criticized by the press and public for it. Just as long as it MAKES YOU HAPPY. Because that is truly the real purpose of life.
Andreas you are right on. 50k income almost anywhere else in the world is unfathomable. With broadband internet being available anywhere my laptop goes in the US I decided the office is for the birds and took a telecommute job. Pays 6 figures with no office politics. Working 60 hours a week at an office job is for the birds. Heck working any time in an office is just stupid. Virtual is the only way for me + it’s more productive for the employer and green since I don’t need gas to commute. Instead enjoy a nice bike ride instead of the trip to the vending machine.
Jonathan,
You bring up a great point about how we’re living extravagantly compared to someone else in the world. Nobody here is critical of you for having a networth of 150k and not getting off the hamster wheel. 150k for many people in the world is enourmous and more than enough to live the lifestyle they and their peers have. However just like the people profiled, we’re comparing ourselves to our peers who happen to think 10 million is more than enough. None of us is immune to relative peer measures.
If you stop working, you will get bored and die. Seriously.
It’s the entrepreneurial spirit that keeps these people at work; they are self-starters and money is not the issue. It is the satisfaction that building and growing a business brings.
When I am wealthy enough, I am going to own an ice cream shop on the beach. It will be not-for-profit. It will be only-for-entertainment. (and satisfaction!)
Ok, I’m on my way to being one of these guys, I hope I stop. I’m not quite 50 and have my first million in the bank. $1,256,xxx today. It’s after taxes and truly mine for now.
Here’s how it works. At 3% 1 mill generates 30k a year. What am I supposes to do on $30k a year, live down by the river in a van?
Yes I know because of my age I can tap principal, figure 5% interest instead, and I’m done. I’ll have about 60k yearly coming in.
Health insurance cracks a grand of that monthly so I’m at 42k. Great. In the best possible instance I can’t go anywhere without saving up hard for it, will have to shop with coupons etc. So I get to be a millionaire living like an entry level kid.
I figure when [2 more years] I have the 2 mill in the bank that’ll be the difference between scrimping and leading a pretty good life. Travel, nice restaurants, quality hotels instead of ‘quality inn’ hotels.
I can sympathize with the guy. I would be tapping the hell out of the principal if i were him but it might take a bit more for him to live his life. I’ll upgrade to a point on a cruise room, but maybe he wants AND WITH 10 MILL IN THE BANK deserves the captains quarters.
10 mill at 5% generates only 500k yearly. That’s half what I make but he’ll be living a lifestyle half of what mine can be. Get it? He gets to change his lifestyle BACK 15 years or so.
I don’t do the keep up with the Jones’ thing. My modest home and cars and everything is paid for. My friends make 40k a year, about the average here. We live on less than that right now. It helps us maintain our position n the community.
My ‘keeping up appearances’ is completely different than most, I don’t want to do anything but fit into the crowd. I like my friends. I like helping them and they like helping me. Got a flat? Call me. I’ll come running. Having a barbeque? I’ll bring the potato salad. Hanging out at the pool with the only 7 beers you got, {I don’t drink so it’s safe to invite me} I’m there, beacuse I’ll expect you to do the same. My friends have a clue, they just wouldn’t believe it if they really knew. There are many, many, many of us out there. You probably know a couple….
Currently, I think 2 mill will be enough, but will it? do I want to live like someone making 100k yearly [at 5%]. 100k is a nice couple starting out and I’m not starting out. That lifestyle will send me back 20years. Do I want to save for that fancy barbeque or just go buy the thing.
Maybe 3 mill. That’s enough to travel and such and not touch the principal [what if we grow too old, it’s gotta be there] so now I need 4mill to have 200k guaranteed yearly [5% again]. 200k is 1/5 of what I make now. Do you want to live on 1/5th of what you’ve become comfortable with?
It’s an ugly vicious circle. If YOU weren’t living it you’d have a part time job and live on a commune {been there. I miss it. The key is; BEEN there. You move forward ya know?] Some people just live larger.
I’m not a sports guy, I earned this job the same as you earned yours.
A mill in the bank and I still worry…alot.
A millions is definitely not what it used to be, but there is a point when enough is enough. We are aiming to save 2.5 million for retirement. I figure without the mortgage payment and saving for retirement, it should be enough. I would be interested in hearing what number others have come up with for how much they will need to retire.
I’ll go with the 2.5mill. That’s 120k at 5%.
minus health at 12k yearly. Minus taxes. you’re at a net of about 65K. Comfortable, easy life. Easy to screw up and have to dip into the principal in case of catastrophe. I’m feeling worse as I type….
I would love rates to get back up to the 10% level, that puts us in a whole different arena.
Who in their right mind would lend for less anyway? The rate is already there, we’ve just screwed it up. Prime plus 3 is what should be presented to the very best home and car buyer. It goes up from there traditionally. Who in the hell told the general public that their sticks and cars rated prime?
2.5mill at 10%. You’ll live well and save for the big items also.
Wow Slightly Proud, have you ever hit the right spot. You’re on the periphery of what’s been coming up alot… how much do you need? (BTW, 100k is an excellent couple starting out, look at the median stats.)
You see, there’s one really good reason you don’t know if 1 million is going to be enough, you don’t know what you’re going to spend it on! In that entire post you made one comment about future plans: Travel, nice restaurants, quality hotels instead of ?quality inn? hotels.
So it sounds like you want to travel… but what else? And where? how? why? I mean, if you want to go to Thailand for 6 months, you certainly don’t need an expensive hotel, my 21 year-old sister traveled all around Thailand on less than 10k (think it was more like 5k). A lavish 3-week tour could cost you less than 1% of your savings.
And even then, how much do you really want to travel? 10 months/year? for the rest of your life? It sounds like you have a really good group of friends, if they’re all living the 40-hour grind, maybe you want to arrange to work 20 hours/week, get some extra time off to engage in one of your favorite hobbies and play host for the weekly BBQ with your backyard pool.
You just spent 600 words trying to justify having 4 million dollars in the bank without mentioning what you wanted to do on a daily basis or whether or not you even liked the job you were working.
You’ve written the whole thing as if retirement meant “never working for money again”, rather than “spending all kinds of time doing what I love every day”. You’re 50 buddy, you have 25 to 50 years in which to spend over 20 years worth of income + interest (which is actually closer to 35 tax-adjusted 🙂 And I mean spend it! You can’t take any of this money with you, you don’t come back next lifetime with some type of automatic golden spoon. You’re on the cell phone plan of life, you lose all of the extra minutes 🙂
You’re basing all of your good math on the bad assumptions that you have to live off the interest, never work again and likely die with tons of money in the bank. Why? Why did you spend all of this time making all of this extra income that you’re never going to spend?
Figure out what you love to on a day-to-day basis
If you love your job, don’t retire, just work less and engage in some other hobbies. Ask your boss if you can arrange for 4 months off to take a big vacation or scale back your hours to just 20/week or 3 days/week. If you hate your job then quit tomorrow and find something else that you like to do, even if it pays minimum wage for 20 hours/week.
Use the extra time and go sell ice cream on the beach or buy a hot dog cart or become a professional blogger or write a book about the history of your town or take up photography or programming or gardening or vintage car restoration or teaching Tai-Chi. You have so much money right now that you can afford to spend 10k trying out 10 different hobbies that you don’t end up liking and you’ll still have over a million dollars in the bank!
Unless you’re dreaming of owning a plane, you can pretty much pick your hobby. You’ve spent all kinds of time living a frugal lifestyle, but you’re 50, you’re past the midway mark, sit down with yourself and your loved ones and figure out what you’re going to do for the next 25 years. Don’t associate some magic number (100k) with some type of lifestyle, b/c you’re thinking of 100k with a mortgage and taxes (nice couple starting out). You have this money tax-free and you probably own your home and you don’t have to account for all of the savings monies b/c you don’t need them any more.
100k = 8.3k/month, not 4.6 after taxes or 2.2 after taxes / mortgage. 100k / year = $274/day! Even if you have property taxes and insurance premiums and such of 20k/year, you’re still getting ~$220/day. $220 every single day to clothe feed and entertain yourself. You and the wife could eat shrimp and steak every day with a bottle of expensive wine and you’d still have money left over 🙂 How is that going back 20 years?
Did you save your million while eating steak and shrimp every day? 🙂
hey slightly proud — wish I had your problems! No really, I’m just a little bit confused though — you have over 1.2 mil in the bank — but you are saying that you make 1 mil a year? Wow! But then, what are you doing with all of it? If you make that much — I would think your savings would be even more substantial. Forgive me if I’ve missed something — maybe I’m a little brain-dead.
Oh, yeah, and Rob, that telecommute job sounds wonderful. But they are not exactly all over the place. I wish someone would point me in that direction (I’m also a software engineer). It seems like I hear of these jobs, but very few people I know have them. Maybe it’s more regional — I live in NY right outside of the city. If you want a decent salary around here, you need face time for some unbeknownst reason. Or maybe there are places I don’t know about. IBM says it has lots of “telecommute” jobs, but when I really look into it they mean you don’t come into their office, you go to client sites. I’m looking for what you have.
A great book on this subject is “Your money or your life” link
A great wedding gift for the couple just starting out in life…
-M
Thanks, that’s why I put slightly confused in the title I really don’t know what to do. Too many options to make a decision.
The kid ina candy store might accidently pick the ‘horehound’ yuck!!!
I am experimenting with hobbies as a back up income adjuster and because I’ll need something to do. This gig might hold out another 15 years. But I’m always figuring on not having a job tomorrow. Always have, always will. Ant vs grasshopper sorta thing.
It’s not retirement I’m worried about, my whatifs are based on the possible complete and utter failure on my part with no income, no job, no hope for one.
We recently buried a neighbor lady. She was an only child as were her parents and her husband and his parents. No relatives anywhere. Always well to do, owned two planes at once always a lincoln in the garage. Husband got Alzheimers and had to be put away. He left her with a paid house, paid car everything he thought she needed. I want to be able to leave mine in that predicament. This isn’t at all about me, it’s about the promises I made.
You’re right about the savings, it angers me to no end. Except for frequent trips [about 5k average] we live very frugally. I have no tax deductions at all except for the standards. Houses are paid for, no overhead at work, no undo medical. That puts me way up there in taxable income and it eats ALOT of money. The high income is fairly new to me. It’s been more than adequate in the past, but this stupid amount of money has happened in the last three years. AND I’m only counting after tax cash. I’m not much for lying to myself. Paid for homes, boat, etc can burn to the ground or depreciate. I don’t see a house as having value unless sold. I’m not selling the houses [remember I’m 50. I bought them for 60k each], so no value there.
I’m not selling the toys, so no value there.
I drive a car till it’s untradable.
This is as easy as ‘I don’t know where to go for dinner, where do you want to go?” god knows we’ve all done that till someone is pissed, but this is a whole ‘nother 30 years minimum, not just dinner. Do we bake a frozen pizza, go to Pizza Hut or drive 35 miles and go to Cal Pizza Kitchen? Not really a huge decision until you mutiply it times LIFE.
And thank you for being kind. It could of went the other way. I hope I’m just a couple of years ahead of you and that you all have to make these decisions soon.
I could make this easy, but you found the chink in the armor; ‘ You?re 50 buddy, you have 25 to 50 years in which to spend over 20 years worth of income + interest’.
Interest can’t be counted on as anyone who recently collected the 1% will tell you, so the interest has to be a gimmee. I don’t want to spend like I’ve got 20 years left and wake up broke and 70 years old. I want to spend like I’ve got 50 years left and actually have 60 years of frugal income in the bank. Right now I’ve got 60k for each of the next 20 years. What if I live to be 80? What if my wife lives till 90?
This would be so much easier if I were so much older.
Jonathan, being a little self-righteous are you not?
Hey slightly confused, thanks for the reply (and for understanding that I was not trying to be angry or mean 🙂
I hear you when you say this: Interest can?t be counted on as anyone who recently collected the 1% will tell you, so the interest has to be a gimmee, and I was right about the home(s). And you’re probably making way more money that you’ve ever made and wondering what to do with all of the excesses 🙂
You see, I have a perspective problem here, I’m 27, getting married next year and I have a job I love and too many hobbies I could undertake. I work for the greatest company I’ve found, and if I had a million in the bank, I’d still be working here.
If you like what you’re doing then maybe that’s what you should just keep doing it. “Retirement” is really a vacuous word. In your case, “retirement” could just mean taking off a few extra weeks every year and going on vacations. I mean you like what you do, right? And they’re paying you the big bucks to do it, so you’re already a winner in the Game of Life ™, but you’d probably like a little extra free time. If you’re 50 and good at what you do and willing to work for another 15-20 years, then you’re actually priceless. I’d ask the boss for an extra month off each year (unpaid even, you don’t need the money) and use that time for a retreat or a big cruise or just a month of playing your favorite video game. If you’re in consulting land, just don’t book in any projects for that month. That’s like “half retirement”, you still have work going on, but you get to spend some extra time with yourself and your loved ones (balance).
Like I said, I wouldn’t quit if I won the 6/49, but I’d definitely take a few extra days off and travel the world to engage in my favorite hobby. The other thing to consider is “uncutting” a few corners you likely cut to get to where you are. Things like a personal trainer, a dietician, a massage therapist (even if just once/month), and a good spiritual guide can all help you live to 90 and actually enjoy those extra years. A personal trainer may have sounded like some “rich person’s excess”, but this is probably the closest thing to “buying time” as you can get.
For the relatives I have at 50, a month off and some time with “health professionals” would make 10 more years seem like a cakewalk. Hell I’m 27 and I’d like a month off 🙂
If you’re nobody at $10 milllion, you’ll still be nobody at $100 million.
————
?Hello, Mr. Jones? Your wife just called, and your neighbor just got a yacht. Time for an upgrade??
“OK, will you take my wife as a trade-in?”
Sorry for the delay, I was off on one of the trips. Went wreckdiving in Lake Huron. What a hoot.
The money is new. It’s always been 4 or 5 times average, not this stupid amount. It’s letting me get many years ahead of schedule.
I have no hobbies that I love. They are all ventures into supplemental income and could go away/change with no tears from me.
I’ve boiled it all down to this; When I’ve enough money in the bank to tap 120k yearly for 40 years without interest, I’ll stop. That’s 5 mill ish. The interest will just be added trips and cars and such or a guarantee if I live longer.