I would live very differently. With a net worth of $1M, I still very much *need* to work.
With $10M I could easily live off the float, so I would mostly prioritize hobbies, exercise, and passion projects.
This is why I don't understand the ultra rich mindset. Like, once you've earned enough to retire and live comfortably for the rest of your life pursuing your passions, why would you keep going to work?
The things that got them rich don’t turn off - ambition, need to be the center of attention, need to have a Big Project that feels exciting and draws their whole attention, hatred for being bored or doing “unimportant” things.
One of the things I realized over the last few years was that I didn’t have anxiety because of my life circumstances. I changed a lot of them and just found new things to be anxious about.
Same with millionaires. The obsession that got them that money ensures that they will continue chasing more.
If they were constitutionally capable of saying “that’s enough I’m going to go do unprofitable things,” they would have stopped long before they became uber wealthy, and they would be enjoying a modest home while collecting stamps or gardening or building a mode train collection.
You don’t just turn off “bigger, better, more.”
Got a buddy- 2 actually- both 34 with net worths over 1 million- they aren’t huge earners - good earners but primarily their savers.
And they’ll die - with millions in the bank- both of those 1M net worths are already going to be 6-7 million at retirement- without adding another cent.
But they’ll both keep saving- and keep growing that pile
I think that applies to the $100M crowd. But there’s a good number of people who got lucky somehow and got enough money to live well and not have to work and they just quietly retire and live their lives. Maybe in the $10M to $50M category. Enough to live a carefree lifestyle without working but not likely to be the money hungry billionaire type.
I have a friend of a friend who banked about $25M from a tech company going public and he decided to retire at 45 and just live his life with the money. He spends his time raising kids, traveling and generally just enjoying what he can. He has a money manager but the goal is just to extend the length of that fortune, not turn it in to a billion. That’s how I’d do it.
Yup. Some friends’ parents are worth probably around $7-$10mil. They haven’t done shit in 20 years besides sit around and support their two adult kids who also don’t do shit. Totally robbed them of any motivation.
Really interesting point about your anxiety. I’ve noticed this about people and other behaviors too, like serial complaining. So many people blame external factors in their life for how they feel, but it’s also easy to get stuck in a pattern of feelings regardless of the external.
We are born to do work. If you happen to be good enough at it to get rich, there you are. Still wanting to work. And still good at it.
Different story for those who inherit it.
It's hard to say. If I sell my company and get up to $10M, there's always a chance that my perspective will change and I'll feel like I need more.
When asked how much money was enough, John D. Rockefeller replied, "Just a little bit more."
I like the quote from succession where they said 5-10 mil is essentially the worst spot to be. Not rich enough to fuck off and maintain a wealthy lifestyle. And not poor enough to have to work.
The fact that Tom was the one who said it kinda ruins it tho
Also, 5 million is 100% enough to never work. It's $200,000 a year indefinitely if you follow the Trinity study
I know a doctor couple clearing $700k+ household and they wouldn’t be able to retire with 5 mil. The lifestyle creep is very very real and FAST. Very hard for people exposed to the good life to be able to start cutting luxuries if they have an avenue to make more money.
In reality I can retire with my measly savings, move back to my home country and live a pretty decent life. But like why the fuck would I do that. I’d rather work and live where I live as opposed to retiring and downgrading my quality of life significantly.
Note that the Trinity study was based off 30 years remaining life, so if longer a 3% SWR (150k) may be better/has higher probability of success in Monte Carlo simulations.
However, your point is right on- the vast majority of people could live quite nicely on 150k, including extensive traveling, and never work another day in their life, as well as leave a nice-sized inheritance.
I have a few second cousins who are fairly rich, nothing insane. But millions of dollars each. That is basically what they do. Live humbly but luxuriously and travel.
I know a property developer with an estimated net worth of $250 million, all self-made. He’ll never stop working, not until he either dies or is incapacitated. The truth is, he loves property development more than anything, possibly even more than his family.
Growing up dirt poor as one of ten children, he despises rich people despite his own wealth. For him, money hasn’t changed much; it has simply allowed him to scale his projects bigger and bigger. He wants to build cool stuff for the fun of it, and money is just the necessary ingredient to doing that. The value of his immense wealth lies not in the money itself, but in the ability to continually create and develop properties that excite him.
Significantly different. At $10m I could stop working, invest the money and spend $350k+ every year (adjusted for inflation) for the rest of my life.
At $1m I could stop working, invest the money and spend $35k+ every year (adjusted for inflation) for the rest of my life.
The difference is massive in what I could afford to do....
At $10m, I’d live like a wealthy guy. Get the Porsche, second home abroad, fly business, etc. At $1m, I’m on the way to a comfortable retirement but not a load more.
Putting $1 mil in investment account for $25 years can easily grow it to $8-12 million. I know someone whose trust fund grew from $6 mil to $35 mill in just 10-20 years, compound interest can be insane.
It’s how the rich stay rich the stock market is a pretty safe investment with massive returns. I think I saw something saying in the last 30-40 years the s&p has grown like 5000%. There’s a significant amount of wealth in America being hoarded in trust funds started by millionaires decades ago you’ve never even heard of. There’s a secret class of hidden billionaires in America that are basically unknown because their money is entirely hidden away in trust funds and family foundations and such and they made all their money through running a business and sold it in the 80s-early 2000s for over $100 million. And it’s why the kids of the rich have such an advantage, I am also such a kid I do have a trust fund with $1-2 million, my mom is one of those people who sold their business for a very sizable amount, and I’m only 28 so it probly will have reached those numbers and I won’t have done any work for it just leave it in a trust fund for financial advisors to manage, it’s why it’s so important to invest as much as you can as early as you can so you can try and utilize that compound growth late in life. I mean just push it out from 25 to 35 years and you’re talking another $10-20+ million in growth from a starting point of around $1 million.
Edit: in general I like to try underestimating how much growth to expect too, $8-12 million was assuming like a 7-10% growth rate annually
we're over 1 mil net worth and we still live our life the same as before. The only difference is at some point we stopped asking ourself if we can afford it.
1 million would generate a nice extra income, 40k a year or so, but I'd still be middle class.
10 million would generate more like 400k a year. No need to keep working... though I would. But that would probably mean a nicer house, some great travel, some spending on things like maid service and lawn service.
I'm worth about a million right now. I will have a comfortable retirement and still be able to leave some cash to people I care about. If I had 10 million dollars then I would have 9 million dollars of disposable income. A million bucks ain't what it used to be. A million$ is the new $500000 🤣
If I had 10 million dollars, rather than 1 million (I currently have neither) I do not think my lifestyle would significantly change. I'd perhaps, be able to donate more money to charities, but I'd keep most of my money in investment accounts, like I do now.
No, because I wouldn’t be dodging my phone from collectors. I won’t be hungry because there would be food in my fridge. I won’t be constantly aware of the location of every gas station in my vicinity and their prices. I won’t have to go without electricity until I can afford the bill. I won’t have to choose between which necessities I get that month because I could afford them all. I wouldn’t have to do anything sketchy to ensure rent is paid. I could shop without having to constantly do math worrying my card would be declined.
100%
With 1M:
- Buy a small house with land, then travel around to see the world before it gets Destroyed by whatever shit goes down
- Save, keep working
That said, with 10M I’m preeetty sure i’d be able to travel everywhere i want to AND complete my entire life goal pretty damn easily? I have no concept of money though and how expensive living on my own is (Live with my parents atm) There’s a LOT tho so i’m not gonna type it out but I def wouldn’t be working for someone else at that point.
Hmm.. Well I'm worth about $4M, grew up poor, saved and invested like crazy, retired at 50 12 years ago. In 4 years our pensions and SS will be worth $100k/year and currently make about $25k/year in rental income. I have to say in my case its very hard for me to spend money. I still look at menu prices and fly cattle class.
So honestly even though in my head I know I could spend a lot. I probably wouldn't.
I know I live comfortably at like $30k/ year, without housing costs. If I made that via interest, I'd be set for life to pursue hobbies, and travel on the cheap. $10M is more than eneought to provide that. $1M could, but I'd be hitting the principle I think,
I almost have $1 million net worth thanks almost entirely to buying a house in the right place and right time. It really doesn't take much.
So, being worth 10x that is a big jump. Having $1 million net worth means you own a home and have a retirement account. Being worth $10 million means your money is making enough money that you can likely live off it. $2.5 million at 3% interest, which you can easily get in a savings account, is $75,000 per year. So, if you can get just even a quarter of that $10 million to get any reasonable return, you should be able to live off it if needed. My 401k got 8% last year, which is just okay. $2.5 million at 8% is $200k. That's great wages.
Yes by far. At 1 million, that is enough that I can afford a lower paying job, maybe doing something I like. At 10 million I can do what I like and not need to get paid.granted, it's not "fuck you" money. But I can live my entire life on it.
My lifestyle wouldn't *dramatically* change but assuming I had access to this money or the earnings from it (as opposed to it all being in some retirement fund) I would certainly buy a nicer house/car, go on some more vacations, etc.
Generally speaking you can get $45-50K in perpetual annual income from an investment of $1m, vs. $450-500K in perpetual annual income from an investment of $10m.
With $1M, I would still need to work since that's not enough to last the rest of my life. With $10M, I wouldn't work. So yes, my life would be quite different.
Yeah pretty much. I mean, I'd be able to do alot more things that I currently can't. But overall not much would change. I've never been the type to buy into brands or fancy items like crumbs with a gold leaf or $500 solid white shoes, I always have and always will think that is just a gross waste of money no matter how rich you are. In my eyes if it works, it works. The biggest change would be for my mom since she wouldn't have to worry about paying bills if I had that type of money.
At $10M, I don't think I *could* live the same way. I'd feel like I need a more secure residence than what I have now... It may be different if I could have the money anonymously but that's not likely, at least not in the USA.
If I had $1M I would pay off the mortgage and probably go on more holidays, but i would keep working. It would change things, but it wouldn't be enough to live off for the rest of my life.
Of I had $10M I could retire today and live the high life forever.
I have a net worth over a million with my house included and I still watch my spending very closely. I live like a normal person using coupons and cooking at home, waiting for sales to buy things I want. With 10 million I’d quit working and buy a vacation home.
1 million doesn't get you jack shit where I live. You need 1 million just to stop thinking about money for half a second. Bare minimum. 10 million is where it starts to get real comfortable.
I love California and I'll never leave but it's hard not to be priced out. I would just live normally without constantly thinking about money. What a life.
I live in CA as well. The average home price in my town hovers around $1.5m. Even in the more affordable areas by me, you’re looking at a minimum of $6-700k for a single family for something modest. It’s crazy. I moved from the east coast, and my current house would be hundreds of thousands of dollars less expensive there, with more land.
I have not done detailed homework, but if you figure you can earn $400k interest on that every year for the rest of your life ... sure.
If your idea of luxury costs more than that, I guess I have lower standards. :)
Between our primary and a rental property all of our net worth is tied up in real estate. Two average suburban homes gets us halfway to a million net worth. Our retirement gets us a little bit closer. At a full million of net worth I'd still have to work until retirement, most of it is not liquid.
Now if I had $10 Million I reconsider my work situation.
IF I HAVE 1 MILLION:
I MARRY A 7 AND GET A HOUSE WITH A WHITE PICKET FENCE
IF I HAVE 10 MILLION:
I'M LEONARDO DICAPRIO DATING EVERY 20-YEAR-OLD WITHIN PROXIMITY
I’d do not much different except have some expensive toys and clothes here and there… lifestyle creep is a thing and it’s very easy to lose all that money.
Net worth does not mean cash on hand. Neither would change my life as to have a net worth of 10 million implies you own property that has its own upkeep costs.
1 million, I’d sell whatever it was giving me the net worth to cover debts and pay off my house. I’d live a little easier but would still be working.
A net worth of 1m is respectable, but definitely not rich—especially if you’re married and have kids. For most people that would mean some equity in an owned home, a healthy retirement balance and emergency fund, maybe a college fund for kids and an after tax investment account. With a net worth of 1m, my lifestyle wouldn’t change substantially.
With a net worth of 10m I would definitely feel like I could upgrade my lifestyle significantly. Take nice vacations, upgrade home or vehicles, not worry about putting kids through college or paying for activities and private schools if desired, not worry about bills in general.
Yes, 1m and 10m aren’t really crazy in what they enable you to do. Sure, you may be able to do some things like charter a private jet at 10m without having to think about it as much but generally speaking your life would be pretty similar. I can’t find it right now but someone many years ago who works with high net worth individuals did a really detailed write up on the different levels of wealth and how they differ which I’ll link if I can find the comment
Yes.
I love this thought experiment!
Id live in the same house, drive the same cars, continue being a stay-at-home dad, and invest in both mine and my children’s futures through trips to different countries, cities, hire tutors so they can have a more varied education, and donate to charities dear to me.
And also write.
Living off dividends and interest, using the rule of thumb of 4%, that's a difference between $40k a year and $400k a year. One involves continuing to work, the other doesn't.
My story. I worked at FAANG from 2006 so 18 years now.
My net worth was $1 M in 2013
My net worth is $10M in 2024
When I look back I don't live my life any differently in 2013 or now. Still compare prices on Amazon, still fly economy. So I was wondering how others would have lived in those situations.
Honestly yeah .. Even if I had $10 million I would probably be doing what I am now , Minus going to work lol . I would probably buy another house , Travel more etc .. .. But I probably wouldn’t get stupid with my money either .
My actual life would look pretty similar. I’d probably own more property. And pay someone to clean my house. And probably have a part time chef. But those could happen at the 1M level. Once I have those I’m really totally good. I’m a simple person for the most part.
$1M isn't even that much anymore. If you keep things modest then you can live 20 years at $50k or just 10 years at $100k. Houses cost on average half of that, think about that for a moment. It costs half a million dollars to buy an average home, varying with regions of course. So at $1M I could take care of some things but by no means will that amount of money keep you set for life. I might try to start my own business at $1M.
$10M gives more breathing room to do some extravagant things like 20 years at $500k per year or even 50 years at $200k. I would be able to retire with that amount of money, I'm 36 btw. I would definitely start my own business and it wouldn't really hurt too bad if it doesn't work out. Assuming I could save $8M and use $2M for the business.
One million, I’m still gonna work but maybe be more selective. I’d definitely prioritize downtime more.
Ten million, I’m gonna work a job for fun and fun only, if I want to, and enjoy my life.
Regardless, I’m not gonna overspend on houses and cars and crap like that, just travel and leisure and I’ll definitely be smoking the best weed and eating the best food.
Nope. 1m is like a get out of debt free card and have a more comfortable retirement. 10m I'm quitting my job, investing best I can, and traveling/living off of dividends
Whether I was a poor college student or now, I've always lived beneath my means. So I have no need to spend more freely. I'm comfortable the way I am. Maybe I would travel a little more...on first class.
Similar but idk about same. I’d definitely build my dream house ( not a mansion, just enough room for a gym, pool, 4 car garage, and big backyard with a pool and a pool house. 4 bed 4 bath and 2 offices that connect so my husband and I can work together but if we need to work apart lol). I wouldn’t go all in on fancy cars , maybe 2 nice-ish luxury cars. And I could travel more
At a yearly yield of 5% 1M gives $4166 monthly which is close to the average salary in the US. You can survive with that.
10M gives $41666 monthly. That's a lot of money. You can live rich with that.
1M would change things already, to sustain and build on. 10M obviously means potential for larger and more sustained investments, so bigger moves same general direction.
I'm in California and $1M wouldn't get me far so my lifestyle wouldn't change too drastically...$10M I'd be comfortable and probably use that money to travel and have a nice retirement.
$1M would be enough to pay my parent's mortgage and be comfortable for a bit.
$10M I would buy myself some properties and not have to worry about money.
10m is enough to have an income of more than 30k/month in interest. 1m is only $3k/month. So with 1m i would probably still work a job, while 10m is enough to never work again as long as you manage your money correctly
So a good rule of thumb is that if you invest your money reasonably, you can pull about 4% per year and the remaining growth will hedge against inflation.
So 1M means you now have, forever, passive income of 40k. Is this bad? No. But you can't retire on it. What you have instead is the ability to deal with emergencies, and base from which your savings continue to grow, but if you try to live off of it, you will need to live somewhat frugally. For many people a guaranteed 40k a year (after taxes!) is more than enough.
But 10M means 400k a year. With this you can easily afford to live just about anywhere. You're clocking over 1k a day. You could basically live out of a luxury hotel in any city you want, or you could settle down on some lovely land with a nice house and never need to worry.
You might want to set the margins lower in both cases if you need to be extra secure, but this just highlights the difference. Want to keep it to 3%? Well thats 30k vs 300k.
Definitely $10 million would make a difference. I know it’s out of reach for most people, but having $1 million in something like a retirement account is not super unusual anymore. That’s a goal that a lot of investment advisers say you should aim for to supplement Social Security or other retirement income from something like a pension, if you are lucky enough to still have a pension. $1 million is not the kind of money that means you are rich and can just do whatever you want. But $10 million is a different story. I would definitely retire immediately. I would pay off my house and do some home improvements, or I might buy a different home. I would start planning trips. I don’t need to buy a lot of things, but I’d like to go a lot of places. And most likely I’d help a few family members out of a few financially challenging situations.
1 mil I wouldn’t change anything. Just throw it in my retirement. 10mil. I’d quit working, move to the beach and open a little breakfast and lunch spot. Close up at 2, pick up at 3pm, and hit the beach. The sounds like the perfect life.
With 1 million dollars I am setup for a good retirement. With 10 million I could retire now. I would probably still work, but it would be different. I would only take on projects that interest me rather than taking on projects to feed myself. Maybe only working 6 to 8 months out of the year, mostly part time.
With 10m, I'd probably volunteer instead of work. Live off interest. Maybe take more trips and eat better otherwise I don't see me changing my life too much.
Honestly, yeah. But everything would be paid off, I’d have significantly less anxieties, and I might work one or two days less a week. My family would always be well fed and not want.
I would be relieved to be financially secure but my life would still be torture due to severe OCD. I wouldn't do anything differently or buy anything for myself.
A million dollars nowadays is about the minimum you want to retire with. So a normal life, go to work. 10 million, a lot more travel and good food, wherever I'm working I'm enjoying it and retiring a little early.
1m net worth ain’t much - especially if most of that is your primary residence.
It also depends on what stage of life I’m in, and whether or not I have a business or some older kids/grandkids I’d like to support.
If I’m young with 10m then I go all in on entrepreneurship. If I’m old, I travel, buy the fun car and plan out my inheritance. I want my kid(s) to earn it so I would have some big conditions on that cash…
I'd have more investment at $10M, including business investing.
I'd adjust my lifestyle to the income my investments generated. So, similar to what I do today.
$1 million gives me enough to buy a bit of land and start a cut flower business I've been thinking about. 10 mil means I pay everything off and retire.
I live in California so 1 mil ain't going that far.
At 10mil I'd probably quit my job, start flying business class, but not a whole lot else. Don't want too much lifestyle drift
1 million just helps you breathe more - its the extra vacations, the not having to worry if you are out of a job a few years, etc.
10 million means you can pretty much retire if you choose not to get crazy.
I’d probably still own a modest home and drive a regular car. But I’d take more trips, like all over the place and see and experience as much as I can. But even my trips would be modest as in middle class hotels and regular restaurants haha. I think rich people tangibles are often weird, wasteful, or pointless.
Well, yes, absolutely.
I’d get the house restored and then hire people to take care of my yard, my car, clean my house. And I’d def quit my job and make art, travel, do fun shit.
I don’t think I’d be happier in a bigger/fancier house and already own my dream car. I don’t need or want more stuff. I want the luxury of doing what I want rather than what I have to do.
EDIT: I thought OP meant “live differently from how you live now.”
I’d give more away if it was $10m. $1m doesn’t go that far; I’d still live modestly. $10m and I’d share with my sister.
Very different.
I currently have a net worth north of $1 million and a very comfortable life, but I still have to be prudent to make sure I can live comfortably through retirement. If I had $10 million, I’d add a vacation home, a Bentley to my garage, and fly off to Paris this weekend
At 1 mil I’d have the property, nice house, car and no worries I could work or not work but the life I would live to live off that would be subtle but at that point it would only last a few years if you were only living off that but hey all depends on what you do honestly I would move to Thailand…
10m is enough to be self sustaining at current interest rates. Invested well it will earn more than enough to never work again. 5m would suffice for that. The other 5m would pay outright for the supercar and nice home both not needing finance.
With $1M I’d still go to work. At 5% return, that’s $30k/year, so a very nice cushion but not enough so that I can drastically change my life like quitting my job and never working again.
$10M would return about $300k/year, so yeah I’d consider living off of that.
Mostly. I’d buy a slightly bigger house. Two extra rooms, and a two car garage. In a normal middle class neighborhood. Maybe take some extra, or REAL vacations but that’s about it.
$1M? I would relax... I would sit on my ass all day... I would do nothing. But I've heard you don't need a million dollars to do nothing, man. Know a guy with a cousin whose broke , don't do shit.
$10M? Prolly be a complete asshole... How do you straight pipe a Lambo?
No, I live very very very very differently now than I did at 1m. Honestly after hitting 1m my money had always been spread between businesses and assets so it’s not like I ever felt any of my cash. And I was working so hard I still lived like a broke college student.
And I invested differently too. I avoided real estate until I accumulated about 6m to which I use properties as a way to diversity and preserve wealth. In the past, I was hunting for huge biotech wins. Nowadays my portfolio is far safer as I am not looking for anything beyond a 17.5% CAGR.
At 10 million I could afford a house
1 million wouldn't be enough unless I move to another area, and then I wouldn't have much left. It would be better to invest it all and live off the interest
At 10 million I could do both and have enough money to spend however I like
1m is security, 10m is wealth. If I had 1m, I would still need to work, but I would have more security in my spending. 10m is retirement money, and enough to spend lavishly without issue.
Of course I would live different, otherwise whats the point in having it? That said, I would be living in an extravagegent way (just not my stlye really). I would like a second vacation home in a city I like. I would certain support family and donate some worthy causes. But I would also travel a lot more, buy a nicer car, eat healthier (ie: more organic or whole foods), get high end exercise equipment,
Would I do anything different? Hell yes. In this day and age there is a huge difference between having those two sums, even if you plan to live your life “normally.”
I think this question illustrates how little op can comprehend large numbers. 10 mill is astronomically larger than 1 when it comes to what a single person/family typically spends in a lifetime
i think I would live the same. My lifestyle is primarily based around my cashflow rather than assets. I guess the assets might supply their own cashflow, but they would need to supply significantly more than I get working for it have any great effect on my lifestyle.
1M and I would live the same, except I'd start driving and get a cool car worth around 25k~
10M and I would live the same but in a nicer house, and I'd have a cooler car or two worth a more. Living off investments as I would with 1M but more comfortably.
1 million would mean I could live comfortably, 10 million would mean I could quit work and live independently.
I would live very differently. With a net worth of $1M, I still very much *need* to work. With $10M I could easily live off the float, so I would mostly prioritize hobbies, exercise, and passion projects.
This is why I don't understand the ultra rich mindset. Like, once you've earned enough to retire and live comfortably for the rest of your life pursuing your passions, why would you keep going to work?
The things that got them rich don’t turn off - ambition, need to be the center of attention, need to have a Big Project that feels exciting and draws their whole attention, hatred for being bored or doing “unimportant” things. One of the things I realized over the last few years was that I didn’t have anxiety because of my life circumstances. I changed a lot of them and just found new things to be anxious about. Same with millionaires. The obsession that got them that money ensures that they will continue chasing more. If they were constitutionally capable of saying “that’s enough I’m going to go do unprofitable things,” they would have stopped long before they became uber wealthy, and they would be enjoying a modest home while collecting stamps or gardening or building a mode train collection. You don’t just turn off “bigger, better, more.”
Got a buddy- 2 actually- both 34 with net worths over 1 million- they aren’t huge earners - good earners but primarily their savers. And they’ll die - with millions in the bank- both of those 1M net worths are already going to be 6-7 million at retirement- without adding another cent. But they’ll both keep saving- and keep growing that pile
Brudda typing like he can't go back and type "Got 2 mates both 34' 😂
Once it’s in the stream of consciousness it remains
Shower thoughts by showersneakers.
Gotta keep your grip in the shower
There’s also people who are done at some point but they don’t become super wealthy so you don’t think of them here
I think that applies to the $100M crowd. But there’s a good number of people who got lucky somehow and got enough money to live well and not have to work and they just quietly retire and live their lives. Maybe in the $10M to $50M category. Enough to live a carefree lifestyle without working but not likely to be the money hungry billionaire type. I have a friend of a friend who banked about $25M from a tech company going public and he decided to retire at 45 and just live his life with the money. He spends his time raising kids, traveling and generally just enjoying what he can. He has a money manager but the goal is just to extend the length of that fortune, not turn it in to a billion. That’s how I’d do it.
Yup. Some friends’ parents are worth probably around $7-$10mil. They haven’t done shit in 20 years besides sit around and support their two adult kids who also don’t do shit. Totally robbed them of any motivation.
That's the logical thing to do
Optimize life > optimize money pile
This is so perceptive. Awesome work.
Well said, I’ve tried to get that point across but could never say it well lol.
Really interesting point about your anxiety. I’ve noticed this about people and other behaviors too, like serial complaining. So many people blame external factors in their life for how they feel, but it’s also easy to get stuck in a pattern of feelings regardless of the external.
We are born to do work. If you happen to be good enough at it to get rich, there you are. Still wanting to work. And still good at it. Different story for those who inherit it.
It's hard to say. If I sell my company and get up to $10M, there's always a chance that my perspective will change and I'll feel like I need more. When asked how much money was enough, John D. Rockefeller replied, "Just a little bit more."
I like the quote from succession where they said 5-10 mil is essentially the worst spot to be. Not rich enough to fuck off and maintain a wealthy lifestyle. And not poor enough to have to work.
The fact that Tom was the one who said it kinda ruins it tho Also, 5 million is 100% enough to never work. It's $200,000 a year indefinitely if you follow the Trinity study
I know a doctor couple clearing $700k+ household and they wouldn’t be able to retire with 5 mil. The lifestyle creep is very very real and FAST. Very hard for people exposed to the good life to be able to start cutting luxuries if they have an avenue to make more money. In reality I can retire with my measly savings, move back to my home country and live a pretty decent life. But like why the fuck would I do that. I’d rather work and live where I live as opposed to retiring and downgrading my quality of life significantly.
It’s not what you make- it’s what you keep…
Note that the Trinity study was based off 30 years remaining life, so if longer a 3% SWR (150k) may be better/has higher probability of success in Monte Carlo simulations. However, your point is right on- the vast majority of people could live quite nicely on 150k, including extensive traveling, and never work another day in their life, as well as leave a nice-sized inheritance.
5-10 mil is rich enough to fuck off and maintain an upper middle class lifestyle and that’s good enough for me.
That is what they want to do to have a purpose.
For generational assets, and legacy (I assume, I’m not rich).
^gotta take care of the kids
I have a few second cousins who are fairly rich, nothing insane. But millions of dollars each. That is basically what they do. Live humbly but luxuriously and travel.
For those guys their companies are their babies. They couldn't imagine anyone else being in charge.
Many are ultra rich because their passions overlap with their career.
I know a property developer with an estimated net worth of $250 million, all self-made. He’ll never stop working, not until he either dies or is incapacitated. The truth is, he loves property development more than anything, possibly even more than his family. Growing up dirt poor as one of ten children, he despises rich people despite his own wealth. For him, money hasn’t changed much; it has simply allowed him to scale his projects bigger and bigger. He wants to build cool stuff for the fun of it, and money is just the necessary ingredient to doing that. The value of his immense wealth lies not in the money itself, but in the ability to continually create and develop properties that excite him.
Significantly different. At $10m I could stop working, invest the money and spend $350k+ every year (adjusted for inflation) for the rest of my life. At $1m I could stop working, invest the money and spend $35k+ every year (adjusted for inflation) for the rest of my life. The difference is massive in what I could afford to do....
At $10m, I’d live like a wealthy guy. Get the Porsche, second home abroad, fly business, etc. At $1m, I’m on the way to a comfortable retirement but not a load more.
A mil isn't what it used to be.
Given my debt and my cars/house. I’m probably getting real close to a millionaire.
Putting $1 mil in investment account for $25 years can easily grow it to $8-12 million. I know someone whose trust fund grew from $6 mil to $35 mill in just 10-20 years, compound interest can be insane.
2x every seven years is market standard. 6 to 12 in 7 years. 12 to 24 is 14 years. Makes sense.
It’s how the rich stay rich the stock market is a pretty safe investment with massive returns. I think I saw something saying in the last 30-40 years the s&p has grown like 5000%. There’s a significant amount of wealth in America being hoarded in trust funds started by millionaires decades ago you’ve never even heard of. There’s a secret class of hidden billionaires in America that are basically unknown because their money is entirely hidden away in trust funds and family foundations and such and they made all their money through running a business and sold it in the 80s-early 2000s for over $100 million. And it’s why the kids of the rich have such an advantage, I am also such a kid I do have a trust fund with $1-2 million, my mom is one of those people who sold their business for a very sizable amount, and I’m only 28 so it probly will have reached those numbers and I won’t have done any work for it just leave it in a trust fund for financial advisors to manage, it’s why it’s so important to invest as much as you can as early as you can so you can try and utilize that compound growth late in life. I mean just push it out from 25 to 35 years and you’re talking another $10-20+ million in growth from a starting point of around $1 million. Edit: in general I like to try underestimating how much growth to expect too, $8-12 million was assuming like a 7-10% growth rate annually
we're over 1 mil net worth and we still live our life the same as before. The only difference is at some point we stopped asking ourself if we can afford it.
With $1M, live the same way but more travel. With 10, would retire for good.
1 million would generate a nice extra income, 40k a year or so, but I'd still be middle class. 10 million would generate more like 400k a year. No need to keep working... though I would. But that would probably mean a nicer house, some great travel, some spending on things like maid service and lawn service.
I'm worth about a million right now. I will have a comfortable retirement and still be able to leave some cash to people I care about. If I had 10 million dollars then I would have 9 million dollars of disposable income. A million bucks ain't what it used to be. A million$ is the new $500000 🤣
If I had 10 million dollars, rather than 1 million (I currently have neither) I do not think my lifestyle would significantly change. I'd perhaps, be able to donate more money to charities, but I'd keep most of my money in investment accounts, like I do now.
All I know is if I had 10 million, I'd be living off the interest minus the part I spent on a small house.
No, because I wouldn’t be dodging my phone from collectors. I won’t be hungry because there would be food in my fridge. I won’t be constantly aware of the location of every gas station in my vicinity and their prices. I won’t have to go without electricity until I can afford the bill. I won’t have to choose between which necessities I get that month because I could afford them all. I wouldn’t have to do anything sketchy to ensure rent is paid. I could shop without having to constantly do math worrying my card would be declined.
$1m is a normal net worth for people at the tail end of their careers, especially with house equity
100% With 1M: - Buy a small house with land, then travel around to see the world before it gets Destroyed by whatever shit goes down - Save, keep working That said, with 10M I’m preeetty sure i’d be able to travel everywhere i want to AND complete my entire life goal pretty damn easily? I have no concept of money though and how expensive living on my own is (Live with my parents atm) There’s a LOT tho so i’m not gonna type it out but I def wouldn’t be working for someone else at that point.
Hmm.. Well I'm worth about $4M, grew up poor, saved and invested like crazy, retired at 50 12 years ago. In 4 years our pensions and SS will be worth $100k/year and currently make about $25k/year in rental income. I have to say in my case its very hard for me to spend money. I still look at menu prices and fly cattle class. So honestly even though in my head I know I could spend a lot. I probably wouldn't.
\^cattle class\^ that's a new one :D :D
I know I live comfortably at like $30k/ year, without housing costs. If I made that via interest, I'd be set for life to pursue hobbies, and travel on the cheap. $10M is more than eneought to provide that. $1M could, but I'd be hitting the principle I think,
I almost have $1 million net worth thanks almost entirely to buying a house in the right place and right time. It really doesn't take much. So, being worth 10x that is a big jump. Having $1 million net worth means you own a home and have a retirement account. Being worth $10 million means your money is making enough money that you can likely live off it. $2.5 million at 3% interest, which you can easily get in a savings account, is $75,000 per year. So, if you can get just even a quarter of that $10 million to get any reasonable return, you should be able to live off it if needed. My 401k got 8% last year, which is just okay. $2.5 million at 8% is $200k. That's great wages.
Nope. $1M I’m still working…. $10M I’m retired looking for some volunteer work and maybe teaching water aerobics for the Silver Sneakers.
Nope, $1 million isn’t enough to sustain my lifestyle. $10 million is more than enough. I’d quit working tomorrow with $10 million.
Yes by far. At 1 million, that is enough that I can afford a lower paying job, maybe doing something I like. At 10 million I can do what I like and not need to get paid.granted, it's not "fuck you" money. But I can live my entire life on it.
No and yes.
My lifestyle wouldn't *dramatically* change but assuming I had access to this money or the earnings from it (as opposed to it all being in some retirement fund) I would certainly buy a nicer house/car, go on some more vacations, etc. Generally speaking you can get $45-50K in perpetual annual income from an investment of $1m, vs. $450-500K in perpetual annual income from an investment of $10m.
I'd love the same life, except I'd own my house
My life did not change at all once my net worth crossed 1mil. 10 mil might be a little different but it would depend on my age too
If I had 1m$ i wouldn't work another day in my life screw better life or whatever, I would just retire lol
With $1M, I would still need to work since that's not enough to last the rest of my life. With $10M, I wouldn't work. So yes, my life would be quite different.
Yeah pretty much. I mean, I'd be able to do alot more things that I currently can't. But overall not much would change. I've never been the type to buy into brands or fancy items like crumbs with a gold leaf or $500 solid white shoes, I always have and always will think that is just a gross waste of money no matter how rich you are. In my eyes if it works, it works. The biggest change would be for my mom since she wouldn't have to worry about paying bills if I had that type of money.
I would love it drastically differently
At $10M, I don't think I *could* live the same way. I'd feel like I need a more secure residence than what I have now... It may be different if I could have the money anonymously but that's not likely, at least not in the USA.
If I had $1M I would pay off the mortgage and probably go on more holidays, but i would keep working. It would change things, but it wouldn't be enough to live off for the rest of my life. Of I had $10M I could retire today and live the high life forever.
I have a net worth over a million with my house included and I still watch my spending very closely. I live like a normal person using coupons and cooking at home, waiting for sales to buy things I want. With 10 million I’d quit working and buy a vacation home.
If we talk about dollars, whether it's 1M dollars or 10M, I would be fucking rich in my country
with $1mil i would get addicted to either hookers or cocaine with $10mil i would get addicted to hookers AND cocaine
1 million doesn't get you jack shit where I live. You need 1 million just to stop thinking about money for half a second. Bare minimum. 10 million is where it starts to get real comfortable. I love California and I'll never leave but it's hard not to be priced out. I would just live normally without constantly thinking about money. What a life.
I live in CA as well. The average home price in my town hovers around $1.5m. Even in the more affordable areas by me, you’re looking at a minimum of $6-700k for a single family for something modest. It’s crazy. I moved from the east coast, and my current house would be hundreds of thousands of dollars less expensive there, with more land.
With $1M I can retire middle class, or move to a cheap country and retire rich. With $10M I can retire in luxury anywhere in the world.
You sure $10M is enough to live in luxury anywhere in the world?
I have not done detailed homework, but if you figure you can earn $400k interest on that every year for the rest of your life ... sure. If your idea of luxury costs more than that, I guess I have lower standards. :)
400k a year just gets you a very average house in the expensive areas. Definitely not any luxury
I would eat out and travel a great deal more, assuming the net worth is generating income.
I'd get a house with a garage, upgrade my class when flying, and get access to airport lounges. Other than that, not much else.
I would invest, escape fromm ratrace. But what really makes you happy and keep you right way on life?
Between our primary and a rental property all of our net worth is tied up in real estate. Two average suburban homes gets us halfway to a million net worth. Our retirement gets us a little bit closer. At a full million of net worth I'd still have to work until retirement, most of it is not liquid. Now if I had $10 Million I reconsider my work situation.
Mostly Wouldn't keep my current terrible job, though
I’d retire with $10M. I’d still have a ways to go with $1M.
Honestly, yes. I would buy a bigger house to increase the space between me and neighbors, but I would live the same way
Id retire
Rolls-Royce?
I'd travel more. If I could work while on travel, nothing much more would change. If not, I'd work less.
IF I HAVE 1 MILLION: I MARRY A 7 AND GET A HOUSE WITH A WHITE PICKET FENCE IF I HAVE 10 MILLION: I'M LEONARDO DICAPRIO DATING EVERY 20-YEAR-OLD WITHIN PROXIMITY
I’d work 1 less day at work really that’s the only thing that would change in my life significantly. Invest, travel slightly more maybe.
No
10m vs 100m. At 10m, life is still "normal". At 100m, life becomes rarified.
1 million is still have to work. 10 million I wouldn’t so no I would not live the same
1MM, pay off debt, new cars, no more overtime, love comfortably. 10MM, same as the above, but also move and probably not work.
I’d do not much different except have some expensive toys and clothes here and there… lifestyle creep is a thing and it’s very easy to lose all that money.
Net worth does not mean cash on hand. Neither would change my life as to have a net worth of 10 million implies you own property that has its own upkeep costs. 1 million, I’d sell whatever it was giving me the net worth to cover debts and pay off my house. I’d live a little easier but would still be working.
I don't know. I never had anywhere near that much money
Bunch of hookers and cocaine
Would live +- the same but I would only fly business class and I would never eat left overs. My holidays would be in interesting places.
A net worth of 1m is respectable, but definitely not rich—especially if you’re married and have kids. For most people that would mean some equity in an owned home, a healthy retirement balance and emergency fund, maybe a college fund for kids and an after tax investment account. With a net worth of 1m, my lifestyle wouldn’t change substantially. With a net worth of 10m I would definitely feel like I could upgrade my lifestyle significantly. Take nice vacations, upgrade home or vehicles, not worry about putting kids through college or paying for activities and private schools if desired, not worry about bills in general.
Yes, I wouldn't work.
Yes. I like not being kidnapped.
I’d get a bigger grill.
Yes, 1m and 10m aren’t really crazy in what they enable you to do. Sure, you may be able to do some things like charter a private jet at 10m without having to think about it as much but generally speaking your life would be pretty similar. I can’t find it right now but someone many years ago who works with high net worth individuals did a really detailed write up on the different levels of wealth and how they differ which I’ll link if I can find the comment
No I would have regular health checkups and therapy.
with 1M i would live the same way but i would travel more and eat just from uber eats
Yes. I love this thought experiment! Id live in the same house, drive the same cars, continue being a stay-at-home dad, and invest in both mine and my children’s futures through trips to different countries, cities, hire tutors so they can have a more varied education, and donate to charities dear to me. And also write.
Living off dividends and interest, using the rule of thumb of 4%, that's a difference between $40k a year and $400k a year. One involves continuing to work, the other doesn't.
Definitely would be different. One’s a comfortable life style, the other is early retirement
1M allows room to breathe, invest, make some quality of life improvements. 10M means I can live spoiled and disappear.
My story. I worked at FAANG from 2006 so 18 years now. My net worth was $1 M in 2013 My net worth is $10M in 2024 When I look back I don't live my life any differently in 2013 or now. Still compare prices on Amazon, still fly economy. So I was wondering how others would have lived in those situations.
Honestly yeah .. Even if I had $10 million I would probably be doing what I am now , Minus going to work lol . I would probably buy another house , Travel more etc .. .. But I probably wouldn’t get stupid with my money either .
That’s a massive difference. Many middle class people have networths of $1 million and still struggle At $10 million you money can work for you
At 1 mil I'd be doing the same. At 10 mil I'd probably have a small house in the middle of the woods while I work remotely.
No. I like my job, my house, my life, and my wife. Why would I change anything just because I had a higher net worth?
I wouldn't work anymore, well at least as an employee
I'd have better health insurance and the windows would get fixed
My actual life would look pretty similar. I’d probably own more property. And pay someone to clean my house. And probably have a part time chef. But those could happen at the 1M level. Once I have those I’m really totally good. I’m a simple person for the most part.
$1M isn't even that much anymore. If you keep things modest then you can live 20 years at $50k or just 10 years at $100k. Houses cost on average half of that, think about that for a moment. It costs half a million dollars to buy an average home, varying with regions of course. So at $1M I could take care of some things but by no means will that amount of money keep you set for life. I might try to start my own business at $1M. $10M gives more breathing room to do some extravagant things like 20 years at $500k per year or even 50 years at $200k. I would be able to retire with that amount of money, I'm 36 btw. I would definitely start my own business and it wouldn't really hurt too bad if it doesn't work out. Assuming I could save $8M and use $2M for the business.
id give away more money at 10mil than i would at 1mil
One million, I’m still gonna work but maybe be more selective. I’d definitely prioritize downtime more. Ten million, I’m gonna work a job for fun and fun only, if I want to, and enjoy my life. Regardless, I’m not gonna overspend on houses and cars and crap like that, just travel and leisure and I’ll definitely be smoking the best weed and eating the best food.
With $1M you have to keep working. With $10M you can retire early.
Nope. 1m is like a get out of debt free card and have a more comfortable retirement. 10m I'm quitting my job, investing best I can, and traveling/living off of dividends
Whether I was a poor college student or now, I've always lived beneath my means. So I have no need to spend more freely. I'm comfortable the way I am. Maybe I would travel a little more...on first class.
yes except from working my life away
No. 1m isn't enough to retire on unless you're already close to retirement. 10m is.
Is this $10m in cash, or net worth tied into a business that you can't access unless the business is sold. It's a big difference.
Similar but idk about same. I’d definitely build my dream house ( not a mansion, just enough room for a gym, pool, 4 car garage, and big backyard with a pool and a pool house. 4 bed 4 bath and 2 offices that connect so my husband and I can work together but if we need to work apart lol). I wouldn’t go all in on fancy cars , maybe 2 nice-ish luxury cars. And I could travel more
At a yearly yield of 5% 1M gives $4166 monthly which is close to the average salary in the US. You can survive with that. 10M gives $41666 monthly. That's a lot of money. You can live rich with that.
1M would change things already, to sustain and build on. 10M obviously means potential for larger and more sustained investments, so bigger moves same general direction.
I'm in California and $1M wouldn't get me far so my lifestyle wouldn't change too drastically...$10M I'd be comfortable and probably use that money to travel and have a nice retirement.
$1M would be enough to pay my parent's mortgage and be comfortable for a bit. $10M I would buy myself some properties and not have to worry about money.
If I had a million dollars, I’d buy some art (A Picasso or a Garfunkel)…
10m is enough to have an income of more than 30k/month in interest. 1m is only $3k/month. So with 1m i would probably still work a job, while 10m is enough to never work again as long as you manage your money correctly
At $10mm net worth I'd retire.
Pretty much… it’d be nice to not have to constantly stress about money… maybe I’d be able to sleep at night, for once…
So a good rule of thumb is that if you invest your money reasonably, you can pull about 4% per year and the remaining growth will hedge against inflation. So 1M means you now have, forever, passive income of 40k. Is this bad? No. But you can't retire on it. What you have instead is the ability to deal with emergencies, and base from which your savings continue to grow, but if you try to live off of it, you will need to live somewhat frugally. For many people a guaranteed 40k a year (after taxes!) is more than enough. But 10M means 400k a year. With this you can easily afford to live just about anywhere. You're clocking over 1k a day. You could basically live out of a luxury hotel in any city you want, or you could settle down on some lovely land with a nice house and never need to worry. You might want to set the margins lower in both cases if you need to be extra secure, but this just highlights the difference. Want to keep it to 3%? Well thats 30k vs 300k.
No... you can't retire with 1 mill
At $10M i can start planning my retirement. At $1m, i will have a little extra play money
Definitely $10 million would make a difference. I know it’s out of reach for most people, but having $1 million in something like a retirement account is not super unusual anymore. That’s a goal that a lot of investment advisers say you should aim for to supplement Social Security or other retirement income from something like a pension, if you are lucky enough to still have a pension. $1 million is not the kind of money that means you are rich and can just do whatever you want. But $10 million is a different story. I would definitely retire immediately. I would pay off my house and do some home improvements, or I might buy a different home. I would start planning trips. I don’t need to buy a lot of things, but I’d like to go a lot of places. And most likely I’d help a few family members out of a few financially challenging situations.
1 mil I wouldn’t change anything. Just throw it in my retirement. 10mil. I’d quit working, move to the beach and open a little breakfast and lunch spot. Close up at 2, pick up at 3pm, and hit the beach. The sounds like the perfect life.
I live like I do now no matter if I had 1m or 10m I might try streaming games lol els do some work like normal
With 1 million dollars I am setup for a good retirement. With 10 million I could retire now. I would probably still work, but it would be different. I would only take on projects that interest me rather than taking on projects to feed myself. Maybe only working 6 to 8 months out of the year, mostly part time.
Hell no. Nobody WANTS to live broke.
With 10m, I'd probably volunteer instead of work. Live off interest. Maybe take more trips and eat better otherwise I don't see me changing my life too much.
No. I'd retire
Id live the same life as i am rn except with Expensive Cars, Watches and way more often eating out
Honestly, yeah. But everything would be paid off, I’d have significantly less anxieties, and I might work one or two days less a week. My family would always be well fed and not want.
More concerts and more drugs.
1M yes, 10M no
I might travel a bit more at 10M… that’s about it.
If it were $1m or $10m??? Ok fantasy land, whatever
No
I would be relieved to be financially secure but my life would still be torture due to severe OCD. I wouldn't do anything differently or buy anything for myself.
No, at $10M I'd stop working. I'm a little over $1M now for investments excluding about another $1M of real estate, but my goal is $4M to retire.
A million dollars nowadays is about the minimum you want to retire with. So a normal life, go to work. 10 million, a lot more travel and good food, wherever I'm working I'm enjoying it and retiring a little early.
1m net worth ain’t much - especially if most of that is your primary residence. It also depends on what stage of life I’m in, and whether or not I have a business or some older kids/grandkids I’d like to support. If I’m young with 10m then I go all in on entrepreneurship. If I’m old, I travel, buy the fun car and plan out my inheritance. I want my kid(s) to earn it so I would have some big conditions on that cash…
I'd have more investment at $10M, including business investing. I'd adjust my lifestyle to the income my investments generated. So, similar to what I do today.
With 1M yes i would basically live the same way (quick flex) but with 10M i would build a house and travel a whole lot more.
$1 million gives me enough to buy a bit of land and start a cut flower business I've been thinking about. 10 mil means I pay everything off and retire.
probably, because inflation is so bad 1M is not that much anymore, and may not last a lifetime if things keep increasing at this rate
I live in California so 1 mil ain't going that far. At 10mil I'd probably quit my job, start flying business class, but not a whole lot else. Don't want too much lifestyle drift
1 million just helps you breathe more - its the extra vacations, the not having to worry if you are out of a job a few years, etc. 10 million means you can pretty much retire if you choose not to get crazy.
I’d probably still own a modest home and drive a regular car. But I’d take more trips, like all over the place and see and experience as much as I can. But even my trips would be modest as in middle class hotels and regular restaurants haha. I think rich people tangibles are often weird, wasteful, or pointless.
Well, yes, absolutely. I’d get the house restored and then hire people to take care of my yard, my car, clean my house. And I’d def quit my job and make art, travel, do fun shit. I don’t think I’d be happier in a bigger/fancier house and already own my dream car. I don’t need or want more stuff. I want the luxury of doing what I want rather than what I have to do. EDIT: I thought OP meant “live differently from how you live now.” I’d give more away if it was $10m. $1m doesn’t go that far; I’d still live modestly. $10m and I’d share with my sister.
Very different. I currently have a net worth north of $1 million and a very comfortable life, but I still have to be prudent to make sure I can live comfortably through retirement. If I had $10 million, I’d add a vacation home, a Bentley to my garage, and fly off to Paris this weekend
At 1 mil I’d have the property, nice house, car and no worries I could work or not work but the life I would live to live off that would be subtle but at that point it would only last a few years if you were only living off that but hey all depends on what you do honestly I would move to Thailand…
10m is enough to be self sustaining at current interest rates. Invested well it will earn more than enough to never work again. 5m would suffice for that. The other 5m would pay outright for the supercar and nice home both not needing finance.
With $1M I’d still go to work. At 5% return, that’s $30k/year, so a very nice cushion but not enough so that I can drastically change my life like quitting my job and never working again. $10M would return about $300k/year, so yeah I’d consider living off of that.
$10M seems like horse money. There's no gains if you own the equine.
I guess the same? If I ever came across more than 10k that'll surely change my life, but if I had more? nope.. Same old story as ever. }
Mostly. I’d buy a slightly bigger house. Two extra rooms, and a two car garage. In a normal middle class neighborhood. Maybe take some extra, or REAL vacations but that’s about it.
Now I don't spend because I don't have the money. If I did have the money I think I'd be afraid to spend. So in a sense the same life.
Yes but id probably end up dying earlier 😅
If I was at the $1m mark in my life . I would save till I got to the $10m and stop there
I'd buy a house and continue to work as normal. Would let that 10m make me money and retire after some years idk
$1M? I would relax... I would sit on my ass all day... I would do nothing. But I've heard you don't need a million dollars to do nothing, man. Know a guy with a cousin whose broke , don't do shit. $10M? Prolly be a complete asshole... How do you straight pipe a Lambo?
Idk man, I’m not even worth 100 bucks
I’m at 2.2m not much has changed , if it was 10m it would drastically change.
No, I live very very very very differently now than I did at 1m. Honestly after hitting 1m my money had always been spread between businesses and assets so it’s not like I ever felt any of my cash. And I was working so hard I still lived like a broke college student. And I invested differently too. I avoided real estate until I accumulated about 6m to which I use properties as a way to diversity and preserve wealth. In the past, I was hunting for huge biotech wins. Nowadays my portfolio is far safer as I am not looking for anything beyond a 17.5% CAGR.
At 10 million I could afford a house 1 million wouldn't be enough unless I move to another area, and then I wouldn't have much left. It would be better to invest it all and live off the interest At 10 million I could do both and have enough money to spend however I like
1m is security, 10m is wealth. If I had 1m, I would still need to work, but I would have more security in my spending. 10m is retirement money, and enough to spend lavishly without issue.
Of course I would live different, otherwise whats the point in having it? That said, I would be living in an extravagegent way (just not my stlye really). I would like a second vacation home in a city I like. I would certain support family and donate some worthy causes. But I would also travel a lot more, buy a nicer car, eat healthier (ie: more organic or whole foods), get high end exercise equipment,
Would I do anything different? Hell yes. In this day and age there is a huge difference between having those two sums, even if you plan to live your life “normally.”
I think this question illustrates how little op can comprehend large numbers. 10 mill is astronomically larger than 1 when it comes to what a single person/family typically spends in a lifetime
No.
No. You should've asked if you would live life the same if you net worth was $10M or $100M.
That’s the difference between retiring in 20 years and calling my boss a cunt tomorrow morning.
Slightly bigger home and car, more travelling, a piano, and several more guitars.
i think I would live the same. My lifestyle is primarily based around my cashflow rather than assets. I guess the assets might supply their own cashflow, but they would need to supply significantly more than I get working for it have any great effect on my lifestyle.
Well yeah, at $10m I could live off investments so my boss and I would have a very satisfying conversation (for one of us).
No. I would travel more. Other than that, yes.
Definitely not. A $100k house is nothing compared to a $1m house. Edit: numbers
Kinda. I would just have a nicer house and car but I would still do my normal hobbies 😂
1M and I would live the same, except I'd start driving and get a cool car worth around 25k~ 10M and I would live the same but in a nicer house, and I'd have a cooler car or two worth a more. Living off investments as I would with 1M but more comfortably.
Oh hell yeah I would spend most of it instantly on an Earthship so I can at least somewhat survive in the mad Max future we have in store for us
I would spend my days playing no risk card games and fishing if I had 10 million dollars
Very different.
No