Would you retire with a NW of $10m?

[Anonymous]

For many people who have $10m+ in wealth, they start calling the shots on their schedule. I manage my own schedule and how much / little money I make so working isn't really working because I don't have anyone breathing down my neck. At the same time, I can be monetarily rewarded for solving problems as I want to.

I think you're creating these false alternatives in terms of work vs retire. Some of us achieve a hybrid once we hit this level of wealth.

[Anonymous]

Anonymous wrote:For many people who have $10m+ in wealth, they start calling the shots on their schedule. I manage my own schedule and how much / little money I make so working isn't really working because I don't have anyone breathing down my neck. At the same time, I can be monetarily rewarded for solving problems as I want to.

I think you're creating these false alternatives in terms of work vs retire. Some of us achieve a hybrid once we hit this level of wealth.

+1 It's financial flexibility with your life. Put another way, you make your own schedule and make as much or as little money as you want to make, but if your profession was somehow eliminated overnight you probably wouldn't need to adjust your lifestyle much nor would you panic.

[Anonymous]

Anonymous wrote:Of all the things to have, money is certainly the best. We've never had a HHI above $120k so I'm pretty sure we could retire, like tomorrow, if we noticed our retirement savings were $10 million. Alas....

I cannot even....

[Anonymous]

Anonymous wrote:

Anonymous wrote:For many people who have $10m+ in wealth, they start calling the shots on their schedule. I manage my own schedule and how much / little money I make so working isn't really working because I don't have anyone breathing down my neck. At the same time, I can be monetarily rewarded for solving problems as I want to.

I think you're creating these false alternatives in terms of work vs retire. Some of us achieve a hybrid once we hit this level of wealth.

+1 It's financial flexibility with your life. Put another way, you make your own schedule and make as much or as little money as you want to make, but if your profession was somehow eliminated overnight you probably wouldn't need to adjust your lifestyle much nor would you panic.

This makes no sense. I make 7 figures. So while I would not be destitute if I had no income starting tomorrow, my lifestyle would change quite a bit.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For many people who have $10m+ in wealth, they start calling the shots on their schedule. I manage my own schedule and how much / little money I make so working isn't really working because I don't have anyone breathing down my neck. At the same time, I can be monetarily rewarded for solving problems as I want to.

I think you're creating these false alternatives in terms of work vs retire. Some of us achieve a hybrid once we hit this level of wealth.

+1 It's financial flexibility with your life. Put another way, you make your own schedule and make as much or as little money as you want to make, but if your profession was somehow eliminated overnight you probably wouldn't need to adjust your lifestyle much nor would you panic.

This makes no sense. I make 7 figures. So while I would not be destitute if I had no income starting tomorrow, my lifestyle would change quite a bit.

NP but I also make 7 figures and my lifestyle would not change except I would save a lot less. But I've only been earning 7 figures for a few years and haven't adjusted my lifestyle upward.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For many people who have $10m+ in wealth, they start calling the shots on their schedule. I manage my own schedule and how much / little money I make so working isn't really working because I don't have anyone breathing down my neck. At the same time, I can be monetarily rewarded for solving problems as I want to.

I think you're creating these false alternatives in terms of work vs retire. Some of us achieve a hybrid once we hit this level of wealth.

+1 It's financial flexibility with your life. Put another way, you make your own schedule and make as much or as little money as you want to make, but if your profession was somehow eliminated overnight you probably wouldn't need to adjust your lifestyle much nor would you panic.

This makes no sense. I make 7 figures. So while I would not be destitute if I had no income starting tomorrow, my lifestyle would change quite a bit.

+1

Even if you save plenty at a HHI, most would need to adjust their lifestyle to ensure they have enough to see them thru retirment. Wouldn't panic though because it would be easy to do

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For many people who have $10m+ in wealth, they start calling the shots on their schedule. I manage my own schedule and how much / little money I make so working isn't really working because I don't have anyone breathing down my neck. At the same time, I can be monetarily rewarded for solving problems as I want to.

I think you're creating these false alternatives in terms of work vs retire. Some of us achieve a hybrid once we hit this level of wealth.

+1 It's financial flexibility with your life. Put another way, you make your own schedule and make as much or as little money as you want to make, but if your profession was somehow eliminated overnight you probably wouldn't need to adjust your lifestyle much nor would you panic.

This makes no sense. I make 7 figures. So while I would not be destitute if I had no income starting tomorrow, my lifestyle would change quite a bit.

Do you have a $10MM NW? Sure, if you don't save and spend all your 7 figures...but the OP doesn't seem to lead anything close to a 7 figure lifestyle.

So, yeah it's not 100% of people...but there are a lot that live well below their means and save a ton.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For many people who have $10m+ in wealth, they start calling the shots on their schedule. I manage my own schedule and how much / little money I make so working isn't really working because I don't have anyone breathing down my neck. At the same time, I can be monetarily rewarded for solving problems as I want to.

I think you're creating these false alternatives in terms of work vs retire. Some of us achieve a hybrid once we hit this level of wealth.

+1 It's financial flexibility with your life. Put another way, you make your own schedule and make as much or as little money as you want to make, but if your profession was somehow eliminated overnight you probably wouldn't need to adjust your lifestyle much nor would you panic.

This makes no sense. I make 7 figures. So while I would not be destitute if I had no income starting tomorrow, my lifestyle would change quite a bit.

NP but I also make 7 figures and my lifestyle would not change except I would save a lot less. But I've only been earning 7 figures for a few years and haven't adjusted my lifestyle upward.

Right. So you're an example of someone who has high income but little financial independence or flexibility. That sucks dude. It's like you're so close but so far. Must be an awful feeling.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For many people who have $10m+ in wealth, they start calling the shots on their schedule. I manage my own schedule and how much / little money I make so working isn't really working because I don't have anyone breathing down my neck. At the same time, I can be monetarily rewarded for solving problems as I want to.

I think you're creating these false alternatives in terms of work vs retire. Some of us achieve a hybrid once we hit this level of wealth.

+1 It's financial flexibility with your life. Put another way, you make your own schedule and make as much or as little money as you want to make, but if your profession was somehow eliminated overnight you probably wouldn't need to adjust your lifestyle much nor would you panic.

This makes no sense. I make 7 figures. So while I would not be destitute if I had no income starting tomorrow, my lifestyle would change quite a bit.

Then you don’t have enough savings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For many people who have $10m+ in wealth, they start calling the shots on their schedule. I manage my own schedule and how much / little money I make so working isn't really working because I don't have anyone breathing down my neck. At the same time, I can be monetarily rewarded for solving problems as I want to.

I think you're creating these false alternatives in terms of work vs retire. Some of us achieve a hybrid once we hit this level of wealth.

+1 It's financial flexibility with your life. Put another way, you make your own schedule and make as much or as little money as you want to make, but if your profession was somehow eliminated overnight you probably wouldn't need to adjust your lifestyle much nor would you panic.

This makes no sense. I make 7 figures. So while I would not be destitute if I had no income starting tomorrow, my lifestyle would change quite a bit.

Then you don’t have enough savings.

Thank you, Captain Obvious, Supreme Commander of Redundant Comment

[Anonymous]

I would probably coast at work until they fired me, but the 10M would allow me to do so without worry.

[Anonymous]

Anonymous wrote:I would probably coast at work until they fired me, but the 10M would allow me to do so without worry.

Best answer yet…you might be surprised how long you can coast…get some severance too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I would probably coast at work until they fired me, but the 10M would allow me to do so without worry.

Best answer yet…you might be surprised how long you can coast…get some severance too.

+1 I have seen folks quite quit for 5+ years!

[Anonymous]

Do you have a plan about how you will spend your time? People must have meaningful purpose or they end up dying early. If you have that and not some vague idea about relaxing, then go ahead. Otherwise, start ratcheting down the time you spend at work and start finding volunteer projects, hobbies, etc.

[Anonymous]

With kids that young, no. We got a surprise when one of our DC's developed mental illness in late teens/early 20s. It has been +$200,000 for treatment, plus extra semesters at college. We are hopeful about the future, but worry that we might need to subsidize later as well. So, you don't know what life will bring, and for us having extra assets has removed one source of stress.