How does life change once you hit $1 million?

[Anonymous]

I’m single, 41, net worth around $800K including home equity. I’ve always been obsessed with money but, until recently, never as good at making it as some of you here.

I should hit a $1 million net worth in about two years just through savings, or maybe in three years if the market goes down further. I’ve always viewed $1 million as a magical number. Obviously with inflation, the value of that number comes down each year, but it still seems pretty special.

Just curious to hear from all you rich people: how does life change once you get to the promised land? Do you feel a sense of relief and accomplishment? Or is it anti-climactic and just another milestone and you get back to work?

[Anonymous]

No, I didn't even notice, because I'm not obsessive. I did feel more secure, in terms of generational wealth, when I noticed some times ago that my portfolio was at more than 10M. It will keep growing, since I'm middle-aged, and I hope to leave a lot of it to my children. I am teaching them to invest and manage their finances now.

Stop obsessing. It's not good for you.

[Anonymous]

I noticed the ups and downs in the market a lot more -- so I stopped looking. Once you have a substantial portfolio, the gyrations can get stomach churning.

I think mostly I started to relax about it all. We still save, but I don't feel the pressure to constantly monitor it.

Also, pride. It's a real achievement. Enjoy it.

[Anonymous]

I felt accomplishment. I also felt a sense of security b/c as someone who was at one time poor, I know how to live on 40K and one million can theoretically provide that much income. Also, for as long as you waited to see a million, you will be so gratified to see that second one come faster.

[Anonymous]

Anonymous wrote:I’m single, 41, net worth around $800K including home equity. I’ve always been obsessed with money but, until recently, never as good at making it as some of you here.

I should hit a $1 million net worth in about two years just through savings, or maybe in three years if the market goes down further. I’ve always viewed $1 million as a magical number. Obviously with inflation, the value of that number comes down each year, but it still seems pretty special.

Just curious to hear from all you rich people: how does life change once you get to the promised land? Do you feel a sense of relief and accomplishment? Or is it anti-climactic and just another milestone and you get back to work?

Sorry to say, but for me it was the latter. But I never was that obsessed with money. It was more like, huh, past that amount. When I was little I thought a millionaire meant someone wearing a monocle and a top hat and having so much money it spilled out of their pants, but in reality it was like just a brief slightly shinier feeling towards a number in the Excel file (not to mention that when the market went down soon after it went below 1m again).

[Anonymous]

We have a net worth of way more than $1M. It hasn’t changed anything. We still save the same way we always have.

[Anonymous]

I only realized that we passed the mark in retrospect. It didn’t signify any change in lifestyle or feel like a finish line or anything.

[Anonymous]

It makes you realize how much less that is than it used to be.

[Anonymous]

I thought I’d feel more secure but I don’t. Thing is I do spend more freely. Like on a whim I took my kid to lunch today kind of more freely, not buy the $2k really cool purse I saw and wanted. And I don’t have much anxiety when I sit down to do bills or taxes but there still is some.

[Anonymous]

Anonymous wrote:It makes you realize how much less that is than it used to be.

In a nutshell. Nursing homes are 10K a month right now.

[Anonymous]

For us it was balloons and confetti fell from the sky. I was interviewed on tv. Mark Cuban gave me a high five and carried me on his shoulders to his private jet. Other than that, pretty ordinary.

[Anonymous]

Since it includes retirement funds and home equity (for us), it doesn’t feel like anything because we can’t really use it now. It does provide some reassurance that we could get the money if we absolutely need it.

[Anonymous]

Ha! Not even a little. One day we did the math, were like “oh” then carried on with our normal boring day.

[Anonymous]

Anonymous wrote:I’m single, 41, net worth around $800K including home equity. I’ve always been obsessed with money but, until recently, never as good at making it as some of you here.

I should hit a $1 million net worth in about two years just through savings, or maybe in three years if the market goes down further. I’ve always viewed $1 million as a magical number. Obviously with inflation, the value of that number comes down each year, but it still seems pretty special.

Just curious to hear from all you rich people: how does life change once you get to the promised land? Do you feel a sense of relief and accomplishment? Or is it anti-climactic and just another milestone and you get back to work?

No. Still scared of ending up poor in old age. 1 million is nothing in this day and age.

[Anonymous]

Anonymous wrote:For us it was balloons and confetti fell from the sky. I was interviewed on tv. Mark Cuban gave me a high five and carried me on his shoulders to his private jet. Other than that, pretty ordinary.