$7M vs $10M

[Anonymous]

Is there a significant lifestyle change between having a net worth of say, $7M and $10M? What would you do at $10M nw that you wouldn't with $7M?

[Anonymous]

For me, 10M and I retire and 7M I keep working for a few more years.

[Anonymous]

Anonymous wrote:For me, 10M and I retire and 7M I keep working for a few more years.

Why do you need 10m to retire? How old are you

[Anonymous]

Anonymous wrote:

Anonymous wrote:For me, 10M and I retire and 7M I keep working for a few more years.

Why do you need 10m to retire? How old are you

Right!

[Anonymous]

Anonymous wrote:For me, 10M and I retire and 7M I keep working for a few more years.

So, what are the lifestyle changes 10m gives you specifically to compel you to continue to work for few more years (unless you absolutely love your job)

[Anonymous]

Anonymous wrote:For me, 10M and I retire and 7M I keep working for a few more years.

For me 10M means work 20 more years to have 50M.

[Anonymous]

Anonymous wrote:

Anonymous wrote:For me, 10M and I retire and 7M I keep working for a few more years.

For me 10M means work 20 more years to have 50M.

What if you are 55?

[Anonymous]

Idiots.

Most people with that kind of net worth have significant investments in equities, which tend to fluctuate in value. In any given year a person’s net worth can go from 7 to 8 to 10 or the other way around. You need to keep that in mind in your financial planning, meaning that you shouldn’t be changing your lifestyle significantly on any given day based on your net worth that day.

[Anonymous]

Anonymous wrote:Is there a significant lifestyle change between having a net worth of say, $7M and $10M? What would you do at $10M nw that you wouldn't with $7M?

Expecting an inheritance ?

[Anonymous]

At $10, I’m buying a place at the beach. $7m, I don’t feel comfortable with that.

[Anonymous]

10M at age 45-55, I’m comfortable retiring or scaling back work life to focus on things I enjoy.
7M at 40-45, I’m still grinding for the next 5 years before I feel comfortable.

[Anonymous]

$10m liquid sound be 350-500k in annual cash flow if invested properly

7M would be 250 -350k

And extra 10k+ a month is a huge lifestyle difference.

It’s the difference of a 2M beach house

[Anonymous]

Should be*

[Anonymous]

I’m working until I have 10M liquid, obviously it will fluctuate substantially so as soon as I’m around 8.5 - 9m liquid, I’ll start my exit strategy.

Figured we need 15k a month to live fantastically so we should be good to go and have enough to hedge fluctuations/health care issues.

[Anonymous]

I retired at 53 with a 4.5 million net worth. Nine years later my net worth is 7.5 million and I’m living large. But hey you all keep telling yourselves that ain’t enough money. It’s cool - you’ll live forever I’m sure. Have fun with all your money sitting around in diapers in your 80s and 90s!