Once you become a multi millionaire in early 30’s feels pointless to save

[Anonymous]

Through a combination of inheritance and saving from our 150k+250k jobs we hit $2.8M investable assets in our early 30’s. Inherited about $1M several years ago from a relative who passed away and put in VOO, now it’s doubled.

We just realized that even if we live very frugally and save $10k a month, the difference in 30 years between saving this much and nothing is $50 million vs $68 million based on 10% average return in S&P 500 (which I very much realize is not guaranteed and stocks go up and down).

So why should we even save at this point? Fully intending to work till our 60’s since we enjoy our careers. Might as well enjoy our paychecks to the fullest and let the $2.8 mil compound with no further contributions.

[Anonymous]

I’d adjust down to 7% but otherwise yes, this logic works. Shows how much saving when you’re young moves the needle and how you hit a point where you can never catch up unless you get a windfall.

[Anonymous]

Maybe... but my fiance was a multimillionaire through an inheritance in his 20s and he spent it all

[Anonymous]

Anonymous wrote:Maybe... but my fiance was a multimillionaire through an inheritance in his 20s and he spent it all

Okay? Maybe just… don’t do that?

[Anonymous]

Yep I agree with you. I’d be a sahm though. No point in us both working hard and our kids having to be in daycare and aftercare’s and camps.

[Anonymous]

What is with all these posts with people looking for permission to spend their money instead of saving and investing?

Go ahead. You might have big regrets later when inflation eats away at the value of what you’ve saved, but go ahead and enjoy it now. I bet your kids will be thrilled to pitch in to take care of you when you’re 90.

[Anonymous]

You think your $2.8M is going to grow to 50M???

[Anonymous]

Anonymous wrote:You think your $2.8M is going to grow to 50M???

10% doesn’t factor inflation so $50 would be more like $20 mil in 30 years. Not guaranteed but not unlikely either

[Anonymous]

Anonymous wrote:Yep I agree with you. I’d be a sahm though. No point in us both working hard and our kids having to be in daycare and aftercare’s and camps.

This is what I’m doing. Similar age and numbers except HHI is a lot more and still nowhere near the ceiling.

[Anonymous]

Anonymous wrote:What is with all these posts with people looking for permission to spend their money instead of saving and investing?

Go ahead. You might have big regrets later when inflation eats away at the value of what you’ve saved, but go ahead and enjoy it now. I bet your kids will be thrilled to pitch in to take care of you when you’re 90.

$50M? So now we need 30 years of memory care on a space station?

[Anonymous]

Anonymous wrote:Through a combination of inheritance and saving from our 150k+250k jobs we hit $2.8M investable assets in our early 30’s. Inherited about $1M several years ago from a relative who passed away and put in VOO, now it’s doubled.

We just realized that even if we live very frugally and save $10k a month, the difference in 30 years between saving this much and nothing is $50 million vs $68 million based on 10% average return in S&P 500 (which I very much realize is not guaranteed and stocks go up and down).

So why should we even save at this point? Fully intending to work till our 60’s since we enjoy our careers. Might as well enjoy our paychecks to the fullest and let the $2.8 mil compound with no further contributions.

Absent a very clear cut post nup agreement the non inheriting spouse should be very cautious of relying on any portion of the $1 million inheritance and any related gains to fund their retirement.

[Anonymous]

We were in your same situation at your age but in our 40s now. Money has doubled and we chose to have me SAHM. We only save to the match of DH TSP but that's it. Life is too short - we don't regret doing this at all and you won't either.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Through a combination of inheritance and saving from our 150k+250k jobs we hit $2.8M investable assets in our early 30’s. Inherited about $1M several years ago from a relative who passed away and put in VOO, now it’s doubled.

We just realized that even if we live very frugally and save $10k a month, the difference in 30 years between saving this much and nothing is $50 million vs $68 million based on 10% average return in S&P 500 (which I very much realize is not guaranteed and stocks go up and down).

So why should we even save at this point? Fully intending to work till our 60’s since we enjoy our careers. Might as well enjoy our paychecks to the fullest and let the $2.8 mil compound with no further contributions.

Absent a very clear cut post nup agreement the non inheriting spouse should be very cautious of relying on any portion of the $1 million inheritance and any related gains to fund their retirement.

Why? Assuming she co-mingled it is the spouses too

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Through a combination of inheritance and saving from our 150k+250k jobs we hit $2.8M investable assets in our early 30’s. Inherited about $1M several years ago from a relative who passed away and put in VOO, now it’s doubled.

We just realized that even if we live very frugally and save $10k a month, the difference in 30 years between saving this much and nothing is $50 million vs $68 million based on 10% average return in S&P 500 (which I very much realize is not guaranteed and stocks go up and down).

So why should we even save at this point? Fully intending to work till our 60’s since we enjoy our careers. Might as well enjoy our paychecks to the fullest and let the $2.8 mil compound with no further contributions.

Absent a very clear cut post nup agreement the non inheriting spouse should be very cautious of relying on any portion of the $1 million inheritance and any related gains to fund their retirement.

Why? Assuming she co-mingled it is the spouses too

I’m not sure actually. OP should look into this. PP made a really good point. Assets acquired pre marriage are always dicey, including any appreciation on them. NYT did a recent write up on this as it relates to AI RSUs from OpenAI etc acquired pre marriage.

[Anonymous]

Wow I really chose the wrong parents.