Why do people with millions of dollars still work?

[Anonymous]

Anonymous wrote:I do BUT I'm fully remote and have flexible schedule. I'm a little neurotic type A and need structure and a (safe) place to be competitive and bossy. I don't want to be that PTA mom.

Ha, love this!

[Anonymous]

Anonymous wrote:I love Succession but this is the thought that runs through my head when I watch it. Why not just quit and live a life of leisure, live off of investments? I guess I'm just not a killer.

They were “working” because they craved the power. Why do you think people like Kim Kardashian, Mark Zuckerberg, Elon Musk and others are working? It’s power. You get to sit in rooms that people dream of. Succession was about power. The dad in that show had so much power that he could get powerful people elected within reason and controlling the media in many ways. If you exit and live a life of leisure you give up your power in the world at that level.

[Anonymous]

For even more security, to get the kids through school ( not because of finances but not retiring while child in middle school), to pass on money to the kids ( which they won’t know about until they are older and able to handle it).

[Anonymous]

Anonymous wrote:People who have not idea what to do with their lives when no one tells them what to do, have to stay in the rut they've dug.

This is highly inaccurate for most wealthy people. The majority of wealthy people aren't being told what to do, they are telling others what to do. We are in the $6-$8M range, both own businesses, have a young child. I can quit today, but I love what I do and am tied to being home around the school year to be with my child. Spouse loves what they do and has a long established business with many loyal, long term clients that book spouse out for projects many months or a year in advance. Spouse could quit but wouldn't leave clients high and dry.

As other posters have said, depending on where you live and your lifestyle, under $10M isn't rich. We joke what are FU money amount is, today $50M, depending on inflation and the economy it could go up.

[Anonymous]

Anonymous wrote:No one takes the time to study investing, so they have to slave away for decades. Most people don't know there are stocks yielding 10%+ dividends with minimal risk. If you can get a 7% overall withdrawal rate for the rest of your life, which is very doable, you check out at $2M - no one needs more than $140K income in retirement.

But since people are told to buy bonds and other nonsense, they can only safely withdraw 2.5% or 3% of their portfolio and so must slave away until they're 65.

You may not "need" more than 140K, but I have retirement plans/travel plans that definately involve much more than 140K to do. Currently costs over $80K/year for taxes, HOA, basic maintenance on our condo and 2nd home. So yeah we could live for $150-200K/year, but we also like to travel, attend sporting events, attend concerts, attend shows, dine out, and wine and more wine...

[Anonymous]

Anonymous wrote:

Anonymous wrote:People who have not idea what to do with their lives when no one tells them what to do, have to stay in the rut they've dug.

This is highly inaccurate for most wealthy people. The majority of wealthy people aren't being told what to do, they are telling others what to do. We are in the $6-$8M range, both own businesses, have a young child. I can quit today, but I love what I do and am tied to being home around the school year to be with my child. Spouse loves what they do and has a long established business with many loyal, long term clients that book spouse out for projects many months or a year in advance. Spouse could quit but wouldn't leave clients high and dry.

As other posters have said, depending on where you live and your lifestyle, under $10M isn't rich. We joke what are FU money amount is, today $50M, depending on inflation and the economy it could go up.

Clients are people who tell you what to do.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:People who have not idea what to do with their lives when no one tells them what to do, have to stay in the rut they've dug.

This is highly inaccurate for most wealthy people. The majority of wealthy people aren't being told what to do, they are telling others what to do. We are in the $6-$8M range, both own businesses, have a young child. I can quit today, but I love what I do and am tied to being home around the school year to be with my child. Spouse loves what they do and has a long established business with many loyal, long term clients that book spouse out for projects many months or a year in advance. Spouse could quit but wouldn't leave clients high and dry.

As other posters have said, depending on where you live and your lifestyle, under $10M isn't rich. We joke what are FU money amount is, today $50M, depending on inflation and the economy it could go up.

Clients are people who tell you what to do.

I am the PP. My clients don't tell me what to do, I call the shots in my line of work. They come to me for health and wellness services because they need me. I tell them what to do and if I don't want to see a client, I don't have to book them. I can fire or not accept clients at any time. My spouse is a 'fixer' and creator in their field. Spouse tells clients what they need to do and what should be done. Same situation, they can take on the business or turn it away. We both enjoy what we do, we are young and won't retire until we feel like it. Both of us can quit today.

You have a very limited view of the business world. Not everyone sits at a desk all day or works for the government or is a paper pusher with a boss looking over their shoulder. I don't get an employee review done by a supervior, I set my own prices as does spouse. Our 'annual review' is how well our businesses are doing. So far, extremely well.

[Anonymous]

Anonymous wrote:White males with professional jobs have the shortest life expectancy after retirement.

My two uncles who both retired at 75 one is alive at 91 the other died at 86.

My other 9 uncles. (My parents had big families all retired between 50-60 all dropped dead by 70.

Seems white men live 5-10 years after retirement regardless of age retired.

Also my job I have a big office, it is 9-5, one day a week WFH, I don’t make DCUM money but I get paid 250k a year and have medical, dental vision. I have no hobbies as I don’t like hobbies. Work is my hobby I guess.

I will do it till 67-70

...and then drop dead at 72. finishing the sentence for ya.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:People who have not idea what to do with their lives when no one tells them what to do, have to stay in the rut they've dug.

This is highly inaccurate for most wealthy people. The majority of wealthy people aren't being told what to do, they are telling others what to do. We are in the $6-$8M range, both own businesses, have a young child. I can quit today, but I love what I do and am tied to being home around the school year to be with my child. Spouse loves what they do and has a long established business with many loyal, long term clients that book spouse out for projects many months or a year in advance. Spouse could quit but wouldn't leave clients high and dry.

As other posters have said, depending on where you live and your lifestyle, under $10M isn't rich. We joke what are FU money amount is, today $50M, depending on inflation and the economy it could go up.

Clients are people who tell you what to do.

I am the PP. My clients don't tell me what to do, I call the shots in my line of work. They come to me for health and wellness services because they need me. I tell them what to do and if I don't want to see a client, I don't have to book them. I can fire or not accept clients at any time. My spouse is a 'fixer' and creator in their field. Spouse tells clients what they need to do and what should be done. Same situation, they can take on the business or turn it away. We both enjoy what we do, we are young and won't retire until we feel like it. Both of us can quit today.

You have a very limited view of the business world. Not everyone sits at a desk all day or works for the government or is a paper pusher with a boss looking over their shoulder. I don't get an employee review done by a supervior, I set my own prices as does spouse. Our 'annual review' is how well our businesses are doing. So far, extremely well.

ok...if you say so

[Anonymous]

Ego

I don’t get it either. One of my main motivations for becoming wealthy was to not have to work.

[Anonymous]

Anonymous wrote:Ego

I don’t get it either. One of my main motivations for becoming wealthy was to not have to work.

Some actually enjoy their jobs

Some executives/leaders feel a need to stay with their team to see thru the next phase of a company, so they would feel guilty retiring/departing before completing their full commitment. Because there are leaders that actually care about their employees

[Anonymous]

Anonymous wrote:

Anonymous wrote:Ego

I don’t get it either. One of my main motivations for becoming wealthy was to not have to work.

Some actually enjoy their jobs

Some executives/leaders feel a need to stay with their team to see thru the next phase of a company, so they would feel guilty retiring/departing before completing their full commitment. Because there are leaders that actually care about their employees

Yea right

[Anonymous]

I have a relative that continues to work into his late 70s in a physical labor business even though he is brilliant at everything he does and hasn’t needed to work for at least 20 years. He says he hasn’t found anyone who works as hard as him that he trusts to hand off his business. His clients are his friends and also own businesses that he patronizes, so he doesn’t want to leave them hanging with just anyone.

I personally think that he’s afraid he’ll drop dead if he stops working. He’s just the kind of guy that can’t sit still.

[Anonymous]

Anonymous wrote:For me it’s not even my work that I dislike, it’s everything else about it - the waking up early getting out of your warm bed on a cold dark winter morning, crappy long commute, have to answer to other people, being compelled to to go work even when you’re not feeling it that day, 5 days week, not having enough time for hobbies, exercise, home cooking, travel, spending time with your family - at least not without feeling like your life is hectic. WFH was supposed to fix some of this but now it’s going away in most places. Also NEEDING to live in a HCOL area with terrible traffic and everyone around you is an obsessive overachiever sucks too.

I ONLY work for money at this point, as soon as I have a few mil I’m gone. I don’t get people with 7+ million dollars who still choose to grind away their young healthy years in the rat race in, to be honest, a crappy city like DC (or any other HCOL area for that matter).

I am 74 years old, and I work for fun. I retired back in 2021, but now I work between 3-4 months in a year as a temp, for the same company I retired for. I enjoying working and don't like staying home it keeps me busy. My wife passed away earlier this year so it keeps me busy and I enjoy it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:White males with professional jobs have the shortest life expectancy after retirement.

My two uncles who both retired at 75 one is alive at 91 the other died at 86.

My other 9 uncles. (My parents had big families all retired between 50-60 all dropped dead by 70.

Seems white men live 5-10 years after retirement regardless of age retired.

Also my job I have a big office, it is 9-5, one day a week WFH, I don’t make DCUM money but I get paid 250k a year and have medical, dental vision. I have no hobbies as I don’t like hobbies. Work is my hobby I guess.

I will do it till 67-70

...and then drop dead at 72. finishing the sentence for ya.

My wife retired back in December 2020, We traveld in our RV in 2021 and part of 2022, We wanted to take breaks in between when traveling, in October-November 7th we worked in the early voting center in Fairfax County, November 11th, she fainted and she spend 4 months in and out of hospital her kindeys were failing, in February 5th. 2023 she passed away.