Net worth over $20 million

[Anonymous]

Anonymous wrote:We are retired and our net worth is well over $20 million, closer to $100 million than $20. We just recently finished our taxes and our dividends alone were over $900k and capital gains $1.4 million. We live very comfortably but certainly not an ultra high net worth lifestyle. No big boat, PJ or fancy cars. We are simply not wired to live that way. Much of our net worth is assigned to trusts for our children and our grandchildren and charitable trusts. The family trusts are not set up to let someone be a trust fund baby. I'm sure a lot of people would say we are crazy not to spend more (fly private!) but what we do works well for us. We also have the luxury of knowing that if we did need to fly private it would not be a problem.

Sure.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are retired and our net worth is well over $20 million, closer to $100 million than $20. We just recently finished our taxes and our dividends alone were over $900k and capital gains $1.4 million. We live very comfortably but certainly not an ultra high net worth lifestyle. No big boat, PJ or fancy cars. We are simply not wired to live that way. Much of our net worth is assigned to trusts for our children and our grandchildren and charitable trusts. The family trusts are not set up to let someone be a trust fund baby. I'm sure a lot of people would say we are crazy not to spend more (fly private!) but what we do works well for us. We also have the luxury of knowing that if we did need to fly private it would not be a problem.

Sure.

There are plenty of us just like that. We are approx $40M already, but have the strong potential for another $30-80M in the next 3-5 years (95%+ chance). Our numbers are similar, but a bit less in cap gains, as we already have 2 homes worth $6M total, so that is included in our $40M. We have nice cars, but "still reasonable" (think BMW under $80-100K, not $250K sports cars). Given the area we live in, even our homes are not what makes us seem UHNW (VHCOLA). Most is being gifted currently to our kids (and once they have them, spouses and grandkids) to spend down the estate and benefit them the most now. They also have trusts, but are not "trust fund babies". They have to work/contribute to society to access it. It's there to supplement their lives, not "create their life".
Have yet to fly private, see no need. But moved to flying business/first 98% of the time as why not be comfortable when traveling (and yes if it's a shorter flight and prices are "too much" we fly comfort +/economy plus---we don't pay $800+ for an upgrade to first domestically for a 2-3 hour flight, simply not worth it. Have never flown private, but hope to just once in our lifetime.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have no idea who many there are in the US.

But I have come to realize that people are not frugal once they earn serious money.

I know this because we have 20M through investments and being actually frugal. The people we know who have large salaries do not live like us. I don't think anyone actually realizes how much we've accumulated, since we're still in our starter home, with our starter cars - and that's fine, we like flying under the radar! But I know we are definitely weirdo outliers

Similar story here. Worth $16M and live in a small house in a nice neighborhood. Public schools for kids and 1st is at a public university. Low to mid 50s and will likely retire when last kid gets out of college. Expect to have $30M by then. Drive old cars and buy reasonable clothes. But nice vacations with the kids.

What's the point of all that money then? Seems worthless to you.

Maybe he’s planning setting up the next couple of generations , his children and grandchildren.

And maybe they only spend on what they care about/what makes them happy. It's also easy to spend a lot on vacations, especially once the kids have Partners and add in grandkids. For now we take luxury trips with just our kids, so we can put them in a 2nd room. But once one has a partner/kids themselves we will need more rooms. And where we travel, hotels are typically $600+/night, so a 10-14 day trip with airfare (business for us, and at least premium select for our kids) can easily run $30K+

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are retired and our net worth is well over $20 million, closer to $100 million than $20. We just recently finished our taxes and our dividends alone were over $900k and capital gains $1.4 million. We live very comfortably but certainly not an ultra high net worth lifestyle. No big boat, PJ or fancy cars. We are simply not wired to live that way. Much of our net worth is assigned to trusts for our children and our grandchildren and charitable trusts. The family trusts are not set up to let someone be a trust fund baby. I'm sure a lot of people would say we are crazy not to spend more (fly private!) but what we do works well for us. We also have the luxury of knowing that if we did need to fly private it would not be a problem.

Sure.

There are plenty of us just like that. We are approx $40M already, but have the strong potential for another $30-80M in the next 3-5 years (95%+ chance). Our numbers are similar, but a bit less in cap gains, as we already have 2 homes worth $6M total, so that is included in our $40M. We have nice cars, but "still reasonable" (think BMW under $80-100K, not $250K sports cars). Given the area we live in, even our homes are not what makes us seem UHNW (VHCOLA). Most is being gifted currently to our kids (and once they have them, spouses and grandkids) to spend down the estate and benefit them the most now. They also have trusts, but are not "trust fund babies". They have to work/contribute to society to access it. It's there to supplement their lives, not "create their life".
Have yet to fly private, see no need. But moved to flying business/first 98% of the time as why not be comfortable when traveling (and yes if it's a shorter flight and prices are "too much" we fly comfort +/economy plus---we don't pay $800+ for an upgrade to first domestically for a 2-3 hour flight, simply not worth it. Have never flown private, but hope to just once in our lifetime.

B u l l s h i t.

That poster said they have a $100 million net worth. There are fewer than 11,000 household with that amount in the entire country -- .003 percent of the households in this country. If they really have that much money and are spending their time boasting about it on -- hell, if they're even ON -- this silly little website they are the definition of pathetic.

Saying it anonymously doesn't make it true. Either for them, or for you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are retired and our net worth is well over $20 million, closer to $100 million than $20. We just recently finished our taxes and our dividends alone were over $900k and capital gains $1.4 million. We live very comfortably but certainly not an ultra high net worth lifestyle. No big boat, PJ or fancy cars. We are simply not wired to live that way. Much of our net worth is assigned to trusts for our children and our grandchildren and charitable trusts. The family trusts are not set up to let someone be a trust fund baby. I'm sure a lot of people would say we are crazy not to spend more (fly private!) but what we do works well for us. We also have the luxury of knowing that if we did need to fly private it would not be a problem.

Sure.

There are plenty of us just like that. We are approx $40M already, but have the strong potential for another $30-80M in the next 3-5 years (95%+ chance). Our numbers are similar, but a bit less in cap gains, as we already have 2 homes worth $6M total, so that is included in our $40M. We have nice cars, but "still reasonable" (think BMW under $80-100K, not $250K sports cars). Given the area we live in, even our homes are not what makes us seem UHNW (VHCOLA). Most is being gifted currently to our kids (and once they have them, spouses and grandkids) to spend down the estate and benefit them the most now. They also have trusts, but are not "trust fund babies". They have to work/contribute to society to access it. It's there to supplement their lives, not "create their life".
Have yet to fly private, see no need. But moved to flying business/first 98% of the time as why not be comfortable when traveling (and yes if it's a shorter flight and prices are "too much" we fly comfort +/economy plus---we don't pay $800+ for an upgrade to first domestically for a 2-3 hour flight, simply not worth it. Have never flown private, but hope to just once in our lifetime.

B u l l s h i t.

That poster said they have a $100 million net worth. There are fewer than 11,000 household with that amount in the entire country -- .003 percent of the households in this country. If they really have that much money and are spending their time boasting about it on -- hell, if they're even ON -- this silly little website they are the definition of pathetic.

Saying it anonymously doesn't make it true. Either for them, or for you.

DP. I mean, the richest man in the world spends all of his time on a way dumber website. Granted, he is pathetic.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are retired and our net worth is well over $20 million, closer to $100 million than $20. We just recently finished our taxes and our dividends alone were over $900k and capital gains $1.4 million. We live very comfortably but certainly not an ultra high net worth lifestyle. No big boat, PJ or fancy cars. We are simply not wired to live that way. Much of our net worth is assigned to trusts for our children and our grandchildren and charitable trusts. The family trusts are not set up to let someone be a trust fund baby. I'm sure a lot of people would say we are crazy not to spend more (fly private!) but what we do works well for us. We also have the luxury of knowing that if we did need to fly private it would not be a problem.

Sure.

There are plenty of us just like that. We are approx $40M already, but have the strong potential for another $30-80M in the next 3-5 years (95%+ chance). Our numbers are similar, but a bit less in cap gains, as we already have 2 homes worth $6M total, so that is included in our $40M. We have nice cars, but "still reasonable" (think BMW under $80-100K, not $250K sports cars). Given the area we live in, even our homes are not what makes us seem UHNW (VHCOLA). Most is being gifted currently to our kids (and once they have them, spouses and grandkids) to spend down the estate and benefit them the most now. They also have trusts, but are not "trust fund babies". They have to work/contribute to society to access it. It's there to supplement their lives, not "create their life".
Have yet to fly private, see no need. But moved to flying business/first 98% of the time as why not be comfortable when traveling (and yes if it's a shorter flight and prices are "too much" we fly comfort +/economy plus---we don't pay $800+ for an upgrade to first domestically for a 2-3 hour flight, simply not worth it. Have never flown private, but hope to just once in our lifetime.

B u l l s h i t.

That poster said they have a $100 million net worth. There are fewer than 11,000 household with that amount in the entire country -- .003 percent of the households in this country. If they really have that much money and are spending their time boasting about it on -- hell, if they're even ON -- this silly little website they are the definition of pathetic.

Saying it anonymously doesn't make it true. Either for them, or for you.

Uh, I don't have $100m. "Only" $20m in my 30s and I check this forum every few days. Life is kind of boring when the money is easy. Sorry things are harder for you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are retired and our net worth is well over $20 million, closer to $100 million than $20. We just recently finished our taxes and our dividends alone were over $900k and capital gains $1.4 million. We live very comfortably but certainly not an ultra high net worth lifestyle. No big boat, PJ or fancy cars. We are simply not wired to live that way. Much of our net worth is assigned to trusts for our children and our grandchildren and charitable trusts. The family trusts are not set up to let someone be a trust fund baby. I'm sure a lot of people would say we are crazy not to spend more (fly private!) but what we do works well for us. We also have the luxury of knowing that if we did need to fly private it would not be a problem.

Sure.

There are plenty of us just like that. We are approx $40M already, but have the strong potential for another $30-80M in the next 3-5 years (95%+ chance). Our numbers are similar, but a bit less in cap gains, as we already have 2 homes worth $6M total, so that is included in our $40M. We have nice cars, but "still reasonable" (think BMW under $80-100K, not $250K sports cars). Given the area we live in, even our homes are not what makes us seem UHNW (VHCOLA). Most is being gifted currently to our kids (and once they have them, spouses and grandkids) to spend down the estate and benefit them the most now. They also have trusts, but are not "trust fund babies". They have to work/contribute to society to access it. It's there to supplement their lives, not "create their life".
Have yet to fly private, see no need. But moved to flying business/first 98% of the time as why not be comfortable when traveling (and yes if it's a shorter flight and prices are "too much" we fly comfort +/economy plus---we don't pay $800+ for an upgrade to first domestically for a 2-3 hour flight, simply not worth it. Have never flown private, but hope to just once in our lifetime.

B u l l s h i t.

That poster said they have a $100 million net worth. There are fewer than 11,000 household with that amount in the entire country -- .003 percent of the households in this country. If they really have that much money and are spending their time boasting about it on -- hell, if they're even ON -- this silly little website they are the definition of pathetic.

Saying it anonymously doesn't make it true. Either for them, or for you.

Uh, I don't have $100m. "Only" $20m in my 30s and I check this forum every few days. Life is kind of boring when the money is easy. Sorry things are harder for you.

More lies.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are retired and our net worth is well over $20 million, closer to $100 million than $20. We just recently finished our taxes and our dividends alone were over $900k and capital gains $1.4 million. We live very comfortably but certainly not an ultra high net worth lifestyle. No big boat, PJ or fancy cars. We are simply not wired to live that way. Much of our net worth is assigned to trusts for our children and our grandchildren and charitable trusts. The family trusts are not set up to let someone be a trust fund baby. I'm sure a lot of people would say we are crazy not to spend more (fly private!) but what we do works well for us. We also have the luxury of knowing that if we did need to fly private it would not be a problem.

Sure.

There are plenty of us just like that. We are approx $40M already, but have the strong potential for another $30-80M in the next 3-5 years (95%+ chance). Our numbers are similar, but a bit less in cap gains, as we already have 2 homes worth $6M total, so that is included in our $40M. We have nice cars, but "still reasonable" (think BMW under $80-100K, not $250K sports cars). Given the area we live in, even our homes are not what makes us seem UHNW (VHCOLA). Most is being gifted currently to our kids (and once they have them, spouses and grandkids) to spend down the estate and benefit them the most now. They also have trusts, but are not "trust fund babies". They have to work/contribute to society to access it. It's there to supplement their lives, not "create their life".
Have yet to fly private, see no need. But moved to flying business/first 98% of the time as why not be comfortable when traveling (and yes if it's a shorter flight and prices are "too much" we fly comfort +/economy plus---we don't pay $800+ for an upgrade to first domestically for a 2-3 hour flight, simply not worth it. Have never flown private, but hope to just once in our lifetime.

B u l l s h i t.

That poster said they have a $100 million net worth. There are fewer than 11,000 household with that amount in the entire country -- .003 percent of the households in this country. If they really have that much money and are spending their time boasting about it on -- hell, if they're even ON -- this silly little website they are the definition of pathetic.

Saying it anonymously doesn't make it true. Either for them, or for you.

Uh, I don't have $100m. "Only" $20m in my 30s and I check this forum every few days. Life is kind of boring when the money is easy. Sorry things are harder for you.

No you dont

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are retired and our net worth is well over $20 million, closer to $100 million than $20. We just recently finished our taxes and our dividends alone were over $900k and capital gains $1.4 million. We live very comfortably but certainly not an ultra high net worth lifestyle. No big boat, PJ or fancy cars. We are simply not wired to live that way. Much of our net worth is assigned to trusts for our children and our grandchildren and charitable trusts. The family trusts are not set up to let someone be a trust fund baby. I'm sure a lot of people would say we are crazy not to spend more (fly private!) but what we do works well for us. We also have the luxury of knowing that if we did need to fly private it would not be a problem.

Sure.

There are plenty of us just like that. We are approx $40M already, but have the strong potential for another $30-80M in the next 3-5 years (95%+ chance). Our numbers are similar, but a bit less in cap gains, as we already have 2 homes worth $6M total, so that is included in our $40M. We have nice cars, but "still reasonable" (think BMW under $80-100K, not $250K sports cars). Given the area we live in, even our homes are not what makes us seem UHNW (VHCOLA). Most is being gifted currently to our kids (and once they have them, spouses and grandkids) to spend down the estate and benefit them the most now. They also have trusts, but are not "trust fund babies". They have to work/contribute to society to access it. It's there to supplement their lives, not "create their life".
Have yet to fly private, see no need. But moved to flying business/first 98% of the time as why not be comfortable when traveling (and yes if it's a shorter flight and prices are "too much" we fly comfort +/economy plus---we don't pay $800+ for an upgrade to first domestically for a 2-3 hour flight, simply not worth it. Have never flown private, but hope to just once in our lifetime.

B u l l s h i t.

That poster said they have a $100 million net worth. There are fewer than 11,000 household with that amount in the entire country -- .003 percent of the households in this country. If they really have that much money and are spending their time boasting about it on -- hell, if they're even ON -- this silly little website they are the definition of pathetic.

Saying it anonymously doesn't make it true. Either for them, or for you.

Idk… I met a CEO after their company IPO’d and they were bragging about their billionaire NW to me, a nobody. I tend to think the people who make $100M+ tend to be pretty crass / trashy so yeah I’d actually expect a lot of them to be on this site… It’s usually the old $ / 2nd and 3rd gen’s that are more subtle and classy

[Anonymous]

Anonymous wrote:Is it true that only 280,000 people in the US have a net worth over $20 million? That seems low. Is that an old figure from before the stock market went bananas?

There’s no real data on this because lots of people don’t disclose this publically or record.

Heck I worked for a large hedge fund and that founder never showed up on any lists. He didn’t want to be on them so laid low. Yet all his LPs knew he made $10m a year or more and owned a lucrative partnership worth billions.

[Anonymous]

Anonymous wrote:There is no way that number is accurate. My modest retirement number is 20M in today’s dollars.

Agree.

My retired aunt and uncle with no kids and middle mgmt careers for 40 years have $10M just from saving and the long bull market. And living within their means, and Mexico half the year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:20M is not rich. Using a 3% withdrawal rate you will have an inflation adjusted 600k per year to spend in retirement. That is a comfortable upper middle class lifestyle at best. People vastly underestimate taxes, the cost of healthcare, and the cost of home maintenance.

The 3% withdrawal rate is for people that need to draw down their principal.

You can earn a reasonably safe 4%-5% return…so $800k-$1MM…and you never touch the principal (and in fact probably keep adding to it).

My goal is to live off the interest of my interest.

[Anonymous]

Anonymous wrote:

Anonymous wrote:20M is not rich. Using a 3% withdrawal rate you will have an inflation adjusted 600k per year to spend in retirement. That is a comfortable upper middle class lifestyle at best. People vastly underestimate taxes, the cost of healthcare, and the cost of home maintenance.

The 3% withdrawal rate is for people that need to draw down their principal.

You can earn a reasonably safe 4%-5% return…so $800k-$1MM…and you never touch the principal (and in fact probably keep adding to it).

IRAs and 401k have mandatory annual distributions. FYI. Plan accordingly

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m clueless as to any of our friends net worth other than knowing they live well but not over the top. Our net worth is well north of the $20 million and while we have two nice homes our spending is far from indulgent. I drive a Subaru SUV. We are retired and we saved and invested well over many years and that was the key. Our focus now is on estate planning for our kids, grandkids and charity. I think there are a lot of people out there like us.

You should have started estate planning years ago.

They are fine and not yet at the $30m death tax threshold.

[Anonymous]

Anonymous wrote:

Anonymous wrote:20M is not rich. Using a 3% withdrawal rate you will have an inflation adjusted 600k per year to spend in retirement. That is a comfortable upper middle class lifestyle at best. People vastly underestimate taxes, the cost of healthcare, and the cost of home maintenance.

There is some MASSIVE overestimation of the cost of healthcare in this thread. My parents are both 80 and their healthcare bills have been relatively minor. And that is with brain surgery, multiple heart attacks and one quad bypass surgery, knee replacements, etc.

Long term care usually doesn't last that long. For most people it is less than a year. Guess what, you're going to die soon once you can't take care of yourself.

Agree.

Plus no one hear seems know how Medicare or Medicare advantage works. It pays for everything.