Why do people with millions of dollars still work?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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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

DP here. You don't know many truly top and rare experts in their field. People who are just getting by at their job lower level would rather retire young and sit around and do nothing, they are skating along in life, but daydream about being rich.

If you are truly a top and rare expert - life is different - you enjoy what you do, and you are sought out for what you do, and you want to continue helping your client (or whatever you call them). Such rare individuals need to use their brain, and need to contribute (usually to a greater good), that is what keeps them going. It is extremely hard to articulate that to a couch potato.

Oh please You are saying that people who are experts in their fields are all rich? That's BS becaues some fields just don't pay that well. The ones that do are Finance, Big Law, maybe.. specialized medicine and Tech. The rest earn wealth by starting businesses that succeed, some don't even have college degrees or do anything intellectual or would be considered "smart", they are just good at business. Doesn't mean these people are smarter than your college professor teaching math at a top college and at the top of their game. Whatever flatters your ego.

NP here. Yes the PP seems more like an egomaniac, narcissist vs an SME

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

DP here. You don't know many truly top and rare experts in their field. People who are just getting by at their job lower level would rather retire young and sit around and do nothing, they are skating along in life, but daydream about being rich.

If you are truly a top and rare expert - life is different - you enjoy what you do, and you are sought out for what you do, and you want to continue helping your client (or whatever you call them). Such rare individuals need to use their brain, and need to contribute (usually to a greater good), that is what keeps them going. It is extremely hard to articulate that to a couch potato.

Oh please You are saying that people who are experts in their fields are all rich? That's BS becaues some fields just don't pay that well. The ones that do are Finance, Big Law, maybe.. specialized medicine and Tech. The rest earn wealth by starting businesses that succeed, some don't even have college degrees or do anything intellectual or would be considered "smart", they are just good at business. Doesn't mean these people are smarter than your college professor teaching math at a top college and at the top of their game. Whatever flatters your ego.

NP here. Yes the PP seems more like an egomaniac, narcissist vs an SME

Or someone making themselves feel better about having to work for the real reason: their expenses and tastes exceeding their wealth or what they can make their wealth passively earn.

[Anonymous]

I am going to be honest. We aren't in the same category of wealth as many here, but we could retire if we vastly limit our expenses. We have high expenses that would require our NW making us at least 350K a year passively and with low risk. This isn't an extravagant lifestyle either, just a modest old suburban house and a vacation home which saves us money on vacations (we don't travel much). We drive an old car, don't buy luxury items, maybe do 1 4-star resort trip per year and 1-2 cross country trips to see family, and have miles for once every 3-5 years international trip. We splurge on organic foods, once-a-week housekeeper, take out and going out maybe 2x a week. I work long hours and these are necessary to not feel like my life is all about work and domestic chores. College costs and health insurance are the concerns mainly driving why we need 350K of passive income guaranteed in retirement. Our families are also dirt poor and instead of inheritance we get burdens when they get ill and frail. We are 50 and starting to worry about our health too, so private insurance costs would be probably exorbitant. Kids college would have to be 2 years of community college and then 2 years of state school or private school if they get anywhere worth paying for. We would never pay for a non top private school, not worth it. I can't wait to retire, but to be able to do this now would require lifestyle cuts and sacrifices and decisions we aren't able to make yet. We don't love our jobs and I take no pride in working, it's a means to an end.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We take a lot of baller vacations that cost a lot and I'm not willing to give that up anytime soon, lol

Same. We have a little under $40m.

Maybe work a few more years….would be happy at $75-100.

What kind of vacations do you take? Rent a yacht at 100K a week? Own multiple vacation homes that are $$$$ to maintain? I am trying to imagine what type of work someone does who has NW like this that they love outside of managing a successful business where employees run it and there is no day to day work. I know some successful business owners like this who don't go to work every day, but they still have enough stress that they dream about selling it and retiring. What is it that you do that you love so much that gives so much money without you dreaming about retiring with a very healthy sum to afford luxury lifestyle, but needing multiples of this for what exactly? Are you investing actively, that's all you do?

The most important question to ask is how those who work a lot to earn major coin have time to take these many lavish vacations.

Not PP but biglaw partner --- vacations are important. Our firm wants everyone to take the time. I take 4-5 weeks every year. You just make the time. We do not let partners not take time. We will mandate it if we see someone who is not taking vacation.

BIGLAW partners still do some work on their vacations. Client problems don't take vacations. There are associates and of counsel who can do the work at the partner's directions. It's those folks who don't get to take 4-5 vacations a year.

[Anonymous]

Anonymous wrote:

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Anonymous wrote:

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).

Once you have 7 million, you would want 14.

+1. $7 mill in your 40s in a HCOL with 2-3 kids to support…Not enough. You are not even that rich at this level. A decent 4-bedroom apt in Manhattan starts at $7mill and goes up if you want a nice neighborhood and a good layout. Way up.

If the 7 mil is just your portfolio that’s about 250k/yr for the rest of your life. That’s an upper middle class lifestyle

Not real alt. We cannot keep up our lifestyle on that, and we aren’t even buying nice clothes or use private school. Still need to pay for college though.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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).

Once you have 7 million, you would want 14.

+1. $7 mill in your 40s in a HCOL with 2-3 kids to support…Not enough. You are not even that rich at this level. A decent 4-bedroom apt in Manhattan starts at $7mill and goes up if you want a nice neighborhood and a good layout. Way up.

If the 7 mil is just your portfolio that’s about 250k/yr for the rest of your life. That’s an upper middle class lifestyle

Not real alt. We cannot keep up our lifestyle on that, and we aren’t even buying nice clothes or use private school. Still need to pay for college though.

Good God, lifestyle inflation is real. No offense to you, PP, but I hope I check out of the game long before $7M and am not trading my days for dollars because I can't imagine living life on *only* $250K.

[Anonymous]

Anonymous wrote:I used to work in biglaw. All the top dogs had already made millions. Many were very impressive lawyers and some were even nice people. The one I respect most is the 50-year-old equity partner who retired at the peak of his career to live his life. He was not the wealthiest of the partners, but he sure had his priorities straight.

Aren't you the one who posts all the time about your early retirement? Nice try.

[Anonymous]

A lot of very wealthy people I know are very wealthy because they love to work and win at work. So they don’t want to retire. My DH doesn’t care about spending his money. In fact he’d prefer not to spend it and instead make more money with what he already has. He just wants to keep playing the game and winning.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We take a lot of baller vacations that cost a lot and I'm not willing to give that up anytime soon, lol

Same. We have a little under $40m.

Maybe work a few more years….would be happy at $75-100.

What kind of vacations do you take? Rent a yacht at 100K a week? Own multiple vacation homes that are $$$$ to maintain? I am trying to imagine what type of work someone does who has NW like this that they love outside of managing a successful business where employees run it and there is no day to day work. I know some successful business owners like this who don't go to work every day, but they still have enough stress that they dream about selling it and retiring. What is it that you do that you love so much that gives so much money without you dreaming about retiring with a very healthy sum to afford luxury lifestyle, but needing multiples of this for what exactly? Are you investing actively, that's all you do?

The most important question to ask is how those who work a lot to earn major coin have time to take these many lavish vacations.

CEO
We go away at least 4-5.5 weeks a year (not counting weeks at summer home ; working remotely there).

Generally working everywhere but all good.

[Anonymous]

Anonymous wrote:A lot of very wealthy people I know are very wealthy because they love to work and win at work. So they don’t want to retire. My DH doesn’t care about spending his money. In fact he’d prefer not to spend it and instead make more money with what he already has. He just wants to keep playing the game and winning.

Yes. This is my husband as well.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We take a lot of baller vacations that cost a lot and I'm not willing to give that up anytime soon, lol

Same. We have a little under $40m.

Maybe work a few more years….would be happy at $75-100.

What kind of vacations do you take? Rent a yacht at 100K a week? Own multiple vacation homes that are $$$$ to maintain? I am trying to imagine what type of work someone does who has NW like this that they love outside of managing a successful business where employees run it and there is no day to day work. I know some successful business owners like this who don't go to work every day, but they still have enough stress that they dream about selling it and retiring. What is it that you do that you love so much that gives so much money without you dreaming about retiring with a very healthy sum to afford luxury lifestyle, but needing multiples of this for what exactly? Are you investing actively, that's all you do?

Not everyone dreams if “retiring”…
You need to get out more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We take a lot of baller vacations that cost a lot and I'm not willing to give that up anytime soon, lol

Same. We have a little under $40m.

Maybe work a few more years….would be happy at $75-100.

What kind of vacations do you take? Rent a yacht at 100K a week? Own multiple vacation homes that are $$$$ to maintain? I am trying to imagine what type of work someone does who has NW like this that they love outside of managing a successful business where employees run it and there is no day to day work. I know some successful business owners like this who don't go to work every day, but they still have enough stress that they dream about selling it and retiring. What is it that you do that you love so much that gives so much money without you dreaming about retiring with a very healthy sum to afford luxury lifestyle, but needing multiples of this for what exactly? Are you investing actively, that's all you do?

The most important question to ask is how those who work a lot to earn major coin have time to take these many lavish vacations.

CEO
We go away at least 4-5.5 weeks a year (not counting weeks at summer home ; working remotely there).

Generally working everywhere but all good.

+1
CEO as well. Will spend at least 8-9 weeks away this year, working during some of those trips.
Could easily retire, but the hope of more $$$ (another $40M+) and just enjoying the job keeps them at it. Will likely retire once the younger kid is out of college and launched

[Anonymous]

We work because we have high expenses - private school, HCOL area, etc. It’s a trap that we’re not willing to give up just yet. Waiting until the youngest goes to college since the 529s are fully funded. I will re-evaluate when that point comes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I used to work in biglaw. All the top dogs had already made millions. Many were very impressive lawyers and some were even nice people. The one I respect most is the 50-year-old equity partner who retired at the peak of his career to live his life. He was not the wealthiest of the partners, but he sure had his priorities straight.

Amen to that.

What did he do with his free time once he retired?

[Anonymous]

I work for myself as a reseller and have been a stay at home parent since my first kid was born thirteen years ago.

People work because, especially in this area, people look at you like you have two heads if you don't.

We live in a workaholic world and you're pretty socially isolated / a pariah if you don't have a normal work life to talk about.