People with $5M+ NW, why do you still choose to work?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some people just have that dog in them despite being worth $5M or $20M or $100M or whatever.

Yes. I am the first woman on either side of my family to have a graduate degree and I'd like to leave lots of money to future generations. It's a ego thing, I freely admit it.

How could that feed your ego? Your descendants won't care. They'll just take it. You'll be forgotten quicker than you can imagine.

It feeds my ego to be an executive rather than a retired old lady.

That is so sad.

Why? I do volunteer work I find meaningful, I travel, I have friends. No grandchildren yet. Why the judgment? It’s better to spend all day every day doing what you want and indulging yourself?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Some people just have that dog in them despite being worth $5M or $20M or $100M or whatever.

This.

Yes. We like to be productive and contribute to something

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some people just have that dog in them despite being worth $5M or $20M or $100M or whatever.

This.

Yes. We like to be productive and contribute to something

Some people have massive egos and truly believe that they can't be replaced lol

[Anonymous]

Anonymous wrote:1) Wife
2) Children

Most men I work with who are high income with high savings have a SAHM wife who spends, and four or five kids who spend.

Have a trade up home and cars and still the guy who pays for everything, family vacations, kids on medical plan, kids on netflix, car insurance, phone plan.

When I hit 5 million I had 360K income. that is 30K a month in the door, my 5 million is not replacing 30K a month income. Let alone my company is my medical, dental, vision, 401k match, partial phone plan. I break even at 260K a year. So 360K I am saving a lot. At retired I am pulling around 20K a month out of my 5 million. Do the math it is gone quick.

I need to be an empty nestor all kids gone, off medical and home paid off to make it work.

This is similar to me

Also - most people who retire watch a lot of television which doesn’t appeal. And I really enjoy my job (I know a shock for a lot of people here!)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some people just have that dog in them despite being worth $5M or $20M or $100M or whatever.

This.

Yes. We like to be productive and contribute to something

Some people have massive egos and truly believe that they can't be replaced lol

I can be replaced. The idea of having unlimited free time and using it selfishly does not appeal to me

[Anonymous]

Most people with net worths north of $5 million do affirmatively bad things for society and the planet. And on top of that, by not retiring they are keeping someone else from advancing in their career.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some people just have that dog in them despite being worth $5M or $20M or $100M or whatever.

This.

Yes. We like to be productive and contribute to something

Some people have massive egos and truly believe that they can't be replaced lol

I can be replaced. The idea of having unlimited free time and using it selfishly does not appeal to me

Oh, so you work for free then? Or do you donate your salary to charity?

[Anonymous]

I think it’s weird that so many are working for generational wealth. Future generations will not know you or care about you, and your money will be gone quicker than you can imagine.

Not trying to be a jerk, but every wealth study shows that large inheritances are quickly separated and spent by indulged kids who didn’t work for the money, don’t understand how to make it, and feel undermined by it.

Think about it: if most people work because it’s a necessity and later because they’re good at something, a big inheritance just stops many from even trying.

This isn’t to say that you can’t help your kids, but doing everything for them and your grandchildren before they even try isn’t really a gift; it’s about you showing them how great you are.

[Anonymous]

Anonymous wrote:Most people with net worths north of $5 million do affirmatively bad things for society and the planet. And on top of that, by not retiring they are keeping someone else from advancing in their career.

Complete BS. Keep telling yourself this to make yourself feel better.

[Anonymous]

Anonymous wrote:I think it’s weird that so many are working for generational wealth. Future generations will not know you or care about you, and your money will be gone quicker than you can imagine.

Not trying to be a jerk, but every wealth study shows that large inheritances are quickly separated and spent by indulged kids who didn’t work for the money, don’t understand how to make it, and feel undermined by it.

Think about it: if most people work because it’s a necessity and later because they’re good at something, a big inheritance just stops many from even trying.

This isn’t to say that you can’t help your kids, but doing everything for them and your grandchildren before they even try isn’t really a gift; it’s about you showing them how great you are.

Most of us are not "doing everything" for our kids. We supplement. They have good jobs and careers and live within their means (ie they can afford the basics with their salary, just wouldn't be saving as much for retirement without our help but would still be saving. )

They won't get money if they are not "productive contributing members of society". (Ie they cannot just sit at home doing g nothing and expect us to keep gifting them yearly.

[Anonymous]

I will be at the 5 mil mark in a few years if the market is good. However, I need to stay at my job.for 7 more years for the good health insurance and then my pension and retiree health benefits. It's really the health insurance that keeps me at the job.

[Anonymous]

Read the other thread about what people that retired with that NW are doing in retirement. Not that inspiring.

If you like your job and have the ability to lean into work life balance while you continue to earn, live well and save, I see no reason to retire yet.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some people just have that dog in them despite being worth $5M or $20M or $100M or whatever.

Yes. I am the first woman on either side of my family to have a graduate degree and I'd like to leave lots of money to future generations. It's a ego thing, I freely admit it.

How could that feed your ego? Your descendants won't care. They'll just take it. You'll be forgotten quicker than you can imagine.

It feeds my ego to be an executive rather than a retired old lady.

That is so sad.

Why? I do volunteer work I find meaningful, I travel, I have friends. No grandchildren yet. Why the judgment? It’s better to spend all day every day doing what you want and indulging yourself?

But you said the most meaningful thing in your life is your corporate job. All the other stuff makes you an "old lady". I think its sad that being an older woman without a corporate job isnt enough. A woman in her 50s or 60s should be able to find her value in volunteering, travel, friends, family, hobbies, that is enough. It is sad to me that people bought the corporate kool aid about needing to keep working to be valuable.

[Anonymous]

Because just the stuff I charge on my credit card is over $25k a month.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I quit my teaching job when we hit $5m. I just couldn't put in another 5 years. We pay out of pocket for insurance for 3, while my DH is on Medicare.

Your DH is old enough for medicare and you still have TWO kids on your health insurance?? Wow.

Can't kids be on health insurance until 26 or something? When can you get Medicare? 62? 65? It doesn't seem that bad to me.