"$5 Million is a Nightmare... the Poorest Rich Person in America."

[Anonymous]

Anonymous wrote:I think that it's weird that so many think a paid off home represents a lifetime of security. A home is just a place to live. And if it is worth enough to sustain your lifestyle it is also likely to be a money pit.

A paid off home and $5M (the topic of this post) is absolutely a "lifetime of security." If its not for you, you're doing it wrong.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think that it's weird that so many think a paid off home represents a lifetime of security. A home is just a place to live. And if it is worth enough to sustain your lifestyle it is also likely to be a money pit.

A paid off home and $5M (the topic of this post) is absolutely a "lifetime of security." If its not for you, you're doing it wrong.

Are you 50? Wtf get out of the 80s

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think that it's weird that so many think a paid off home represents a lifetime of security. A home is just a place to live. And if it is worth enough to sustain your lifestyle it is also likely to be a money pit.

I don't think anyone thinks a paid off home represents "a lifetime of security." It's a major financial advantage. Not having to pay a mortgage every month, and not having to pay interest specifically, allows you to save/invest money much more quickly and easily. That allows you to build wealth much faster.

I have no idea why you think a house has to be a money pit -- I could live very happily and comfortably in a 1-1.5m home in the DC area. I don't want a big home and definitely don't want a home that requires tons of maintenance, lots of staff, etc. It's not worth it, I don't care about that lifestyle at all. I want someone to come clean my house once a week and I want to be able to afford any maintenance or that comes up including big ticket items like a roof or something. $5 gets you that no problem.

Not sure if you said this but is just a few posts up: "Agree. And we certainly aren’t staying here! Our paid off home here will buy us whatever we need elsewhere."

$1-1.15m is not a lifetime of security. I really don't know what you are talking about.

They aren’t saying that’s a lifetime of security. They are saying owning their house in the DMV means that if/when they move to a lower COL area, that paid off home will mean no more mortgages.

Going from having to borrow money to buy a house to being able to simply own them is a huge change for most people, and dies mean a major step up in terms of financial comfort and security.

I don’t understand why you’re struggling so much to understand that not having a mortgage is better than having a mortgage. Getting rid of your mortgage opens a lot of doors, financially.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think that it's weird that so many think a paid off home represents a lifetime of security. A home is just a place to live. And if it is worth enough to sustain your lifestyle it is also likely to be a money pit.

I don't think anyone thinks a paid off home represents "a lifetime of security." It's a major financial advantage. Not having to pay a mortgage every month, and not having to pay interest specifically, allows you to save/invest money much more quickly and easily. That allows you to build wealth much faster.

I have no idea why you think a house has to be a money pit -- I could live very happily and comfortably in a 1-1.5m home in the DC area. I don't want a big home and definitely don't want a home that requires tons of maintenance, lots of staff, etc. It's not worth it, I don't care about that lifestyle at all. I want someone to come clean my house once a week and I want to be able to afford any maintenance or that comes up including big ticket items like a roof or something. $5 gets you that no problem.

Not sure if you said this but is just a few posts up: "Agree. And we certainly aren’t staying here! Our paid off home here will buy us whatever we need elsewhere."

$1-1.15m is not a lifetime of security. I really don't know what you are talking about.

They aren’t saying that’s a lifetime of security. They are saying owning their house in the DMV means that if/when they move to a lower COL area, that paid off home will mean no more mortgages.

Going from having to borrow money to buy a house to being able to simply own them is a huge change for most people, and dies mean a major step up in terms of financial comfort and security.

I don’t understand why you’re struggling so much to understand that not having a mortgage is better than having a mortgage. Getting rid of your mortgage opens a lot of doors, financially.

If what the PP wrote needs a translator she needs to learn how to write clearly. I don't know why you struggle to understand that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think that it's weird that so many think a paid off home represents a lifetime of security. A home is just a place to live. And if it is worth enough to sustain your lifestyle it is also likely to be a money pit.

I don't think anyone thinks a paid off home represents "a lifetime of security." It's a major financial advantage. Not having to pay a mortgage every month, and not having to pay interest specifically, allows you to save/invest money much more quickly and easily. That allows you to build wealth much faster.

I have no idea why you think a house has to be a money pit -- I could live very happily and comfortably in a 1-1.5m home in the DC area. I don't want a big home and definitely don't want a home that requires tons of maintenance, lots of staff, etc. It's not worth it, I don't care about that lifestyle at all. I want someone to come clean my house once a week and I want to be able to afford any maintenance or that comes up including big ticket items like a roof or something. $5 gets you that no problem.

Not sure if you said this but is just a few posts up: "Agree. And we certainly aren’t staying here! Our paid off home here will buy us whatever we need elsewhere."

$1-1.15m is not a lifetime of security. I really don't know what you are talking about.

They aren’t saying that’s a lifetime of security. They are saying owning their house in the DMV means that if/when they move to a lower COL area, that paid off home will mean no more mortgages.

Going from having to borrow money to buy a house to being able to simply own them is a huge change for most people, and dies mean a major step up in terms of financial comfort and security.

I don’t understand why you’re struggling so much to understand that not having a mortgage is better than having a mortgage. Getting rid of your mortgage opens a lot of doors, financially.

If what the PP wrote needs a translator she needs to learn how to write clearly. I don't know why you struggle to understand that.

DP. Nowhere did the other PP say what you implied. Maybe you need to up your reading comprehension skills?

[Anonymous]

Whatever, I don't need you womansplaining her nonsense and yours.

[Anonymous]

This is such a silly post.

Fwiw, we are early forties and we have > 5 million. I don’t consider us “rich” but I do feel very comfortable and never worry about money. I never check prices at the grocery store. I don’t worry about paying for college. We work because we enjoy our jobs.

I don’t get all the back and forth on this thread. Are we rich, are we not. Who cares.

[Anonymous]

Anonymous wrote:I don't think that anyone is saying that a TV show is their guide to life. But sometimes a TV show shows something that resonates with their lives. That if you are at the lower end of the wealth distribution among rich people, there is a certain level of anxiety about maintaining and advancing your place in that order. People are aware of their position and there will always be jockeying for position. That is one of the features of our society, that it is fluid and dynamic compared to aristocracies in places like England where status comes from more than money, although that is also changing.

We are in this net worth level (HHI 800k) and I feel no anxiety about is. I feel incredibly lucky and fortunate. I never check prices at the grocery store or when buying clothes for my kids. We take 4-5 really nice vacations a year. We have a large, beautiful house in a highly walkable area. We don’t worry about paying for college.

Idk what you are doing differently that you can’t feel comfortable without > 10 mil

[Anonymous]

If $5-10 million is all you need to get what you need in life that's great. It is a blessing to be content with what you have. For others, their goals require more than $10 million. That's ok too.

[Anonymous]

Anonymous wrote:If $5-10 million is all you need to get what you need in life that's great. It is a blessing to be content with what you have. For others, their goals require more than $10 million. That's ok too.

That’s fine but they need to own that and not go around claiming that 5-10 million isn’t a lot of money to MOST people. You just sound like an ignorant jack ass when you do that.

You know the vast majority of the population (meaning ~ 95-98% of the population) will never accumulate 5-10 million dollars, right?

[Anonymous]

Anonymous wrote:

Anonymous wrote:If $5-10 million is all you need to get what you need in life that's great. It is a blessing to be content with what you have. For others, their goals require more than $10 million. That's ok too.

That’s fine but they need to own that and not go around claiming that 5-10 million isn’t a lot of money to MOST people. You just sound like an ignorant jack ass when you do that.

You know the vast majority of the population (meaning ~ 95-98% of the population) will never accumulate 5-10 million dollars, right?

Most people are poor, yes, but among high IQ individuals I would think 5-10M is pretty normal.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If $5-10 million is all you need to get what you need in life that's great. It is a blessing to be content with what you have. For others, their goals require more than $10 million. That's ok too.

That’s fine but they need to own that and not go around claiming that 5-10 million isn’t a lot of money to MOST people. You just sound like an ignorant jack ass when you do that.

You know the vast majority of the population (meaning ~ 95-98% of the population) will never accumulate 5-10 million dollars, right?

Most people are poor, yes, but among high IQ individuals I would think 5-10M is pretty normal.

I don't know if you're a troll or an out of touch elitist but either way you're trash.

[Anonymous]

Anonymous wrote:Would not retire with less than 10

+1. I want to retire where we currently live, VHCOL. Almost no nice houses under $3mm in my neighborhood.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Would not retire with less than 10

+1. I want to retire where we currently live, VHCOL. Almost no nice houses under $3mm in my neighborhood.

Yes, but do you think not being able to afford a 3m house is a “literal nightmare”?

That’s the subject of this thread. Not whether you, personally, feel that you need/want more than 10m to live the life you want. But whether having 5-10m is a bigger burden than NOT having 5-10m.

I’m guessing if you don’t hit your 10m mark, you’ll be disappointed but also able to cope. If not, you are probably a sociopath, fyi. But good luck, I hope your dreams come true!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If $5-10 million is all you need to get what you need in life that's great. It is a blessing to be content with what you have. For others, their goals require more than $10 million. That's ok too.

That’s fine but they need to own that and not go around claiming that 5-10 million isn’t a lot of money to MOST people. You just sound like an ignorant jack ass when you do that.

You know the vast majority of the population (meaning ~ 95-98% of the population) will never accumulate 5-10 million dollars, right?

Most people are poor, yes, but among high IQ individuals I would think 5-10M is pretty normal.

I do agree that most people I know with a high net worth seem to be very intelligent people. At the same time, over the years, I have also met a lot of very intelligent people who do not have wealth. That is for a variety of reasons - marrying someone with bad habits, developing bad habits yourself, staying loyal to an employer who does not pay you for your worth, not pushing to advance at work (perhaps because you're waiting to be asked), having some bad luck. (I have a good friend who is brilliant, and is totally undercompensated as an architect in a VHCOL area. It does not seem to bother her at all, and she seems very content with life, but I would love for her to be able to do a nice trip or buy a bigger home.)