Reply to $7M vs $10M

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I don't think I'd have any lifestyle change between those two numbers.  At $25M I think I'd start incorporating a few stupid-rich things, like chartering planes for travel.  But at those numbers I'd be retired, relaxed, and still focusing on preservation.[/quote]

Really? I'm going to reach that net worth in a few years, the way my portfolio is going, and there's no way I'd charter a plane, unless to get somewhere a commercial route can't go. I just want a normal middle class life, and preserve wealth for my descendants.

[/quote]

If you are close to $25 million, the words normal middle class do not describe you[/quote]

They do, and this what a lot of people don't understand. I have a middle class income. Income and assets can be VERY different things. I happen to have lucked out in my stock portfolio, but that doesn't make my job high-earning. And since I'm still quite young, there is no way I'm quitting my life to gobble up my capital. I have kids to put through college, parents to look out for and spending on luxury just isn't my thing. Maybe I will re-evaluate when my kids are finished with college. But certainly not now.

I think you some of you, who probably all out-earn me, just don't quite understand what it's like to actually have 10M+ in a stock portfolio in your early 40s. It's not "Woohoo! Free money! Let's spend it". It's "Hmm, OK. My oldest's college is 85K a year. My father has dementia. Let's wait and see."

[/quote]

I get what you are saying, but normal middle class can’t fund $85000 a year for their child’s college. [/quote]

$1Mx2 for super premium college and grad school for 2 kids, $2M for a decade of premium memory care, for dad, another $2 for self and spouse, $2M x2 for a modest house for each kids to inherit, and boom, $10M gone. Middle class can't make it in this country. The pandemic* hit us hard.

[size=7]*affluenza pandemic[/size][/quote]

This kind of silly analysis always makes it apparent that the poster doesnt have wealth and doesnt understand how wealth works. Those events transpire over time and you pay incrementally, not boom and the money is gone. If the wealth generates the cash flow to make monthly or quarterly payments toward mortgages or college or care then the capital stays intact or maybe grows or slightly erodes until the draw lessens and then it grows again. And the two million each for a decade of memory care each made mw laugh out loud... i'm picturing two grown paid off college PhD kids each with their own $2 million paid off homes coming to visit finally broke mom and dad who don't remeber the kids or themselves 10 years into care... and the kids signing the memory care eviction papers before they drop mom and dad off to live in a tent on skid row. [/quote]

This is so true.  When I had to move my mom to memory care I was given a huge wake-up call with the sticker shock.  $13k a month to start that will pretty much guarantee to increase.  Her financial guy laughed at my when I expressed concerns about her outliving her money.  Even with the extra money coming out she’s still making more money with her investments.  Her principal has grown.  [/quote]

Also $2 million "modest house".[/quote]

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