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

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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I’m not debating there can’t be wide swings. I’m just saying at the end of the day, when you’ve worked your last day, [b]sitting on $10M is meaningfully different than sitting on $5M. I’m utterly baffled that several posters are disagreeing[/b]. If we had $10M, we’re set, could quit tomorrow. Not true at $5M. I get that others want more and that’s fine. So would you also say that $20M isn’t that different from $10M? It’s literally twice as much money![/quote]

I don't think anyone is saying that.. Everyone knows that $10M is 2X $5M based on simple math.  Folks are only saying that $5M is nothing to scoff at and for many it would be enough to retire with.  And for those that peg their expenses to a $5M base (say $150K @3% withdrawal), the additional $5M is just extra moat and not something they need and would not make a subjective difference.  [/quote]

+1, and might not be worth the additional work and stress to make.

Something a lot of people in this thread don't seem to get is that there are many people who can make themselves happy with less (especially when it is more than the vast majority of people on the planet) in order to save themselves time, energy, and effort. There are many things people are willing to give up in order to retire earlier, or even just downgrade to a lower stress job.

I would never work for the second $5m. It isn't worth it to me. I want to relax. I don't need a big house. I only have one kid to worry about helping out. I want to be able to take a couple great trips a year. I don't have expensive hobbies. I'm just a pretty content person and $5m would allow me to live exactly the life I want to live and never worry about money, and still probably leave quite a bit to my kid.

I get that $10m is twice as much as $5m. I'm not an idiot. In fact, I think I'm actually smarter than some of the people on this thread who seem to think $5m isn't enough to live a good life. I think I've figured out some things they haven't. But they obviously think the same in reverse. Ah well, such is life.[/quote]

You're a single mom with one kid, so you have no use for a big house. Some of us have spouses and three kids, so that larger home in a good school district, college savings for three kids, food, clothing, activities, etc. for three kids costs a lot more. We have a NW of just over $5M and no way DH could stop working now without downgrading our current lifestyle. If I was a single mom with one kids in MS or HS, then sure I could stop working and make $5M work too.[/quote]

PP here. Not a single mom, I'm married. But yes, I chose to just have one kid, and that means I don't feel as much pressure regarding money. It was a choice, because I didn't want to be sitting around thinking that FIVE MILLION DOLLARS was not enough for me to relax about money.[/quote]

Why not just have zero kids and live in your car to save money.[/quote]

This. But smug one-kid-mom has it all figured out lol.[/quote]

I don’t know, I’m a mom of 3 and I actually share more of the only child mom’s viewpoint. I don’t see why 3 kids requires a big house and working until we have $10m. That is literally insane to me.

We have a small-ish house in a great close-in neighborhood. One car. Flexible jobs over super stressful, high paying ones which means we don’t have to spend $$$ on nannies and aftercare. It means more time with my kids. There are plenty of things to do in this area like museums, splash pads, hiking, etc. that don’t cost a ton. We’re aiming to save for state schools for college. DH and I both went to state flagship schools and had a nice experience. We do 3-4 domestic trips a year (usually 1 flying to visit out of state family, and then another 2-3 over school breaks to the beach/mountains/a fun city).

I feel bad for the families who are constantly trying to keep up with the big house, fancy cars, etc. etc. so that they wind up in a trap where $5m isn’t enough to stop working without “downgrading” their lifestyle. [/quote]

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