Reply to Why do people with millions of dollars still work?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm in  my mid-40s with about $3 mil. I plan to work at least 25 more years. Only in the last 5 years or so has our HHI approached 7 figures and I gotta say - I like this level of income, a lot. I'm able to save well, but also just do these amazing things I could never do before. Big trips with our family and not stressing out while on those trips about what things cost. I like being able to buy whatever clothes I want to buy without factoring in cost that much. I love living in a beautiful home and being able to furnish it nicely and improve it when it needs improving. I love being able to treat others - take my kids and their friends to a major league game, take my mother on a long weekend together and cover all expenses. Someone commented earlier that no one needs more than $140k or something like that and I agree, I don't NEED more than that to survive, but now that I've experienced this higher level of income, my goal is to not take a step back. In order to do that, I've got to keep working. We'll hit $1 mil HHI for the first time this year and we save, all in, about 20% of that each year. It's a lot of savings, but we're going to need well into 8 figures to generate an income comparable to what we earn now in retirement. So that's my answer to your question. I work because I earn a lot and I love the lifestyle those earnings afford me. I'm going to need many millions saved to continue this lifestyle through retirement. Also - I enjoy my career. Would I still get up and go to it if I hit the lotto for $100 mil? Probably not. But I like going to work, I'm proud of my career, I feel appreciated, I'm not overly stressed out, I have time for family and other things I enjoy.[/quote]

This is the only thing that would keep me working, if my earning power scaled with my net worth growth. If I have $10M but somehow can earn millions a year I might decide to keep working, but if I have $10M and only earn 250k… not worth it. If you earn 1M+ a year and “only” have $3 million, you’re leaving a lot on the table by quitting. But if you only make 50k and have 3 million, it’s not worth it financially to work. [/quote]

I agree. If you are earning $1M and have NW of $3M you are living way beyond your means (according to me).  I'd live on half that sock the rest away and retire early, but those are my priorities.  PP said she only just started making thay money, so she's still in the expansive phase, living it up.... that novelty might wear off.  Buying stuff doesn't make me happy.  It actually stresses me out because then I have to maintain more stuff, store it, etc.  I do love vacations, experiences, and treating people though.  I also feel guilty about what a consumeristic culture does to the environment an the messages it sends our kids.  I don't think PP is there yet - she seems very new money just getting a first taste - that's fine - I understand where she is.[/quote]

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