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Reply to "People with $5M+ NW, why do you still choose to work?"
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[quote=Anonymous][quote=Anonymous]People want luxury, that’s it. You can retire on $5M just fine even with kids, but folks who earn enough to make 5 mil at a young age are accustomed to a certain standard of living that would be hard to guarantee on a mere 150k/yr or whatever. You can easily blow 20-30k on a single international trip if you travel in style with a family. You can do that if you have 5 mil with an 800k HHI but not with 5 mil and $0 HHI. [/quote] This. If you keep the same lifestyle that your earnings that got your this NW provided you will not make it. You have to scale down. A lot. People don't like to scale down because it feels like downward mobility and dealing with lack-of-money problems. It's also stressful when you think you don't have financial security and you may have to go back to work in old age when your options are severely limited. Inflation eats up a lot, and cost for everything basic goes up. This leaves no space for anything nice. [/quote]
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