Reply to People with $5M+ NW, why do you still choose to work?

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[quote=Anonymous][quote=Anonymous][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]

And who wants to scale down at age 40/45?  That is why people keep working at jobs they are good at and pay well. So by 55/60 they can retire and dont' need to scale back
[/quote]

Yes, if this works for you.  It's not always the case, especially for women if you have young kids at that age.  I had to scale down my career significantly after my 2nd kid was born.  Even after the first kid I had to stop traveling for work (I traveled a lot), which meant taking lower pay and missing out on some lucrative opportunities, and also "settling" for a diff type of job with better supposed arrangements and benefits.  This ended up a disaster for me career wise I was not able to recover from and set me on a path to hating my job and dreaming of retirement.   I started hating working so much that I don't mind scaling down on lifestyle just to feel like I have the freedom of time (before my body is completely decrepit) and don't have to deal with toxic people and workplaces daily which depletes my energy and happiness.  so, yes, some people do want to retire or partially retire (scale down) even if it means living more modestly. [/quote]

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