Reply to How does life change once you hit $1 million?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I’m single, 41, net worth around $800K including home equity.  I’ve always been obsessed with money but, until recently, never as good at making it as some of you here.

I should hit a $1 million net worth in about two years just through savings, or maybe in three years if the market goes down further.  I’ve always viewed $1 million as a magical number. Obviously with inflation, the value of that number comes down each year, but it still seems pretty special.

Just curious to hear from all you rich people:  how does life change once you get to the promised land?  Do you feel a sense of relief and accomplishment?  Or is it anti-climactic and just another milestone and you get back to work?[/quote]

No. Still scared of ending up poor in old age. 1 million is nothing in this day and age.[/quote]

This. I have $2.5M at 52 and am stressed all the time about running out if I need care.[/quote]

+2. We have 2M in our mid 40’s and DH wants to tighten our belts even more, and we are already frugal.[/quote]

Well, you *are* behind the OP.  OP said she’ll be at $1 million by 43 and is single. You have $2 million but you’re married so you each really only have $1 million.  Assuming mid-40s means 45, you’re slightly behind the OP.[/quote]

No, disagree that it is linear. Plenty of costs don’t get multiplied by 2, if two people stay in a one bedroom house, utilities etc. Gas if they travel together. [/quote]

It’s not that there aren’t certain economies of scale; there clearly are (e.g., one household instead of two, etc.). The issue is that you have to put up with an inferior state of living in most cases.  See the relationship forum for an extensive discussion of this: marriage in the modern world is not beneficial to women unless the husband is a high earner and a 50-50 partner in house work.  So you really each have $1 million, but you can create the illusion of having $2 million by accepting a lower standard of living.

It’s not unlike passive income versus active income from a job. Having a job may bring you a higher income than you could obtain from the passive income available from your portfolio, but you’re trading away your life for that higher income.  There would be no comparison between someone that has $100,000 per year in passive income versus someone that earns $100,000 per year from working a job.[/quote]

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