Reply to What is the lifestyle difference of 400-500k/yr and 800-1M/yr

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[quote=Anonymous]Early retired Biglaw partner here.  When I made partner (promoted from counsel) my income changed almost exactly from/to these levels.  We didn’t change a thing about our lifestyle.  Didn’t buy a new house, didn’t switch the kids to private, didn’t take more lavish vacations etc.  We just continued to live as we did before - which, obviously, was a nice and comfortable lifestyle - and saved the money.  I then walked away in my early 50s, and nearly a decade later we are still living the “half mil” lifestyle but on less money than that because (1) the kids are grown, so we have no kid-related expenses that aren’t entirely voluntary; (2) we are no longer saving for retirement (which always takes away a big chunk of one’s earnings when working; and (3) our tax liability is much, much lower now than it was before because we’re generally not being taxed at ordinary income rates (since we don’t earn wages) but instead are taxed at capital gains rates which in our case in usually zero.  [/quote]

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