Reply to Is this a common feeling in your early 40s? Feels like friends are getting rich and we're stagnant

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]
Living in a 500-square-foot apartment with $2M in the bank is miser/hoarder territory.  Even if you buy a 2BR condo for $500K, you still have $1.5M.  If you withdraw 3% per year, that's $45K, which can probably cover all your expenses with no rent - you're financially free now.  I'm single too and planning on doing something similar.  But right now, you're in miser territory in a tiny apartment.  And for what?[/quote]

I have around 400K in the bank. The rest is in two brokerage accounts and three retirement accounts. I would say that I'm conservative with my spending. Also, keeping my spending low has helped me to give more to my church, charities, and friends in need. I've been putting some of my appreciated stocks in to a Donor Advised Fund with Vanguard so I can get the tax write off and give that money out to charities over time.

[b]I'm very close to reaching a net worth where I would never need to work again, as long as I keep my expenses low. I will probably end up working to age 57 anyway so I can get subsidized health insurance as a Federal government retiree for life. [/b]That health insurance is easily worth $10,000 per year because I use the mental health benefits a lot.[/quote]

Then why are you saving all of this money?  Is it anxiety?  My own parent has anxiety and because of it I’ll inherit a large inheritance.  Or is it that a large bank account truly makes you happy?

I’m planning to work until retirement because it’s very easy to make money by going to work.  I still have plenty of time to enjoy life.  In the meantime I’m going to enjoy living in a nice home, luxury travel, 529s, dinners out etc.  Forgoing this to have a large brokerage account my kids will inherit?  No thanks. [/quote]

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