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]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]

Being frugal is the key, if you are used to a certain lifestyle then you will be able to stretch your money in the retirement, but if you are dreaming of upping your luxury game, starting to vacation more, eat out more, wanting to buy a beach condo or something, then you are going to feel broke.  If you are happy to live the same lifestyle in retirement then you should know how much you spend and this is the money your money needs to make for you, so that you don't touch your principal.  Nursing home may be more expensive than your modest lifestyle, so that's why you need to keep your principal as much as you can to not burden kids. [/quote]

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