Reply to $7M vs $10M

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Reply to "$7M vs $10M"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I don't think I'd have any lifestyle change between those two numbers.  At $25M I think I'd start incorporating a few stupid-rich things, like chartering planes for travel.  But at those numbers I'd be retired, relaxed, and still focusing on preservation.[/quote]

Really? I'm going to reach that net worth in a few years, the way my portfolio is going, and there's no way I'd charter a plane, unless to get somewhere a commercial route can't go. I just want a normal middle class life, and preserve wealth for my descendants.

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If you are close to $25 million, the words normal middle class do not describe you[/quote]

They do, and this what a lot of people don't understand. I have a middle class income. Income and assets can be VERY different things. I happen to have lucked out in my stock portfolio, but that doesn't make my job high-earning. And since I'm still quite young, there is no way I'm quitting my life to gobble up my capital. I have kids to put through college, parents to look out for and spending on luxury just isn't my thing. Maybe I will re-evaluate when my kids are finished with college. But certainly not now.

I think you some of you, who probably all out-earn me, just don't quite understand what it's like to actually have 10M+ in a stock portfolio in your early 40s. It's not "Woohoo! Free money! Let's spend it". It's "Hmm, OK. My oldest's college is 85K a year. My father has dementia. Let's wait and see."

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You seem to have gotten lucky in the market, but don’t understand what you have. [b]$10M should generate $500k to $1 million annually in return.[/b] Can you not live on that? Sounds like $250k or less would be fine for your lifestyle. Run some numbers bro; you’re overthinking it. [/quote]

I don't know where you're getting those numbers, but you're entirely incorrect. Please don't mislead others in this way.
Are you thinking of liquidating capital? That's defeating the entire purpose of building wealth in the first place. This is for generations to come. 
If you're thinking of dividends, then yes, it's a nice income supplement, and how I pay for my children's colleges, travel and other nice little extras (not private planes!).
But on the daily, I have a little house in Bethesda, and little Japanese cars, and I send my kids to public school.

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