Reply to Do many households here have $15 M net worth or more?

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[quote=Anonymous][quote=Anonymous]OP here - would be interested in more lifestyle details at this level. I love that everyone probably has $15 M but livesin a 2- bedroom condowith their 4 kids, but there must be something that you spend money on? Asian travel, Hermes, family help, golf, going to see Taylor Swift in Portugal? Or really you’re just taking 3 days at Rehoboth off-season, share a car and watch Netflix? [/quote]

I’m the poster with $37-$40M. By my mid 30s income was pouring in. I had 2 separate businesses that were reliably netting me seven figures. Plus rental properties. I would say that we spent lavishly but truthfully our biggest expenses was taxes. Next highest was investments. After that was residences but that was below 10% and included significant annual home improvement projects.

Rental property investing started when we were young (25) and we steadily put money in rental property. Never anything that wasn’t cash flow positive but we never needed the rental income so for years the income was unexciting.  Over time they grew in value and rents went up. Eventually single family properties became multi family and then commercial properties and then more commercial properties. And business income grew. $2M income became $3M became $4M.

We got to the point where we could afford everything we ever wanted and still have plenty left over. We have a really nice primary and secondary residences both in A+++ locations. We take whole family vacations 2-3 times per year (winter break, spring break and summer). We are wealthy enough that price doesn’t matter and we are okay paying a premium booking a month or two out (I wish we were better about this part). An inexpensive vacation for us is anything under $20k. Expensive is over $50K. We will also go on a weekend trip 2-3 times per year. We probably spend under $5k on those. Maybe NYC for the Weekend. The cost is so insignificant to us, I don’t even consider it. We always fly economy. I want to fly business but I cannot justify the expense.  I’d rather spend the extra money to upgrade something else on the vacation itself rather than a flight. When almost always travel with the kids and always get a separate room for them. If the kids are with us we don’t stay in suites. If it’s just us we do.

Kids were in public but now in private high school but only because where we live we didn’t love our local school and didn’t want to move. Tuition is a figure that I notice but by comparison roughly in line with our annual charitable giving and when it started we didn’t cut back on anything.

We don’t do fancy kid hobbies but that is not for cost reason. Kids do have tutors in classes that they need it. We do whatever camps they want (and of which we approve). The cost is meaningless to us. In reality they have done expensive sleep away and cheap day camps but that is more by happenstance. They didn’t love sleep away camp.

We have a cleaning service and landscaping at both residences. We have pool service at our secondary residence.

We spend a few thousand a month going out to eat, which I enjoy. The amount feels irrelevant. We generally cook weekday dinner and eat out weekend dinners. I make the kids lunches most days.

Any single purchase under $1K is so inconsequential we would never notice it. So we buy what we want when we want it. Ironically it makes us want very few tangible things. We tell the kids no to most tangible things. We are far more willing to spend on experiences.

Our cars are practical and not impressive. We just aren’t car people and we have kids.

We could easily drop $1k on tickets on a whim for a show. Usually stuff we’d want the kids to see. Could be theatre, cirque de soleil or even a sporting event.

It’s an incredibly privileged life. Beyond my wildest dreams. No idea what is normal or not for this net worth. Our financial advisor says that we could live our current lifestyle indefinitely on our current assets and at the rate of growth likely multiple times our lifestyle when we stop working entirely.

What else do you want to know?

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