Reply to $7M vs $10M

Forum Index » Money and Finances

Reply to "$7M vs $10M"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][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.

[/quote]

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."

[/quote]

I get what you are saying, but normal middle class can’t fund $85000 a year for their child’s college. [/quote]

Because normal people in the USA don't really save.  He's just told you he got here thru average income and saving and some luck with stocks---so unless he means stock options (a totally different story), then he got here thru savings, living within a budget and more savings and a little luck with picking the right stocks.    
There are middle class people who have saved for their kids education and pay for the elite schools.  They chose to make college savings a priority.  
[/quote]

They didn’t get to $7m at their age on HHI of $250K through saving.[/quote]

My parents got to ~$1M through savings.  Never made more than $45K per year combined.  So savings could get them close to that.  The rest was luck with some stock(s) it seems from the posts.  And that seems entirely possible.  [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics