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

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[quote=Anonymous]We’re both in our mid-50s and, on paper, our net worth is around $17M. If you exclude the house and 529s, we’re at roughly $14M in investable assets, with about $3M coming from a relatively recent inheritance. My spouse earns about $300K, I earn about $150K, and we both drive Hondas. We live in a nice neighborhood in a house we bought almost 20 years ago for under $1M.
Our lifestyle is pretty low-key. We shop at Aldi and Costco in Fairfax because they’re close and convenient. We don’t stress about spending a few hundred dollars when needed, but I recently passed on a $650 Canada Goose fleece because it just didn’t feel worth it. No luxury handbags, jewelry, or anything tempting to steal. We very much live a Millionaire Next Door kind of life, and most people would never guess our finances. I’m also noticeably cheaper than my spouse.

We do travel more now, largely because we’re required to take inherited IRA distributions over a 10-year period, but our trips tend to be overseas Airbnbs rather than high-end hotels. Investing-wise, we’re almost entirely in passive index funds (mostly VTI and Fidelity equivalents). I’m comfortable managing our own investments, but we were “only” around $8M pre-COVID, so the growth has made me pause and wonder if we should be working with a financial advisor.
That said, the advisory fees alone would exceed my annual salary, and given my background and bias toward low-cost index investing, I’m skeptical they’d add enough value to justify it. My bigger concern right now isn’t the overall market so much as whether AI-related valuations are getting overheated.

Many of our kids’ friends have parents who are retired and likely wealthier than we are, which adds some perspective. Overall, we’re comfortable, cautious, and probably more frugal than our balance sheet suggests.[/quote]

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