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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It’s behind a paywall for me but this forum makes me feel poor.  It’s hard to be excited about my 401(k) hitting $1 million when reading about people worrying about retiring with accounts worth $6 million+.

I do feel like people on here exaggerate though because some of the people I know in real life who act the richest also have enormous 1st and 2nd mortgages and HELOCs, etc. so it’s a facade.[/quote]

This is a really interesting point. The one guy I know who drives the most expensive car and lives on the most expensive house and has the biggest beach house also has huge mortgages and is constantly moving money around HELOCs and personal loans to address cash flow throughout the year.[/quote]

It's actually really common for high-compensation individuals to retire with nothing significant saved. Divorces, expensive cars/toys/vacations, home improvements, etc. adds up. Eventually, they just run out of time and there's no more "next year". I've heard that story many times first/second/thirdhand at our firm. [/quote]

My mom was a physician and retired with about $1 million. We have no idea where 40 years of high income went. She pissed it all away somehow.[/quote]

She probably spent it on her kids.  That's where my high income goes. Expensive sleep away camp, private schools, travel sports, nice vacation, wonderful birthdays - I hope they don't sound as ungrateful as you when I'm old and have little for them to inherit.[/quote]

I am her kid. She paid for our tuition in the 80s and early 90s when it wasn’t that expensive (we went to in-state publics). So there was at least 20 years when she wasn’t paying for that. And she lived in a low cost of living area. I know she had a lot of people doing stuff for her - housekeeper coming twice a week, landscapers weekly - but it still seems like she didn’t play good financial defense.[/quote]

Sounds like you are very smart, so perhaps she did something right. Maybe you should try being grateful?  It might feel good.  Do you have to cafe for her now.  If not, she gave that to you as a gift too.[/quote]

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