Anonymous
Post 08/31/2023 02:24     Subject: Re:Why do people with millions of dollars still work?
I don't have to commute, I love my coworkers, can work from bed if I want (though I never have), and overall enjoy what I do plus I'm good at it.
Anonymous
Post 08/31/2023 01:08     Subject: Why do people with millions of dollars still work?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:For me it’s not even my work that I dislike, it’s everything else about it - the waking up early getting out of your warm bed on a cold dark winter morning, crappy long commute, have to answer to other people, being compelled to to go work even when you’re not feeling it that day, 5 days week, not having enough time for hobbies, exercise, home cooking, travel, spending time with your family - at least not without feeling like your life is hectic. WFH was supposed to fix some of this but now it’s going away in most places. Also NEEDING to live in a HCOL area with terrible traffic and everyone around you is an obsessive overachiever sucks too.

I ONLY work for money at this point, as soon as I have a few mil I’m gone. I don’t get people with 7+ million dollars who still choose to grind away their young healthy years in the rat race in, to be honest, a crappy city like DC (or any other HCOL area for that matter).

Once you have 7 million, you would want 14.


+1. $7 mill in your 40s in a HCOL with 2-3 kids to support…Not enough. You are not even that rich at this level. A decent 4-bedroom apt in Manhattan starts at $7mill and goes up if you want a nice neighborhood and a good layout. Way up.


If the 7 mil is just your portfolio that’s about 250k/yr for the rest of your life. That’s an upper middle class lifestyle
Anonymous
Post 08/31/2023 00:45     Subject: Why do people with millions of dollars still work?
OP, do you have kids? I think it's having very young kids that makes me feel it's not enough. I just don't know what life might bring.
Anonymous
Post 08/31/2023 00:39     Subject: Why do people with millions of dollars still work?
Anonymous wrote:
Anonymous wrote:For me it’s not even my work that I dislike, it’s everything else about it - the waking up early getting out of your warm bed on a cold dark winter morning, crappy long commute, have to answer to other people, being compelled to to go work even when you’re not feeling it that day, 5 days week, not having enough time for hobbies, exercise, home cooking, travel, spending time with your family - at least not without feeling like your life is hectic. WFH was supposed to fix some of this but now it’s going away in most places. Also NEEDING to live in a HCOL area with terrible traffic and everyone around you is an obsessive overachiever sucks too.

I ONLY work for money at this point, as soon as I have a few mil I’m gone. I don’t get people with 7+ million dollars who still choose to grind away their young healthy years in the rat race in, to be honest, a crappy city like DC (or any other HCOL area for that matter).

Once you have 7 million, you would want 14.


+1. $7 mill in your 40s in a HCOL with 2-3 kids to support…Not enough. You are not even that rich at this level. A decent 4-bedroom apt in Manhattan starts at $7mill and goes up if you want a nice neighborhood and a good layout. Way up.
Anonymous
Post 08/31/2023 00:35     Subject: Why do people with millions of dollars still work?
Short answer is because they’re also spending millions of dollars.
Anonymous
Post 08/31/2023 00:18     Subject: Re:Why do people with millions of dollars still work?
Anonymous wrote:No one takes the time to study investing, so they have to slave away for decades. Most people don't know there are stocks yielding 10%+ dividends with minimal risk. If you can get a 7% overall withdrawal rate for the rest of your life, which is very doable, you check out at $2M - no one needs more than $140K income in retirement.

But since people are told to buy bonds and other nonsense, they can only safely withdraw 2.5% or 3% of their portfolio and so must slave away until they're 65.


Except that the stock can stop paying dividends and the companies could go out of business.
Anonymous
Post 08/31/2023 00:15     Subject: Re:Why do people with millions of dollars still work?
No one takes the time to study investing, so they have to slave away for decades. Most people don't know there are stocks yielding 10%+ dividends with minimal risk. If you can get a 7% overall withdrawal rate for the rest of your life, which is very doable, you check out at $2M - no one needs more than $140K income in retirement.

But since people are told to buy bonds and other nonsense, they can only safely withdraw 2.5% or 3% of their portfolio and so must slave away until they're 65.
Anonymous
Post 08/31/2023 00:02     Subject: Why do people with millions of dollars still work?
Too shy to quit.
Anonymous
Post 08/30/2023 23:50     Subject: Why do people with millions of dollars still work?
Some do it for fulfillment, some out of greed, some out of fear.
Anonymous
Post 08/30/2023 23:46     Subject: Why do people with millions of dollars still work?
Anonymous wrote:For me it’s not even my work that I dislike, it’s everything else about it - the waking up early getting out of your warm bed on a cold dark winter morning, crappy long commute, have to answer to other people, being compelled to to go work even when you’re not feeling it that day, 5 days week, not having enough time for hobbies, exercise, home cooking, travel, spending time with your family - at least not without feeling like your life is hectic. WFH was supposed to fix some of this but now it’s going away in most places. Also NEEDING to live in a HCOL area with terrible traffic and everyone around you is an obsessive overachiever sucks too.

I ONLY work for money at this point, as soon as I have a few mil I’m gone. I don’t get people with 7+ million dollars who still choose to grind away their young healthy years in the rat race in, to be honest, a crappy city like DC (or any other HCOL area for that matter).

Once you have 7 million, you would want 14.
Anonymous
Post 08/30/2023 23:14     Subject: Re:Why do people with millions of dollars still work?
You keep saying you like your actual work. But that is just one small piece of any job. You don’t like your job.
Anonymous
Post 08/30/2023 23:11     Subject: Re:Why do people with millions of dollars still work?
I don’t feel that way about my job or my life. That’s why I work.

I am part of something I feel great about, like my colleagues, have good work life balance, and I feel productive and useful and know I have a purpose. And I don’t WFH either. Short commute.
Anonymous
Post 08/30/2023 23:10     Subject: Why do people with millions of dollars still work?
Anonymous wrote:Love my job.


I don’t even mind my actual work. If I could do it from home without the pointless meetings and work 4 hours a day efficiently getting it all done in that time frame I would be cool with it.
Anonymous
Post 08/30/2023 23:08     Subject: Why do people with millions of dollars still work?
Love my job.
Anonymous
Post 08/30/2023 23:06     Subject: Why do people with millions of dollars still work?
For me it’s not even my work that I dislike, it’s everything else about it - the waking up early getting out of your warm bed on a cold dark winter morning, crappy long commute, have to answer to other people, being compelled to to go work even when you’re not feeling it that day, 5 days week, not having enough time for hobbies, exercise, home cooking, travel, spending time with your family - at least not without feeling like your life is hectic. WFH was supposed to fix some of this but now it’s going away in most places. Also NEEDING to live in a HCOL area with terrible traffic and everyone around you is an obsessive overachiever sucks too.

I ONLY work for money at this point, as soon as I have a few mil I’m gone. I don’t get people with 7+ million dollars who still choose to grind away their young healthy years in the rat race in, to be honest, a crappy city like DC (or any other HCOL area for that matter).