We are at $15m but close to retirement age. I am hoping to start winding down in the next 2 years, once I qualify for Medicare (we currently pay market for healthcare and it runs around $30k/year). But I may work part time for a few years if it doesn't feel like a burden. I work for myself and can flex the workload pretty easily. I like what I do, but also want to be spending more time with my grandson and traveling while I am young enough to enjoy it.

Quick question. How did you guys amass this much wealth? What do you do for a living.

I am broke. I am 47 and I have a net worth of $150k.

Congrats on your successes. It seems to me like everyone is a millionaire these days.

Typically those that are working live longer.

If you enjoy your jobs, why not.

I think it’s hard in this world of uncertainty and especially around healthcare. My health insurance costs about $50K a year for the family and just went up 10% in a single year. When they covered the UHC CEO murder, they profiled a young man with a debilitating condition that cost &1M a year to treat. I’m in my 50s but given my family history will live another 40-50 years. Private college costs close to half a million now, and it seems like lots of kids now need grad school. OTOH, I have a sibling who is 60 with zero saved so I know how lucky we are in comparison.

Part of my “calming my financial anxiety” thing is to tell myself that if my money runs out, there is a bottle of tequila, a bottle of anti anxiety meds, and a warm bath. I know that sounds morose but I feel like that’s empowering if that’s my worst case scenario.

Cryptwhale wrote:

Anonymous wrote:Not a troll post, but between investments and cash, we have a NW of 18M. I grew up with an immigrant mentality, do have a hard time believing it is enough. Also, with the stock market (majority of holdings) it feels like it can disappear/crash…how do you transition into feeling like you are ok?

I get it, it’s hard to shake that “it could all disappear” mindset, especially when so much depends on markets you can’t control. That’s actually what led me to Bitcoin years ago.
I started small, just looking for something outside the traditional system and it ended up changing my entire financial perspective. I made my first million through Bitcoin, but more importantly, it gave me peace of mind knowing part of my wealth isn’t tied to banks, governments, or market hours.
Not financial advice, of course but even a small allocation can bring a lot of long-term stability once you understand its scarcity and independence.

Recently got into bitcoin as well. 2m$ up already

We had in the area of $20M NW when my husbands company was sold and he had a lot of equity. But he was only maybe 51 and we still had 2 in HS. Being retired at that age didn’t make sense for him given all his friends worked. So, along with a few former coworkers he started another company and retired at 60 when his energy and work desire waned - I guess he ran out of gas and decided enough was enough and let’s enjoy life. There is no single answer, you just have to do what makes you happy at that point in time. The extra net worth he created has really gone into trusts for our children and now many grandchildren plus charity.

Anonymous wrote:As my financial Guru Ramit Sethi likes to say (on the Podcast Money for Couples): how you feel about money has very little to do with how much is in the bank/investments. It's psychological so you probably need therapy or you will always feel this way. Get help. There are people out there living very hard lives. Donate, volunteer, do more good in your community and count your blessings.

OP here. I think this person is on point. Yes, DH and I realize that working gives us purpose and continue to work. I think I have a "poor" person mindset and my security comes from a paycheck. I need to change my mindset and become comfortable with net worth, not income. Of course I realized that money creates more money. My question to others was how to shift the mindset.

Anonymous wrote:My old boss is a billionaire and still works. So what, he likes it.

A billionaire works on their own terms and for the most part no longer really works, but just makes decisions.

My old boss is a billionaire and still works. So what, he likes it.

Oh sorry I just saw this whole post is bitcoin spam.

People who make that much money tend to be pretty driven. But if you don’t like your job, there’s no good reason to stay in it.

Figure out what you want to do and do that.

That’s actually way harder than getting comfortable with the money. If you had something you knew you wanted to go do, you would be doing it. I’m sure you wouldnt be here hemming and hawing about the stock market. Maybe what’s happening is that you either don’t know or continuing in l your current career IS what you want to be doing.

Anonymous wrote:

Anonymous wrote:It probably depends on your job.

If you are in a senior position and therefore don't have to do any "grunt" work anymore...then working doesn't feel so bad.

I think what's odd about your post is that you could easily remove all fear of a market crash by repositioning your holdings.

As an example, move everything into a 30 year treasury and earn 4.6% annually (state tax free and no payroll taxes). So, earn $874,000 per year entirely risk free.

I assume you are probably still saving a hefty portion of your current $780k salary, so you would likely keep adding to your savings.

DH who manages the finances has moved some to bonds. Spend is around 250-300K

How can you possibly have that much when you spend so much and taxes? At your ages?

As my financial Guru Ramit Sethi likes to say (on the Podcast Money for Couples): how you feel about money has very little to do with how much is in the bank/investments. It's psychological so you probably need therapy or you will always feel this way. Get help. There are people out there living very hard lives. Donate, volunteer, do more good in your community and count your blessings.

Anonymous wrote:Not a troll post, but between investments and cash, we have a NW of 18M. I grew up with an immigrant mentality, do have a hard time believing it is enough. Also, with the stock market (majority of holdings) it feels like it can disappear/crash…how do you transition into feeling like you are ok?

I get it, it’s hard to shake that “it could all disappear” mindset, especially when so much depends on markets you can’t control. That’s actually what led me to Bitcoin years ago.
I started small, just looking for something outside the traditional system and it ended up changing my entire financial perspective. I made my first million through Bitcoin, but more importantly, it gave me peace of mind knowing part of my wealth isn’t tied to banks, governments, or market hours.
Not financial advice, of course but even a small allocation can bring a lot of long-term stability once you understand its scarcity and independence.

You should be ok, like others said move some of your savings to fixed income, non-US, real estate, etc. to have some diversification (although they all have risks too). But both of you only need to work if you want to.