Anonymous
Post 08/31/2023 13:25     Subject: Why do people with millions of dollars still work?
A lot of entrepreneurs and small business owners love their business and want to stay involved in it even after they have made a lot of money. Which is why many of them have founder's syndrome and can't step away even after they have sold their company and made a ton and/or have the company in a good place where they can step back and still make a lot.
Anonymous
Post 08/31/2023 13:12     Subject: Why do people with millions of dollars still work?
Anonymous wrote:My father still works with quite a bit in retirement because he doesn't know what else to do with himself. He could've retired decades ago but won't. He has no hobbies and loves what he does. It's also the fear that if he retires it's the end.

Some people just can't wind down.


Grandfather was a stock broker, never missed a day of work. Retired at 84, for a week! He hated it and went back to work until 91 when his health finally faded.

He was the type of guy that wore a suit all weekend. Couldn’t do retirement at all. Some are just built that way. IDK if he loved worked, wasn’t a feelings type, but definitely had no interest in retiring.
Anonymous
Post 08/31/2023 13:11     Subject: Re:Why do people with millions of dollars still work?
Anonymous wrote:You mean ... Bezos and the other idiots? Those people hoard money. It's an illness.

Everyone else that has enough money to retire but they don't can't stand being alone with themselves. They will say they love to work, but they mean they hate being alone with themselves.


LOL. This is the most nonsensical explanation for being lazy that I have ever heard.
Anonymous
Post 08/31/2023 13:04     Subject: Why do people with millions of dollars still work?
Anonymous wrote:Agree. I figure they just don’t know any better or have other interests.

My MIL is wealthy and continues to work. She doesn’t have any friends and her only hobby is going for a manicure.


Maybe her friends work, too?
Anonymous
Post 08/31/2023 13:02     Subject: Why do people with millions of dollars still work?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:My wife is home all day assigning chores with a pet I am allergic to.

If I want to cough, sneeze, choke while cleaning up garage, scrubbing toilets, going to supermarket all day I could stay home.

I go to office 5 days a week with a semi remote job.


sounds like a healthy relationship


Some people subscribe to the "It's cheaper to keep her" philosophy.


I have two choices divorce lose everything or put up with it. Pretty much describes 90 percent of men.

Men work cause they don’t want to be home. Women stay home as they don’t want to work.

Most men are older than wife yet work many years longer.

At work there is freedom and respect.
Anonymous
Post 08/31/2023 12:57     Subject: Why do people with millions of dollars still work?
Anonymous wrote:
Anonymous wrote:My wife is home all day assigning chores with a pet I am allergic to.

If I want to cough, sneeze, choke while cleaning up garage, scrubbing toilets, going to supermarket all day I could stay home.

I go to office 5 days a week with a semi remote job.


sounds like a healthy relationship


Some people subscribe to the "It's cheaper to keep her" philosophy.
Anonymous
Post 08/31/2023 12:24     Subject: Re:Why do people with millions of dollars still work?
Anonymous wrote:Eventhough we would do fine to retire now, we have a child who has a chronic illness that will stay for life. We have to work because we want to make sure he's taking care of when we are gone.

This is our situation too. If OP knew us though she wouldn’t wonder why were still working, he makes it obvious.
Anonymous
Post 08/31/2023 12:23     Subject: Why do people with millions of dollars still work?
Anonymous wrote:Once you have millions of dollars (FU money), it’s easier to stand up for yourself and create a position that works. I refuse to come into the office more than once a week or accept a billing requirement of more than 1400 hours. I work because I still have kids in school (so can’t travel) and I enjoy the intellectual challenge and the extra spending money.

This. A lot of the people still working work for themselves only, themselves and partners, or are successful enough working for others that they can write their own rules for working.
Anonymous
Post 08/31/2023 12:23     Subject: Why do people with millions of dollars still work?
Anonymous wrote:Some people just want to be more future proofed than you OP. Also, people don’t want the bare minimum in terms of lifestyle. They want luxury goods and services. They want to leave a lot to children, build generational wealth. It’s very individual.

You probably know this so it seems like another troll thread.


+1, yes all of the above
Anonymous
Post 08/31/2023 12:14     Subject: Why do people with millions of dollars still work?
greed...most that I know, although they deny it.
Anonymous
Post 08/31/2023 11:36     Subject: Re:Why do people with millions of dollars still work?
Anonymous wrote:
Anonymous wrote:
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.


This is half true and half nonsense.

Yes you should have a very equity heavy portfolio your whole life. Yes a safe withdrawal rate above 2.5% can be done.

No there is not minimal risk for any equity investment. Hopefully you build a portfolio that counters this.

In terms of no one needs more than 140k a year. What are you talking about. I spend 25-35 a month. Income is seven figures. I save a lot also. But I want 35k a month in retirement spend. For that you need a lot more than 2 million. Everyone is different.


PP is right that you don't need it, you want it.


There is little difference. Could you live on less? Of course but why would you?
Anonymous
Post 08/31/2023 11:14     Subject: Why do people with millions of dollars still work?
Anonymous wrote:My wife is home all day assigning chores with a pet I am allergic to.

If I want to cough, sneeze, choke while cleaning up garage, scrubbing toilets, going to supermarket all day I could stay home.

I go to office 5 days a week with a semi remote job.


sounds like a healthy relationship

Anonymous
Post 08/31/2023 11:13     Subject: Why do people with millions of dollars still work?
Once you have millions of dollars (FU money), it’s easier to stand up for yourself and create a position that works. I refuse to come into the office more than once a week or accept a billing requirement of more than 1400 hours. I work because I still have kids in school (so can’t travel) and I enjoy the intellectual challenge and the extra spending money.
Anonymous
Post 08/31/2023 10:55     Subject: Why do people with millions of dollars still work?
My wife is home all day assigning chores with a pet I am allergic to.

If I want to cough, sneeze, choke while cleaning up garage, scrubbing toilets, going to supermarket all day I could stay home.

I go to office 5 days a week with a semi remote job.
Anonymous
Post 08/31/2023 10:49     Subject: Re:Why do people with millions of dollars still work?
Eventhough we would do fine to retire now, we have a child who has a chronic illness that will stay for life. We have to work because we want to make sure he's taking care of when we are gone.