Are you rich? How much of a nestegg do you need to join the true elite.

[Cattusbabe]

I am rich. I do not have to work, I have enough money to maintain a very comfortable lifestyle and am able to meet my obligations. The rest is just a numbers game.

[retire@40]

Quote:

Originally Posted by Slarty ...I always wondered how people made it all the way to $5M or $100M without deciding to retire way before then...

I've wondered that myself many times.

After you made a few million, what's the point of wanting more than you will ever spend? Why not relax, enjoy the short few years of life you have left and give someone else a chance to do the same?

For some, it's never enough.

For others, it's greed.

[audreyh1]

I know some people in the >$100M category that still work. They enjoy working too much to quit. Of course, they are busy running the company they created.

Audrey

[retire@40]

Quote:

Originally Posted by audreyh1 I know some people in the >$100M category that still work. They enjoy working too much to quit. Of course, they are busy running the company they created. Audrey

And they can't think of anything less stressful / more fun / different / more meaningful to do?

Sometimes when you spend the majority of your life doing something, it sucks so much life out of you that you don't know anything else.

So the real question is, do they really enjoy it so much as not to quit, or it it because they spent so much time working that they never had the free time to develop fun hobbies.

[HFWR]

Quote:

Originally Posted by Nords I think I could handle the first million, but WTF would we do with the extra nine?!?

Need some bling for your surfboard?

[audreyh1]

Quote:

Originally Posted by retire@40 And they can't think of anything less stressful / more fun / different / more meaningful to do? Sometimes when you spend the majority of your life doing something, it sucks so much life out of you that you don't know anything else. So the real question is, do they really enjoy it so much as not to quit, or it it because they spent so much time working that they never had the free time to develop fun hobbies.

IMO, they absolutely thrive on their company. Their company is their life. It's stress in the most positive sense. Not my cup of tea, but I understand that it can be someone else's.

Think Larry Ellison, Steve Jobs....

Audrey

[Midpack]

Quote:

Originally Posted by retire@40 And they can't think of anything less stressful / more fun / different / more meaningful to do? Sometimes when you spend the majority of your life doing something, it sucks so much life out of you that you don't know anything else. So the real question is, do they really enjoy it so much as not to quit, or it it because they spent so much time working that they never had the free time to develop fun hobbies.

It may be a minority, but some people actually thrive on work, I know a few, nothing wrong with that. I'm not rich by any stretch, but I'm beyond FI, and I wouldn't quit yet. Work can be the most meaningful activity for some people, not that other activities aren't as well. I'm always puzzled by people who come on here with the POV that work is inherently "bad." Live and let live...

[Alan]

Quote:

Originally Posted by audreyh1 IMO, they absolutely thrive on their company. Their company is their life. It's stress in the most positive sense. Not my cup of tea, but I understand that it can be someone else's. Think Larry Ellison, Steve Jobs.... Audrey

I agree, and we need folks like these to steer our ships of industry. My own megacorp used to be privately owned, then it went public a few years ago and is now being bought by a different privately owned megacorp. Our CEO is already a multi-billionaire in his early 40's, and it was announced last week that he will be staying on as chairman of the board of the acquiring company. With a wife and 8 children you'd think he would want to RE, but work is a huge part of who he is, plus he is a big philanthropist....

[HFWR]

Quote:

Originally Posted by Midpack I'm always puzzled by people who come on here with the POV that work is inherently "bad."

Ok, turn in your badge and your secret decoder ring...

[citrine]

I just need 1M.....will take me a whole lifetime to spend that after retiring.....unless the price of oils and canvases go up......then I might need a bit more

[growing_older]

The calculators generally say 1 million to about 1.4 million for my current lifestyle. I think I could probably make it on 0.6 million if I was willing to cut back and take a risk. Cautious about that in case I'm wrong or market breaks bad. When I pile on all the "would like to have" stuff that isn't really necessary, I come out to about 2.0 to 2.5 million, but realistically that would take me so long to accumulate I will never go for that. I'd have to work so long there would not be much retirement time left to enjoy it.

[Meadbh]

It depends on how you define "rich". My personal concept of (financially) rich is having sufficient net worth to generate income for all one's needs in the long term. That implies a minimal risk of running out of money. In addition, it means having choices. If someone met the above criteria but could not afford to (for example) build a dream home or take a world tour, I woul consider that person "affluent" but not "rich".

I guess I don't quite fit with the studies that show that people generally think of "rich" people having twice their net worth. I think $5-10 million sounds like a good range. That's 2-4 times my current NW.

[mn54]

I have no desire to be the richest person in the cemetery.

[Texas Proud]

First... is rich 'poorer' than wealthy? I never knew which one was supposed to have more money....

But to me RICH is truly rich (when we are only talking money).... not 'just enough' to live on....

And you could be very comfortable, but still not rich...

I would define 'rich' as in the $10 million range as the small end... and more likely $25 million... IOW, if you can spend 1/2 mill or 1 mill a year... you are rich...

When you talk about spending $40k per year... that is just 'middle class'...


And, as some say, some people thrive on their 'work'.. true, they do NOT have to do it, but love to do it... we have a few rich people as tenants in our building, and they do what they want, when they want... so what is different than what you are doing? They just make money at doing it...

I interviewed with a company founder who is still 'working'... but only works 24 hrs per week.... he is just making sure that the company is still going the direction he wants it going... others are doing the actual 'real' work...

[Marquette]

Quote:

Originally Posted by Midpack I'm always puzzled by people who come on here with the POV that work is inherently "bad." Live and let live...

I know. I am shocked, SHOCKED I tell you. I come to this site about retiring early and it's filled with these people that don't want to work forever.

Other things that have surprised me in the past:

Indian restaurants sell Indian food (haven't been able to find one with a good burger yet)

I was amazed that most of the people in Chinatown were Chinese or of Chinese descent.

When I was a kid, a happy meal was both a meal and caused some degree of happiness

[freebird5825]

i am rich with good friends and love of life and laughter.

how was that for today's philosophy?

[Khan]

My income exceeds my outgo. The house is warm enough. I feed myself, a cat, and many birds and squirrels. I have broadband. I can wait for the snow to melt.

[Marquette]

Simple spreadsheet says that I could have $8-10mm in today's dollars if I kept working until I was 65 on my current path. That doesn't seem like enough to buy a congressman with, though, so I don't know if I'd consider that rich.

[ziggy29]

That's pretty funny. You give me $2M today and I quit tomorrow. Heck, you give me $1M today and I seriously consider quitting tomorrow.

For some people, being "rich" is all about a number in an account statement. For me, "rich" is a state of mind about your overall quality of life. One's monetary condition is a part of that, but not the end-all-be-all. The financial security to enjoy one's own life is what I think makes someone rich.

[RunningBum]

Quote:

Originally Posted by Marquette I know. I am shocked, SHOCKED I tell you. I come to this site about retiring early and it's filled with these people that don't want to work forever.

That's not the point that was made by Midpack and others.

The point was that there seems to be an intolerance for people who DO want to continue working.

Most of us feel that being told "you can't stop working!" is not acceptable.

Why is it any more acceptable for any of us to tell people "you can't keep working!" when they've accumulated more than we would need to retire?

I look at it this way. I'd have loved to have become a major league pitcher. If I was 25 today and was one of the top pitchers on a MLB team, I'd be making millions a year. Would I pitch just 2-3 years, and retire after I had socked away more money than I could ever imagine spending in my life? Very doubtful, I'd probably still enjoy competing and associating with the very best in my profession. Maybe I'd want to try to break some records, and be remembered as one of the greats. The money would be almost incidental.

I'd guess many of these guys are living a parallel dream.