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

[packrat44]

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...

It all depends - If you get to drive the train, work can be enjoyable. If you have to empty bedpans, work is not so enjoyable.

There is a great span between being in control and that of one being controlled.

 

[packrat44]

I am speechless. Wonder how many members belong to this group.
Are You Rich? How Much of a Nest Egg Do You Need to Join the True Elite - Barron's Online

With my net worth, I fit in the category of feast on Stagnant Tap Water and Week Old Doughnuts.

 

[RunningBum]

Are You Rich? How Much of a Nest Egg Do You Need to Join the True Elite - Barron's Online[/U]

With my net worth, I fit in the category of feast on Stagnant Tap Water and Week Old Doughnuts.

That was a pretty good article. I feel like I'm at the level where I can live comfortably without worry, but I watch everything I spend. Somewhere around $10M to $25M I figure I could stop looking at price tags on most things.

But it's not worth it to me to keep working to get to that level. Plus the stock option boom at my company leveled off a few years ago, so I'd have to go out and try to catch lightning in a bottle again, and start working as hard as I did 10-15 years ago. No thanks. However, if I was on the path that a couple more years might get me there, I'd think about it. And probably quit anyway, because I don't mind looking at price tags and don't feel the need to buy everything I think would be cool to have.

And if I don't feel like getting to that level, I really don't feel the need to get to the private jet level. It would be cool to have a jet to go between my fabulous homes, but I don't need the headaches that go along with that kind of money.

 

[Midpack]

It all depends - If you get to drive the train, work can be enjoyable. If you have to empty bedpans, work is not so enjoyable.

There is a great span between being in control and that of one being controlled.

Don't be so sure. I guess you could say I 'drive the train' where I work, and it ain't all fun and games. I do understand the 'challenges' that come with emptying bedpans, but for the most part that lasts 8 hrs/5 days a week (or some similar schedule). 'Driving the train' has it's challenges during the day to be sure, and nowadays with BlackBerry's and being networked in at home (basically a job requirement), it's almost a 24/7 job. It's been almost 20 years since I have a vacation where I wasn't in contact with work, and believe me I've lost whole days during several vacations over the years. Vacations are still allowed, as long as you stay in touch 24/7. And I can assure you my work experience has become pretty commonplace.

From my perspective, I envy my employees who for the most part get to forget about work when they leave each day. My point is only that, work can be enjoyable (or not) all along the hierarchy continuum.

 

[heyyou]

The drive towards "more" is competitive. The money is just for keeping score. Having more than the next person, is more important than what the extra money will buy. For ERs, it is the other way around. When we have saved enough for retirement, we quit the job.

 

[Spanky]

From my perspective, I envy my employees who for the most part get to forget about work when they leave each day

You might be surprised many employees do think about work after working hours.

 

[Marquette]

You might be surprised many employees do think about work after working hours.

And how many of us don't think about work even during working hours.

 

[Texas Proud]

I think very few on this board could get to the 25 mill range... some probably could get to the 10 mill range...

I know that I would have had to change my whole attitude to get to even the 10 mill level.... I am just looking to get to the 2 mill range in the next decade or so...

But, to each their own... some want money, others want something else... I chose something else... a balanced life.... (at least for me)...

 

[unclemick]

One of the great fears I have - is getting too much in mils or even 'stuff.'

Then I'm - yuck! back at work cause I'll feel 'responsible' to manage it 'properly' or worst yet - performing proper mainatenance on 'stuff', adult toys of sufficient complexity and size, etc. Then who owns who - yeah I know they are inert - but!

A cheap bum with less than a couple mil in Salvation Army used overalls and a used pickup/now SUV with a very low profile is just ducky with me.

heh heh heh - .

 

[FIREd]

Tell you what. Feel free to come over to my place any time, and you can wash my car, vacuum my carpets, iron my shirts, rake my leaves, shovel my snow, cut my grass, etc. All without pay, natch.

You can set your own hours, prioritize your tasks, and work at your own pace; so I know that you'll enjoy yourself, and I'll be happy, too!

I already do all these things for other people free of charge (what can I say I am just a nice guy!). I'll just add you to my list. Saturday 7:00 am would work for you? Oh and I don't rake leaves, hate that. The rest I actually like doing. I love vacuuming and I am actually very good at ironing shirts. I also like shoveling snow (good exercise). I don't mind washing (and waxing) the car and I wouldn't mind cutting the grass though, if you have snow on the ground, it might seem a bit premature. I work fast, I like to be efficient when I work, whether it's paid work or not. I should be done by noon.

 

[Spanky]

The more you have, the more you have to worry about losing it. We work harder and harder until we become too stressed out.

 

[Spanky]

And how many of us don't think about work even during working hours.

That's because we are so engrossed in our work.

 

[Milton]

You might be surprised many employees do think about work after working hours.

Speak for yourself!

 

[Milton]

I already do all these things for other people free of charge (what can I say I am just a nice guy!). I'll just add you to my list. Saturday 7:00 am would work for you? Oh and I don't rake leaves, hate that. The rest I actually like doing. I love vacuuming and I am actually very good at ironing shirts. I also like shoveling snow (good exercise). I don't mind washing (and waxing) the car and I wouldn't mind cutting the grass though, if you have snow on the ground, it might seem a bit premature. I work fast, I like to be efficient when I work, whether it's paid work or not. I should be done by noon.

Sounds great! I'll leave the door open for you. Please help yourself to whatever you want in the fridge.

 

[Ronnieboy]

When I started working at a real job I 'felt' that if I had 1 mil in retirement we could officially retire. Now I feel that we need 2mil minimum, that would be best, b/c who knows if SS will be there when I am eligible?
Now while I am working towards the 2mil I feel that when the house is paid off and the kids are moved out and independent, I could drop to part time and semi-retire.
The biggest concern is health insurance before medicare. If I work two 10 hour shifts and continue to draw benefits that would cover that aspect....

 

[tryan]

Then I'm - yuck! back at work cause I'll feel 'responsible' to manage it 'properly' or worst yet - performing proper mainatenance on 'stuff', adult toys of sufficient complexity and size, etc. Then who owns who - yeah I know they are inert - but!

Spot on! A friends brother is CEO of a fortune 500 company and easily qualifies for the +25M pool. They were at the "compound" over Christmas ... the guys wife has the full time job of managing the crews that work property (full time lanscape crew and house cleaners ...). Constant state of renovation, so she's always haggling with contractors (work quality ... not price). So the guest party moves from the pool to the jacuzzi only to find it's broken. She spends the rest of the morning triing to get someone to fix it. Didn't happen until everyone left. It's a different life.

 

[retiringby50]

You might be surprised many employees do think about work after working hours.

Yup, maybe not your well cared for employees (you are a good manager, right?), but I remember my 39th birthday w/my family at the restaurant. While eating, I was consumed by the stress at work and thinking of all the stuff I better do "or else" my clients would be yelling at me for taking so long to get back to them... but the problem was that I had at least double a normal workload yet was told I just had to make due. I'll never forget that day!