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

[audreyh1]

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]

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]

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]

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]

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]

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.

 

[ziggy29]

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?

Maybe it's semantics; I don't know. To me, the point is whether or not one is able to stop working BY CHOICE. If someone wants to keep working after they're FI, great. At least they can work on THEIR terms, because they *want* to and not because they *have* to.

I'd be very happy to find work that I WANT to do after I don't need to work any more. I'd have to like the work I did and be okay with the hours and terms of the job...but if I found that I can easily see myself continuing to work.

I could be wrong, but I think the resistance to the "keep working" idea is based on a perception that people have no idea that they can STOP working, if they want to, with prudent financial planning and changes in spending habits.

 

[FIREd]

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

Well I would differentiate between a job and work. I don't like jobs but I like work. I like to spend hours in my woodworking shop building furniture. That's work, believe me, but not a job. When I spend an entire afternoon digging around the garden, that's work, but not a job. Cleaning up your house, that's work, but not a job. Volunteering at your neighborhood soup kitchen that's work, but not a job. I suspect that many people who are FIREd in fact like work... We just don't like other people telling us what to do...

 

[Khan]

Well I would differentiate between a job and work. I don't like jobs but I like work. I like to spend hours in my woodworking shop building furniture. That's work, believe me, but not a job. When I spend an entire afternoon digging aroung the garden, that's work, but not a job. Cleaning up your house, that's work, but not a job. Volunteering at your neighborhood soup kitchen that's work, but not a job. I suspect that many people who are FIREd in fact like work... We just don't like other people telling us what to do...

And when to do it.

 

[Midpack]

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.

EXACTLY my point!!! But it's a tough sell here, although I really enjoy this forum. Thanks...

 

[REWahoo]

EXACTLY my point!!! But it's a tough sell here, although I really enjoy this forum. Thanks...

Hey, as long as you don't spam us or try to sell us a variable annuity, we can live with you being FI and continuing to work. After all, a little insanity helps keep you sane.

 

[Midpack]

Hey, as long as you don't spam us or try to sell us a variable annuity, we can live with you being FI and continuing to work. After all, a little insanity helps keep you sane.

I got a really angry response from a woman here on this topic a few weeks ago - shhheeeeesssshhhh.

Interested in a fixed annuity?

joking...

 

[Moemg]

It may be a minority, but some people actually thrive on work, I know a few, nothing wrong with that. .

I worked nine years after I was FI . I enjoyed my job and my co-workers and I was not ready to retire .

 

[unclemick]

Heck I wanted to work so's I could ER in 2006 at age 63.

They layed me off 1993 - just ticked me off so much - I just well you know ER'd anyway.

So there! Naner. Naner.

And had great fun being a really cheap bastard.

.

heh heh heh - .

 

[Marquette]

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.

Well, my point is that, if you're going to walk into church, you're going to hear about religion. I don't think there's so much of an intolerance to other's working (someone needs to keep paying into SS!), but there's a strong push for people to realize there's more to it than just working as long as possible. I'm sure work is very rewarding for some people, but I'd bet even they could find more rewarding things outside of their jobs if they really wanted to.. that was the push of several in this thread.

I like my career, but I'd sooner be out doing 500 other things that don't involve it... and several of those things, like being closer to my family, won't let me take my job with me.

I wonder if there's any difference between those that have faced personal or family medical issues and those that haven't. I had a brief cancer scare (lasted from the point of x-ray to two months later when I had my surgical consultation) and that really helped solidify my desire to put work second.

Or, maybe it's just a difference between type a's and the rest of us

 

[CybrMike]

Okay, I'll be the young idiot. If I'm not worth >20M within the next 10 years I'm going to be sorely disappointed. Granted, I'm only 26, so I'm sure my perspective will change when I get as old as you guys. Still, last year I thought that I might not want to ever work again. But the 1 year break was just what I needed to feel the joys of coding and running a business again.

So, I guess I better turn in my decoder ring, back to "work" for me.