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What would you do if your assets grew to 8 figures?
Old 10-14-2017, 09:25 AM   #1
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What would you do if your assets grew to 8 figures?

What would you do if (or did you do when) your assets grew to 8 figures?

Would you change how you invest?

Would you change how you spend?

Other changes you can think of?

This is a hypothetical question, BTW, in spite of some folks thinking otherwise!!!
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Old 10-14-2017, 09:26 AM   #2
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Old 10-14-2017, 09:27 AM   #3
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I was thinking something fun like - as long as it's above 8 figures, spend (or gift) like crazy! Then when it drops below - whether it's due to spending or a market correction - go back to how you were doing things before.
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Old 10-14-2017, 09:28 AM   #4
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What?

Oh - it's not obviously a hypothetical post?
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Old 10-14-2017, 09:36 AM   #5
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What?

Oh - it's not obviously a hypothetical post?
You can't fool us!
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Old 10-14-2017, 09:36 AM   #6
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Not much except pay even more attention to estate planning and maybe give more to charity. I can't even imagine spending more. I do two major trips a year (outside of North America) and that feels like enough. I have plenty of Stuff. If I bought DS and DDIL a McMansion I think I'd take away their pride in what they've done on their own (and they'd agree with me on that).
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Old 10-14-2017, 09:38 AM   #7
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Way to go.... !!

I would ramp up things I do, to make them better.

For example, I'm pretty open to taking cruises as cruises are more interesting than spending 2 weeks mowing the lawn, grocery shopping, talking to neighbor, so I'd take one of those long expensive cruises for even more enjoyment:

21 COUNTRIES. 44 PORTS. 10 OVERNIGHTS.
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Old 10-14-2017, 09:39 AM   #8
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Not sure if changes would happen suddenly as approaching 8 figures would be pretty darn good as well! But..additional, and more luxurious travel e.g. 1st class air travel, better hotels and restaurants etc..

More gifting to family members, church and charities. A splurge now and then e.g. I really like fine watches but have a hard time justifying the prices. Maybe a slight car upgrade but nothing crazy.

Now, that said, I'd probably still be fighting my more frugal nature all of the way and may still have trouble pulling the trigger. Spending 6-8 times more on a plane seat could be a tough thing to swallow
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Old 10-14-2017, 09:42 AM   #9
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I would become slightly more conservative . I would ramp up my gifting and I would get the kitchen of my dreams .Otherwise life would go on as usual .
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Old 10-14-2017, 09:49 AM   #10
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My OMY would become OMS (One More Second).
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Old 10-14-2017, 09:50 AM   #11
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It depends. If the increase was in line with inflation, the purchasing power would not rise dramatically, so I might not change anything, other than have a small celebration. However, if there was a dramatic increase way out of proportion to my expenses, I think I would “take things to the next level” (a vastly overused phrase!). I would buy a nicer home, hire a maid, and travel first class.
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Old 10-14-2017, 09:55 AM   #12
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Congratulations!
+1 Its always wonderful to see one of our "own" make it to the big leagues.
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Old 10-14-2017, 10:03 AM   #13
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Way to go.... !!

I would ramp up things I do, to make them better.

For example, I'm pretty open to taking cruises as cruises are more interesting than spending 2 weeks mowing the lawn, grocery shopping, talking to neighbor, so I'd take one of those long expensive cruises for even more enjoyment:

21 COUNTRIES. 44 PORTS. 10 OVERNIGHTS.
Looks good to me.....(for starters, that is).
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Old 10-14-2017, 10:07 AM   #14
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Old 10-14-2017, 10:14 AM   #15
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I would thank my lucky stars that it kept up with inflation because I am sure that is the only way it would get that far while I am still around.


If due to inflation - no change. If not, just have fun.
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Old 10-14-2017, 10:14 AM   #16
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Originally Posted by audreyh1 View Post
What would you do if (or did you do when) your assets grew to 8 figures?

Would you change how you invest?

Would you change how you spend?

Other changes you can think of?

This is a hypothetical question, BTW, in spite of some folks thinking otherwise!!!
I wouldn't invest any differently, and I wouldn't ramp up or change my lifestyle.

I might:
(1) set up an annual donation to each of two charities that I like
(2) make some political donations
(3) see if the city would allow me to spend some on independently hiring a crew to repair potholes, since they spend a lot on this with no good results
(4) commission a good artist to make a dozen more beautiful, representational sculptures for New Orleans; what I mean is metal sculptures similar to those seen in many cities in Europe and the U.S. These sculptures could be of non-contraversial historical figures from more than 200 years ago. I love both art and history, and I think more sculptures would beautify New Orleans.

As for gifts, I'd try to give some of it to F, but I doubt he would accept that sort of gift. My daughter "married well" so she already has more than enough.
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Old 10-14-2017, 10:26 AM   #17
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Minor change of 5% increase in bond/cash exposure. That's it.
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Old 10-14-2017, 10:32 AM   #18
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I'd be spending it like a druggie needing a fix, my spending habits changed considerably when I made the 7 figure mark, 8 figures and I'd be throwing money around like no tomorrow
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Old 10-14-2017, 10:32 AM   #19
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Congratulations! ( Hypothetically, of course!)
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Old 10-14-2017, 10:37 AM   #20
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Blow more dough!
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