What would you do if your assets grew to 8 figures?

[Gumby]

Panic and cut way back on spending.

 

[W2R]

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[...]

(emphasis mine)

I don't have savings in the 8 figure range, but still:

(1) mowing the lawn - - my lawn guy charges $35/mow, so that is not over-the-top.

(2) grocery shopping - - I have started buying groceries online, and haven't been to a grocery store since November.

(3) talking to neighbor - - um, er, uh, well, I really, really LIKE talking to one particular neighbor. Frank was over here until 3 AM last night and we had such fun talking.

Cruises are fun, but I just wanted to gently point out that you don't need to go on one to get out of the three activities you mentioned.

 

[Sunset]

My dream would be to live in the perfect climate in a nice home with a good view. Not a very large house, just big enough to accommodate occasional guests with upscale finishes on a decent sized lot. Maybe two homes - a summer mountain home and a winter beach home (e.g., I like cool weather) since it is hard to find one location with great weather year round.

So you've never been to HI

 

[RunningBum]

I've thought about this with respect to what if I won the lottery (which I very rarely play), or had I been wise enough to get out before the dotcom bust and get into other investments that I'd been considering (utilities were paying very high dividends at the time, and almost doubled over the next year, and I had a notion to go big in them). The latter is more realistic but I'm probably selectively remembering what I had a plan to invest in, as I probably had many other ideas, but it could've resulted in low 8 figures while retiring 10 years earlier--oh well, can't fix that now. Even if I had been just wise enough to diversify as I am now, I'd be close to 8 figures.

Anyway, I can't come up with too many things I'd do differently. Probably some gifting to family members to reduce the eventual estate tax, and more charities, and more travel because I'd fly first class, making the transportation part palatable. Stay at the most convenient hotels rather than compromising for better value.

After that the kinds of things I came up with were shopping local rather than squeezing the best price online, buying prime cuts of beef all the time rather than occasionally, etc. I already do some of that, but pick my spots.

Would I change how I invest? If more money showed up today, I might set aside 10% to take a few flyers. Also, had I gotten there by making better choices when I was mostly picking stocks I might have stayed with that over being mostly in VG total/intl/bonds, at least to some degree.

 

[ABQ2015]

So you've never been to HI

No, I have not been to Hawaii but seems too warm with high temperatures in the 80's. And lots of bugs.

 

[RenoJay]

widen the columns on excel so all the numbers show up?

Ha ha

 

[bclover]

Beach house.
my dream. this would definitely make it a reality

 

[MichaelB]

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

First I'd check the exchange rate. Then I'd check the inflation rate.

After convincing myself that number is real, I'd wake up and make coffee.

It is fun to dream, though ..

 

[MarieIG]

I think, for most people it would depend on whether this happened gradually over time or suddenly, how much they had prior to this “event”. and their stage in life. I don’t think there is anything “magical” about $10,000,000. Perhaps I would ask the question a little differently. If your assets were increased by a factor of 10 immediately, what would you do differently in the context of your stage in life.

I will take this question. On one hand I would be excited (at least in the beginning). On the other, I would be somewhat concerned with how it would effect my family. I suppose we would move up ER to now. I would feel a responsibility to manage the money "properly" for charities and future generations. Hopefully I would be able to make our lifestyle more comfortable and take some (nice but not lavish) family vacations. For me, I can't see myself living an opulent lifestyle. In that regard, I am past the point of no return. For example, I would not buy a boat, but may take a little trip on a boat when in the mood. While I like "things" I don't want the responsibility of overseeing too much. I have in my head my dream home, but it doesn't change with the increase.


.

 

[Aerides]

Ah come on no one have a real fun list? Since this would be a several-times-assets bump for most anyone,

I'm one of those people that when you see a lottery winner on TV saying they aren't quitting their job or buying a new house, I get annoyed lol.

So aside from the obvious philanthropy/charity/help to those I love (mortgages gone, parents get that swanky oceanview condo with a doorman they talk about, neice/nephew, college all set, etc. Every cat rescue charity getting major checks...)


But now for the real fun:
Dream house time. Not crazy, I don't want to max my fitbit just going from one end to the other, but I do know where i'd like to live that would be about a 50% increase from now. On water. Beautiful pool. Maid Service
2nd home time - a vacation or getaway, maybe a few extra thousand feet above sea level (vs. oh 21 feet now). Maybe one of those residences at really nice resort properties.
Travel frequency/duration increases - I'm already a "cheapest room at the nicest hotel" kinda traveler, but I could see some serious upgrades in my plan, definitely Club Level types
Spring each year would be rotated between Japan and Provence.
Weekly pedicures, and very frequent facials/massages/spa visits
Never fly coach again, always spring for the airport lounge if forced into a layover
Serious foodie/wine upgrades, best cuts, always get extra Toro at the really good sushi place, etc.
A new prada bag every season
Maybe look at that expensive hobby list and take something up!
Look into up and coming local artists to support since I'll have more wall space to fill in that new house!
Ask DH to decide between upgrading from his Subaru to either a Tesla Model S or the Audi R8
Sign up for the charter ones of these: Yachts

 

[Ronstar]

If our assets grew to 8 figures soon, I'd hire someone to finish my bathroom remodel. And I'd buy a Scottsdale flex space and outfit it as a snowbird workshop.

 

[RobbieB]

At 10 mill I'd buy the bigger house and the Maserati. Hire a maid and a gardener.

 

[audreyh1]

A lot of folks would get a new house or a second home. How much would you feel free to spend on a new house if you reached 8 figures?

 

[RobbieB]

2 mill for the house and the car -

 

[rodi]

A lot of folks would get a new house or a second home. How much would you feel free to spend on a new house if you reached 8 figures?

Personally- we'd stay put until the kids are launched. But once they're launched we'd get a nice condo with a view and big patio in a walkable area... Here in San Diego we'd be looking at Little Italy, La Jolla (shores or village), or Downtown. No desire for a bigger place... something like a 1500sf 3 br place.... But the view is key... I need a view. Might cost about $1.5 or higher for what I want... But after I cash out current house - it's not that bad.

 

[audreyh1]

2 mill for the house and the car -

LOL! Already got it figured out, eh!

 

[RunningBum]

I built my dream house before the dotcom bust. Sure, I could've gone over the top with more money, but I got everything I really wanted. I really don't think I'd upgrade with 10X the money.

 

[Meadbh]

A lot of folks would get a new house or a second home. How much would you feel free to spend on a new house if you reached 8 figures?

If I had $10 million I would feel comfortable spending up to $2 million on residential property. I might spend $1 million on my primary home, and another $1 million on a second home, such as a Paris appartement.......or even $500,000 on each of two pieds-à-terre!

 

[W2R]

A lot of folks would get a new house or a second home. How much would you feel free to spend on a new house if you reached 8 figures?

I love my present home, and I think it is perfect for me. Like RunningBum, I do not want a new house.

A second home would be about like an extra arm or leg... in other words, I suspect it might just get in the way (for me).

 

[RobbieB]

It would have to be a ranch (single story, no stairs) fenced for dogs, no HOA, good view and not so hot as here (which would be the big expense, closer to the bay)...

Not looking, happy here, that's why I'm doing all this work -

 

[tmm99]

I would be much more generous with some of my family members/relatives and friends, and obviously to myself.

 

[MarieIG]

Assuming a NW of 10M; the goal would be one house a ranch, nice view, lots of closet space, family room, porch and/or sun room, nice eat in kitchen with lots of storage and a double oven for DH, at least 3 BRs for visiting family, 2 1/2 baths including a nice master bath, preferred attached garage, low property tax, max 500k. DH wants a big tool shed, but I supposed that could be added if dream house doesn't have it.

I don't plan to live in a very high cost of living area, don't plan to move to Hawaii (although I might like to visit and see it once), and no plans to move to CA where I would need to spend more money for the same house and fund everyone else's prop 13 taxes and pay high income taxes. So, should be able to get a decent house to suit our needs for 500k.

 

[cooch96]

I’d become a patron of the arts, but arts that I appreciate. Custom moped, a mural on my barn or garage, custom RV, live music at summer bbq and Xmas party, a real luxury sedan and a tricked out roadster, Kilimanjaro rifles in a couple calibers. A factotum to take care of the grounds, housework, and livestock/pets DW would inevitably want. I wouldn’t flinch at the thought of visiting London during Wimbledon or Paris during the Tour de France.

I wouldn’t go too much further unless that first digit was a 2 or higher, then I could see keeping an apartment in a couple cities and perhaps even a yacht. My current job is by a yacht club and some of those honeys look real sweet, but it’d take a real personality shift for me to be interested enough to actually own one.

 

[luckydude]

My household NW hit 8 figures a few years ago due to a combo of LBYM, high income from MegaCorps and a sizeable inheritance.

First thing DW and I did was estate planning; did the living trust, pour-over will, health directives, etc.

For the first couple of years we both continued to work, then one day I woke up and realized it was pointless and finally FIRE’d. For a while we lived largely the same way---clipping coupons, no cable TV, driving crappy old cars, flying economy, etc.

Then over the last couple of years, our NW has grown significantly thanks to a booming market as well as significant appreciation of our RE portfolio, so we have finally (begrudgingly) loosened our purse strings, resulting in:

• Annual summer vacation at a nice beach house in Hawaii (we rotate between different islands each year).
• Flying business (but only if the flight duration is more than 6 hours; less than that we still fly economy).
• Lots of vacations (Hawaii, Canada, AZ/NM for family, Iceland and NZ for me this year; Hawaii, Japan, Chile on tap next year)
• We now go to restaurants without coupons sometimes
• I recently bought a high-end carbon mountain bike for USD $10k (I ride 5 times a week so it’s great)

On the other hand, we still have no cable TV, still drive our crappy old cars (17-year-old and 11-year-old), still live in the same house that we bought when we married with no plans to ever move.

Here’s the kicker: wife loves to work and still works making USD $400k a year, and I will eventually inherit another 8-figure family trust.

I don’t deserve all this good fortune, but I ain’t complaining either

Lucky dude

 

[Sunset]

My household NW hit 8 figures a few years ago due to a combo of LBYM, high income from MegaCorps and a sizeable inheritance.

First thing DW and I did was estate planning; did the living trust, pour-over will, health directives, etc.

For the first couple of years we both continued to work, then one day I woke up and realized it was pointless and finally FIRE’d. For a while we lived largely the same way---clipping coupons, no cable TV, driving crappy old cars, flying economy, etc.

Then over the last couple of years, our NW has grown significantly thanks to a booming market as well as significant appreciation of our RE portfolio, so we have finally (begrudgingly) loosened our purse strings, resulting in:

• Annual summer vacation at a nice beach house in Hawaii (we rotate between different islands each year).
• Flying business (but only if the flight duration is more than 6 hours; less than that we still fly economy).
• Lots of vacations (Hawaii, Canada, AZ/NM for family, Iceland and NZ for me this year; Hawaii, Japan, Chile on tap next year)
• We now go to restaurants without coupons sometimes
• I recently bought a high-end carbon mountain bike for USD $10k (I ride 5 times a week so it’s great)

On the other hand, we still have no cable TV, still drive our crappy old cars (17-year-old and 11-year-old), still live in the same house that we bought when we married with no plans to ever move.

Here’s the kicker: wife loves to work and still works making USD $400k a year, and I will eventually inherit another 8-figure family trust.

I don’t deserve all this good fortune, but I ain’t complaining either

Lucky dude

hmmm....... well it sounds like 8 figures is not really that great