Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
What would you do if your assets grew to 8 figures?
Old 10-14-2017, 10:25 AM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,105
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!!!
__________________

__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-14-2017, 10:26 AM   #2
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 41,828
Congratulations!
__________________

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 10-14-2017, 10:27 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,105
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.
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is offline   Reply With Quote
Old 10-14-2017, 10:28 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,105
Quote:
Originally Posted by REWahoo View Post
Congratulations!
What?

Oh - it's not obviously a hypothetical post?
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is offline   Reply With Quote
Old 10-14-2017, 10:36 AM   #5
Thinks s/he gets paid by the post
target2019's Avatar
 
Join Date: Dec 2008
Posts: 3,669
Quote:
Originally Posted by audreyh1 View Post
What?

Oh - it's not obviously a hypothetical post?
You can't fool us!
__________________
target2019 is offline   Reply With Quote
Old 10-14-2017, 10:36 AM   #6
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 2,917
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).
__________________
athena53 is offline   Reply With Quote
Old 10-14-2017, 10:38 AM   #7
Thinks s/he gets paid by the post
Sunset's Avatar
 
Join Date: Jul 2014
Location: Chicago
Posts: 4,579
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.
Attached Images
File Type: png 2017_10_14_10:34:22_001.png (223.2 KB, 189 views)
__________________
Sunset is online now   Reply With Quote
Old 10-14-2017, 10:39 AM   #8
Recycles dryer sheets
 
Join Date: May 2016
Location: Orange County Ca
Posts: 120
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
__________________
SpinDr is offline   Reply With Quote
Old 10-14-2017, 10:42 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Moemg's Avatar
 
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 10,002
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 .
__________________
Moemg is offline   Reply With Quote
Old 10-14-2017, 10:49 AM   #10
Recycles dryer sheets
Mdlerth's Avatar
 
Join Date: Oct 2016
Location: The Shire
Posts: 434
My OMY would become OMS (One More Second).
__________________
Paying it forward is the best investment.
Mdlerth is offline   Reply With Quote
Old 10-14-2017, 10:50 AM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 10,944
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.
__________________
Meadbh is offline   Reply With Quote
Old 10-14-2017, 10:55 AM   #12
Thinks s/he gets paid by the post
walkinwood's Avatar
 
Join Date: Jul 2006
Location: Denver
Posts: 2,659
Quote:
Originally Posted by REWahoo View Post
Congratulations!
+1 Its always wonderful to see one of our "own" make it to the big leagues.
__________________
walkinwood is online now   Reply With Quote
Old 10-14-2017, 11:03 AM   #13
Thinks s/he gets paid by the post
Nemo2's Avatar
 
Join Date: May 2011
Location: Belleville, ONT
Posts: 4,219
Quote:
Originally Posted by Sunset View Post
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).
__________________
"Exit, pursued by a bear."

The Winter's Tale, William Shakespeare
Nemo2 is online now   Reply With Quote
Old 10-14-2017, 11:07 AM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 9,810
New shoelaces, good ones.
__________________
Yes, I have achieved work / life balance.
travelover is offline   Reply With Quote
Old 10-14-2017, 11:14 AM   #15
Thinks s/he gets paid by the post
Tadpole's Avatar
 
Join Date: Jul 2004
Posts: 1,166
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.
__________________
Tadpole is offline   Reply With Quote
Old 10-14-2017, 11:14 AM   #16
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,622
Quote:
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.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is online now   Reply With Quote
Old 10-14-2017, 11:26 AM   #17
Recycles dryer sheets
ducky911's Avatar
 
Join Date: May 2010
Posts: 395
Minor change of 5% increase in bond/cash exposure. That's it.
__________________
You've got to ask yourself one question: Do I feel lucky? Well, do ya, punk?
I hate (despise) loads and fees
Retired July '11 investments 55/45 in very low cost index and mutual funds, balance once a year at best.
ducky911 is offline   Reply With Quote
Old 10-14-2017, 11:32 AM   #18
Recycles dryer sheets
97guns's Avatar
 
Join Date: Nov 2011
Location: The Deep South Bay
Posts: 284
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
__________________
Fired at 39 in 2009 with less than $300k in total net worth, current net worth 1.7mil
97guns is offline   Reply With Quote
Old 10-14-2017, 11:32 AM   #19
Thinks s/he gets paid by the post
 
Join Date: Feb 2007
Posts: 1,880
Congratulations! ( Hypothetically, of course!)
__________________
ejman is offline   Reply With Quote
Old 10-14-2017, 11:37 AM   #20
Thinks s/he gets paid by the post
RobbieB's Avatar
 
Join Date: Mar 2016
Location: Central CA
Posts: 2,391
Blow more dough!
__________________

__________________
Retired at 59 in 2014. Should have done it sooner but I worried too much.
RobbieB is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Has anyone considered retiring to the town you grew up in? Forced to Retire Life after FIRE 117 09-19-2016 12:13 AM
Movin' on up - the houses you grew up in. jjquantz Other topics 39 06-10-2016 11:46 PM
Escapist thread - If you lost half your assets what would you do? pullmyfinger Life after FIRE 74 04-28-2016 08:35 AM
When was the last time the S&P500 grew over 30% in one year? audreyh1 FIRE and Money 43 01-03-2014 12:08 PM
What did you want to be when you grew up? Martha Young Dreamers 93 03-30-2007 10:06 PM

 

 
All times are GMT -6. The time now is 05:08 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.