When would you turn down $1 million?

[RetireAge50]

How about $1,000,000 for every decade to age 100. So at age 30 $7,000,000.

Just made that up--congratulations on your success! Stay humble, healthy, and invest wisely.

[rb35]

I like that actually. Kinda gets me to a similar answer . Thanks!

[Animorph]

Guess that's why the rich CEO's make the big bucks.

[robnplunder]

Quote:

Originally Posted by 2B That question is at the heart of my OMY repetition. I make safe six figures so it's not at the $1MM mark but it is still substantial. I effectively add this to my networth (less my SS and Medicare taxes) since it allows me to make no withdrawls for living expenses or medical insurance.

Ditto for me. But I am sticking by my plan to RE in a year or less. It will add additional traveling to my RE lifestyle.

[Independent]

Quote:

Originally Posted by rb35 I know most people here are trying to get to a target amount of savings where they can FIRE. But after you reach that, is there some amount of compensation that is too good to pass up? For example, what would it take for you to walk away from a job that let's you grow your wealth by $1 million a year and doesn't require any extreme sacrifices to your time or health. It just doesn't allow you to spend all your time the way you want. For me, I think I'd be willing to walk away after achieving a net worth of 5-6 million even though I probably only need 3 million to FIRE. I'm in my early 30s.

If I were in my early 30s, I'd certainly stay the extra year for the $1 million. I'd assume it's highly unlikely I could quit that job, take 5 years off, then change my mind and get back in at anything close to that pay.

OMY is only 2% of my expected future life. The $1 million will add maybe 25% to my annual lifetime spendable money. It will provide another layer of cushion if things go badly. I don't think I could pass it up.

[robnplunder]

If it were me ... I would work to have $7M around at retirement at that age in case I want to try something different and need "seed" money, say, $3M of it. I wouldn't touch $4M. That'd sustain me in case the venture goes south.

[MichaelB]

How much is not an amount, it is part attitude and part discipline. It is not easy to land a job that pays very well and not be a big spender because companies are not interested in employing someone who doesn't depend on a monthly paycheck, even when it hits 5 or 6 figures. The neverending need for the next paycheck is the leverage management needs to get people to do the stuff they otherwise wouldn't do.

If one has the attitude and discipline to earn and save, the question is not how much you need, it is how much BS you can put up with before your bucket overflows. See this post http://www.early-retirement.org/foru...ml#post1274300

[ls99]

Rb35, so what are you selling?

[Shawn]

Quote:

Originally Posted by W2R Now that I am in my 5th year of retirement, I would not return to work even for a day for $1,000,000. ... YMMV and probably does.

Only you can speak for yourself, but I believe almost everyone would work an additional day for $1M. If nothing else, it could be a "volunteer day" with the money given to charity. But I accept your point.

And it is a fascinating question.

When I joined this forum in January 2007 (same day as W2R, BTW), my targeted retirement date was November of 2009, with an absolute upper limit retirement date set for November of 2012. Not a second longer. Done deal. Guaranteed. No question. Positively. Beyond a shadow of a doubt. But here it is 2014 and I'm still working at age 54.

I do not make a million dollars a year but I make close to $500K/yr when my salary and the increase in the capitalized value of my pension are combined. This is a lot to give up. It does not matter that I do not need the money. It is still a lot to give up. I did not think this way five years ago. But it is different now that the ramifications are real. Once I leave, there is no turning back.

And my job comes at a price. I work 60-70 hours/week. The work itself isn't particularly difficult (e.g., limited travel, jeans and t-shirts in the office), but it is extremely stressful. Fortunately, it is not as bad as it was 7-8 years ago. This is probably because I and everyone else knows that I can walk out the door at any time. But it is still stressful. And there is the loss of freedom. Work makes it more difficult to pursue some activities. No six month backpacking trips.

But freedom goes both ways. There is significant financial freedom knowing that my needs and the needs of those around me can be met. For example, people talk a lot about LTC insurance and nursing home costs of $100K/yr. I do not think much about this. If my mother and/or my step-mother needs to spend three years in a nursing home, I can take care of this. I do not need to worry. But maybe there will be other costs that I cannot as easily afford. So maybe I should keep working.

I may retire tomorrow (literally), but I have yet to retire today. So for me, the compensation is still too good to pass up. It isn't the money. It's the financial freedom to do anything I need (or want). It's freedom from worry.

[haha]

Quote:

Originally Posted by ls99 Rb35, so what are you selling?

He's just dreaming. A surprising number of the posts here are just dreaming.


Ha

[W2R]

Quote:

Originally Posted by W2R Now that I am in my 5th year of retirement, I would not return to work even for a day for $1,000,000. I don't need the money or the aggravation, no matter how small. I know this is an extreme point of view, but I am trying to be honest instead of just saying what is expected. I really, truly love and value each day of retirement and each day is literally priceless to me. YMMV and probably does.

Quote:

Originally Posted by Shawn Only you can speak for yourself, but I believe almost everyone would work an additional day for $1M.

You're absolutely right. I can and did speak for myself and reiterated my entire original post here, with a relevant part of it in bold blue font this time since it implies exactly what you are saying.

I agree that almost everyone else would work an additional day for a million dollars. It's pretty sad, IMO, although apparently not so sad from their points of view.

[steelyman]

http://youtu.be/WCzaYMSnges

Some nice dreaming going on up there.

[LOL!]

Quote:

Originally Posted by Animorph Guess that's why the rich CEO's make the big bucks.

This is definitely part of it, but it is also something that folks who complain about CEO compensation do not see. If my portfolio is increasing by one million dollars or more per year, why should I even want a $1 million a year job?

And before folks poo-poo the portfolio going up by a million, just think about 2013 when many folks on the forum reported performance of above 20%. A $5million portfolio would've increased by a million.

[Travelwanted]

rb35...

I can relate. I have a similar situation. I now think it becomes an issue of diminishing returns. Depending on your lifestyle, how much do you need to do what you want? After that, well, what is the point?

Life is short, often too short. Personally, I have hit the mark and am ready to give up THAT job. Time and family become even more important once you have reached FI.

The way I look at it: I am blessed to be in the situation. How do I enjoy this gift and show appreciation for it? Working more to accumulate even more? No, I will say "thank you" and "goodbye" so I may really enjoy the freedom. I wish you well.

[pb4uski]

I walked away from a very lucrative, reasonably easy job that I enjoyed. In the end, I decided that we had plenty to live in the lifestyle we liked (or better) for the rest of our lives and that to continue working was just enriching our kids, and while I love our kids that I preferred to relax, enjoy life and do what I wanted to do (or nothing at all).

It was a very selfish decision.

[MRG]

Not saying it's the same, just reminds me of this supposed conversation.

Churchill: "Madam, would you sleep with me for five million pounds?" Socialite: "My goodness, Mr. Churchill... Well, I suppose... we would have to discuss terms, of course... "
Churchill: "Would you sleep with me for five pounds?"
Socialite: "Mr. Churchill, what kind of woman do you think I am?!" Churchill: "Madam, we've already established that. Now we are haggling about the price
Winston Churchill

Best wishes,
MRG

[Helen]

Quote:

Originally Posted by Shawn No six month backpacking trips.

Deal breaker for me. I love hiking and backpacking and those are things that are tough on an older body. I wanted to get out while I still had a few years left to motor myself up mountains with a backpack strapped to my back.

Next month I will celebrate my 1 year retirement anniversary and my 57th birthday. I have probably hiked and backpacked more miles in the last year than I have in all the other years combined. It has been wonderful and I plan to hike/backpack even more miles this coming year!

I would not go back to work for a year for $1 million dollars.

[mchas]

A friend's Dad retired at 47 and a year or two later he got a call from a former coworker who was at a new company and offered him $1M/year if he wanted to come back to work (upper management at a huge company). He turned it down, but said he would consult for $3k/day if they wanted him to, as long as he got to choose when he wanted to work. I think in the end even that didn't sound worth it and he didn't do that either. He ended up passing away at 55 and luckily got to enjoy his years in between, so in his case looking back that extra $1M a year would not have been worth it. As others have said, life is very short.

[W2R]

Quote:

Originally Posted by mchas A friend's Dad retired at 47 and a year or two later he got a call from a former coworker who was at a new company and offered him $1M/year if he wanted to come back to work (upper management at a huge company). He turned it down, but said he would consult for $3k/day if they wanted him to, as long as he got to choose when he wanted to work. I think in the end even that didn't sound worth it and he didn't do that either. He ended up passing away at 55 and luckily got to enjoy his years in between, so in his case looking back that extra $1M a year would not have been worth it. As others have said, life is very short.

So sad. I am sorry to read about this.

I am reminded of the sad cartoon below, that is occasionally posted here.

[Shawn]

Quote:

Originally Posted by W2R You're absolutely right. I can and did speak for myself and reiterated my entire original post here, with a relevant part of it in bold blue font this time since it implies exactly what you are saying. I agree that almost everyone else would work an additional day for a million dollars. It's pretty sad, IMO, although apparently not so sad from their points of view.

Hmmm ... my apologies if I did not properly acknowledge or reflect the sentiments in your original post. That was not my intent. While surprised by your remarks, I accepted them at face value - your honest feelings. I tried to quote what I believed were your two main points (i.e., you would not work an additional day for $1M; you believe most people have a different point of view).

The reason I focused on your post is because I made identical comments in other threads when discussing OMY syndrome. Specifically, I previously wrote that few people would give up $1M for 1 day of work. I found it interesting that you wrote the same thing, but from the opposite direction. I believe there is some level of compensation, different for each person, that will motivate most people to remain in the workforce or go back to work. It sounds like you agree, although you find this sad.

Personally, I'm more likely to be sad for someone who needs to work to put food on the table - especially when the employment situation is stressful and tenuous - or sad for someone who wants to work but cannot find a job. It's difficult and even overwhelming when there is little choice and no hope. But the concept of someone earning $1M for one day of work does not make me sad. Envious, yes. Sad, no. Especially when it's by choice.

I'm in OMY syndrome by choice. It's a puzzling choice, yes, which is why I'm interested in the perspectives here. But at the same time I want to be prepared for unexpected events that may impact me, my family, friends, pets, and others. If these events do not materialize and the additional money goes to charity, so be it. I do not consider this sad. I consider it independence and financial freedom. At least today, this clearly means more to me than ER. And I'm fortunate to have this choice.