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

[audreyh1]

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!!!

 

[REWahoo]

Congratulations!

 

[audreyh1]

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.

 

[audreyh1]

Congratulations!

What?

Oh - it's not obviously a hypothetical post?

 

[target2019]

What?

Oh - it's not obviously a hypothetical post?

You can't fool us!

 

[athena53]

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).

 

[Sunset]

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.

 

[SpinDr]

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

 

[Moemg]

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 .

 

[Mdlerth]

My OMY would become OMS (One More Second).

 

[Meadbh]

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.

 

[walkinwood]

Congratulations!

+1 Its always wonderful to see one of our "own" make it to the big leagues.

 

[Nemo2]

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).

 

[travelover]

New shoelaces, good ones.

 

[Tadpole]

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.

 

[W2R]

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.

 

[ducky911]

Minor change of 5% increase in bond/cash exposure. That's it.

 

[97guns]

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

 

[ejman]

Congratulations! ( Hypothetically, of course!)

 

[RobbieB]

Blow more dough!

 

[MRG]

I'd buy a million dollar annuity for my sister so she could retire.

 

[jollystomper]

If these are cash/investment,I would not change anything, except maybe to be a little more conservative to reduce risk. No way can I see myself outliving 8 figures in assets, even with lower returns.

I would most likely ramp up my anonymous giving/random acts of kindness. Probably buy a few nicer things, but I am beyond the "accumulation" stage of my life.

DW and I might consider building a custom "downsized" house. Also, if we could ever settle on a place we'd like to spend many months at every year, a modest second home.

 

[RenoJay]

Am getting close. Changes have been: 1. More focus on income-generating investments. 2. Reduction in speculative investments that can lose lots of value (but still pretty big allocation). 3. Less stressing about daily expenses. 4. More to charity. 5. More spontaneous generosity to friends and family. 6. More travel (but still economy class on planes!). 7. Probably a small end zone dance when the day comes and then back to regular life. Might also blow $30k on a used fancy convertible car in the spring!

 

[gayl]

I'd establish an anonymous scholarship fund for those who overcome obstacles. I'm seriously considering this and I'm only in my 7s. Even 1k makes a kid feel like he won the lottery .... anyway it did for GS1 (merit based) when he got $500 from a band

 

[Walt34]

In no particular order; I'd give more to family and charities, maybe buy an airplane (check to see if I could pass a flight physical first) camera dealers would love what I was spending there, buy lots of R/C model airplanes and fancy radios and TV gear for them, DW would never scrub anything again, and that sort of thing.

A local guy won the state lottery about 10 years ago and he's done stuff that adds to the community, like building a community center, and he paid most of the cost of adding a gym to a local high school, that sort of thing.