Might want to check your math. It’s $10,000/yr.
You might want to check out post #97 in this thread...
Might want to check your math. It’s $10,000/yr.
If I came into the eight digit club, one of the first things I would do is change my phone number to a 900 one and charge people $8.95 per minute when they call me to expound on the reasons why i should give them a handout.
Yes, your thread was my inspiration. I wanted to see what folks here think they would do differently.
Now, if it keeps creeping up you'll let us know of any new inspirations/aspirations, right?
What would you do if (or did you do when) your assets grew to 8 figures?
I don't think I follow that. I mean, I agree it's not necessarily better, but I don't see what I'd worry more about losing it. If I have $2M and am counting on all of that to fund the life I want, if I lose 10% I'm not happy and I have to make some cuts. If I've got $10M, and it's a lot more than I need, if I lose 10% it probably wouldn't faze me, at least not as much.Not a thing! It's only a number. As long as you have enough, more is NOT necessary better. The more that you have, the more that you have to worry losing it.
I don't think I follow that. I mean, I agree it's not necessarily better, but I don't see what I'd worry more about losing it. If I have $2M and am counting on all of that to fund the life I want, if I lose 10% I'm not happy and I have to make some cuts. If I've got $10M, and it's a lot more than I need, if I lose 10% it probably wouldn't faze me, at least not as much.
As long as I don't do something stupid like invest $9M in a can't-miss scheme and put all that at risk, I'm not worrying about losing it.
I also hear people talking about having to worry about managing all that money. What worry? I just invest 5x as much in each thing I'm in with $2M. How is that any harder? You could make a very small case that I'd have to worry more about taxes, but I'm most likely paying 15% for divs and LTCGs either way, and even if I'm not, I can live with a little higher tax rate.
What am I missing? The only other thing I can think of is more people coming after me with their hand out. I like that 1-900-number idea. Or I live pretty much like I do now, and people don't know if I have 8 figures or 7.
As long as you spend at the same amount regardless of how much that you make, that's fine. People tend to spend what they make, however. The more stuff or money, the more that you worry about - a part of human nature even though it may not be rationale.I don't think I follow that. I mean, I agree it's not necessarily better, but I don't see what I'd worry more about losing it. If I have $2M and am counting on all of that to fund the life I want, if I lose 10% I'm not happy and I have to make some cuts. If I've got $10M, and it's a lot more than I need, if I lose 10% it probably wouldn't faze me, at least not as much.
I haven't noticed that on this forum. People appear to way underspend their assets here.As long as spend at the same amount regardless of how much that you make, that's fine. People tend to spend what they make, however.
What's the point of spending the same amount no matter how much you have?
Where's the fun, where's the drive, why bother?
So, say you find yourself with say 10X the dough you used to have and all you do is worry about it?
Yeah, I guess there's a lot of that thinking here now that I think about it.
I agree. I don't understand how a higher number would mean more worry about losing it assuming you have the usual investments. Say your portfolio takes a 40% hit. You'll still have a higher number remaining. And that might make a huge difference in terms of how tight the belt gets and what you can afford.
Am I less worried still having $2M than I am with $400K (80% loss on $2M)? You bet I am! Not happy with either, but with the latter I'm back to looking for work, while I can still live on the former.Agree. Let’s go the other way. Say you lose 80% of your $10million, are you suddenly less worried? Doubt it.
I would hire staff.
Oh, it doesn't bother me that much, and I enjoy hearing about the stuff he is spending money on. And between my posts, I just booked a first class flight for holiday travel, but only because I can afford it and get value out of separating myself from the holiday crush rather than because I feel the need to blow money. I still can't tell if he gets more fun out of what he spends it on, or just that he is spending it (and bragging about it).LOL! I enjoy Robbie's mantra. It's a refreshing break from all the very careful spenders in this forum. It's just for fun, I expect.
The more you have the more you become a scam target. For example, "Richard Branson: A scammer came after my millions" Richard Branson: A scammer came after my millions - Oct. 17, 2017
I have friends at work with 6,000-10,000 sqft houses with pools, saunas, hot tubs, tennis courts, etc and I don't understand what they do with that space? They don't play tennis and rarely go in the pool . At 2800 sqft I don't even set foot into my "formal dining room" and we almost never use the 4th bedroom. So I don't really get it other than "because we can."
As I've watched this thread progress, the many cogent responses got me thinking: Is 10 million really a lot any more? It doesn't even make you a one percenter these days, does it?
[...]
It's curious how modest our ambitions are when we contemplate adding that extra digit. I notice that the posters here who already are well into 8 figure territory don't talk about building Biltmore House-style palaces. They may snowbird very comfortably. They may fly first class, or perhaps charter the odd flight. But celebrity-scale, massively conspicuous consumption doesn't appear on anybody's radar here. Maybe that tells us that 10 million just isn't that much.
What's the point of spending the same amount no matter how much you have?