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What would you do if your assets grew to 8 figures?
Old 10-14-2017, 06:08 PM   #61
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What would you do if your assets grew to 8 figures?

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.
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Old 10-14-2017, 06:27 PM   #62
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At 10 mill I'd buy the bigger house and the Maserati. Hire a maid and a gardener.
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Old 10-14-2017, 06:42 PM   #63
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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?
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Old 10-14-2017, 06:48 PM   #64
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2 mill for the house and the car -
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Old 10-14-2017, 06:57 PM   #65
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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.
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Old 10-14-2017, 06:57 PM   #66
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2 mill for the house and the car -
LOL! Already got it figured out, eh!
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Old 10-14-2017, 07:02 PM   #67
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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.
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Old 10-14-2017, 07:05 PM   #68
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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-ŕ-terre!
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Old 10-14-2017, 07:12 PM   #69
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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).
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Old 10-14-2017, 07:19 PM   #70
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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 -
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What would you do if your assets grew to 8 figures?
Old 10-14-2017, 07:27 PM   #71
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What would you do if your assets grew to 8 figures?

I would be much more generous with some of my family members/relatives and friends, and obviously to myself.
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Old 10-14-2017, 07:50 PM   #72
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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.
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Old 10-14-2017, 09:19 PM   #73
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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.
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Old 10-14-2017, 10:07 PM   #74
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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
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Old 10-14-2017, 10:18 PM   #75
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Quote:
Originally Posted by luckydude View Post
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
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Old 10-14-2017, 11:14 PM   #76
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I know several households that have mid-8 figure staches. They invest on property. They drive high-end cars. They fly first class. They gift nice homes to their kids. They selectively use staff.

But they do not pay too much for things. Every transaction is done in isolation.

One of their problems is that, money is not a limiter, so they have infinite choices on every decision. This makes decisions harder.
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Old 10-15-2017, 12:30 AM   #77
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If all goes to plan (which it never does), combined we might hit 8 figures in 30 years in our 70's which is of course isn't the equivalent of hitting 8 figures today and at a younger age.

We'd need way less than 8 figures to do pretty much all we'd want to do in retirement.
So, investment-wise, I'd want to diversify our investments more widely maybe with an investment/recreational property (Vancouver property is so expensive), some gold, etc. while holding more cash on hand and conservative investments.
On the otherhand, I might put some money towards some interesting investments with potential.
I cannot see us buying or investing in a business like a restaurant or something like that unless it's for fun and pretty low effort.

Would you change how you spend?
Business class for longer flights would be nice to limit one of the more potentially fatiguing aspects of travel for us.
More gifting and donations of course.
I might consider buying a luxury car.
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Old 10-15-2017, 05:17 AM   #78
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Old 10-15-2017, 05:46 AM   #79
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A few things:
  • Move to a stand-alone dwelling. More green and quiet.
  • Buy a small business in NZ (fast track residency).
  • As long as I am doing what I am doing now: hire a driver for commute.
  • Upgrade the car one or two notches. BMW 5 series for example.
  • Hire a cleaning lady, once every three weeks.
  • Fund the current business more from my own pocket.
  • Set aside up to 1M for my sister to live off.
  • Hire a tax lawyer.
  • Stop flying economy, maybe.


That's roughly it, although I might lack imagination.
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Old 10-15-2017, 06:08 AM   #80
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I'd remind myself that it's Sunday, think about all the lottery winners, sports stars, etc etc who made it and lost it and resolve not to do anything for at least six months.

I might think about updating my will and, if I lived somewhere that imposed estate duty, think about estate planning.
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