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I think there’s a difference between people who are liquid millionaires vs fixed asset millionaires. Having a multi million dollar house with no plans to sell for 10 years hits different than millions in the bank or stocks u can access quickly.
Mortgage and debt free and NW is shy of $2M. This has not changed our lives much.
It hasn’t. Was so excited when we hit $1M. Went out to eat to celebrate. Hit $2M went out to eat to celebrate. Now I’m looking to $5M but if I’m honest, I don’t know if I’ll ever feel “set.” We are more willing to spend on conveniences now than before so I guess that’s a change?
Early-mid 50s. Continuing to invest and save. If you conservatively say investments double every decade, we’d hit it without doing anything more but of course we won’t stop investing.
Doesn't if you have kids
I came here to say this 😅
Million dollars aint what it used to be. Maybe around 10 is comparable.
I’m assuming thats by some CPI / inflation statistic? Doesn’t capture that ‘Millionaire’ feeling. I was thinking back to 80-90s. Example bit a simple inflation stat misses: wealth gap which has accelerated in growth, typical family is dual income
It hasn’t because a basic home in my city is 3m
And that’s absolutely valid AND also aligned with reality and not completely out of touch lol
It hasn’t. I took a serious look at how I spend on fun and thinking about what retirement would really mean, but I went from 500k to 1.4m over 18mo. No reason to change lifestyle, except maybe to start dating, etc.
Wow that's a huge jump. What's your income?
Hasn’t. If it has your doing it wrong
I stopped penny pinching at $3M. And by that I mean hired cleaners, eat sushi when I want.
Still fly economy and stay at courtyards on my dime
A4 what’s your age with that NW
Subject Expert
Zero change. As QT1 said. 10 is the new number for this. Although I have some friends with that and not much has changed for them other than some more expensive homes.
Not one thing is different.
Looks like everyone here maybe doesn’t have a large enough gap from Xto $1million.
I’m at $84k base now. If I had a million bucks tomorrow I’d quit my job in a heartbeat. I have a side hustle / passion and that would be where I’d allocate 30hrs a week to. It has a potential to earn a lot, so it would be fun to pour my all into it rather than barely juggle it with my FT gig.
I’d spend much more time with my partner and pets traveling. I wouldn’t ever have to worry about money for medication ever again. I’ve always said I’d get my dad a muscle car and travel more with my mom, so I’d do those two things as well.
I’d be gaining so much more time. That’d be the best part.
SDA1 then the real point is that you don’t like your job, not that the rest of us don’t have enough gap between X to $1M. I don’t need to love my job. I like my job and they pay me well. If they keep paying me well and I keep liking it, I’d rather have millions saved up for retirement than live a different lifestyle than the one I enjoy.
If someone’s life changed significantly after hitting $1 mil, they would no longer be on a successful fire path.
Mentor
SM1: That would be just 40K yearly. I suppose the SF Bay Area warps my viewpoint, but would that really be enough for what you describe?
I still buy off brand food but no longer look at the price when grocery shopping. If you can remember what you thought being rich would look like when you were 22yrs old you might be surprised how close you actually are.
No Mortgage
No car payment
It hasn’t. Staying the course so I can become FI
Hasn't changed except that I paid off all my debt in one swoop, so I am seeing Savings grow fast from wages, instead of paying law school loans.
It hasn’t happened yet but I’m well on the way. Once I get there I plan to build a pool in the backyard but otherwise I won’t be changed my spending/saving habits.
Mentor
No change. We were already living comfortably, so we weren't willing to trade extra expenses now for a longer time being required to work.
Echoing QT1. Not one thing has changed. If I thought it did, I’d be worried about myself.
Not much.
Irrelevant…unless put into context of spending needs. For me, $1M was FI because of very low expenses…so it gave me the freedom to leave an abusive work environment.