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What to do when you are officially a multi-millionaire?

Posted on 7/16/24 at 11:55 pm
Posted by jafari rastaman
Member since Nov 2015
2329 posts
Posted on 7/16/24 at 11:55 pm
This isn’t a brag or a subtle brag, just a baw looking for advice.

Let’s say you are a baw in your mid 40’s. Your brokerage account just recently crested $1,000,000 and your retirement accounts (401k, Roth IRA, etc) recently did the same. Meaning you are officially a multi-millionaire. All you want out of life is to be a baw- raise my family, hunt, fish, and watch my LSU Tigers.

You haven’t been able to save or invest any money for years, as your wife spends every paycheck. You don’t care for your job much. Your mortgage and truck are paid off.

What would you do?
A. Keep working and hire a financial planner. The downside is this guy will probably be skimming like crazy and advise you to keep working, so there is enough excess for him to continue skimming.
B. Tell my boss to take this job and shove it. The downside is I will have to find my own medical insurance (Obamacare?) and also wait a few decades before I can get my second million out of retirement accounts.
In the meantime, my wife will still be burning cash, and will likely burn it all before I reach retirement age.
C. Keep my job, which I don’t care for, and let my money ride in the market. The downside is this will reduce my life expectancy and my wife will still be burning any new cash I bring in.
D. ??

I’m looking for advice/recommendations on what I need to do to retire early and just be a baw. I was told $2,000,000 was the goalpost. But that was probably 10 years ago. How much have they moved with the recent inflation?
Posted by North Dallas Tiger
United States of America
Member since Mar 2024
13008 posts
Posted on 7/16/24 at 11:56 pm to
keep saving and make proper investments
Posted by dukke v
PLUTO
Member since Jul 2006
213419 posts
Posted on 7/16/24 at 11:58 pm to
Sounds like bragging to me… but good for you.. money is ok, but not the end all be all. Money is way down on my importance list.
Posted by Kafka
I am the moral conscience of TD
Member since Jul 2007
150398 posts
Posted on 7/16/24 at 11:58 pm to
quote:

This isn’t a brag or a subtle brag
just a subtle preemptive brag
Posted by Kreg Jennings
Parts Unknown
Member since Aug 2007
3657 posts
Posted on 7/16/24 at 11:58 pm to
A…find a good advisor and keep working so you don’t have to touch the $$ and let it compound.

Some advisors are d bags…but not 100% of them.

What area are you from?
Posted by 0x15E
Outer Space
Member since Sep 2020
14386 posts
Posted on 7/17/24 at 12:00 am to
quote:

What to do when you are officially a multi-millionaire?


Posted by wheelr
Banned
Member since Jul 2012
5800 posts
Posted on 7/17/24 at 12:06 am to
How big is your family? Wife is spending money like crazy?

Sounds like you are a little over your skis.
Posted by fallguy_1978
Best States #50
Member since Feb 2018
51532 posts
Posted on 7/17/24 at 12:11 am to
Keep working because you'll easily burn through that 2 million in 30+ years.

Maybe find a job you hate less when the kids are out on their own if you have any.
Posted by GreenRockTiger
vortex to the whirlpool of despair
Member since Jun 2020
53328 posts
Posted on 7/17/24 at 12:16 am to
What are you doing up?
Posted by LaBR4
Baton Rouge
Member since Sep 2005
52785 posts
Posted on 7/17/24 at 12:19 am to
Posted by Hondo Blacksheep
Member since Jul 2022
2787 posts
Posted on 7/17/24 at 12:20 am to
3-4m is the new minimum imo.

Think about it, in order to draw 4% annually and not touch principal you have to earn 8% annually. That isn't a given when you're on a fixed income.

What's your going forward budget number is the key question.
Posted by fallguy_1978
Best States #50
Member since Feb 2018
51532 posts
Posted on 7/17/24 at 12:23 am to
quote:

What are you doing up?

Working
Posted by LaBR4
Baton Rouge
Member since Sep 2005
52785 posts
Posted on 7/17/24 at 12:24 am to
Depends on cost of living where you're at...how many kids do you have in college, or will have in college?
Posted by Rize
Spring Texas
Member since Sep 2011
17347 posts
Posted on 7/17/24 at 12:26 am to
Realize I need 10 mil before I get my first Rolex and a decent Porsche.
Posted by saderade
America's City
Member since Jul 2005
26001 posts
Posted on 7/17/24 at 12:26 am to
That’s not nearly enough to retire with your wife’s spending habits. You could always look for another job that you enjoy more. But you really need to get the spending under control or you will be waiting years to retire.
Posted by GreenRockTiger
vortex to the whirlpool of despair
Member since Jun 2020
53328 posts
Posted on 7/17/24 at 12:28 am to
quote:

Working
yikes. I’m sorry it must be tough restocking the shelves at Hair Slangaz over night
Posted by Rize
Spring Texas
Member since Sep 2011
17347 posts
Posted on 7/17/24 at 12:34 am to
quote:

yikes. I’m sorry it must be tough restocking the shelves at Hair Slangaz over night


My wife flew back to Baton Rouge to get her hair did last month
Posted by Giantkiller
the internet.
Member since Sep 2007
23383 posts
Posted on 7/17/24 at 12:36 am to
quote:

Think about it, in order to draw 4% annually and not touch principal you have to earn 8% annually. That isn't a given when you're on a fixed income.


OP should buy some car washes, check cashing places and liquor stores.
Posted by idlewatcher
Planet Arium
Member since Jan 2012
86600 posts
Posted on 7/17/24 at 12:55 am to
Start another business in something of interest. Sounds like you’re bored at your current gig.

Friend of mine is a multimillionaire and all he does is start new thriving businesses. I often thought he had a benefactor but it’s all him. Plus he’s a cool dude.
Posted by johnnydrama
Possibly Trashy
Member since Feb 2010
8967 posts
Posted on 7/17/24 at 1:06 am to
I wouldn't have the slightest idea.
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