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What to do when you are officially a multi-millionaire?
Posted on 7/16/24 at 11:55 pm
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?
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 on 7/16/24 at 11:56 pm to jafari rastaman
keep saving and make proper investments
Posted on 7/16/24 at 11:58 pm to jafari rastaman
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 on 7/16/24 at 11:58 pm to jafari rastaman
quote:just a subtle preemptive brag
This isn’t a brag or a subtle brag
Posted on 7/16/24 at 11:58 pm to jafari rastaman
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?
Some advisors are d bags…but not 100% of them.
What area are you from?
Posted on 7/17/24 at 12:00 am to jafari rastaman
quote:
What to do when you are officially a multi-millionaire?

Posted on 7/17/24 at 12:06 am to jafari rastaman
How big is your family? Wife is spending money like crazy?
Sounds like you are a little over your skis.
Sounds like you are a little over your skis.
Posted on 7/17/24 at 12:11 am to jafari rastaman
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.
Maybe find a job you hate less when the kids are out on their own if you have any.
Posted on 7/17/24 at 12:16 am to fallguy_1978
What are you doing up?
Posted on 7/17/24 at 12:20 am to jafari rastaman
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.
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 on 7/17/24 at 12:23 am to GreenRockTiger
quote:
What are you doing up?
Working

Posted on 7/17/24 at 12:24 am to jafari rastaman
Depends on cost of living where you're at...how many kids do you have in college, or will have in college?
Posted on 7/17/24 at 12:26 am to jafari rastaman
Realize I need 10 mil before I get my first Rolex and a decent Porsche.
Posted on 7/17/24 at 12:26 am to jafari rastaman
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 on 7/17/24 at 12:28 am to fallguy_1978
quote:yikes. I’m sorry
Working

Posted on 7/17/24 at 12:34 am to GreenRockTiger
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 on 7/17/24 at 12:36 am to Hondo Blacksheep
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 on 7/17/24 at 12:55 am to jafari rastaman
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.
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 on 7/17/24 at 1:06 am to jafari rastaman
I wouldn't have the slightest idea.
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