Then, Orman, with a net worth estimated to be in the neighborhood of $30 million, dropped a reality bomb of self awareness.
“Listen, if you have 20, 30, 50 or 100 million dollars, be like me, OK?” she said. “If you have that kind of money and you want to retire, fine.”
Um… I’m not sure if most people can ever make $5 million in their lifetime even without FIREing…
To be absolutely sure you need 20m.
To be absolutely sure don’t ever walk out of your house, as you might get hit by a car…
20m for what? Enjoy your money now… $20mdoesn’t guarantee happiness or much else. Just an arbitrary number. Now$100m lets you fly private. A billion let’s you do crazy eccentric things like run for President. But $20m gets you very little more change in life style than say $10 or even $5m… both sufficiently enough for FIRE.
Then why didn’t you stop working and just enjoy life?
I have worked for myself since since 1986. Being self employed is like being on permanent vacation. I have tried retirement a few times. I like the challenge of working. I am teaching my wife how to take over, but will probably always have rentals to manage.
$5M you get to go to Europe once a year. $20M you get to stay in Europe the whole year. There is a difference here…
Europe can be cheaper if you stay for the year. Plenty of cities are $1000/m rent for a 2bd so he only additional cost of living there is $12k. I have lived in Europe with my parents in England for a year in 1965. It is relatively the same or cheaper than the US. It is the flying back and forth and hotels that get expensive.
My point is your attitude and love style won’t change as much as one would think from $5-$20m.
I have friends with up to $1b. They don’t live that much different. Would be nice to have a G5. Maybe costs $10m per year??
I think you are confusing lifestyle with ego. Sure it’s great to feel superior to those that make less, but how much will your change with the extra money?
A lot. $20M you get to accumulate 4x number of rentals than $5M…
Even the pyramid creator lumps the 10-50 million in the same group. My wife is always comparing us to people in that group. Most are not any happier than us.
$5m and above allows FIRE for most.
Happiness is wanting what you have, not having what you want.
Corollary. Trying to keep up with the Jones’s is the key to unhappiness.
Have 10m and can talk shit here. Huge ego bust. Imagine the joy of telling @wuqijun to get lost.
Ego boost or ego “bust”???
I think I can afford a G450. Cost is $4 m a year for 850 hrs. Just need to charter it for $5000 per hr
And just use it for maybe 50 hrs. Break even.
Fixed costs are only $850k
Does this mean you are not in that group? I thought you are…
Stop talking shit