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I don’t feel that rich.

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  • I really like a website dgydj.com. It quantifies that in 2020 if you've got 11.1M NW, that puts you in the 1%. If you've got 17.5M NW that puts you at 0.5%. However it takes 43.2M NW to make it to 0.1%. Corollary of this is if you exceed 23.4M as a couple, your estate will incur some inheritance tax unless you've got a trust attorney slicker than mine.
    Therefore I've reasoned at 30M, we're definitely getting NetJets annual membership so that our children can't unless they earn it themselves. Yes we're working on a head start for both but we will have failed as parents if they retire the day after the last of us croaks.

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    • Late to this thread.
      ”Who is truly rich? He who is satisfied with his lot”
      - Ethics of the Fathers, Biblical commentary, circa 100 C.E.
      My Youtube channel: https://www.youtube.com/channel/UCFF...MwBiAAKd5N8qPg

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      • I don’t relate to the notion of “rich”. Maybe it’s because I’m not. But I’m on the verge of retirement, I’m essentially financially independent. I’m not a big spender, and the only thing I want in my life that I don’t have is my time. I consider myself more fortunate than rich. And very grateful for my life.
        My Youtube channel: https://www.youtube.com/channel/UCFF...MwBiAAKd5N8qPg

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        • Originally posted by Antares View Post
          I don’t relate to the notion of “rich”. Maybe it’s because I’m not. But I’m on the verge of retirement, I’m essentially financially independent. I’m not a big spender, and the only thing I want in my life that I don’t have is my time. I consider myself more fortunate than rich. And very grateful for my life.
          You are Uber wealthy. Content and satisfied. A thirst for knowledge seems to be targeted towards another goal. Wisdom. That is a big big goal for your time in retirement.
          • I hope your plan for relocating is making progress.
          • I hope your plan for limited part time pans out. Not for the money, but for a connection to the real world.
          • I wish you success on your goal of becoming wiser. Pretty good odds there.
          Your new career is just beginning. I hope it is as satisfying.

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          • Originally posted by PhotonsRGR8 View Post
            I really like a website dgydj.com. It quantifies that in 2020 if you've got 11.1M NW, that puts you in the 1%. If you've got 17.5M NW that puts you at 0.5%. However it takes 43.2M NW to make it to 0.1%. Corollary of this is if you exceed 23.4M as a couple, your estate will incur some inheritance tax unless you've got a trust attorney slicker than mine.
            Therefore I've reasoned at 30M, we're definitely getting NetJets annual membership so that our children can't unless they earn it themselves. Yes we're working on a head start for both but we will have failed as parents if they retire the day after the last of us croaks.
            Even if you get to 0.1% NW that is far less than the .01% NW. And that is probably a drop in the bucket compared to Musk's 335B and soon to be >500B when his SpaceX goes public.

            So the game of whether you are in the 1% or 0.1% is becoming meaningless. Better to be happy with what you have and how you will spend it or give it away.

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            • Originally posted by Auric goldfinger View Post
              I learned the term “ultra high” net worth for the first time when posting my portfolio progression on bogleheads several years ago. Never made much sense to me then or now, although admittedly, i am a bit pathological. Still drive older Hondas, still fly commercial ( first class only when upgraded), still mow my lawn with a manual. The power of compounding is an amazing thing. My daily portfolio fluctuations often exceed what I earned during my first years of practice, yet my sense of financial comfort is not really different. What is different is that I’m forcing myself to be more generous by necessity, and by orders of my estate attorney and cpa. Satisfaction derived thereof is worth it
              I enjoy your posts and perspective.

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              • Originally posted by Kamban View Post

                Even if you get to 0.1% NW that is far less than the .01% NW. And that is probably a drop in the bucket compared to Musk's 335B and soon to be >500B when his SpaceX goes public.

                So the game of whether you are in the 1% or 0.1% is becoming meaningless. Better to be happy with what you have and how you will spend it or give it away.
                90% sounds pretty good. For 3 point shots or batting average one would be GOAT. Mind games can be fun.

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                • Originally posted by Tim View Post

                  You are Uber wealthy. Content and satisfied. A thirst for knowledge seems to be targeted towards another goal. Wisdom. That is a big big goal for your time in retirement.
                  • I hope your plan for relocating is making progress.
                  • I hope your plan for limited part time pans out. Not for the money, but for a connection to the real world.
                  • I wish you success on your goal of becoming wiser. Pretty good odds there.
                  Your new career is just beginning. I hope it is as satisfying.
                  Thanks so much Tim!
                  Yes, relocation is planned for Spring of 2023, but could potentially happen at any time after Summer ‘22, having satisfied our commitment to remaining until our college freshman daughter has had her summer at her childhood home after that first year away. It looks like the limited part time remotely is viable and will happen. Wisdom is less of a goal than something to be welcomed should it ever happen. But I am very much looking forward to so many new things. Writing out the list itself would be an indulgence!
                  My Youtube channel: https://www.youtube.com/channel/UCFF...MwBiAAKd5N8qPg

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                  • Is top 1% in the US translate to top 1% in the world? While median in the US is definitely higher than most other countries, there are rich people in every country.

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                    • Apparently we're pikers in comparison to Monaco and Switzerland but these are tiny countries with homogenous populations. I don't know the # equivalent in USD for their 1%.

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                      • I just had a maid come to our house for the first time. She scrubbed all the toilets, mopped, dusted, changed the sheets and cleaned out the microwave and oven. It was $200 for the first time and $160 for each subsequent. She did this while I gave a lecture then played with my son.

                        For $320/mo, my wife and I are never going to be wash sheets/towels or scrub a toilet or shower again.

                        I feel incredibly rich. I just bought back time with my family and a cleaner home for what amounts to a rounding error. I am simultaneously happy that I pushed this off until several years into being an attending. We’ve done a nice job of delayed gratification, making each step still feel rich. This is under 2% of my take home and just improved my and just wife’s happiness.

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                        • Came across this gem (yes, the source is kind of dubious, but the message is what matters): https://www.si.com/nba/lakers/news/l...im-rich-sy2021

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                          • Today, I finally feel rich.

                            Nothing changed financially. I'm reading some dire predictions about the future economy, climate, and world geopolitical situation, and realize I was probably going to be "fine" no matter what. I might be living somewhere else or earning less, but I'm probably going to be fine.

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                            • We’re hosting Christmas dinner for the in-laws. Spend $300 on wine, champagne, beer and liquor. I have something nice that everyone will like.

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                              • Originally posted by VentAlarm View Post
                                I just had a maid come to our house for the first time. She scrubbed all the toilets, mopped, dusted, changed the sheets and cleaned out the microwave and oven. It was $200 for the first time and $160 for each subsequent. She did this while I gave a lecture then played with my son.

                                For $320/mo, my wife and I are never going to be wash sheets/towels or scrub a toilet or shower again.

                                I feel incredibly rich. I just bought back time with my family and a cleaner home for what amounts to a rounding error. I am simultaneously happy that I pushed this off until several years into being an attending. We’ve done a nice job of delayed gratification, making each step still feel rich. This is under 2% of my take home and just improved my and just wife’s happiness.
                                Some services are worth it, including house cleaning and yard maintenance. That said, between the ages of 12 and 18 the yard was my son’s job no matter how much better a professional would have done it.

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