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  • Lifechanging amount of money

    How much money would you need to win/inherit/find/steal in order for it to make a meaningful impact on your life.
    125
    <1000
    0%
    0
    1000-10,000
    0.80%
    1
    10k-100k
    4.80%
    6
    100K-500K
    9.60%
    12
    500K-1M
    12.00%
    15
    1M-2M
    19.20%
    24
    >2M
    49.60%
    62
    No amount of money
    4.00%
    5

  • #2
    Nice to see a Lordosis-style poll!


    If i am realistic/ honest, i think i have sorta made it. I have zero debt, no kids and net worth over 4M with frugal habits, and i am still making $.

    My wife is frugal and won’t let me spend, and i have benefited from this.

    I just had a fishing vacation with my twin brother and best friend and we fished out of kayaks (great exercise) and avoided eating out (cooked at rental house) and we listened to football on radio while cooking bbq (no TV at cheap a$$ rental).

    i drive a used civic, live in a paid for town house and don’t want any expensive toys.

    If i won $, what would i do?

    I suppose i would / could buy a fishing camp/ house but my wife would probably (ok definitely) veto it so there is not really any amount of $ that would change my existence.

    I am a cheap little country doc who does not spend too much.

    I would look at the $ and shrug.

    I would just throw it into VTI or VTSAX and keep goofing off with the current ridiculousness.

    Some would go to charity (folks in south LA are still suffering from hurricane badness and i sent a few thousand a week or so ago with my older brother who has a fishing camp in Dulac LA)

    Might get nice flowers for wife, and take her to dinner but food tastes better at home and she hates “wasting” $ on stuff.

    Comment


    • #3
      I think it's dependent on your level of net worth with a value amount. If you go by percentage of net worth, I wonder if it becomes more philosophical. Once you get to a certain level of net worth, additional money doesn't really change your lifestyle as you already have more than you need or spend. I liked this post from reddit from someone that knew millionaires and billionaires. I'm sure there's some other breakpoints lower than this that corresponds to your predictive level of spending and your lean/coast/regular/fat FIRE numbers.

      ----

      Let's get one thing out of the way. There are gradations of rich. I see four major breaking points:

      Worth $10mm-$30mm liquid (exclusive of value of primary residence).

      At this level, your needs are met. You can live very comfortably at a 4-star/5-star level. You can book a $2000 suite for a special occasion. You can fly first class internationally (sometimes). You have a very nice house, you can afford any healthcare you need, no emergency financial situation can destroy your life. But you are not "rich" in the way that money doesn't matter. You still have to be prudent and careful with most decisions unless you are on the upper end of this scale, where you truly are becoming insulated from personal financial stress. (Business stress exists at all levels). The banking world still doesn't classify you as 'ultra-high net worth'

      Net worth of $30mm-$100mm

      At this point, you start playing with the big boys. You can fly private (though you normally charter a flight or own a jet fractionally through Net Jets or the like), You stay at 5 star hotels, you have multiple residences, you vacation in prime time (you rent a ski-in, ski-out villa in Aspen for Christmas week or go to Monaco for the grand Prix, or Canne for the Film Festival--for what its worth, rent on these places can run $5k-20k+ per NIGHT.), you run or have a controlling interest in a big company, you socialize with Congressmen, Senators and community leaders, and you are an extremely well respected member in any community outside the world's great cities. (In Beverly Hills, you are a minor player at $80 million. Unless you really throw your weight around and pay out the nose, you might not get a table at the city's hottest restaurant). You can buy any car you want. You have personal assistants and are starting to have 'people' that others have to talk to to get to you. You can travel ANYWHERE in any style. You can buy pretty much anything that normal people think of as 'rich people stuff'

      $100mm-$1billion

      I know its a wide range, but life doesn't change much when you go from being worth $200mm-$900mm. At this point, you have a private jet, multiple residences with staff, elite cars at each residence, ownership or significant control over a business/entity that most of the public has heard of, if its your thing, you can socialize with movie stars/politicians/rock stars/corporate elite/aristocracy. You might not get invite to every party, but you can go pretty much everywhere you want. You definitely have 'people' and staff. The world is full of 'yes men'. Your ability to buy things becomes an art. One of your vacation home may be a 5 bedroom villa on acreage in Cabo, but that's not impressive. You own a private island? Starting to be cool, but it depends on the island. You just had dinner with Senator X and Governor Y at your home? Cool. But your billionaire friend just had dinner with the President. You have a new Ferrari? Your friend thinks their handling sucks and has a classic, only-five-exist-in-the-world-type of car. Did I mention women? Because at this level, they are all over the place. Every event, most parties. The polo club. Ultra-hot, world class, smart women. Power and money are an aphrodisiac and you have it in spades. Anything thing you want from women at this point you will find a willing and beautiful partner. You might not emotionally connect, but ************************, she's hot. One thing that gets rare at this level? friends and family that love you for who you are. They exist, but it is pretty ************************ hard to know which ones they are.

      $1billion

      I am going to exclude the $10b+ crowd, because they live a head-of-state life. But at $1b, life changes. You can buy anything. ANYTHING. In broad terms, this is what you can buy: Access. You now can just ask your staff to contact anyone and you will get a call back. I have seen this first hand and it is mind-blowing the level of access and respect $1 billion+ gets you. In this case, I wanted to speak with a very well-known billionaire businessman (call him billionaire #1 for a project that interested billionaire #2. I mentioned that it would be good to talk to billionaire #1 and B2 told me that he didn't know him. But he called his assistant in. "Get me the xxxgolf club directory. Call B1 at home and tell him I want to talk to him." Within 60 minutes, we had a call back. I was in B1's home talking to him the next day. B2's opinion commanded that kind of respect from a peer. Mind blowing. The same is true with access to almost any Senator/Governor of a billionaires party (because in most cases, he is a significant donor). You meet on an occasional basis with heads-of-state and have real conversations with them. Which leads to

      Influence. Yes, you can buy influence. As a billionaire, you have many ways to shape public policy and the public debate, and you use them. This is not in any evil way. the ones I know are passionate about ideas and are trying to do what they feel is best (just like you would). But they just had an hour with the Governor privately, or with the Secretary of Health, or the buy ads or lobbyists. The amount of influence you have can be heady.

      Time. Yes, you can buy time. You literally never wait for anything. Travel? you fly private. Show up at the airport, sit down in the plane and the door closes and you take off in 2 minutes, and fly directly to where you are going. The plane waits for you. If you decide you want to leave at anytime, you drive (or take a helicopter to the airport and you leave. The pilots and stewardess are your employees. They do what you tell them to do. Dinner? Your driver drops you off at the front door and waits a few blocks away for however long you need. The best table is waiting for you. The celebrity chef has prepared a meal for you (because you give him so much catering business he wants you VERY happy) and he ensures service is impeccable. Golf? Your club is so exclusive there is always a tee time and no wait. Going to the Super bowl or Grammy's? You are whisked behind velvet ropes and escorted past any/all lines to the best seats in the house.

      Experiences. Dream of it and you can have it. Want to play tennis with Pete Sampras (not him in particular, but that type of star)? Call his people. For a donation of $100k+ to his charity, you could probably play a match with him. Like Blink182? There is a price where they would simply come play at your private party. Love art? Your people could arrange for the curator of the Louvre to show you around and even show you masterpieces that have not been exhibited in years. Love Nascar? How about racing the top driver on a closed track? Love science? Have a dinner with Bill Nye and Neil dGT. Love politics? have Hillary Clinton come speak at a dinner for you and your friends, just pay her speaking fee. Your mind is the only limit to what is available. Because donations/fees get you anyone. The same is true with stuff. You like pianos? How about owning one Mozart used to compose music on? This is the type of stuff you can do.

      IMPACT. Your money can literally change the world and change lives. It is almost too much of a burden to think about. Clean water for a whole village forever? chump change. A dying child need a transplant? ************************...you could just build and fund a hospital and do it for a region.

      RESPECT. The respect you get at this level is just over-the-top. You are THE MAN in almost every circle. Governors look up to you. Fortune 500 CEOs look up to you. Presidents and Kings look at you as a peer.

      PERSPECTIVE. The wealthiest person I have spent time with makes about $400mm/year. i couldn't get my mind around that until I did this: OK--let's compare it with someone who makes $40,000/year. It is 10,000x more. Now let's look at prices the way he might. A new Lambo--$235,000 became $23.50. First class ticket internationally? $10,000 becomes $1. A full time executive level helper? $8,000/month becomes $0.80/month. A $10mm piece of art you love? $1000. Expensive, so you have to plan a bit. A suite at the best hotel in NYC $10,000/night is $1/night. A $50million home in the Hamptons? $5,000. There is literally nothing you can't buy except.

      Love. Sorry to sound so trite, but it is nearly impossible to have a normal emotional relationship at this level. It is hard to sacrifice for another person when you are never asked to sacrifice ANYTHING. Money can solve all problems for someone, so you offer it, because there is so much else to do. Your time is SOOOO valuable that you ration it. And that makes you lose connections with people.

      Anyway, that is a really long answer, but I have a very unique perspective because I have seen behind the curtain of the great and mighty OZ. Just wanted to share.

      Comment


      • #4
        The question depends on where you are in your financial aspect of your life.

        If I had no money - I would say >$5M would be life changing.

        In my current state approaching retirement - I don't want to beg, borrow or steal anything. I am reasonably happy with the income my investments produce. Maybe $500-1000M might may make a meaningful impact. But I doubt it since I am unlikely to spend any of it and keep living the way I am now. I would hate to be Jeff Bezos or Mark Zuckerberg, having billions but having no privacy at all and always surrounded by six or more bodyguards even when going out for a walk or run. Or having my life's details being front page fodder like Bill Gates. No thanks.

        Comment


        • #5
          Originally posted by Nysoz View Post
          I think it's dependent on your level of net worth with a value amount. If you go by percentage of net worth, I wonder if it becomes more philosophical. Once you get to a certain level of net worth, additional money doesn't really change your lifestyle as you already have more than you need or spend. I liked this post from reddit from someone that knew millionaires and billionaires. I'm sure there's some other breakpoints lower than this that corresponds to your predictive level of spending and your lean/coast/regular/fat FIRE numbers.

          ----

          Let's get one thing out of the way. There are gradations of rich. I see four major breaking points:

          Worth $10mm-$30mm liquid (exclusive of value of primary residence).

          At this level, your needs are met. You can live very comfortably at a 4-star/5-star level. You can book a $2000 suite for a special occasion. You can fly first class internationally (sometimes). You have a very nice house, you can afford any healthcare you need, no emergency financial situation can destroy your life. But you are not "rich" in the way that money doesn't matter. You still have to be prudent and careful with most decisions unless you are on the upper end of this scale, where you truly are becoming insulated from personal financial stress. (Business stress exists at all levels). The banking world still doesn't classify you as 'ultra-high net worth'

          Net worth of $30mm-$100mm

          At this point, you start playing with the big boys. You can fly private (though you normally charter a flight or own a jet fractionally through Net Jets or the like), You stay at 5 star hotels, you have multiple residences, you vacation in prime time (you rent a ski-in, ski-out villa in Aspen for Christmas week or go to Monaco for the grand Prix, or Canne for the Film Festival--for what its worth, rent on these places can run $5k-20k+ per NIGHT.), you run or have a controlling interest in a big company, you socialize with Congressmen, Senators and community leaders, and you are an extremely well respected member in any community outside the world's great cities. (In Beverly Hills, you are a minor player at $80 million. Unless you really throw your weight around and pay out the nose, you might not get a table at the city's hottest restaurant). You can buy any car you want. You have personal assistants and are starting to have 'people' that others have to talk to to get to you. You can travel ANYWHERE in any style. You can buy pretty much anything that normal people think of as 'rich people stuff'

          $100mm-$1billion

          I know its a wide range, but life doesn't change much when you go from being worth $200mm-$900mm. At this point, you have a private jet, multiple residences with staff, elite cars at each residence, ownership or significant control over a business/entity that most of the public has heard of, if its your thing, you can socialize with movie stars/politicians/rock stars/corporate elite/aristocracy. You might not get invite to every party, but you can go pretty much everywhere you want. You definitely have 'people' and staff. The world is full of 'yes men'. Your ability to buy things becomes an art. One of your vacation home may be a 5 bedroom villa on acreage in Cabo, but that's not impressive. You own a private island? Starting to be cool, but it depends on the island. You just had dinner with Senator X and Governor Y at your home? Cool. But your billionaire friend just had dinner with the President. You have a new Ferrari? Your friend thinks their handling sucks and has a classic, only-five-exist-in-the-world-type of car. Did I mention women? Because at this level, they are all over the place. Every event, most parties. The polo club. Ultra-hot, world class, smart women. Power and money are an aphrodisiac and you have it in spades. Anything thing you want from women at this point you will find a willing and beautiful partner. You might not emotionally connect, but ************************, she's hot. One thing that gets rare at this level? friends and family that love you for who you are. They exist, but it is pretty ************************ hard to know which ones they are.

          $1billion

          I am going to exclude the $10b+ crowd, because they live a head-of-state life. But at $1b, life changes. You can buy anything. ANYTHING. In broad terms, this is what you can buy: Access. You now can just ask your staff to contact anyone and you will get a call back. I have seen this first hand and it is mind-blowing the level of access and respect $1 billion+ gets you. In this case, I wanted to speak with a very well-known billionaire businessman (call him billionaire #1 for a project that interested billionaire #2. I mentioned that it would be good to talk to billionaire #1 and B2 told me that he didn't know him. But he called his assistant in. "Get me the xxxgolf club directory. Call B1 at home and tell him I want to talk to him." Within 60 minutes, we had a call back. I was in B1's home talking to him the next day. B2's opinion commanded that kind of respect from a peer. Mind blowing. The same is true with access to almost any Senator/Governor of a billionaires party (because in most cases, he is a significant donor). You meet on an occasional basis with heads-of-state and have real conversations with them. Which leads to

          Influence. Yes, you can buy influence. As a billionaire, you have many ways to shape public policy and the public debate, and you use them. This is not in any evil way. the ones I know are passionate about ideas and are trying to do what they feel is best (just like you would). But they just had an hour with the Governor privately, or with the Secretary of Health, or the buy ads or lobbyists. The amount of influence you have can be heady.

          Time. Yes, you can buy time. You literally never wait for anything. Travel? you fly private. Show up at the airport, sit down in the plane and the door closes and you take off in 2 minutes, and fly directly to where you are going. The plane waits for you. If you decide you want to leave at anytime, you drive (or take a helicopter to the airport and you leave. The pilots and stewardess are your employees. They do what you tell them to do. Dinner? Your driver drops you off at the front door and waits a few blocks away for however long you need. The best table is waiting for you. The celebrity chef has prepared a meal for you (because you give him so much catering business he wants you VERY happy) and he ensures service is impeccable. Golf? Your club is so exclusive there is always a tee time and no wait. Going to the Super bowl or Grammy's? You are whisked behind velvet ropes and escorted past any/all lines to the best seats in the house.

          Experiences. Dream of it and you can have it. Want to play tennis with Pete Sampras (not him in particular, but that type of star)? Call his people. For a donation of $100k+ to his charity, you could probably play a match with him. Like Blink182? There is a price where they would simply come play at your private party. Love art? Your people could arrange for the curator of the Louvre to show you around and even show you masterpieces that have not been exhibited in years. Love Nascar? How about racing the top driver on a closed track? Love science? Have a dinner with Bill Nye and Neil dGT. Love politics? have Hillary Clinton come speak at a dinner for you and your friends, just pay her speaking fee. Your mind is the only limit to what is available. Because donations/fees get you anyone. The same is true with stuff. You like pianos? How about owning one Mozart used to compose music on? This is the type of stuff you can do.

          IMPACT. Your money can literally change the world and change lives. It is almost too much of a burden to think about. Clean water for a whole village forever? chump change. A dying child need a transplant? ************************...you could just build and fund a hospital and do it for a region.

          RESPECT. The respect you get at this level is just over-the-top. You are THE MAN in almost every circle. Governors look up to you. Fortune 500 CEOs look up to you. Presidents and Kings look at you as a peer.

          PERSPECTIVE. The wealthiest person I have spent time with makes about $400mm/year. i couldn't get my mind around that until I did this: OK--let's compare it with someone who makes $40,000/year. It is 10,000x more. Now let's look at prices the way he might. A new Lambo--$235,000 became $23.50. First class ticket internationally? $10,000 becomes $1. A full time executive level helper? $8,000/month becomes $0.80/month. A $10mm piece of art you love? $1000. Expensive, so you have to plan a bit. A suite at the best hotel in NYC $10,000/night is $1/night. A $50million home in the Hamptons? $5,000. There is literally nothing you can't buy except.

          Love. Sorry to sound so trite, but it is nearly impossible to have a normal emotional relationship at this level. It is hard to sacrifice for another person when you are never asked to sacrifice ANYTHING. Money can solve all problems for someone, so you offer it, because there is so much else to do. Your time is SOOOO valuable that you ration it. And that makes you lose connections with people.

          Anyway, that is a really long answer, but I have a very unique perspective because I have seen behind the curtain of the great and mighty OZ. Just wanted to share.
          Regarding influence and respect. Does that come from the money or from the building of an empire that produces that money?

          I doubt Bezos child or a powerball winner command the same respect as Bezos himself.

          I know one billionaire. 80+ years old and still works a lot. Owns the ski in/ski out lodge and Park avenue penthouse etc, but can still be very stingy with things. He does rub shoulders with the political elite.

          Comment


          • #6
            Originally posted by Tangler View Post
            Nice to see a Lordosis-style poll!

            Not only Lordosis style but Lordosis Original!


            Timing of this bolus of money really does matter of course.

            At this point I pretty much buy whatever I want. I still complain about things that are expensive but I would likely do that even if I had a ton more money. But I think of this as buying time. Would this chunk of money allow me to work less or retire earlier? I save about 100K a year so I figured 5-10x that would make a big impact on an early career physician like myself.

            I probably would not even notice a 1000 buck being added to my account.

            10K I would notice but it would just be a little more to VTSAX

            100K would for sure have an impact but probably not enough for me to change anything.

            Comment


            • #7
              This was a tough poll to pick an answer for, because it depends on what counts as a meaningful impact on one's life. I chose the option of >2 million because if I doubled my current wealth I could probably make it through even a Great Depression level market crash without having to change my lifestyle. But I also figure paying off my mortgage without having to touch any of my current investments would make a meaningful change in my life as I'd be debt-free, and it would take only a little over $100,000 to do that. That is quite a range of choices!

              Comment


              • #8
                obviously the answer will depend on how close to FI you are as well. 10 years ago a much lower amount would have been meaningful. If I got that same amount today it would have very little meaningful impact. I might just save it for my own kids then. Now I'd need to inherit much more for there to be much impact

                Comment


                • #9
                  Originally posted by Nysoz View Post
                  I think it's dependent on your level of net worth with a value amount. If you go by percentage of net worth, I wonder if it becomes more philosophical. Once you get to a certain level of net worth, additional money doesn't really change your lifestyle as you already have more than you need or spend. I liked this post from reddit from someone that knew millionaires and billionaires. I'm sure there's some other breakpoints lower than this that corresponds to your predictive level of spending and your lean/coast/regular/fat FIRE numbers.

                  ----

                  Let's get one thing out of the way. There are gradations of rich. I see four major breaking points:

                  Worth $10mm-$30mm liquid (exclusive of value of primary residence).

                  At this level, your needs are met. You can live very comfortably at a 4-star/5-star level. You can book a $2000 suite for a special occasion. You can fly first class internationally (sometimes). You have a very nice house, you can afford any healthcare you need, no emergency financial situation can destroy your life. But you are not "rich" in the way that money doesn't matter. You still have to be prudent and careful with most decisions unless you are on the upper end of this scale, where you truly are becoming insulated from personal financial stress. (Business stress exists at all levels). The banking world still doesn't classify you as 'ultra-high net worth'
                  I think you are missing 2 things:

                  1) underestimating the wealth/lifestyle of $25M in liquid assets. at this point you are ultra-wealthy and can live comfortably anywhere in the world, never work, and likely not only fly first class but start to think about shared private aviation (NetJets etc).

                  2) need to add a class for NW > $2M, if your NW is in this range you are rich AF. Insulated from functionally all financial catastrophe, set for life, and to 99.999% of the words population there is nothing that distinguishes you from a king or queen.

                  Comment


                  • #10
                    Originally posted by artemis View Post
                    This was a tough poll to pick an answer for, because it depends on what counts as a meaningful impact on one's life. I chose the option of >2 million because if I doubled my current wealth I could probably make it through even a Great Depression level market crash without having to change my lifestyle. But I also figure paying off my mortgage without having to touch any of my current investments would make a meaningful change in my life as I'd be debt-free, and it would take only a little over $100,000 to do that. That is quite a range of choices!
                    i agree entirely. i can't decide how to vote.

                    i mean $20k would meaningfully impact my life b/c we would probably use it to do something we really want to do.

                    the level at which it would change my planning is probably more like $500k b/c that would make a serious dent in our only debt (mortgage).

                    Comment


                    • #11
                      Originally posted by Nysoz View Post
                      I think it's dependent on your level of net worth with a value amount. If you go by percentage of net worth, I wonder if it becomes more philosophical. Once you get to a certain level of net worth, additional money doesn't really change your lifestyle as you already have more than you need or spend. I liked this post from reddit from someone that knew millionaires and billionaires. I'm sure there's some other breakpoints lower than this that corresponds to your predictive level of spending and your lean/coast/regular/fat FIRE numbers.

                      ----

                      Let's get one thing out of the way. There are gradations of rich. I see four major breaking points:

                      Worth $10mm-$30mm liquid (exclusive of value of primary residence).

                      At this level, your needs are met. You can live very comfortably at a 4-star/5-star level. You can book a $2000 suite for a special occasion. You can fly first class internationally (sometimes). You have a very nice house, you can afford any healthcare you need, no emergency financial situation can destroy your life. But you are not "rich" in the way that money doesn't matter. You still have to be prudent and careful with most decisions unless you are on the upper end of this scale, where you truly are becoming insulated from personal financial stress. (Business stress exists at all levels). The banking world still doesn't classify you as 'ultra-high net worth'

                      Net worth of $30mm-$100mm

                      At this point, you start playing with the big boys. You can fly private (though you normally charter a flight or own a jet fractionally through Net Jets or the like), You stay at 5 star hotels, you have multiple residences, you vacation in prime time (you rent a ski-in, ski-out villa in Aspen for Christmas week or go to Monaco for the grand Prix, or Canne for the Film Festival--for what its worth, rent on these places can run $5k-20k+ per NIGHT.), you run or have a controlling interest in a big company, you socialize with Congressmen, Senators and community leaders, and you are an extremely well respected member in any community outside the world's great cities. (In Beverly Hills, you are a minor player at $80 million. Unless you really throw your weight around and pay out the nose, you might not get a table at the city's hottest restaurant). You can buy any car you want. You have personal assistants and are starting to have 'people' that others have to talk to to get to you. You can travel ANYWHERE in any style. You can buy pretty much anything that normal people think of as 'rich people stuff'

                      $100mm-$1billion

                      I know its a wide range, but life doesn't change much when you go from being worth $200mm-$900mm. At this point, you have a private jet, multiple residences with staff, elite cars at each residence, ownership or significant control over a business/entity that most of the public has heard of, if its your thing, you can socialize with movie stars/politicians/rock stars/corporate elite/aristocracy. You might not get invite to every party, but you can go pretty much everywhere you want. You definitely have 'people' and staff. The world is full of 'yes men'. Your ability to buy things becomes an art. One of your vacation home may be a 5 bedroom villa on acreage in Cabo, but that's not impressive. You own a private island? Starting to be cool, but it depends on the island. You just had dinner with Senator X and Governor Y at your home? Cool. But your billionaire friend just had dinner with the President. You have a new Ferrari? Your friend thinks their handling sucks and has a classic, only-five-exist-in-the-world-type of car. Did I mention women? Because at this level, they are all over the place. Every event, most parties. The polo club. Ultra-hot, world class, smart women. Power and money are an aphrodisiac and you have it in spades. Anything thing you want from women at this point you will find a willing and beautiful partner. You might not emotionally connect, but ************************, she's hot. One thing that gets rare at this level? friends and family that love you for who you are. They exist, but it is pretty ************************ hard to know which ones they are.

                      $1billion

                      I am going to exclude the $10b+ crowd, because they live a head-of-state life. But at $1b, life changes. You can buy anything. ANYTHING. In broad terms, this is what you can buy: Access. You now can just ask your staff to contact anyone and you will get a call back. I have seen this first hand and it is mind-blowing the level of access and respect $1 billion+ gets you. In this case, I wanted to speak with a very well-known billionaire businessman (call him billionaire #1 for a project that interested billionaire #2. I mentioned that it would be good to talk to billionaire #1 and B2 told me that he didn't know him. But he called his assistant in. "Get me the xxxgolf club directory. Call B1 at home and tell him I want to talk to him." Within 60 minutes, we had a call back. I was in B1's home talking to him the next day. B2's opinion commanded that kind of respect from a peer. Mind blowing. The same is true with access to almost any Senator/Governor of a billionaires party (because in most cases, he is a significant donor). You meet on an occasional basis with heads-of-state and have real conversations with them. Which leads to

                      Influence. Yes, you can buy influence. As a billionaire, you have many ways to shape public policy and the public debate, and you use them. This is not in any evil way. the ones I know are passionate about ideas and are trying to do what they feel is best (just like you would). But they just had an hour with the Governor privately, or with the Secretary of Health, or the buy ads or lobbyists. The amount of influence you have can be heady.

                      Time. Yes, you can buy time. You literally never wait for anything. Travel? you fly private. Show up at the airport, sit down in the plane and the door closes and you take off in 2 minutes, and fly directly to where you are going. The plane waits for you. If you decide you want to leave at anytime, you drive (or take a helicopter to the airport and you leave. The pilots and stewardess are your employees. They do what you tell them to do. Dinner? Your driver drops you off at the front door and waits a few blocks away for however long you need. The best table is waiting for you. The celebrity chef has prepared a meal for you (because you give him so much catering business he wants you VERY happy) and he ensures service is impeccable. Golf? Your club is so exclusive there is always a tee time and no wait. Going to the Super bowl or Grammy's? You are whisked behind velvet ropes and escorted past any/all lines to the best seats in the house.

                      Experiences. Dream of it and you can have it. Want to play tennis with Pete Sampras (not him in particular, but that type of star)? Call his people. For a donation of $100k+ to his charity, you could probably play a match with him. Like Blink182? There is a price where they would simply come play at your private party. Love art? Your people could arrange for the curator of the Louvre to show you around and even show you masterpieces that have not been exhibited in years. Love Nascar? How about racing the top driver on a closed track? Love science? Have a dinner with Bill Nye and Neil dGT. Love politics? have Hillary Clinton come speak at a dinner for you and your friends, just pay her speaking fee. Your mind is the only limit to what is available. Because donations/fees get you anyone. The same is true with stuff. You like pianos? How about owning one Mozart used to compose music on? This is the type of stuff you can do.

                      IMPACT. Your money can literally change the world and change lives. It is almost too much of a burden to think about. Clean water for a whole village forever? chump change. A dying child need a transplant? ************************...you could just build and fund a hospital and do it for a region.

                      RESPECT. The respect you get at this level is just over-the-top. You are THE MAN in almost every circle. Governors look up to you. Fortune 500 CEOs look up to you. Presidents and Kings look at you as a peer.

                      PERSPECTIVE. The wealthiest person I have spent time with makes about $400mm/year. i couldn't get my mind around that until I did this: OK--let's compare it with someone who makes $40,000/year. It is 10,000x more. Now let's look at prices the way he might. A new Lambo--$235,000 became $23.50. First class ticket internationally? $10,000 becomes $1. A full time executive level helper? $8,000/month becomes $0.80/month. A $10mm piece of art you love? $1000. Expensive, so you have to plan a bit. A suite at the best hotel in NYC $10,000/night is $1/night. A $50million home in the Hamptons? $5,000. There is literally nothing you can't buy except.

                      Love. Sorry to sound so trite, but it is nearly impossible to have a normal emotional relationship at this level. It is hard to sacrifice for another person when you are never asked to sacrifice ANYTHING. Money can solve all problems for someone, so you offer it, because there is so much else to do. Your time is SOOOO valuable that you ration it. And that makes you lose connections with people.

                      Anyway, that is a really long answer, but I have a very unique perspective because I have seen behind the curtain of the great and mighty OZ. Just wanted to share.
                      I agree with this basic characterization, but I can't help but wonder given your description of life and love above $100M if there are also hot and cold running young studs around for the ladies among this set?

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                      • #12
                        I picked >$2M, but in reality a few million would not matter at this point. Maybe with $10M I would finally chuck it all and retire, so that would at least be a lifestyle change. But whether or not it would fundamentally change my life, I'd still like to win the $500M Powerball!

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                        • #13
                          I picked $1-2 million, since that would completely throw me over the hump into super comfortable FI. At that point I’d never even consider working again.

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                          • #14
                            Originally posted by pierre View Post

                            Regarding influence and respect. Does that come from the money or from the building of an empire that produces that money?

                            I doubt Bezos child or a powerball winner command the same respect as Bezos himself.
                            Probably a little of both. Building the empire gets you influence and respect from all those you've interacted with along the way. But once you have the money, you can definitely use that money to influence and gain respect depending on the way you use it. If you ended up winning $100B from a powerball jackpot, I'm sure you can get the same influence and respect if used for altruistic purposes.

                            MPMD With respect to the original person that wrote this there's overlap for sure. Random googling says most banks start categorizing you as ultra high net worth starting at $30M. Although if you're $28M they may make an exception for whatever exclusive services they provide depending on multiple variables. At the $25M level sure you can live anywhere in the world comfortably but not anywhere. There are those mega mansions that I'm sure puts a huge dent in your net worth because of the upkeep they require.

                            Also I'm assuming point 2 is $2B? If so they did have a category for $10B+ they excluded. I definitely wouldn't categorize $2M as rich AF.

                            Larry Ragman I didn't write it, just liked the post from reddit. But yes, I'm sure there are the young studs for the females of this category or the males if they want.

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                            • #15
                              I chose the $1-2 million. Mostly because I'm still early enough in my career that I enjoy working (and would get way too bored with too much time, even if I had more money to blow). We are pretty frugal, so I can't see us spending a lot more if we got a lot more money. This amount would allow us to pay off the house, have kids' education funded. I would likely decrease amount of time working, as I wouldn't HAVE to work as much (although I don't really have to work as much as I do now, I just enjoy it). Having more disposable income each month would just allow more flexibility with what we spend on. We just don't spend a lot, so it's not like monthly outgoings would change a ton.

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