Lifechanging amount of money

[Kamban]

$1billion

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.

As someone who likes to live a private life I have no wish to talk or have dinner with any senator or governor or Secretary of health. Nor to return the call of another billionaire within 60 minutes. Maybe some people like these trappings of power but not me.

[Random1]

For and extra 2 million I would probably retire, so the biggest change in my life , is that I would click on this forum from home instead of the office. I think the rest of my life would be pretty much the same.

[Tim]

For and extra 2 million I would probably retire, so the biggest change in my life , is that I would click on this forum from home instead of the office. I think the rest of my life would be pretty much the same.

I voted "no amount". Not because I am filthy rich, but from a behavioral finance standpoint it is hard to tell because this money (for most) will only change the emotions in the standard way. That is 100% better in wealth or income typically produces a feeling of security.

The net result would probably be more profound in my heirs than me. That would be my assumption for most of the members here. Sure you might spend more, but you likely won't spend much more, of course I would expect one or two extravagant purchases, but not enough to move the needle.

I set investment goals in terms of $500k and once that is hit I raise it $500k. Materiality is a concept that defines why and how certain issues are important for a company or individual. Accounting says 3%, which is not life changing but is a level of significance. I have not inclination to donate to the politicians, which is why you get their attention. As most here are concerned is how wealth impacts their kids, not themselves.

Double would be an emotionally satisfying shot of adrenaline. Might raise my kids inheritance.

[pierre]

Are all you frugal people saying that if given $10M+, you wouldn’t change yourself lifestyle?

My hypothetical self would definitely spend more money.

[VentAlarm]

I selected >2M although, in retrospect, I think 500-1M would likely do it. Initially, I thought it would need to be enough to be FI…..but we owe a little under 600k on our mortgage. I think enough cash to pay off the mortgage would be life changing, even if not FI.

[Nysoz]

As someone who likes to live a private life I have no wish to talk or have dinner with any senator or governor or Secretary of health. Nor to return the call of another billionaire within 60 minutes. Maybe some people like these trappings of power but not me.

Yeah I agree that I have no need to talk to politicians. If I ever end up with that much money, I think I’d enjoy finding the most efficient use of it to help the most people.

I’d love to provide clean water, electricity, internet to third world countries/villages. Be able to solve hunger in the us by not wasting or throwing away food.

There’s a lot of problems in the world and having an excess of money can solve a lot of them in the right hands.

[artemis]

Are all you frugal people saying that if given $10M+, you wouldn’t change yourself lifestyle?

My hypothetical self would definitely spend more money.

I'd retire, and I'd travel a bit more, but that is it. I don't want a bigger home or more material junk, so if I was given $10M+ not a lot would change in my life.

[xraygoggles]

Money doesn't change who you are - it magnifies who you really are.

I imagine most people here wouldn't go and splurge on material things if given a windfall, aside from a pied-a-terre perhaps, since most already are or will be multi-millionaires in their career at some point. If you were frugal to begin with, you would stay frugal, most likely. If you were charitable, you would give more, etc.

This is exactly why lottery winners and athletes/artists who were poor or ignorant about money eventually end up broke after earning millions. Habits die hard.

[childay]

>2M. Would have to be enough to convince me to FIRE before 40. Otherwise not going to change much of anything just would pad the taxable account a bit

[Kamban]

Are all you frugal people saying that if given $10M+, you wouldn’t change yourself lifestyle?

My hypothetical self would definitely spend more money.

Ask any of the wealthy docs here about getting an extra $10M and it will be similar answers. It won't change them fundamentally other than nicer vacations with business class and better rooms and maybe a bit more toys. But nothing earth shattering.

When one is young and gets $10M inheritance it can make them do crazy things if you have not been taught finances as a child / teenager. But as you get older and accumulate wealth you practice financial prudence that makes the wealth grow and yet cements your spending habits. When you hit a NW of $10M it creeps up upon you and you don't notice it and won't make you do wild things with that money. Adding another 10M won't change you all that much even though one thinks that there is a huge difference between $10 and 20M. You are not going to suddenly spend twice that much in a year.

Hypothetical occurs in younger age with less NW and reality occurs in older age with higher NW.

[Tim]

Are all you frugal people saying that if given $10M+, you wouldn’t change yourself lifestyle?

My hypothetical self would definitely spend more money.

Depends on where you are in life's journey. Personal capital and financial capital are a balancing act. You reach a point that life is worth more than any amount.
The reality is "You can't teach an old dog new tricks". You really have no desire to change, set in your ways. Diminishing returns. Consistency of lifestyle can and should be highly valued. Many here have said it before, absolutely zero desire to "upgrade". Why fix it if its not broke. Tons of cliches actually are smart choices. That is why many lottery winners end up broke.

Buffet does not live in Omaha because that is where his business is. It is because he wants to live there.
https://www.youtube.com/watch?v=PzFEs_9eNsU

[TheDangerZone]

I answered >2M because it would probably take 3M extra in my portfolio for me to very, very comfortably retire right now in my mid 30s.

I'd retire, and I'd travel a bit more, but that is it. I don't want a bigger home or more material junk, so if I was given $10M+ not a lot would change in my life.

But retiring is a pretty big life change, no? I don't know about you, but my entire life schedule revolves around work. If I retired, my life would be completely different.

[artemis]

But retiring is a pretty big life change, no? I don't know about you, but my entire life schedule revolves around work. If I retired, my life would be completely different.

Yes, but I am 58, not in my mid-30s as you are. So all the extra money would do is move my retirement date up by a handful of years. I COULD retire now, if I really wanted to.

[Hatton]

It would take more than 2 million to significantly change my lifestyle. If I won a ridiculously large powerball I would likely get a netjet account.

[legobikes]

I picked 500k+. I'd still probably finish up PSLF. And then I'd probably take a sabbatical and travel with family. Come back part time forever.