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There was a well written comment on Reddit a few years back about how your life changes at different levels of wealth: https://www.reddit.com/r/AskReddit/comme

There was a well written comment on Reddit a few years back about how your life changes at different levels of wealth: https://www.reddit.com/r/AskReddit/comments/2s9u0s/what_do_insanely_wealthy_people_buy_that_ordinary/cnnmca8/ https://www.reddit.com/r/AskReddit/comments/2s9u0s/what_do_i... The main gist was that in the $10-30 million range you can live a comfortable life without having to worry about finances again. In the $30-100 million range you can start doing "rich people" things like have a private jet (though this might be a stretch at the low end), have multiple residences in expensive parts around the globe, have personal staff, etc. After that level of wealth, more money doesn't really get you material things anymore, so much as influence and access to other important people.

10122018 8y ago
> in the $10-30 million range you can live a comfortable life without having to worry about finances again This statement strikes me as very disconnected from the reality that the vast majority of people on this planet live in, and honestly, a little bit irritating. I'm well aware that many here on HN would be millionaires, but as somebody who grew up in poverty and is now a full-time uni student with no savings in the bank, and no safety net, I wouldn't describe my life as comfortable, but I'm not starving or sleeping on a park bench either. My largest expenses are rent, food and medical expenses. If somebody were to give me a hundred thousand dollars to invest, I am quite certain I could live comfortably for the rest of my life. I'd never own a Ferrari, but why would I need to? In other words, I think your comment reflects the very problem that the posted article is discussing. To me, the idea of needing $10 million to be comfortable and not have to worry about finances seems absurd. Unless your idea of a comfortable life involves owning a luxury car, or renting a $2,000 a night suite. I live on what many here would consider to be an extremely low income, and the only thing I feel I'm really missing out on is desperately needed dental work, and even that would be measured in thousands of dollars, not millions. I apologise if my comment sounds harsh or impolite. It is not intended to be. I'm just amazed that anybody would think they need $10 million to be comfortable.
- MuffinFlavored 8y ago
  > I'd never own a Ferrari, but why would I need to? Because you were raised poor, you still are poor, so your views on life do not revolve around one of the finest and most exclusive automobiles money can buy. You've never been in a position to be even remotely close to owning a Ferrari, so your brain has ignored the value they offer. Yes. Driving a high speed status symbol can be rewarding. It can start conversations. It can get you access to groups of people who would never have looked at you before. Is it easy to write them all off on the premise of "if they wouldn't talk to me when I had a Honda, then they are vain and I don't want to talk to them?" Sure. But you'd be missing out on potentially meaningful connections. On top of that, hearing a visceral exhaust note while rapidly accelerating is adrenaline inducing. Does it get boring after 10,000 hours? Probably. But, what doesn't in life? The same way a trust fund child never views owning a dump or being in debt. It just isn't in your payscale/range, so why waste the brain cycles?
  - tluyben2 8y ago
    > But, what doesn't in life? Studying. I learn (not skim or read but study like I did in uni) new things all the time for the past 30 years and it does not get boring while it costs very little to do so (I do not need diplomas or certificates but I am hard on myself and I do do exams if I can find them like it is real).
  - throwaway1932 8y ago
    > Driving a high speed status symbol [...] can get you access to groups of people who would never have looked at you before I grew up in a very wealthy area and learnt to stay away from that kind of people.
    - lihaciudaniel 8y ago
      Elon Musk did it once , I guess for the lols.
- rgbrenner 8y ago
  100k * 10% = 10k/year. 10% is about the best return you can count on (very optimistically) I don't know what country you live in, but 10k in the US, even for a single person, would put you far below the poverty line. No way you could afford that dental work after you pay rent on that. And let's not even talk about all of the other huge expenses that will come up later in your life. $10m * 3% = $300k/year That's a high end salary in the US. You could cut this number in half, and that would be ok too IMO. Less than some developers make. But you can buy a reasonable house, car, etc. Not a farrari though, unless you're irresponsible. If you actually intend to live on this money forever, then the return you receive is really the maximum you can spend. And that's really not as much as you would think. Especially when you figure there will be some years where you won't earn anything (during recessions). Again, if you live in an expensive country like the US. If you live in a poor country, maybe 10K is enough. But this article and these numbers, aren't really about that situation.
sjg007 8y ago
You're fucking crazy. $1m is enough.
- dang 8y ago
  Maybe so, but please don't post unsubstantive comments here.
deleted 8y ago
[deleted]
scarface74 8y ago
And this yet another example of the HN bubble. My parents retired at 55 and 57 in a small town and have never worried about money. My dad had maybe a million in retirement as a factory worker and my mom retired with a pension as a school teacher. My mom did low pay volunteer work as a consultant for a few years after she retired, but now they are in their mid 70s and not “worried” about money between social security, a pension, and retirement savings. They don’t live an extravagant lifestyle. That being said, I understand that they are fortunate to have had a guaranteed pension and paid for health care at 55. On a more practical note, seeing that $120K a year is twice the average household income and even if you add another $25K for insurance, if you consider a return of 6% a year, most people could live comfortably with $2.5 million in investments. That would be even easier if you have a paid for house.
- EADGBE 8y ago
  This is a good example; no one has to worry about finances for the rest of their life if what they've already saved up can sustain them for the rest of their life. Just as a squirrel doesn't need be concerned with finding food again if its nestegg is properly stocked. So many people are so concerned with The Jone's and new cars and high-expense lifestyles that it requires a very different kind of number. It's a formula, and you just need to put in the numbers to find what works. For some maybe that's $200k. For others, maybe $200M. - Unfortunately, this whole thread is yet another example of the HN bubble.
  - scarface74 8y ago
    I could come up with a lifestyle where my wife and I could live off of $200k, a paid for house and social security if the social security amounts that we would be entitled to now don’t change when we are retired (inflation adjusted). It wouldn’t even be a hard life that wouldn’t allow us to have some fun, travel, etc.
- bytematic 8y ago
  That 2-3 million number is a common one I see for software engineers who aim to have that much invested by 40-50. Certainly my goal.

10122018 8y ago

> in the $10-30 million range you can live a comfortable life without having to worry about finances again This statement strikes me as very disconnected from the reality that the vast majority of people on this planet live in, and honestly, a little bit irritating. I'm well aware that many here on HN would be millionaires, but as somebody who grew up in poverty and is now a full-time uni student with no savings in the bank, and no safety net, I wouldn't describe my life as comfortable, but I'm not starving or sleeping on a park bench either. My largest expenses are rent, food and medical expenses. If somebody were to give me a hundred thousand dollars to invest, I am quite certain I could live comfortably for the rest of my life. I'd never own a Ferrari, but why would I need to? In other words, I think your comment reflects the very problem that the posted article is discussing. To me, the idea of needing $10 million to be comfortable and not have to worry about finances seems absurd. Unless your idea of a comfortable life involves owning a luxury car, or renting a $2,000 a night suite. I live on what many here would consider to be an extremely low income, and the only thing I feel I'm really missing out on is desperately needed dental work, and even that would be measured in thousands of dollars, not millions. I apologise if my comment sounds harsh or impolite. It is not intended to be. I'm just amazed that anybody would think they need $10 million to be comfortable.

MuffinFlavored 8y ago
> I'd never own a Ferrari, but why would I need to? Because you were raised poor, you still are poor, so your views on life do not revolve around one of the finest and most exclusive automobiles money can buy. You've never been in a position to be even remotely close to owning a Ferrari, so your brain has ignored the value they offer. Yes. Driving a high speed status symbol can be rewarding. It can start conversations. It can get you access to groups of people who would never have looked at you before. Is it easy to write them all off on the premise of "if they wouldn't talk to me when I had a Honda, then they are vain and I don't want to talk to them?" Sure. But you'd be missing out on potentially meaningful connections. On top of that, hearing a visceral exhaust note while rapidly accelerating is adrenaline inducing. Does it get boring after 10,000 hours? Probably. But, what doesn't in life? The same way a trust fund child never views owning a dump or being in debt. It just isn't in your payscale/range, so why waste the brain cycles?
- tluyben2 8y ago
  > But, what doesn't in life? Studying. I learn (not skim or read but study like I did in uni) new things all the time for the past 30 years and it does not get boring while it costs very little to do so (I do not need diplomas or certificates but I am hard on myself and I do do exams if I can find them like it is real).
- throwaway1932 8y ago
  > Driving a high speed status symbol [...] can get you access to groups of people who would never have looked at you before I grew up in a very wealthy area and learnt to stay away from that kind of people.
  - lihaciudaniel 8y ago
    Elon Musk did it once , I guess for the lols.
rgbrenner 8y ago
100k * 10% = 10k/year. 10% is about the best return you can count on (very optimistically) I don't know what country you live in, but 10k in the US, even for a single person, would put you far below the poverty line. No way you could afford that dental work after you pay rent on that. And let's not even talk about all of the other huge expenses that will come up later in your life. $10m * 3% = $300k/year That's a high end salary in the US. You could cut this number in half, and that would be ok too IMO. Less than some developers make. But you can buy a reasonable house, car, etc. Not a farrari though, unless you're irresponsible. If you actually intend to live on this money forever, then the return you receive is really the maximum you can spend. And that's really not as much as you would think. Especially when you figure there will be some years where you won't earn anything (during recessions). Again, if you live in an expensive country like the US. If you live in a poor country, maybe 10K is enough. But this article and these numbers, aren't really about that situation.

sjg007 8y ago

You're fucking crazy. $1m is enough.

dang 8y ago
Maybe so, but please don't post unsubstantive comments here.

deleted 8y ago

[deleted]

scarface74 8y ago

And this yet another example of the HN bubble. My parents retired at 55 and 57 in a small town and have never worried about money. My dad had maybe a million in retirement as a factory worker and my mom retired with a pension as a school teacher. My mom did low pay volunteer work as a consultant for a few years after she retired, but now they are in their mid 70s and not “worried” about money between social security, a pension, and retirement savings. They don’t live an extravagant lifestyle. That being said, I understand that they are fortunate to have had a guaranteed pension and paid for health care at 55. On a more practical note, seeing that $120K a year is twice the average household income and even if you add another $25K for insurance, if you consider a return of 6% a year, most people could live comfortably with $2.5 million in investments. That would be even easier if you have a paid for house.

EADGBE 8y ago
This is a good example; no one has to worry about finances for the rest of their life if what they've already saved up can sustain them for the rest of their life. Just as a squirrel doesn't need be concerned with finding food again if its nestegg is properly stocked. So many people are so concerned with The Jone's and new cars and high-expense lifestyles that it requires a very different kind of number. It's a formula, and you just need to put in the numbers to find what works. For some maybe that's $200k. For others, maybe $200M. - Unfortunately, this whole thread is yet another example of the HN bubble.
- scarface74 8y ago
  I could come up with a lifestyle where my wife and I could live off of $200k, a paid for house and social security if the social security amounts that we would be entitled to now don’t change when we are retired (inflation adjusted). It wouldn’t even be a hard life that wouldn’t allow us to have some fun, travel, etc.
bytematic 8y ago
That 2-3 million number is a common one I see for software engineers who aim to have that much invested by 40-50. Certainly my goal.