Many millionaires don't feel rich because they don't have enough passive income to cover their expenses. They're stuck on the hamster wheel. If you have $1m in

Many millionaires don't feel rich because they don't have enough passive income to cover their expenses. They're stuck on the hamster wheel. If you have $1m in liquid assets but your family's burn rate is $120k/year, then you can't stop grinding because you don't have enough runway to cover even 10 years (not even counting for unforeseen expenses such as medical, emergencies, extended family needing help). $120k/year burn rate is not uncommon in cities and is probably on the lower end of spend if you have kids in a city.