Retirement with $8M in investments

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White Coat Investor
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Re: Retirement with $8M in investments

Post by White Coat Investor » Fri Dec 09, 2016 3:01 pm

I just wanted to thank RAchip for engaging in this discussion. I don't know many with $30 Million and it is nice to hear what it is like and what financial issues you face. It can be tough to relate to someone who makes/has a ton more than one does, but I'm sure it's really the same thing between someone making $30K a year with $300 in the bank and the average Boglehead with a million or two and the average Boglehead and RAchip.

Mo money mo problems, right?
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

scotta2728
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Re: Retirement with $8M in investments

Post by scotta2728 » Fri Dec 09, 2016 3:52 pm

I'm glad to see that RAchip was well treated by the BH community. The last time I responded to a post asking about higher income earners and how they got there, I was immediately called out for boasting or lying with other senseless comments on "old" money people vs "new" money people.

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Re: Retirement with $8M in investments

Post by abuss368 » Mon Dec 12, 2016 10:25 pm

Seriously? I just checked and the original poster has not returned!
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sperry8
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Re: Retirement with $8M in investments

Post by sperry8 » Mon Dec 12, 2016 11:13 pm

RAchip wrote: I have seen a number of friends my age die and I certainly don't want to "waste" years working when I could be fishing. I know it sounds ridiculous but if I had a little more or was a little older I would feel safer about quitting.
I am a few years younger than you and retired 9 years ago. I have 1/5 of your NW. I totally relate to the two sentences above. I retired young with 1/5 of your NW due to the fact that I don't know how long I will live (although I hope a long time) and don't want to waste it working. That said, I was nervous retiring so early and still have some fear remaining even though my NW has grown 20% since retiring and this includes all my spending. So I suppose the fear never truly goes away.

Still I have no regrets. A friend said to me once... "why are you worrying, of all the people I know it is you who knows how to make money. So if you need more, you'll earn more". I don't know what you do, but perhaps you could retire now and if things go south you could always work again later. Or ratchet down your hours. For me, this has been my philosophy although I strongly doubt I will need to work again based on current NW vs spend. Regardless, much better than the stress I had while working.

I heard a quote yesterday... "you have more past behind you than future ahead". I filled in the word likely so as not to tempt fate. Still, it's a powerful quote to me and reminds me why I retired young. RAChip, although you have a nice family and children to support I'd guess they also want you to be happy. You likely have gained a lot of wisdom in your years, how will you apply it to this quote (and thus, your life?)

And yes everyone, we realize the OP was a troll - but the thread has a life of it's own now and is still helpful I think.

And to those that compare their NW and problems to others, you only make yourself unhappy. It affects others with more than you not in the least.
Humbling BH contest results: 2017: #516 of 647 | 2016: #121 of 610 | 2015: #18 of 552 | 2014: #225 of 503 | 2013: #383 of 433 | 2012: #366 of 410 | 2011: #113 of 369 | 2010: #53 of 282

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White Coat Investor
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Re: Retirement with $8M in investments

Post by White Coat Investor » Mon Dec 12, 2016 11:16 pm

sperry8 wrote:
RAchip wrote: I have seen a number of friends my age die and I certainly don't want to "waste" years working when I could be fishing. I know it sounds ridiculous but if I had a little more or was a little older I would feel safer about quitting.
I am a few years younger than you and retired 9 years ago. I have 1/5 of your NW. I totally relate to the two sentences above. I retired young with 1/5 of your NW due to the fact that I don't know how long I will live (although I hope a long time) and don't want to waste it working. That said, I was nervous retiring so early and still have some fear remaining even though my NW has grown 20% since retiring and this includes all my spending. So I suppose the fear never truly goes away.

Still I have no regrets. A friend said to me once... "why are you worrying, of all the people I know it is you who knows how to make money. So if you need more, you'll earn more". I don't know what you do, but perhaps you could retire now and if things go south you could always work again later. Or ratchet down your hours. For me, this has been my philosophy although I strongly doubt I will need to work again based on current NW vs spend. Regardless, much better than the stress I had while working.

I heard a quote yesterday... "you have more past behind you than future ahead". I filled in the word likely so as not to tempt fate. Still, it's a powerful quote to me and reminds me why I retired young. RAChip, although you have a nice family and children to support I'd guess they also want you to be happy. You likely have gained a lot of wisdom in your years, how will you apply it to this quote (and thus, your life?)

And yes everyone, we realize the OP was a troll - but the thread has a life of it's own now and is still helpful I think.

And to those that compare their NW and problems to others, you only make yourself unhappy. It affects others with more than you not in the least.
I'm not convinced the OP was a troll. It's entirely possible that he was made to feel unwelcome from some of the comments in the thread and figured he was looking in the wrong place for advice and so moved one.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

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Re: Retirement with $8M in investments

Post by sambb » Tue Dec 13, 2016 5:56 am

White Coat Investor wrote:
sperry8 wrote:
RAchip wrote: I have seen a number of friends my age die and I certainly don't want to "waste" years working when I could be fishing. I know it sounds ridiculous but if I had a little more or was a little older I would feel safer about quitting.
I am a few years younger than you and retired 9 years ago. I have 1/5 of your NW. I totally relate to the two sentences above. I retired young with 1/5 of your NW due to the fact that I don't know how long I will live (although I hope a long time) and don't want to waste it working. That said, I was nervous retiring so early and still have some fear remaining even though my NW has grown 20% since retiring and this includes all my spending. So I suppose the fear never truly goes away.

Still I have no regrets. A friend said to me once... "why are you worrying, of all the people I know it is you who knows how to make money. So if you need more, you'll earn more". I don't know what you do, but perhaps you could retire now and if things go south you could always work again later. Or ratchet down your hours. For me, this has been my philosophy although I strongly doubt I will need to work again based on current NW vs spend. Regardless, much better than the stress I had while working.

I heard a quote yesterday... "you have more past behind you than future ahead". I filled in the word likely so as not to tempt fate. Still, it's a powerful quote to me and reminds me why I retired young. RAChip, although you have a nice family and children to support I'd guess they also want you to be happy. You likely have gained a lot of wisdom in your years, how will you apply it to this quote (and thus, your life?)

And yes everyone, we realize the OP was a troll - but the thread has a life of it's own now and is still helpful I think.

And to those that compare their NW and problems to others, you only make yourself unhappy. It affects others with more than you not in the least.
I'm not convinced the OP was a troll. It's entirely possible that he was made to feel unwelcome from some of the comments in the thread and figured he was looking in the wrong place for advice and so moved one.
Thanks White coat, yes i am also not convinced. There is some unwelcomeness on this board for people who have more wealth.

Worldwide, an income of ~35k USD puts you in the 1%, whether you have 8 million or 50,000 income, you are in the 1%. So it is all relative.

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Re: Retirement with $8M in investments

Post by sambb » Tue Dec 13, 2016 5:57 am

deleted

pivoprussia
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Re: Retirement with $8M in investments

Post by pivoprussia » Tue Dec 13, 2016 6:47 am

Troll or not I think people should be more courteous in their responses. You have not walked in the person's shoes so you really don't know. I know I was attacked in one of my first posts by a bunch of know-it-alls who were 100% wrong. I have learned many great things from the factual posts but some here need to tone it down a bit. Jealousy is unbecoming.

Tamalak
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Re: Retirement with $8M in investments

Post by Tamalak » Tue Dec 13, 2016 11:24 am

sambb wrote:
White Coat Investor wrote:
sperry8 wrote:
RAchip wrote: I have seen a number of friends my age die and I certainly don't want to "waste" years working when I could be fishing. I know it sounds ridiculous but if I had a little more or was a little older I would feel safer about quitting.
I am a few years younger than you and retired 9 years ago. I have 1/5 of your NW. I totally relate to the two sentences above. I retired young with 1/5 of your NW due to the fact that I don't know how long I will live (although I hope a long time) and don't want to waste it working. That said, I was nervous retiring so early and still have some fear remaining even though my NW has grown 20% since retiring and this includes all my spending. So I suppose the fear never truly goes away.

Still I have no regrets. A friend said to me once... "why are you worrying, of all the people I know it is you who knows how to make money. So if you need more, you'll earn more". I don't know what you do, but perhaps you could retire now and if things go south you could always work again later. Or ratchet down your hours. For me, this has been my philosophy although I strongly doubt I will need to work again based on current NW vs spend. Regardless, much better than the stress I had while working.

I heard a quote yesterday... "you have more past behind you than future ahead". I filled in the word likely so as not to tempt fate. Still, it's a powerful quote to me and reminds me why I retired young. RAChip, although you have a nice family and children to support I'd guess they also want you to be happy. You likely have gained a lot of wisdom in your years, how will you apply it to this quote (and thus, your life?)

And yes everyone, we realize the OP was a troll - but the thread has a life of it's own now and is still helpful I think.

And to those that compare their NW and problems to others, you only make yourself unhappy. It affects others with more than you not in the least.
I'm not convinced the OP was a troll. It's entirely possible that he was made to feel unwelcome from some of the comments in the thread and figured he was looking in the wrong place for advice and so moved one.
Thanks White coat, yes i am also not convinced. There is some unwelcomeness on this board for people who have more wealth.

Worldwide, an income of ~35k USD puts you in the 1%, whether you have 8 million or 50,000 income, you are in the 1%. So it is all relative.
If you have lots of wealth and appreciate it and your question is, how do I get the most out of it, that's great.

If you have lots of wealth and you whine about not feeling wealthy, you bet I'm going to be unwelcoming. If only some divine hand could move those 14M to somewhere they'd have a chance of causing some happiness, because certain people are incapable no matter how much they've got.

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Re: Retirement with $8M in investments

Post by btenny » Tue Dec 13, 2016 2:52 pm

Sorry to be so hard RA but I think you should retire tomorrow for lots of reasons. First and most important is making time to talk to and help your parents in person. Take your parents to the beach with you. Go fishing with them. You only have a few years to do this. You will cherish this later if you take the time now.

You also know your current path is making your kids terribly spoiled and dependent on your lifestyle. Will they ever learn to be independent adults if you give them a $1M lifestyle? Will they ever move out? Are you willing to support them forever? How do they learn about living on less? On supporting themselves? Are you willing to keep working to support their spending habits when you are 70 and they are 40?

Then lastly, want about your life? Are you going to keep working forever to support all this "house and plane stuff". Do you really need a plane on call if you are retired? How are you going to use 6 houses? Two houses I get. Maybe even 3 for a while with one for your parents for a few more years. But six? Really?

Tell your maid she needs to find more work from other families. Give her 2-4 months notice she is no longer needed full time. Then sell her condo. She needs to get her own place. The other alternative is to replace the maid with a cleaning service that comes maybe once a week. This may not save a lot of $$ monthly. But you can sell that condo and invest the cash. Plus this makes your kids and family need to do some of their own cleaning and chores. This is very important for kids.

And maybe use some of this money to get a helper for your parents. I suspect your Dad needs some cleaning service and help right now to give him regular breaks from full time caretaker. I would not let the maid help them. Get someone who knows about Alzheimers and how to help families. This situation will get worse and you need outside opinions.

Lots to digest. Good Luck.

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Re: Retirement with $8M in investments

Post by btenny » Tue Dec 13, 2016 3:12 pm

RA. For more view points, I also retired at 52 for various reasons. Retiring young was one of the best decisions of my life. That was 17 years ago. I have more $$$ now than when I retired. I down sized and put my kids through college in retirement. They grew up and left home. They are good independent adults. I love them a ton. Because I had time I skied 100+ days for years as that is my passion. Things worked out great.

Good Luck.

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Re: Retirement with $8M in investments

Post by hale2 » Tue Dec 13, 2016 5:08 pm

If you have lots of wealth and you whine about not feeling wealthy, you bet I'm going to be unwelcoming. If only some divine hand could move those 14M to somewhere they'd have a chance of causing some happiness, because certain people are incapable no matter how much they've got.[/quote]

Or you could be polite and keep it to yourself. I have also noticed how on occasion people get jumped on if they say something that doesn't agree with the majority opinion here, which is a big reason I don't say much on here. Great information is on this site and many extremely helpful comments by various posters, which is why I read it almost daily, but sometimes I need to take a break after seeing some of the "less respectful" comments.

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Re: Retirement with $8M in investments

Post by Abe » Wed Dec 14, 2016 11:13 am

I don't have $14 million, but I understand how the OP feels when he says, "Living in the SF bay area in a house valued at about $4M, and all this does not make us feel wealthy with a net worth over $14M (including a rental house)." This reminds me of an essay by Robert Hastings titled "The Station". He compares our journey through life to a train ride with the station as the final destination. "The station is an illusion–it constantly outdistances us."

https://improvement101.wordpress.com/20 ... -hastings/
Slow and steady wins the race.

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Re: Retirement with $8M in investments

Post by TomatoTomahto » Wed Dec 14, 2016 12:21 pm

David Jay wrote:
tphp99 wrote:
itstoomuch wrote:
oragne lovre wrote:Has anyone noticed that the OP has not responded after 3 days?
He's been replaced by RAchip. :idea:
X10
OP needs $8M
RAchip needs $80M
It's all relative with money, isn't it?
Makes for enjoyable reading, people wanting to retire on $25K/yr vs people needing north of $1M.
Which one makes you cringe?
And I was getting ready to post a new thread with a request for a "2 years to retirement checkup". Mid-6 digit portfolio and $50,000 annual expenses. I now feel like a pauper.

(especially after the NetJets discussion, I have a pilot-friend who flies for NetJets)
We are very comfortable, and I've 99% made my peace with flying commercial.

I live in an affluent community, so I'm accustomed to not getting too big for my britches (except physically, but that's a topic for another thread). Our net worth is close to 8 digits, and some would count things that I don't and call it 8 digits. At college, one of my kids has fallen in, peripherally, with a crowd that contains many children of billionaires. He initially was dazzled by them; now he discerns which ones have made good use of their opportunities and those who have been ruined by them. He tells me, in all sincerity, that he's glad to come from our family, which he considers to fall in "the sweet spot." :beer

Still, it would be nice to fly private :D

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Re: Retirement with $8M in investments

Post by itstoomuch » Wed Dec 14, 2016 12:35 pm

^ analogy: We recently took a tour in China. Got bus to experience China's buses. America got a long ways to catchup on bus technology. The Bus, was cheap to the tour operator. Expensive for us tourists. When your time and comfort becomes more valuable than just money, then you'll change. It's just like anything else-Economics at work. :oops:
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LateStarter1975
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Re: Retirement with $8M in investments

Post by LateStarter1975 » Tue Apr 25, 2017 9:39 am

OP posted this message more than 4 months ago. It was his first post. He never replied to the 4 pages of comment that followed. Anybody find that strange?
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SQRT
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Re: Retirement with $8M in investments

Post by SQRT » Tue Apr 25, 2017 11:43 am

LateStarter1975 wrote:OP posted this message more than 4 months ago. It was his first post. He never replied to the 4 pages of comment that followed. Anybody find that strange?
Not really. He may have decided it wasn't worth the aggravation to engage here about his issue. Many UHNW individuals are more careful about disclosing their net worth here than he was, for good reason. There is tremendous wealth in the US especially in SF and NY. On the other hand he could be a troll. Regardless, he raised an issue that is worthy of discussion.

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