If you are already wealthy, what keeps you motivated?

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tomtoms
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If you are already wealthy, what keeps you motivated?

Post by tomtoms » Wed May 15, 2019 11:57 am

I am in my late 30s. Here are my stats:

- Own $2M in rental properties. Mortgage/property tax/insurance is $9,500/month. Rent is $12,500/month. Have a property manager.

- Have $500 k in stocks

- Have $450 k in cash

- Have no debt (besides my rental properties)

- Own a business/also 9-5 job = $275-300 k a year

- No kids/do not own a primary residence

I have been thinking about quitting my 9-5, M-F job (makes $140 k a year) but it is not a stressful job. I also work about 4-8 hours a week on my business.

My question is...for those who are doing well financially, what keeps you motivated? When is time more important than money?

Jack FFR1846
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Re: If you are already wealthy, what keeps you motivated?

Post by Jack FFR1846 » Wed May 15, 2019 12:05 pm

Define "wealthy".

I'd think:

On Reddit/pf, that would be $50k in assets.
MMM, probably $800k.
Bogleheads: from Dances with Wolves: "more than the stars"
Bogle: Smart Beta is stupid

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tomtoms
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Re: If you are already wealthy, what keeps you motivated?

Post by tomtoms » Wed May 15, 2019 12:08 pm

Jack FFR1846 wrote:
Wed May 15, 2019 12:05 pm
Define "wealthy".

I'd think:

On Reddit/pf, that would be $50k in assets.
MMM, probably $800k.
Bogleheads: from Dances with Wolves: "more than the stars"
More than $3M in NW

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Reb Tevye
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Re: If you are already wealthy, what keeps you motivated?

Post by Reb Tevye » Wed May 15, 2019 12:14 pm

I find myself motivated toward different things at different times.
Why those things at those times? Tradition.
"So, what would have been so terrible if I had a small fortune?"

bryanm
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Re: If you are already wealthy, what keeps you motivated?

Post by bryanm » Wed May 15, 2019 12:17 pm

Reb Tevye wrote:
Wed May 15, 2019 12:14 pm
I find myself motivated toward different things at different times.
Why those things at those times? Tradition.
Who, day and night, must scramble for a living,
Feed a wife and children, say his daily prayers?
And who has the right, as master of the house,
To have the final word at home?
The Papa, the Papa! Tradition.

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HomerJ
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Re: If you are already wealthy, what keeps you motivated?

Post by HomerJ » Wed May 15, 2019 12:20 pm

tomtoms wrote:
Wed May 15, 2019 11:57 am
I am in my late 30s. Here are my stats:

- Own $2M in rental properties. Mortgage/property tax/insurance is $9,500/month. Rent is $12,500/month. Have a property manager.
$3000 a month ($36,000 a year) is only 1.8% return on $2 million. (But you are building up equity too).

How much does the property manager cost you? Is that $3000 a month AFTER paying the property manager or BEFORE?

You say you have $2 million in rental properties. Is that $2 million in equity or $2 million in rental properties with $1 million still owed in mortgages?
- Own a business/also 9-5 job = $275-300 k a year

- No kids/do not own a primary residence

I have been thinking about quitting my 9-5, M-F job (makes $140 k a year) but it is not a stressful job. I also work about 4-8 hours a week on my business.

My question is...for those who are doing well financially, what keeps you motivated? When is time more important than money?
Seems like you can quit anytime you want if your side job is making you that much. Assuming your expenses aren't too high. And how cyclical or secure is that side business income?

It's a personal decision. Can you think of anything better to do with your time?
The J stands for Jay

KlangFool
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Re: If you are already wealthy, what keeps you motivated?

Post by KlangFool » Wed May 15, 2019 12:22 pm

OP,

I am an engineer. Money is not my main motivation in life. Solving interesting and technically challenging problems are my main motivation.

KlangFool

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SevenBridgesRoad
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Re: If you are already wealthy, what keeps you motivated?

Post by SevenBridgesRoad » Wed May 15, 2019 12:26 pm

tomtoms wrote:
Wed May 15, 2019 11:57 am

My question is...for those who are doing well financially, what keeps you motivated? When is time more important than money?
I qualify...I am doing well financially. When you ask about motivation, can you be more specific? Motivated to do what? And my answer to your second question: time is always more important than money.
Retired 2018 | Every day I choose how I spend my energy | One Vanguard TDF except for bunch of individual stocks...still recovering from my Fidelity AUM days years ago | Now sleeping well at night

mak1277
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Re: If you are already wealthy, what keeps you motivated?

Post by mak1277 » Wed May 15, 2019 12:27 pm

Based on what you describe, I think you need to evaluate the value of the 9-5 job. You likely don't need it from a financial point of view. You need to decide if it's something you want to do because of the nature of the work, or because there is significant additional growth opportunity. If I was in your shoes, I would only work a 9-5 if it provided significant value to my life, one way or another, both short- and long-term.

ohai
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Re: If you are already wealthy, what keeps you motivated?

Post by ohai » Wed May 15, 2019 12:27 pm

Is there something that you'd rather be doing than what you are currently doing? If you can't think of anything, then might as well just work.

If you had kids or planned to have kids, your picture will change and $3 million something might not be enough.

bloom2708
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Re: If you are already wealthy, what keeps you motivated?

Post by bloom2708 » Wed May 15, 2019 12:28 pm

You have 50+ years to go (hopefully, knock on wood).

What should motivate you is moving your time from the "I am doing something I don't want to do" column to the " I am doing exactly what I want to do right now" column.

Is your business the rental properties or do you have a side business that makes $150k+, a 9-5 job and the rental property business? I can't tell from the way it is worded.

Others pointed out that your return on $2 million is probably average. Maybe your goal is simplification, a more passive approach and buying back your time. I want all/most of my time to eventually be in the "I am doing exactly what I want to do right now" column. That is why we save/invest.

Stuff won't do it. Cars, nope. Bigger house, nope. Travel? Don't think so, but some travel is nice as a break and it sure helps to have time. New golf clubs? Probably not.

I know high leverage is part of the rental property business. Maybe if you get far enough ahead, you don't have to use leverage and can still do just fine.

Good luck!
"We are not here to agree with you; we are here to provoke thoughtfulness." Unknown Boglehead

Kayakr
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Re: If you are already wealthy, what keeps you motivated?

Post by Kayakr » Wed May 15, 2019 12:30 pm

Motivations:

Tactical:
- You're short of the 3M net, no?
- Ongoing passive potential income looks like 36k real estate, 30k (3%) from assets, assuming no reserve for big expenses.
- Health care, where do you get that?
- Extra income has a 100% savings rate

Psychological:
- Community, purpose, safety, distraction, schedule regularity of a job
- Earnings could go towards charity and legacy, whatever that means to you
- Alternative non-wage slave life could be really cool if you've prepared. I'd suggest check out Todd's books and podcasts on this, because he has a lot to say about what post wage job life could look like: https://financialmentor.com/about-us/pr ... eed-retire
- Maybe consider looking for a job that would be more engaging? I'd love to get control of my time back, but at least the project I lead is cool and the coworkers/boss a net positive.

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Re: If you are already wealthy, what keeps you motivated?

Post by goodenyou » Wed May 15, 2019 12:33 pm

Trying to launch my kids through college and assisting them in starting their lives. It is a tremendous cash burn right now despite what others would consider being "wealthy". I don't believe that the next level of Richistan is attainable for me (a reference to Robert Frank's book, Richistan: A Journey Through the American Wealth Boom and the Lives of the New Rich). It would require a tremendous input and risk that I'm not willing to take. I am motivated by doing something that has meaning beyond myself, continuing to build my wealth for legacy purposes and staying connected to the world with human-human interaction with my colleagues. I would like to retire in comfort that would fund my lifestyle at a SWR that is less than 3%.
"Ignorance more frequently begets confidence than does knowledge" | "The best years you have left are the ones you have right now"

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tomtoms
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Re: If you are already wealthy, what keeps you motivated?

Post by tomtoms » Wed May 15, 2019 12:34 pm

HomerJ wrote:
Wed May 15, 2019 12:20 pm
tomtoms wrote:
Wed May 15, 2019 11:57 am
I am in my late 30s. Here are my stats:

- Own $2M in rental properties. Mortgage/property tax/insurance is $9,500/month. Rent is $12,500/month. Have a property manager.
$3000 a month ($36,000 a year) is only 1.8% return on $2 million. (But you are building up equity too).

How much does the property manager cost you? Is that $3000 a month AFTER paying the property manager or BEFORE?

You say you have $2 million in rental properties. Is that $2 million in equity or $2 million in rental properties with $1 million still owed in mortgages?
- Own a business/also 9-5 job = $275-300 k a year

- No kids/do not own a primary residence

I have been thinking about quitting my 9-5, M-F job (makes $140 k a year) but it is not a stressful job. I also work about 4-8 hours a week on my business.

My question is...for those who are doing well financially, what keeps you motivated? When is time more important than money?
Seems like you can quit anytime you want if your side job is making you that much. Assuming your expenses aren't too high. And how cyclical or secure is that side business income?

It's a personal decision. Can you think of anything better to do with your time?
$2M is the price I got them for so appreciation is not included. My property manager charges $500/month for all my properties.

H-Town
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Re: If you are already wealthy, what keeps you motivated?

Post by H-Town » Wed May 15, 2019 12:39 pm

tomtoms wrote:
Wed May 15, 2019 11:57 am
My question is...for those who are doing well financially, what keeps you motivated? When is time more important than money?
I guess the answer lies within your question. If you feel like dial back the work hours for other things, why not do so? You can always come back to what you do if new things aren't as interested as they seem to be.

We are doing fine financially and on the fast track getting to be financial independence. But we're not motivated by making money. Spending time with the loved ones and going on adventures are those we enjoy doing.

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HomerJ
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Re: If you are already wealthy, what keeps you motivated?

Post by HomerJ » Wed May 15, 2019 12:41 pm

tomtoms wrote:
Wed May 15, 2019 12:34 pm
HomerJ wrote:
Wed May 15, 2019 12:20 pm
tomtoms wrote:
Wed May 15, 2019 11:57 am
I am in my late 30s. Here are my stats:

- Own $2M in rental properties. Mortgage/property tax/insurance is $9,500/month. Rent is $12,500/month. Have a property manager.
$3000 a month ($36,000 a year) is only 1.8% return on $2 million. (But you are building up equity too).

How much does the property manager cost you? Is that $3000 a month AFTER paying the property manager or BEFORE?

You say you have $2 million in rental properties. Is that $2 million in equity or $2 million in rental properties with $1 million still owed in mortgages?
- Own a business/also 9-5 job = $275-300 k a year

- No kids/do not own a primary residence

I have been thinking about quitting my 9-5, M-F job (makes $140 k a year) but it is not a stressful job. I also work about 4-8 hours a week on my business.

My question is...for those who are doing well financially, what keeps you motivated? When is time more important than money?
Seems like you can quit anytime you want if your side job is making you that much. Assuming your expenses aren't too high. And how cyclical or secure is that side business income?

It's a personal decision. Can you think of anything better to do with your time?
$2M is the price I got them for so appreciation is not included. My property manager charges $500/month for all my properties.
You mention mortgages, so the $2 million number is not clear.

Stating "I have $2 million in rental properties (with $500,000 in mortgages) is very different from "I have $2 million in rental properties (with $1.5 million in mortgages).

It probably doesn't matter to answer your question. Your income is high enough from your side business, and you're cash positive on the rentals, that yes you can quit the day job.

I'm just stating that your OP (and your answer here to my question) isn't very clear. I have NO idea how much money you actually have.
The J stands for Jay

surfstar
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Re: If you are already wealthy, what keeps you motivated?

Post by surfstar » Wed May 15, 2019 12:45 pm

We're not wealthy, and are only motivated to work just enough to become financially independent, then retire.

If we were wealthy, (lotto hits today, type windfall) we'd stop working and spend all our time doing the things we love to do on our weekends and vacations - just full time. That's the goal. I'm not going to work 60-80 hours a week for it to happen sooner, though - that also sounds horrible. Time has a high price tag.

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tomtoms
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Re: If you are already wealthy, what keeps you motivated?

Post by tomtoms » Wed May 15, 2019 12:49 pm

bloom2708 wrote:
Wed May 15, 2019 12:28 pm
Is your business the rental properties or do you have a side business that makes $150k+, a 9-5 job and the rental property business? I can't tell from the way it is worded.
My business is separate from my rental properties.

Luckywon
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Re: If you are already wealthy, what keeps you motivated?

Post by Luckywon » Wed May 15, 2019 12:52 pm

Interesting question to think about. Here are some of the reasons I have heard or seen from colleagues/friends:

-They enjoy their work or derive their self worth from their work.
-Their spouse is not on board with them retiring.
-They have no clue whether or not they could retire now.
-The concept of early retirement is foreign to them.
-They don't want to set what they consider to be a bad example for their children by retiring early.
-They fear a black swan event which will torpedo their retirement.

As an aside, based on my personal experience, the phenomenon of people continuing to work despite having the financial means to retire is the rule, not the exception. I am in a profession (medicine) where there are many high earners, and many of them also have spouses with high incomes. Yet I do not personally know a single person who actually retired early (before age 60).

KingRiggs
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Re: If you are already wealthy, what keeps you motivated?

Post by KingRiggs » Wed May 15, 2019 12:53 pm

Someone to share hopes, dreams, and struggles with is priceless at any net worth.

What you describe sounds a bit empty...

Best of fortunes in life to you.

bloom2708
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Re: If you are already wealthy, what keeps you motivated?

Post by bloom2708 » Wed May 15, 2019 12:53 pm

tomtoms wrote:
Wed May 15, 2019 12:49 pm
bloom2708 wrote:
Wed May 15, 2019 12:28 pm
Is your business the rental properties or do you have a side business that makes $150k+, a 9-5 job and the rental property business? I can't tell from the way it is worded.
My business is separate from my rental properties.
Great work. When do you sleep and eat? :wink:

I kid of course. Some work best when all available time is used and you fall into bed for 6 hours.

Thus my comments above about moving time (very precious) from one column to the other column. It might resonate with you or you might be one of those "I get bored easy". It sounds like you can make money and are entrepreneurial. You can pretty much do different things and it will work out.
"We are not here to agree with you; we are here to provoke thoughtfulness." Unknown Boglehead

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TheTimeLord
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Re: If you are already wealthy, what keeps you motivated?

Post by TheTimeLord » Wed May 15, 2019 12:59 pm

tomtoms wrote:
Wed May 15, 2019 11:57 am
My question is...for those who are doing well financially, what keeps you motivated? When is time more important than money?
I think you have 2 erroneous assumptions in your question. First, you assume money is their motivation because you assume they lose their motivation when they get money (become wealthy). Second, you assume work cannot or is not fulfilling or enjoyable and one cannot have work life balance by implying continue to work is frittering away your value time.
IMHO, Investing should be about living the life you want, not avoiding the life you fear. | Run, You Clever Boy! [9085]

trustquestioner
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Re: If you are already wealthy, what keeps you motivated?

Post by trustquestioner » Wed May 15, 2019 1:15 pm

Those are some atrocious real estate investments.

mak1277
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Re: If you are already wealthy, what keeps you motivated?

Post by mak1277 » Wed May 15, 2019 1:17 pm

TheTimeLord wrote:
Wed May 15, 2019 12:59 pm
tomtoms wrote:
Wed May 15, 2019 11:57 am
My question is...for those who are doing well financially, what keeps you motivated? When is time more important than money?
I think you have 2 erroneous assumptions in your question. First, you assume money is their motivation because you assume they lose their motivation when they get money (become wealthy). Second, you assume work cannot or is not fulfilling or enjoyable and one cannot have work life balance by implying continue to work is frittering away your value time.
They're not erroneous assumptions. In fact, both of them apply to me.

bgf
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Re: If you are already wealthy, what keeps you motivated?

Post by bgf » Wed May 15, 2019 1:20 pm

goodenyou wrote:
Wed May 15, 2019 12:33 pm
Trying to launch my kids through college and assisting them in starting their lives. It is a tremendous cash burn right now despite what others would consider being "wealthy". I don't believe that the next level of Richistan is attainable for me (a reference to Robert Frank's book, Richistan: A Journey Through the American Wealth Boom and the Lives of the New Rich). It would require a tremendous input and risk that I'm not willing to take. I am motivated by doing something that has meaning beyond myself, continuing to build my wealth for legacy purposes and staying connected to the world with human-human interaction with my colleagues. I would like to retire in comfort that would fund my lifestyle at a SWR that is less than 3%.
interesting. i'd never heard of that book so i googled it. found the NY times sunday book review which ends with "Look out the window: It’s Pooristan. Hmmm. I wonder who lives there. And will anyone be writing a book about them?"

I immediately thought of Desmond's book Evicted which came out a year or two ago.

Sounds like those two books would make an interesting couple.

One of the aspects of the human condition that never ceases to amaze me is how quickly we adapt to whatever frame of reference we are placed in. it really is an exceptional ability, to have almost no absolute psychological anchor when it comes to our situation.

sounds to me like OP needs a new challenge.
“TE OCCIDERE POSSUNT SED TE EDERE NON POSSUNT NEFAS EST"

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TheTimeLord
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Re: If you are already wealthy, what keeps you motivated?

Post by TheTimeLord » Wed May 15, 2019 1:24 pm

mak1277 wrote:
Wed May 15, 2019 1:17 pm
TheTimeLord wrote:
Wed May 15, 2019 12:59 pm
tomtoms wrote:
Wed May 15, 2019 11:57 am
My question is...for those who are doing well financially, what keeps you motivated? When is time more important than money?
I think you have 2 erroneous assumptions in your question. First, you assume money is their motivation because you assume they lose their motivation when they get money (become wealthy). Second, you assume work cannot or is not fulfilling or enjoyable and one cannot have work life balance by implying continue to work is frittering away your value time.
They're not erroneous assumptions. In fact, both of them apply to me.
So let me understand. You are wealthy, you work only to get more money, you find your job neither fulfilling or enjoyable and you feel you are frittering away the valuable time you have remaining to increase your wealth with no practical use for the additional money you will earn.
IMHO, Investing should be about living the life you want, not avoiding the life you fear. | Run, You Clever Boy! [9085]

mak1277
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Re: If you are already wealthy, what keeps you motivated?

Post by mak1277 » Wed May 15, 2019 1:27 pm

TheTimeLord wrote:
Wed May 15, 2019 1:24 pm
mak1277 wrote:
Wed May 15, 2019 1:17 pm
TheTimeLord wrote:
Wed May 15, 2019 12:59 pm
tomtoms wrote:
Wed May 15, 2019 11:57 am
My question is...for those who are doing well financially, what keeps you motivated? When is time more important than money?
I think you have 2 erroneous assumptions in your question. First, you assume money is their motivation because you assume they lose their motivation when they get money (become wealthy). Second, you assume work cannot or is not fulfilling or enjoyable and one cannot have work life balance by implying continue to work is frittering away your value time.
They're not erroneous assumptions. In fact, both of them apply to me.
So let me understand. You are wealthy, you work only to get more money, you find your job neither fulfilling or enjoyable and you feel you are frittering away the valuable time you have remaining to increase your wealth with no practical use for the additional money you will earn.
Wealthy? Yes, by some standards...I have plenty, I know that much.
Work only for money? Pretty much yes, the only reason I work is for money.
Is my job fulfilling? Not usually
Is it enjoyable? No
Is it my preferred use of time? No

I am close to unlocking some golden handcuffs, at which point I'll be leaving my job.

Edit to add: Your last comment about "no practical use for additional money" is not really the case...I don't have THAT much money that I couldn't happily increase my lifestyle by adding some more. But I wouldn't say I need it.
Last edited by mak1277 on Wed May 15, 2019 1:29 pm, edited 1 time in total.

orhkaf
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Re: If you are already wealthy, what keeps you motivated?

Post by orhkaf » Wed May 15, 2019 1:28 pm

My motivation: GREED

fullplay2024
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Re: If you are already wealthy, what keeps you motivated?

Post by fullplay2024 » Wed May 15, 2019 1:28 pm

If money is no longer a factor, you can spend more time on your hobbies or anything else that makes you happy.

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TheTimeLord
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Re: If you are already wealthy, what keeps you motivated?

Post by TheTimeLord » Wed May 15, 2019 1:35 pm

mak1277 wrote:
Wed May 15, 2019 1:27 pm
TheTimeLord wrote:
Wed May 15, 2019 1:24 pm
mak1277 wrote:
Wed May 15, 2019 1:17 pm
TheTimeLord wrote:
Wed May 15, 2019 12:59 pm
tomtoms wrote:
Wed May 15, 2019 11:57 am
My question is...for those who are doing well financially, what keeps you motivated? When is time more important than money?
I think you have 2 erroneous assumptions in your question. First, you assume money is their motivation because you assume they lose their motivation when they get money (become wealthy). Second, you assume work cannot or is not fulfilling or enjoyable and one cannot have work life balance by implying continue to work is frittering away your value time.
They're not erroneous assumptions. In fact, both of them apply to me.
So let me understand. You are wealthy, you work only to get more money, you find your job neither fulfilling or enjoyable and you feel you are frittering away the valuable time you have remaining to increase your wealth with no practical use for the additional money you will earn.
Wealthy? Yes, by some standards...I have plenty, I know that much.
Work only for money? Pretty much yes, the only reason I work is for money.
Is my job fulfilling? Not usually
Is it enjoyable? No
Is it my preferred use of time? No

I am close to unlocking some golden handcuffs, at which point I'll be leaving my job.
Actually I think you are an example of my point because from what you say you are not motivated to continue now that you have enough money. You sound like you have achieved what you wanted financially and accumulated sufficient assets so you are ready for the next phase of your life. Congratulations on your accomplishments.
IMHO, Investing should be about living the life you want, not avoiding the life you fear. | Run, You Clever Boy! [9085]

renue74
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Re: If you are already wealthy, what keeps you motivated?

Post by renue74 » Wed May 15, 2019 1:43 pm

fullplay2024 wrote:
Wed May 15, 2019 1:28 pm
If money is no longer a factor, you can spend more time on your hobbies or anything else that makes you happy.
I've read this a few times on this thread. If you don't need to work, just quit and do your hobbies. But, I suspect the OP probably doesn't have hobbies? I don't. I work 6-7 days per week. 5 days at my regular job and 1 to 2 days on the weekends working on rental property rehabs....which is sorta/kinda a hobby, but profitable one.

I think it goes back to how you define your job.

1.) If you work and it's not stressful, but it takes away your time for doing other things you want to do...and you have enough money, then step away. Take a sabbatical and then find something else to do.

2.) Go part time.

3.) Find a new job that you don't call work.

4.) Pursue your hobbies until you're tired of them. I have been known to pick up a hobby and then drop it. I think we all have.

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Mullins
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Re: If you are already wealthy, what keeps you motivated?

Post by Mullins » Wed May 15, 2019 1:46 pm

tomtoms wrote:
Wed May 15, 2019 11:57 am
When is time more important than money?
Time is actually always more important than money because time is finite, money is not. But it's not always perceived as more important by everyone.

Jack FFR1846
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Re: If you are already wealthy, what keeps you motivated?

Post by Jack FFR1846 » Wed May 15, 2019 1:49 pm

If you spend 1-2 days of a weekend doing rehab on your rentals and don't enjoy doing that (understandable), then how about selling the rentals and putting the money into index funds. The rental cash flow is transformed into gains and dividends and the only loss is that time you have to spend doing all these repairs.
Bogle: Smart Beta is stupid

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tomtoms
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Re: If you are already wealthy, what keeps you motivated?

Post by tomtoms » Wed May 15, 2019 3:01 pm

Jack FFR1846 wrote:
Wed May 15, 2019 1:49 pm
If you spend 1-2 days of a weekend doing rehab on your rentals and don't enjoy doing that (understandable), then how about selling the rentals and putting the money into index funds. The rental cash flow is transformed into gains and dividends and the only loss is that time you have to spend doing all these repairs.
Actually I like real estate. It has been fun finding that needle in the haystack property. I know the cash flow is not great but it is positive and appreciation has been good.

carmonkie
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Re: If you are already wealthy, what keeps you motivated?

Post by carmonkie » Wed May 15, 2019 3:54 pm

We are wealthy in the sense that we both are very healthy and our jobs allows us to take one or 2 vacation a year to do physical stuff like hiking or riding bicycles. Something we might not be able to do when we retire. So we do things while we can without going into debt.

At the end, all the money and apple stock Steve Jobs had accumulated could not buy him a new pancreas.

My definition of wealth and what keeps me motivated is different than yours. My day job solves very complex telecom problems and that is my motivation. We are not wealthy (dollar wise) by any means, we do well. I can't put a price on my health. I married someone that is equally concerns about staying healthy and being financial responsible so I am 2x rich I guess.. lol.

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Toons
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Re: If you are already wealthy, what keeps you motivated?

Post by Toons » Wed May 15, 2019 4:29 pm

Helping Others
:happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

Cipro
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Re: If you are already wealthy, what keeps you motivated?

Post by Cipro » Wed May 15, 2019 4:39 pm

Funny you should ask. Really spent whole life worried about money / to support me and family. Family grown up. I have enough to retire. Don’t really know (yet) what will turn out to be the ticket. Without the need to earn, things take on a different complexion.

Trader Joe
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Re: If you are already wealthy, what keeps you motivated?

Post by Trader Joe » Wed May 15, 2019 4:46 pm

Doing good work and helping others.

Quaestner
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Re: If you are already wealthy, what keeps you motivated?

Post by Quaestner » Wed May 15, 2019 5:00 pm

You seem good at many things - and making money is one of them. I get some motivation from helping others. You might be able to help lots of others by making more money?

marcopolo
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Re: If you are already wealthy, what keeps you motivated?

Post by marcopolo » Wed May 15, 2019 5:29 pm

carmonkie wrote:
Wed May 15, 2019 3:54 pm
We are wealthy in the sense that we both are very healthy and our jobs allows us to take one or 2 vacation a year to do physical stuff like hiking or riding bicycles. Something we might not be able to do when we retire. So we do things while we can without going into debt.

At the end, all the money and apple stock Steve Jobs had accumulated could not buy him a new pancreas.

My definition of wealth and what keeps me motivated is different than yours. My day job solves very complex telecom problems and that is my motivation. We are not wealthy (dollar wise) by any means, we do well. I can't put a price on my health. I married someone that is equally concerns about staying healthy and being financial responsible so I am 2x rich I guess.. lol.
The wealth did seem to get him a new liver, which extended his life a couple of years.

But, I agree with your larger point.
Once in a while you get shown the light, in the strangest of places if you look at it right.

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Kenkat
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Re: If you are already wealthy, what keeps you motivated?

Post by Kenkat » Wed May 15, 2019 5:45 pm

bryanm wrote:
Wed May 15, 2019 12:17 pm
Reb Tevye wrote:
Wed May 15, 2019 12:14 pm
I find myself motivated toward different things at different times.
Why those things at those times? Tradition.
Who, day and night, must scramble for a living,
Feed a wife and children, say his daily prayers?
And who has the right, as master of the house,
To have the final word at home?
The Papa, the Papa! Tradition.
It’s always good to work Fiddler on the Roof into the conversation.

flyingaway
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Re: If you are already wealthy, what keeps you motivated?

Post by flyingaway » Wed May 15, 2019 5:46 pm

Maybe a family and kids will keep you motivated.

bck63
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Re: If you are already wealthy, what keeps you motivated?

Post by bck63 » Wed May 15, 2019 6:00 pm

KlangFool wrote:
Wed May 15, 2019 12:22 pm
OP,

I am an engineer. Money is not my main motivation in life. Solving interesting and technically challenging problems are my main motivation.

KlangFool
Thank goodness for people like you who are motivated to solve technically challenging problems. You make the world a better place.

DonIce
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Re: If you are already wealthy, what keeps you motivated?

Post by DonIce » Wed May 15, 2019 6:07 pm

tomtoms wrote:
Wed May 15, 2019 11:57 am
If you are already wealthy, what keeps you motivated?
Becoming even more wealthy, of course. It's the American way.

Jags4186
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Re: If you are already wealthy, what keeps you motivated?

Post by Jags4186 » Wed May 15, 2019 6:10 pm

You can always have more. Some people always want more.

RadAudit
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Re: If you are already wealthy, what keeps you motivated?

Post by RadAudit » Wed May 15, 2019 6:45 pm

Money is just a way to keep score. If you want to continue to play the game, by all means please do. If you've had enough of the game, it's time to quit playing.

I'm not sure I have enough so I'm still playing the game - a little slower than in the past; but, still in the game.
FI is the best revenge. LBYM. Invest the rest. Stay the course. - PS: The cavalry isn't coming, kids. You are on your own.

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arcticpineapplecorp.
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Re: If you are already wealthy, what keeps you motivated?

Post by arcticpineapplecorp. » Wed May 15, 2019 7:08 pm

tomtoms wrote:
Wed May 15, 2019 11:57 am
I am in my late 30s. Here are my stats:

- Own $2M in rental properties. Mortgage/property tax/insurance is $9,500/month. Rent is $12,500/month. Have a property manager.

- Have $500 k in stocks

- Have $450 k in cash


- Have no debt (besides my rental properties)

- Own a business/also 9-5 job = $275-300 k a year

- No kids/do not own a primary residence

I have been thinking about quitting my 9-5, M-F job (makes $140 k a year) but it is not a stressful job. I also work about 4-8 hours a week on my business.

My question is...for those who are doing well financially, what keeps you motivated? When is time more important than money?
“A million dollars isn't cool. You know what's cool? A billion dollars.”
source: https://www.google.com/search?client=fi ... on+is+cool
"May you live as long as you want and never want as long as you live" -- Irish Blessing | "Invest we must" -- Jack Bogle

MotoTrojan
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Re: If you are already wealthy, what keeps you motivated?

Post by MotoTrojan » Wed May 15, 2019 7:14 pm

HomerJ wrote:
Wed May 15, 2019 12:20 pm
tomtoms wrote:
Wed May 15, 2019 11:57 am
I am in my late 30s. Here are my stats:

- Own $2M in rental properties. Mortgage/property tax/insurance is $9,500/month. Rent is $12,500/month. Have a property manager.
$3000 a month ($36,000 a year) is only 1.8% return on $2 million. (But you are building up equity too).

How much does the property manager cost you? Is that $3000 a month AFTER paying the property manager or BEFORE?

You say you have $2 million in rental properties. Is that $2 million in equity or $2 million in rental properties with $1 million still owed in mortgages?

Correct me if I am wrong but isn't it inappropriate to compare the $3K/month return to $2M if OP only put down say $400K to get that real-estate? I would've thought the appropriate cap-rate would be down-payment as the investment and then cash-income and principal payments as the interest calculated.

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Sandtrap
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Location: Hawaii😀 Northern AZ.😳 Retired.

Re: If you are already wealthy, what keeps you motivated?

Post by Sandtrap » Wed May 15, 2019 7:51 pm

At age 30s - 40s, etc, the Journey is just beginning, and, the motivation is the Journey itself. . . not the wealth . . . not the income . . . not the possessions. Those are just byproducts and perks.

. . .
Onward.. . .

jory1804
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Re: If you are already wealthy, what keeps you motivated?

Post by jory1804 » Wed May 15, 2019 10:02 pm

- I generally like my work, even if my job demands I work harder than would be maximally enjoyable.
- I have kids at home, so it's not like I could travel all the time if I retired.
- My parents still work. I would feel odd retiring before they did.
- I (hopefully) have many years left, during which unforeseen expenses could occur.

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