What's the MAXIMUM networth you'd want to have?

Discussion in 'Financial Independence, Retire Early (FIRE)' started by spludgey, 21st Jan, 2020.

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  1. spludgey

    spludgey Well-Known Member

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    We've got a lot of threads asking what the minimum networth you'd like to have, however is there a maximum for you?

    As Robert Kiyosaki (not sure if he came up with it) says: "There are two kinds of money problems. Not enough money, and too much money."

    Now, it's obvious which one I'd prefer, but I personally do still see having too much money as an actual problem.
    So I personally don't think that I'd ever want to have a networth of over $20m. Still an awful lot of money, but less than the networth of some regular posters on here.
    I would be a bit worried that I'd lose my common touch. Not only that, but I'd definitely worry about my children doing so.
    For me, money comes with responsibility, so once I have more money than I need (or want), I'll be sure to put it to good use for others, not myself.

    Do you have a maximum?

    I didn't make this thread as a shaming thread. If you think you'd like to have $1b+, then I don't think there's anything wrong with that. It's a very individual decision.
     
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  2. Brady

    Brady Well-Known Member

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    Always used to say I never would want to win more then $1M.
    Reckon now days probably would be closer to $2-3M
    Anything over that life really starts to change.
    But not saying I don't want my networth to be that.
    Just wouldn't want to receive large lump sum that haven't earned.

    No Limit on networth if I've earned it.
     
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  3. lifecompetitor

    lifecompetitor Well-Known Member

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    Is this a trick question?

    Seriously though why would you limit yourself? If you can make more money (and enjoy making money) I say make it rain!!

    Then if you feel you have enough give it to a worthy cause and start again.
     
  4. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    If I won or made $500k, $1m, $10m, etc, apart from paying down debt, I wouldnt really change much in my life and would use it to further my charitable work
     
  5. Brady

    Brady Well-Known Member

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  6. The Y-man

    The Y-man Moderator Staff Member

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    IMHO I don't think you will - frugality (that's about seeking and enjoying value, not about being a tightwad) is insidious and you don't get cured from it easily no matter how much you have :D

    Anyway, if the $20m or $100m or whatever is tied up in properties or whatever, you don't see it (and nor will you kids) in your "daily life".

    Our lifestyle hasn't changed much over the last few decades... although our net worth has

    The Y-man
     
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  7. MWI

    MWI Well-Known Member

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    Apparently each of us has a 'net worth' thermostat (feeling comfortable to a certain sum of money) and at the beginning I was a bit like you, because of my upbringing or people I surrounded with I grew with some negative mentality towards 'huge' money.
    However over the years this has changed only because...let's say I attained $20M..., and yet I did not change that much really, only noticed some people closer to me could not afford to do similar things to what we did or did not have similar choices or couldn't see or understand. Then I came to be surrounded by those that have a mentality of $1B (seriously!) and I did few mentorship courses on that to help me. In addition I could see in real life how such people live as opposed what is written or often invented and even gossiped about them.
    You see I was told that if I don't see myself deserving it I will not attain it, as most apparently you can compare yourself to say 5 closest people around you and you will have similar aspirations. If you surround yourself with gamers or gamblers more likely your will do similar things...?
    Also some time ago I discovered that 'more money' will make 'more the person you were'. So if you were giving and generous you would be more giving and generous, so what is wrong with this? If you were bad or corrupt you would become even worse and more corrupt.
    So the amount of financial wealth should not define who you are, rather I see it for what I could do with it for the better.
    So to most posters really if you don't see yourself as deserving even if you do come into such possession you may sooner or later lose that financial wealth.... so don't limit yourself to any amount. I think there's enough abundance in this world to share and go around.
     
  8. spludgey

    spludgey Well-Known Member

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    For me, it's definitely not about thinking I don't deserve more. But I know I don't need more and I actually don't want more. With $20m, I can get everything that I'd ever want to have for me and my family, plus it would allow to help others if I chose to do so.
    While investing $1b isn't 50 times the work as it is to invest $20m, I assume it still would be more. One of the main reasons that I want money is for freedom. To me, because it's more work, $1b would provide me with less freedom than $20m would.
     
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  9. spludgey

    spludgey Well-Known Member

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    You're probably right, I'm not going to change a huge deal, but I still might a bit. For example, I'm now considering (still a pipe dream for the time being) replacing my 2002 Honda Jazz with a 2014 Mitsubishi Outlander PHEV. So I would be buying a car more than 10 times the value of my existing car! :eek:
     
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  10. Archaon

    Archaon Well-Known Member

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    Not sure, probably something like 10mil, return of 400k a year you could do a lot with.

    I've still got a long way to go till I hit 1mil at this stage, but it's on my to-do list.
     
    Last edited: 21st Jan, 2020
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  11. Morgs

    Morgs Well-Known Member Business Member

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    The only way I can see being UHNW being a problem is if the way it has been structured/created requires high levels of time and stress to maintain it. Otherwise it is just a number.

    I'll keep going and let you know once I start feeling uncomfortable... ;)
     
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  12. MWI

    MWI Well-Known Member

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    I am sorry but these are your assumptions, have you exp
    I don't really understand you...on one side you say you don't see yourself then don't want?
    All I am comparing to say is an apple tree, if it will produce 100 apples one year it may suffice for you but if it will produce 1000 apples next year you will say well I don't want it and need that much?
    I interpret differently, perhaps just my mentality/philosophy/the way of thinking, why not have 1000 and I will decide what do to with it and whom to give. Still one apple tree growing just producing more apples doesn't really mean it needs that much more work (assumptions).
    But I agree, usually those with 'huge' money have more challenges (but we may see it that way they actually don't - they see others not having may have more challenges - again different way of thinking, that's all!).
     
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  13. The Y-man

    The Y-man Moderator Staff Member

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    OMG!!! Are you a long lost relo or something?? :eek::eek::eek:

    Your Jazz is older than my Mazda 2 (bought new 2006 at $19,990) but weirdly, I am looking at replacing it with a Outlander ES ADAS ~ there's a couple of demo models below $30k (oooo.... $10k more than my 2....)

    I drove the latest model O/L a month ago in Qld as a rental - was really impressed with the space on board as well a fuel economy.

    Was tempted to get the ASX ES ADAS, but O/L just is so much bigger... the thing that gets me is that the O/L doesn't come with BSD on any model other than Exceed, but I am now trying to convince myself that with AEB and Adaptive Cruise, I can probably afford to look around without pranging into the car in front of me..... :p

    Other contenders right now are CX5 Maxx (preloved) or X-Trail ST-L (preloved)....

    Now we have successfully morphed this thread into another car thread!!! :D:D:D:D:D

    The Y-man
     
  14. The Y-man

    The Y-man Moderator Staff Member

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    I wrote in another thread, but as I gets older and richer, I:
    1. begin to realise my own mortality and the "time left"
    2. I don't want to lose the net worth I have built (so the richer I get, the more protective I am of the capital, and more risk averse I get)
    The Y-man
     
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  15. Car tart

    Car tart Well-Known Member

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    Everything is much the same including PPOR since I exceeded my wildest expectation.
    Just all toys, donations, cars , investments, have gone up proportionately and tax 100 fold.
     
  16. Beano

    Beano Well-Known Member

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    Do you think you will be able get to $1m pa this decade ?
     
  17. Sackie

    Sackie Well-Known Member Premium Member

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    I'm happy to take excess cash off your hands of you win the lotto or similar. Please keep me in mind.
     
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  18. Lacrim

    Lacrim Well-Known Member

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    I think a better heading for this thread would be 'what's the minimum net worth you'd like to have'....or 'what's your net worth' lol.
     
  19. Archaon

    Archaon Well-Known Member

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    Not PA, 1mit net worth, and yes, hoping to this decade.
     
  20. Big A

    Big A Well-Known Member

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    Mmm how much? Who’s on top of the Rich list these days? Is it that Bezo guy with $100 billion?

    So $101 billion it is. That’s my number. :D
     
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