Why do you want to be superwealthy?
Real Estate Professional · Las Vegas, NV · Member since 2013 · 225 posts · 74 votes
Why do you want to be superwealthy?
Most Popular Reply
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
8yJust need to clarify that I don't desire super wealth. To me that's GC 10x type flying around in your jet working all the time.
Our goals change over time of course. First for me was content FI. I just wanted freedom. Freedom from the commute and rules, freedom to do or don't take a nap.
Then it was- what if my kids never had debt, ever (except a house maybe). What if their kids didn't either. Never a car loan, never a cc, never a student loan. What a leg up they would have. I'll be the first one ever in my family to pass something down. Legacy.
Then it was- what if my parents who were 'poor' but always provided could donate a 3rd of their estate (my share someday, maybe $75-100k) to local causes they supported for decades. My dad had tears when I told him I would like to do that. Giving.
We'll never be 'super wealthy' but will impact at least 2 subsequent generations. There's been enough sacrificing and doing without in my family tree. Time to let some younguns not have to start from scratch. I think that's my biggest why. Good discussion!
125 Replies
- Rental Property Investor · Maryville, TN · Member since 2009 · 529 posts · 414 votes8y
i think we have moved beyond the notion of wealth equal happiness, and studies show that to be true. Once you have all your basic needs accounted for, more money doesn't mean more happiness. Meaning does equal happiness, and meaning takes different forms, but usually, responsibility, status in your community, feeling needed, having meaninful interactions with people, and making a positive difference to others are things humans crave. To be fair money can facilitate some of those things, but totally not necessary to being "valued" by your community
- 8yJoe VilleneuvePro MemberPlymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
You're missing the point. There are different stages of wealth:
1 - To cover all monthly/yearly expenses that you want to cover. Also, if you didn't have to work to cover your monthly/yearly expenses, that doesn't mean you have to stop working...you'll just enjoy it even more since you don't need the income.
2 - Pick other financial goals (i.e....generations behind you, favorite cause...like Aids, Cancer Research, homeless, etc...)
3 - Legacy
- Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes8yLike others have said I don’t think it takes millions to be happy. Research shows that any amount of annual salary over around 100k doesn’t really add happiness. That being said I wouldn’t necessarily classify myself as someone who wants to be extremely wealthy, but if I ended up wealthy for me it would be about legacy and helping those around me. Pay off someone that I mentors student loans (or pay for their education), send my grandparents back to their home country one more time, give to education/engineering causes. Make sure neither my kids or grandkids ever have to worry about money. All of those are things I’d love to do, all of them would be hard to do without money and likely a lot of it.
- Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes8y
My identity is tied to daily personal growth...learning, acquiring skills. Financial security, health, good relationships (and other rewards) can be the result. And financial security provides freedom to choose what you do with your time.
- Lender · Pensacola, FL · Member since 2017 · 658 posts · 626 votes8y
When I was younger, I bought into the line that the one who dies with the most toys wins. Then I got religion. When I sold my home on the West coast and moved to where I'm living today, I used the rule that if it didn't fit in the trunk of my car, I didn't take it with me.
I have enough wealth to be able to pay my bills comfortably. But I enjoy adding to my net worth (wealth building is my profitable hobby). If I ever need the money for an unexpected event (health), I have it. If I don't need the money, my heirs will enjoy dis-saving for me.
- 8yRyan BlakePro MemberLender · TX · Member since 2018 · 936 posts · 713 votes
@Alex Silang If that is the question you are asking, I think you are missing the point. If someone's goal is to build "massive amounts of wealth" they are in for an uphill battle because that goal in neither definable nor should it be the measuring point for success.
I work in real estate because of the lifestyle it offers me and the joy I have doing it.
I believe wholeheartedly that you must do the thing you love. If you are working 6, 8, 10, even 12 hours a day to make money to do the things you love, then you have already lost.
I hope that each and every one of the BP members is here because they love what they do and they do it well. That is the way to live a fulfilled life and many times that is what will lead to success.
- Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes8y
Just need to clarify that I don't desire super wealth. To me that's GC 10x type flying around in your jet working all the time.
Our goals change over time of course. First for me was content FI. I just wanted freedom. Freedom from the commute and rules, freedom to do or don't take a nap.
Then it was- what if my kids never had debt, ever (except a house maybe). What if their kids didn't either. Never a car loan, never a cc, never a student loan. What a leg up they would have. I'll be the first one ever in my family to pass something down. Legacy.
Then it was- what if my parents who were 'poor' but always provided could donate a 3rd of their estate (my share someday, maybe $75-100k) to local causes they supported for decades. My dad had tears when I told him I would like to do that. Giving.
We'll never be 'super wealthy' but will impact at least 2 subsequent generations. There's been enough sacrificing and doing without in my family tree. Time to let some younguns not have to start from scratch. I think that's my biggest why. Good discussion!
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
I find these conversations take on a wide swatch of the US .. and what is wealthy in SF is not in Kokomo
we all have things we are frugal about or thoughts of what we need in the way of wealth to retire.
but frankly these days I don't see many people that I know ( and of course they are generally all real estate / or business owners ) they just don't retire..
My only buddies that really retire are airline pilots .. or traffic controllers.. I mean you would be bored to death if you did not do something. and there is only so much golf you can play or just sit around .
I think staying in some enterprise until you head for the pearly gates keeps you young and engaged.. I don't even think of retirement other than maybe more cool trips like whats mentioned above.. but
just like 60 is the new 40 retirement age at 85 is the new 65...
- Member since 2016 · 13k+ posts · 12k+ votes8y
Super wealthy is far too much work. My goal was to earn enough to raise my family comfortably middle class and save for retirement. My goal was 2M net worth (minimum 100K annual income) to insure a comfortable retirement. My children are now independent and financially comfortable themselves so no longer a financial consideration.
At 65 I am on already on the back side of life. As long as we can continue to afford our personal lifestyle/hobbies till we end up dead or in a home I have achieved my goals.
- Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes8y
To build off what @Steve Vaughan said about legacy building, I’m in a different situation then him (correct me if I’m wrong Steve but I think you’re older then me by a fair amount. I’m in my 20s), and so I can look back two generations before me and see how it’s progressed.
My parents, especially on my dads side are all farmers. That’s a hard, usually low profit margin business. My grandpa worked non stop 7 days a week for almost 40 years as a farmer. It’s hard for most people to conceive what milking cows in a Midwest winter is like at 3 am. Every day.
My dad left the farm at 18, having taught himself advanced math and finance and got a college degree. Then a masters and ended up very good at what he does. I went to engineering school and soon will get my own masters because of all this.
My point is priorities change. 2 generations ago it was working endlessly to survive, now I can focus on building the kind of generation changing wealth most people never get the chance to do. And if I’m successful you bet your behind I’ll let my kids know it all started with a Midwest farmer lol.
- Member since 2016 · 13k+ posts · 12k+ votes8y
Keep in mind fellow investors of the reality of legacy building. 70% of businesses fail in the second generation and only a measly 12% survive a third generation. Businesses build by first generation are the vast majority of times quickly lost after their passing.
Don't waste too much energy working for future generations, best to prioritise your own existence.
- Rental Property Investor · Cleveland, OH · Member since 2016 · 653 posts · 769 votes8y
I don't think retirement or money is really the goal for anyone at the core.
Having wealth just means money doesn't make your decisions for you and you can spend your life doing whatever you want to at that time. You might want to sit on your porch one day and drive a Ferrari the next. Just depends on the day of the week!
- 8yAlexander FelicePro MemberGuy with Great Hair · Austin, TX · Member since 2013 · 2k+ posts · 4k+ votes
I don't have kids, nor will I so there is nothing to leave behind. I pretty much have enough that I don't have to work anymore, but that's boring. in a few more years I'll be able to afford to not work full time, and still grow at a fast pace.
the end goal for me though (to use someone elses word here) is legacy.
I really would like to leave a positive impactful mark on humanity, and all the ways I want to do this are expensive.
- Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes8y
Originally posted by @Caleb Heimsoth:
To build off what @Steve Vaughan said about legacy building, I’m in a different situation then him (correct me if I’m wrong Steve but I think you’re older then me by a fair amount. I’m in my 20s), and so I can look back two generations before me and see how it’s progressed.
My parents, especially on my dads side are all farmers. That’s a hard, usually low profit margin business. My grandpa worked non stop 7 days a week for almost 40 years as a farmer. It’s hard for most people to conceive what milking cows in a Midwest winter is like at 3 am. Every day.
My dad left the farm at 18, having taught himself advanced math and finance and got a college degree. Then a masters and ended up very good at what he does. I went to engineering school and soon will get my own masters because of all this.
My point is priorities change. 2 generations ago it was working endlessly to survive, now I can focus on building the kind of generation changing wealth most people never get the chance to do. And if I’m successful you bet your behind I’ll let my kids know it all started with a Midwest farmer lol.
Excellent point, Caleb. My grandparents were in their teens when the depression hit so the definition of 'wealthy' has changed drastically and we need to remember our roots. My ancestors were farmers too like most back then.
Yes, I am 20 years older than you and 20 years younger than Thomas so the perspectives in this discussion are awesome. Where else can we get this kind of quality discussion of such an important issue? Try asking random people on the street LOL
Just wanted to add for those of us leaving value to the next generation and beyond. It is imperative that the kids learn the value of a dollar and that most dollars come from work. Leave an entitled brat money and you'll end up on reality tv.
We've spent years not being afraid of cash, discussing it, differentiating between the apt bldg contributions they provide as owners like picking up the parking lots and the labor they are compensated for when they mow the lawns or paint or shampoo carpets. We go over their UTMA mutual fund statements that are funded by their k-1 income together and have started their Roths as a tween and teen. Heck we have board meetings about major decisions and their input is valued. This pass down the torch thing done properly does not 'just happen' Cheers!
- Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes8y
@Alex Silang there is an old saying that anyone who says money doesn't buy happiness, doesn't have money. People unfortunately take the term "buying happiness" to only mean buying things. Things can increase happiness if they have utility or enjoyment value. Having a reliable car is much better than having a car that is in the shop all the time. Buying a more expensive home can often put you in a better neighborhood with less crime and neighbors that take care of their properties. Better neighborhoods often have better schools for your children. With money I can hire someone to mow my lawn or clean my home, both of which are things I am happier not doing. It also gives work to people who need money, so I am helping the economy. Money could buy a vacation home or pay for travel. Money can pay for better medical care, a personal trainer and healthier food. Money can be used to support charities, to help the less fortunate, to give back to your community. Sure without money you can donate time, but I will argue that a large monetary endowment does way more than filling soup bowls an hour a week. The wealthy are the ones that change the world, not the guy working 9-5 until he retires on social security at 65. For me the most important thing that money can buy is time. I can then spend that time with my daughter, my wife, helping others or enjoying hobbies.
All that being said, keep in mind that the homeless guy sleeping on the bench is "retired early" and could be very happy. That is because ultimately happiness comes from within. It comes from satisfaction, accomplishment and purpose. Money isn't necessary, but it opens up way more possibilities.
Beliefs about money being evil are deep seeded in our brains and reinforced daily by the media. We are conditioned to believe that wealthy people are greedy and unhappy. @Caleb Heimsoth mentioned a study showing that salaries over $100K per year don't add to happiness. Guess how much money the people conducting the studies made - probably around $100K per year.
I will just challenge anyone who is not wealthy to keep an open mind about it. It is not as bad as you may have been lead to believe.
- Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes8y@Joe Splitrock I think the findings of the studies about income (not wealth) is that there is a dollar amount where happiness peaks, and having an income higher than that doesnt increase happiness. Wealth has no correlation with happiness, otherwise every wealthy person would be happy and everyone else would not be. If I made $150k per year in passive income, I could support my family and do whatever I wanted. That is my peak happiness. If I made $500k per year, I would still do the same things, so there would be no increase in happiness. Buying things dont correlate into happiness for me, so more money doesnt make me more happy.
- Rental Property Investor · Houston, TX · Member since 2018 · 106 posts · 56 votes8y
There are numerous studies showing that annual income over 90k has the diminishing returns on happiness. However, I find myself working harder and harder to achieve one goal. Be independent and do whatever the hack I want next day.
If that means going to work 9-5, you should work hard to get to that stage. For me, my goal is not to worry about money for at least 6-10 years given that I have enough reserve to be able to live off, travel, and take care of my family.
- Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes8yTo go off what Thomas S. Said about businesses failing in the second generation that’s true. However I think you can greatly reduce this by showing your kids how it all works early on. By time my kids are old enough to understand real estate I’ll have been doing it for 20 years. When I retire for good I’ll explain to them they can either step in and continue and I’ll help for a while or if their not interested I’ll liquidate it all.
- 8yJoe VilleneuvePro MemberPlymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
Originally posted by @Steve Vaughan:
Just need to clarify that I don't desire super wealth. To me that's GC 10x type flying around in your jet working all the time.
Our goals change over time of course. First for me was content FI. I just wanted freedom. Freedom from the commute and rules, freedom to do or don't take a nap.
Then it was- what if my kids never had debt, ever (except a house maybe). What if their kids didn't either. Never a car loan, never a cc, never a student loan. What a leg up they would have. I'll be the first one ever in my family to pass something down. Legacy.
Then it was- what if my parents who were 'poor' but always provided could donate a 3rd of their estate (my share someday, maybe $75-100k) to local causes they supported for decades. My dad had tears when I told him I would like to do that. Giving.
We'll never be 'super wealthy' but will impact at least 2 subsequent generations. There's been enough sacrificing and doing without in my family tree. Time to let some younguns not have to start from scratch. I think that's my biggest why. Good discussion!
Brilliant post
- Member since 2016 · 13k+ posts · 12k+ votes8y
"or if their not interested I’ll liquidate it all."
In my case I will be liquidating all my assets within the next couple of years. At that time I may be a money partner in my children's investments. Retirement for me will be long over due. My children are building their own wealth so if they wait for me to die to inherit they will be retired themselves and definatly not interested in working to carry my business.
I believe it is a wasted goal to work to hand over a business to the next generation unless the next generation is actively involved in building the business during their prime working years. If you want to assist the next generation share your wealth while they are still young enough to benefit. When you are dead they will be too old.
- 8yJana CainPro MemberEnrolled Agent · Richmond, CA · Member since 2016 · 225 posts · 148 votes
@Alex Silang My desire for wealth is to give. Among my life goals is endowing an athletic scholarship in my father's name at my alma mater. To write a check that size while I'm still alive would be an honor. There are plenty of material things I'd happily blow scores of cash on, but to be outrageously generous tops my list.
- Rental Property Investor · Cincinnati, OH · Member since 2013 · 292 posts · 280 votes8y
Originally posted by @Joe Splitrock:
"With money I can hire someone to mow my lawn... which are things I am happier not doing."
Joe, you obviously don't own a Zero Turn. : )
DL
- Investor · The Creek, WV · Member since 2014 · 890 posts · 1k+ votes8y
I do this for my family. My girls are young right now. In a few years they will be starting school and they will only be small for so long. I want to cherish every moment. The only reason money matters to me is because it buys me time to do the things I want to do in life.
- Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes8yI’m in manufacturing as my w2 job . For me the prospect of retiring early is very appealing because I’ve spent so much of my life standing on concrete in front of machines 6 days a week . Although tedious at times , It has offered me a good honest income over the years but it is not what I’d call a rewarding career or something I’d see myself doing at 60 . I see buy and hold real estate as way to buy free time and time is a fixed amount in this life and can’t be earned or multiplied no matter who you are . Personally I’d like to earn enough to allow me to pay my expenses plus have the ability to do something meaningful that has a positive impact like donate my time to help people . I’d like to focus on doing something rewarding for the latter half of my life . I’d be able to help people and mentor youth possibly in a ministry setting . Basically I don’t want my obituary to be three sentences long saying how good I was at running machine tools . I want to build a lasting legacy and leave my family better off and have a real world impact on people
Join the conversationCreate a free account to reply, vote on answers and follow this thread.