Why do you want to be superwealthy?

Real Estate Professional · Las Vegas, NV · Member since 2013 · 225 posts · 74 votes

Just an honest question.

Besides being able to "retire early" and maybe do a couple international trips a year, why do you want to acquire a massive amount of wealth?

I used to fall into this category. But then I switched jobs and enjoyed my job a lot more (so much so that I think i'll work til 65 or whatever the retirement age will be). Also investing in real estate has made me pay attention to my budget more. I find "cutting back" on luxuries doesn't hurt me at all and it's kind of the situation where buying real estate to make me wealthy is making me realize I don't need to be wealth to be happy.

What do you think?

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Steve Vaughan

Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes

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!

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DL Martin
Rental Property Investor · Cincinnati, OH · Member since 2013 · 292 posts · 280 votes
8y
Originally posted by @Roger S.:

I don't. I don't need a massive amount of wealth to retire early or travel internationally. I can do all that on 40k a year.
Roger, I get what you are saying, but... stuff is expensive. Health insurance alone is $1,000 per month. Vehicle insurance. Life insurance. property insurance. If you don't have a large pension or large 401k to draw on, then add in long term disability insurance.
Federal, state and local taxes.
Vehicle registrations.
I don't know about that $40k annual income number...
DL
1 Reply
Anthony GaydenPro Member
Rental Property Investor · Omaha, NE · Member since 2014 · 2k+ posts · 3k+ votes
8y
There sure are a lot of people on here talking about why they don’t need to be wealthy. Let me just say right now that I do need to be wealthy and I will never be satisfied with merely having “enough”. People ask me why all the time. My response is that my goals for life are bigger than just me. They extend to my family and friends. They consist of huge things that will touch the lives of thousands. Settling for small goals will not help me.
Podcast Guest on Show #21
5 Reply
Account Closed
Student/Restaurant/Financial Planning · Ann Arbor, MI · Member since 2015 · 2 posts · 1 vote
8y
To make life easy.
0 Reply
Cameron Lange
San Diego, CA · Member since 2016 · 10 posts · 7 votes
8y
My end goal is to control how I spend my time.
1 Reply
Hutcherson Yearwood
Rental Property Investor · Lake County, IL · Member since 2016 · 34 posts · 11 votes
8y
A lot of people say that money doesn't make you happy. Do to my experiences in life, I have to disagree. Being financially broken doesn't make any happy. I am of the understanding that money is a tool to build opportunity and experiences.
3 Reply
Hutcherson Yearwood
Rental Property Investor · Lake County, IL · Member since 2016 · 34 posts · 11 votes
8y
Of the other wealthy/ rich people that I know, I've never heard them say that money doesn't make you happy.
2 Reply
Roger S.
Investor · TX · Member since 2015 · 393 posts · 290 votes
8y
@DL Martin
I hear ya, everything is expensive, but we've been planning this for a while. Our stated income will be lower than 40k due to depreciation and other write offs, so Obamacare subsidies will kick in. We paid off our vehicles and have no debt besides our rental properties. My wife has a small pension, we have a couple of hundred grand in dividend stocks, so we should be able to hit 40k a year. AND... that 40k is almost completely tax free. That's the equivalent of well over a million dollars at a 4% withdrawal rate. No state income tax in Texas, we downsized our home a few years back, we made all of the decisions with early retirement in mind.
I travelled for my job for several years, back and forth to Southeast Asia many times, so we decided to stockpile our miles for retirement. We have well over a million miles now, so we can use 150k a year for 7 years, by that time my SS will kick in. We plan to do slow travel, renting a small house or apartment for 5 to 6 weeks. It's amazingly cheap that way, the rent for a month is less than a week in a hotel.
When we decided to retire early, I started saving a large percentage of my income, so my take home for the past few years has been less than our projected income in retirement.
It finally comes down to do it or not. I'm tired of selling the remaining minutes of my life to the highest bidder. I'm just about to pull myself off the auction block and live for me.
3 Reply
Eric Kouvolo
Specialist · Bellingham, WA · Member since 2016 · 13 posts · 11 votes
8y
Money is a tool and an amplifier. I'm sure we all know a person who is a jerk. Give them more money=bigger jerk. I also know good people who are rich and make valuable contributions to their community and society.
Wealth also allows you to buy back your time. Don't want to hand wash dishes, mow your lawn or clean your house? Buy a dishwasher, hire a landscaper or housekeeper and spend more time with the people you love or doing the things you enjoy. How much is your time worth? You, me and Bill Gates all have the same 24 hours in a day. How do you choose to spend it?
Your best skills can grow exponentially when the basic necessities of life are covered and you don't trade time for money. Andrew Carnegie was considered one of the wealthiest person in history, yet he gave away 90% of his fortune. Visit a local library and there is a good chance it was somehow funded by his legacy.
This is why I want to be wealthy and help educate others how they can do the same.
4 Reply
Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
8y
How exactly, do you do a study on happiness? How do you define happiness? How can you possibly access happiness without asking the person you are labeling as happy/unhappy if they are happy? How does someone on the outside looking in, decide if another person is happy or not?
Do you ask people if they are happy, then ask them what their net worth is? Next, find out what percentage of those asked were both unhappy and had a high worth. If that "%" was over 50%, do you come to the conclusion that those with great wealth were not happy?
That's the dumbest thing I've ever heard of.
I would love to find out how any "study" was done to prove this. What were the questions asked, or what were the guidelines followed?
Who interpreted the results, and did the group that set up these "studies", have any agenda?
For instance, a series of questions could have been:
1 - Are you wealthy or do you consider yourself to be wealthy?
2 - Are you happy?
3 - Do you think if you were more wealthy, you would be happier?
4 - Do you need to be wealthy to be happy?
1 Reply
Grant Rothenburger
Investor · Taylor Mill, KY · Member since 2016 · 2k+ posts · 964 votes
8y
@Alex Silang I personally feel I can do more good with more money, that's my reason.
1 Reply
John Cicilioni
Archbald, PA · Member since 2016 · 13 posts · 5 votes
8y
I don't know how much super wealthy is... My goal was to do whatever I want whenever I want. I achieved that about 10 years ago (since I was 23) "working" 10 hours a week. Probably double that now and will have mortgages paid off in 7 years... What do we do? Travel a third of the year. Help orphans and senior citizens and people with no food. When we are home we volunteer at our church (actually my wife is still employed part time doing what she loves) and spend time with family. We just had our first born child! He's three months old. Neither of us needed to take paternity /maternity leave.... I look around at other parents "hardly Making it" having two jobs each and the kids are in daycare and I just feel like they are missing out on life.... My son just woke up at 5am....I'm posting on BP while my wife feeds him. I'll burp him in a few minutes and roll over and go back to bed for as long as I want and it won't hurt my day because the only thing on my agenda is a noon inspection. I would usually send a staff person... But I'm looking forward to shooting the breeze with the inspector... Oh and we are going to a picnic tonight... I highly recommend the movie "The Greatest Showman" it talks about the concept of life style design... Building a life you design. The last scene PT Barnum hands his hat and staff to his partner and says "I'll be watching my children grow up"... That's about where I am right now. Plus I like to buy my wife pretty things once in a while.
4 Reply
Ken NyczajPro Member
Investor · Grasonville, MD · Member since 2017 · 453 posts · 415 votes
8y
@Alex Silang The Millionaire Real Estate Investor by Gary Keller had a great excerpt about this scenario. Why does one want to be wealthy, To certain people it is less about the "me me me factor" but it's about helping those around you that can be a true driver to achieve success and find your true potential:
For me, it's about being able to take care of my family, friends, and environment. Money can do great things especially in the hands of great people. Wouldn't it be nice in times of financial distress of a loved one, you can be there to help monetarily and educationally?
Money amplifies who you are, if you're a generous, altruistic, charismatic person, think of the good you could do for your local neighborhoods and beyond.
1 Reply
Jimmy MoncriefPro Member
Chattanooga, TN · Member since 2010 · 319 posts · 100 votes
8y
A lot of great responses here!
I personally feel like you can have a greater impact with wealth.
This is why I'm teaching my kids about real estate - they are able to give more and spend more time doing whatever they want to do.
For me personally, I want to be able to give more and help others.
Podcast Guest on Show #55
2 Reply
Joe SplitrockPro Member
Moderator
Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
8y
Originally posted by @DL Martin:

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
I had a zero turn for years when I owned an acreage. I used to mow 3.5 acres of grass. When I upgraded from my Craftsman 42" to a 60" zero turn, my mowing time went from 4.5 hours to just over 2 hours. The zero turn was awesome, but ultimately I sold the acreage and the zero turn. I hear what you are saying. If you are going to do any job, having the right tools sure makes it easier.
1 Reply
Elvis Vasquez
Accountant · Miami, FL · Member since 2017 · 144 posts · 54 votes
8y
Originally posted by @Eric Kouvolo:
Money is a tool and an amplifier. I'm sure we all know a person who is a jerk. Give them more money=bigger jerk. I also know good people who are rich and make valuable contributions to their community and society.
Wealth also allows you to buy back your time. Don't want to hand wash dishes, mow your lawn or clean your house? Buy a dishwasher, hire a landscaper or housekeeper and spend more time with the people you love or doing the things you enjoy. How much is your time worth? You, me and Bill Gates all have the same 24 hours in a day. How do you choose to spend it?
Your best skills can grow exponentially when the basic necessities of life are covered and you don't trade time for money. Andrew Carnegie was considered one of the wealthiest person in history, yet he gave away 90% of his fortune. Visit a local library and there is a good chance it was somehow funded by his legacy.
This is why I want to be wealthy and help educate others how they can do the same.

Its a damn good tool. There aren't many things in this world that can buy your time.

I'd be happy having my basic living needs taken care of till I die that way I could work on my music. (even then it requires a decent amount of capital - more than likely I'll have to still work and my kids will be the next gen to be able to live off of the generational wealth that my family has suffered for).
0 Reply
James Gregg
Rental Property Investor · Kansas City, MO · Member since 2018 · 3 posts · 1 vote
8y
@Alex Silang - Great question! My wife asks me this at least weekly. For me, wealth = freedom. Wealth can create totally passive cash flow so I can spend my time as I wish. For me, that's with family, friends, and in service. If I'm working 50 hours per week I don't get to play with my kids, see my wife, or contribute to others like I could if I didn't have to work those hours.
Something no one has touched on, though, is that if you're relying on your $40k or $100k or $X in passive income for your chosen lifestyle you should probably work to get at least 1.5 or 2.0 times that much. (My goal is to make 10 times my budget). Why? Fluctuation in income and inflation. If you're investing in cash flowing real estate we all know that income ebbs and flows. I want a buffer. Also, I know real estate should appreciate over time and rents should increase over time, but I don't want to be completely reliant on that either. Am I crazy?
1 Reply
Thomas S.
Member since 2016 · 13k+ posts · 12k+ votes
8y
Level of wealth may not have a direct coloration to emotional state but for me being wealthy will always be a better choice than being poor. Those that choose to live paycheck to paycheck or live on welfare clearly have the opposite opinion.
Emotions are a state of mind not a state of wealth.
1 Reply
Jerryll Noorden
Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
8y
1. Take care of mama and papa.
2. Make sure my brother and sister are not struggling with money.
3. Eat crab legs every day.
4. Food.
5. Delicious food!
6. Build my army of robotic minions and take over this planet of the apes.
7. Eat amazing food!
8. Build a ridiculous home theatre in my bathroom, so that I can poop and enjoy lord of the rings! (the entire saga).
9. Buldt my robotic house.
10. built a Starwars Speeder Bike (I kid you not)
11. Eat Crab legs
12. I guess if there is enough money left over... grow up and be a serious adult like all of you above me... NOT!!
2 Reply
Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
8y
@Jerryll Noorden , I want a Speeder Bike!
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1 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
Originally posted by @Roger S.:

I don't. I don't need a massive amount of wealth to retire early or travel internationally. I can do all that on 40k a year.
in many areas international travel is cheaper than domestic..
Podcast Guest on Show #222
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1 Reply
Caleb Heimsoth
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
8y
Joe Villeneuve here’s a link to the study I was referring to: http://www.thisisinsider.com/how-much-money-you-need-to-be-happy-2018-2 The original paper is linked in this article. To be clear, I’m not saying being super wealthy is a bad goal or bad if you are wealthy. To me super wealthy would probably kick in at a net worth of 10M or more. If I’m remembering correctly I believe around 4-5 percent of American households are millionaires and less then 10 percent of that is above 5M so statistically you’re up there if you’re in excess of 5 or 10M. If you achieve that that’s great but for myself I don’t think I’d need anywhere near that amount to accomplish anything I could ever want. I think somewhere in the neighborhood of 3-4M would be plenty.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
Originally posted by @Joe Splitrock:

Originally posted by @DL Martin:
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
I had a zero turn for years when I owned an acreage. I used to mow 3.5 acres of grass. When I upgraded from my Craftsman 42" to a 60" zero turn, my mowing time went from 4.5 hours to just over 2 hours. The zero turn was awesome, but ultimately I sold the acreage and the zero turn. I hear what you are saying. If you are going to do any job, having the right tools sure makes it easier.
closest I came to dying on a machine that moved.. including flying my own plane.. driving my own boat.. driving cars. etc etc.
was the day I decided to mow our office lawn.. there was an old riding mower in the back .. normally we hire this stuff out of course.
but I hop on that and back yard was going good then I decide to go out front and now I am heading for the street trying to figure out how to stop the thing I end up in the middles of the street with a car 3 inchs from me that braked and skidded to a stop.. No more riding mowers for me.. :)
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
5 Reply
Jerryll Noorden
Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
8y
Originally posted by @Mindy Jensen:
@Jerryll Noorden , I want a Speeder Bike!
I am seriously designing one!!!
When I am filthy (rich) you will see me on the news hunting Ewoks with my leopard skin towel around my butt speeding on my speeder bike smacking ewoks on the back of their heads as I zoom by!
1 Reply
Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
8y
I think the question is more about what someone deems a (happy life).
The answer to the question depends on many factors with age and remaining estimated years in life being an important one.
In my 20's I thought I had all the time in the world and would figure out direction in life later. Now in 40's in age I am more focused and have a clear understanding of what makes me happy and what I want my life to be. My mom laughs at me and says wait until you get 75 years old and see how you view life and time.
I have had talks before with my estate planning attorney and we talk in generalities about money and life. He has clients with tons of money but their health may be failing. Also he has seen people work like crazy to grow a business for 30 years to sell it off and enjoy the golden years. Sadly what they thought they would enjoy is not there. The kids are grown and living their own lives with families. They resent the parent for working all the time and not spending enough time with them as children. So the elderly grand parent finds out the kids have little time for them now.
Money is great, business success and all of that but you have to be present in the moment and enjoy today. Money is just a mechanism that can help amplify your efforts in life of what you want to do to be happy. 80 plus percent of the workforce work a job for a check and not because it is their passion in life.
Out of all the deals, clients,etc. the last week one of my best memories is going to lunch with my mom. No cell phones,etc. Just her and I talking about life and enjoying the moment. I would take lot's of life memories I cherish over money any day of the week.
I enjoy and love commercial real estate. Making money is a byproduct of that but only one component among many that I enjoy about the field. If it was only money then I would not do it as the love of money does not fuel my purpose in life.
Podcast Guest on Show #47
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6 Reply
Jerryll Noorden
Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
8y
Originally posted by @Jay Hinrichs:

Originally posted by @Joe Splitrock:
Originally posted by @DL Martin:

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
I had a zero turn for years when I owned an acreage. I used to mow 3.5 acres of grass. When I upgraded from my Craftsman 42" to a 60" zero turn, my mowing time went from 4.5 hours to just over 2 hours. The zero turn was awesome, but ultimately I sold the acreage and the zero turn. I hear what you are saying. If you are going to do any job, having the right tools sure makes it easier.
closest I came to dying on a machine that moved.. including flying my own plane.. driving my own boat.. driving cars. etc etc.
was the day I decided to mow our office lawn.. there was an old riding mower in the back .. normally we hire this stuff out of course.
but I hop on that and back yard was going good then I decide to go out front and now I am heading for the street trying to figure out how to stop the thing I end up in the middles of the street with a car 3 inchs from me that braked and skidded to a stop.. No more riding mowers for me.. :)
This happened to me, but substitute lawn mower with a crazy horse. Ever been on a horse with horse shoes on asphalt? Its like Ice to them.
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