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.
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
8y
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!
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
8y
I think an understanding of the difference between being "rich", and being "wealthy", may be needed here. I see a number of posts where that difference is blurred...and there is a difference...a big one.
Rental Property Investor · San Angelo, TX · Member since 2017 · 113 posts · 60 votes
8y
Great question! It seems like everyday as I learn more and exposed to more and more I find new and better reasons.
My main and primary reason is to provide my parents the life they truly deserve. As a child your relationship with your parents is very one sided and we often don’t understand the sacrifices they have made for us, their children. Growing up I’ve learned so much more about my parents that have given such a different perspective of them and really made me appreciate them on a whole other level. I want to be wealthy to provide them the lives they only dreamed of and think can only happen if you are born rich. Then I want to provide my actual family, when I have one the same and not have them to go through the same struggles I had to as a child or my parents went through when they were children. Making every generation better than the previous.
Second to that I want to be able to help people or organizations that are true to my heart. I occasionally volunteer my time but I can only imagine what it would feel like to be able to fund a community project, pay for someone’s education, maybe a trip to see loved ones they have not seen for years, help out after a natural disaster or anything like that.
Money is not everything by any means, but we all know we need money to make things happen and to live.
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
8y
Joe Villeneuve I’m not saying I agree with the article I’m just stating that’s what it says. I personally, especially with kids would probably need 200-300k a year in household income. That’s assuming my house is paid off etc. putting kids through college isn’t cheap.
Bin Chen
To me wealth is measured in time. How long can you go without a paycheck and maintain your lifestyle?
Most in the US have like 2 week wealth, if that. Super wealthy to them would be 4 months and a lot of them look 'rich' in nice houses with nice cars and toys. Sad, really.
Rich is a measure of income, wealth a measure of time. My view anyway.
So a happy medium between lifestyle cost and passive income
Rental Property Investor · NV · Member since 2014 · 241 posts · 85 votes
8y
After a certain point the money or "wealth" doesn't really matter. It becomes all about your true happiness and experience as you go through life. Money is nothing more than options and the more of it you have the more options you have to buy, save, live, and give. For me, the money is not the goal, the freedom is.
Rental Property Investor · Torrance, CA · Member since 2016 · 724 posts · 1k+ votes
8y
Because I only have one life and I’m not going to waste it watching television. It comes down to the type A vs type B personality types. Type B’s say “life is to short so don’t work too hard. Type A’s say life is too short to NOT work hard. I definitely fall into the latter category. I don’t see life as something that I float through while trying to enjoy the ride. Life is something that I build, and create for myself. Wealth is the physical manifestation of not thinking like a victim.
My Fiancé and I get a lot of pushback from our families for working round the clock like we do. Everyone says we need to slow down and smell the roses and that success won’t bring us happiness. I’m not doing any of this because I think it will make me happy, because I know it won’t. They don’t realize we’re not pursuing happiness, we’re perusing meaning. Happiness has nothing to do with it. Happiness is just an emotion like anger, and sadness. It’s always temporary. You can’t live in a perpetual state of happiness. I know I’m happy when I’m winning. Not happy at all when i relax like everyone says I should. So I’m going to keep doing what I’m doing lol.
Joe Villeneuve I’m not saying I agree with the article I’m just stating that’s what it says. I personally, especially with kids would probably need 200-300k a year in household income. That’s assuming my house is paid off etc. putting kids through college isn’t cheap.
Bin Chen
Have a daughter in College right now myself. I know what you mean.
Rental Property Investor · Wichita, KS · Member since 2018 · 9 posts · 4 votes
8y
Yeah I agree with these guys, I’m not trying to be super wealthy, and my happiness is not defined by how much money I make. However, my happiness is defined by how much I’m providing for my kids, and having some legacy wealth to pass on to them makes me very happy.
Investor · Manteca, CA · Member since 2017 · 1k+ posts · 2k+ votes
8y
To be able to do what I want, when I want and how I want...to limit the "have to" in my life....like I HAVE to work.....I have to stay home rather than travel.... I have to miss my kids event because I have other commitments
As for kids and passing on wealth.... I love this philosophy... "provide your children with enough to do something in their lives but not enough to do nothing"...
In other words, provide them enough to do something productive in their lives..... college, buy their first house or investment, start a business etc....but don't give them so much that they can sit on the asses and live entirely off what you built and provided. You help them start but its not a free ride for the rest of their lives. I want to produce kids that become meaningful productive people in the world.....not the next Paris Hilton or Kim Kardashian.....
Lewisville, TX · Member since 2015 · 341 posts · 264 votes
8y
So that I can spend lots of time with my new wife & family & friends & most importantly go give back to different ministries & causes I’m passionate about & to leave a legacy that will live we’ll beyond me!
Also to see crypto come through during the next crisis & see biblical Austrian Economics play out & end the federal reserve & majorly failed Keynesian experiment the last many decades!
Yes I focus on looking after my family but the bigger picture is giving back.
I am setting up a Foundation where at least 70% of the proceeds from our RE investments will go towards local, national and international charities. Not just giving them the assets but assigning the passive income to be distributed to the charities. This way they tree will keep on giving.
Flipper/Rehabber · Los Angeles, CA · Member since 2009 · 1k+ posts · 732 votes
8y
Interesting thread .
Most people would love to be super wealthy even though they don’t want to admit it because they don’t want to be viewed as “greedy” .
Being a millionaire in America isn’t too rare anymore . There are now about 11 million millionaires .
Of course there is a big difference between having $1 million and say $100 million or even $10 million .
The media image of wealthy is the material things . Mansions , luxury cars and private jets or yachts .
That’s the sexy side .
But the real value is freedom and time . Being able to spend time with family and friends . Being able to take the time to travel for 3 months or a year If one wants .
I think that’s the side of wealth most people don’t get outside of places like BP
Rental Property Investor · Austin, TX · Member since 2016 · 294 posts · 104 votes
8y
I would like to be ulta rich, sure. I need money to buy myself time: cooker, housekeeper, gardener, shopper, full time nanny for kids. I also need money to live in a luxury house, pay transatlantic business class flights without feeling that I am overspending. I can do all that if I would have about 30mil, I wonder if I ever reach this goal. I will not be giving money to local communities or charities. I think it is more valuable to get involved physically helping people, than writing a check and buying this nice feeling of being "a provider".
Realtor · Panama City Beach, FL · Member since 2018 · 122 posts · 63 votes
8y
To me, gaining financial freedom and “super wealth” gives me the ability to live my life however I please, in any manner that I want. After growing up around struggles with finances, I truly realized how strongly a lack of money can completely keep people from doing what they want and love. Gaining wealth also ensures that my children will never have to know the struggles of not having money. I can help them in any way that I need, and lead them to their own financial freedom. Having that wealth also gives me the ability to bless others that aren’t as fortunate as I have been. I just see complete freedom without one of the largest stressors in this world, money.
Realtor · Panama City Beach, FL · Member since 2018 · 122 posts · 63 votes
8y
Wealth and not having to work for a paycheck also ensures that I will always be around for my family. Every baseball game, every dance recital, every anniversary.
Investor · TX · Member since 2015 · 393 posts · 290 votes
8y
I've always thought being mega rich might take some of the zest out of life. I mean if you could buy anything, go anywhere at the drop of a hat, wouldn't that take away the fun, the anticipation of the good things?
Moffat, Scotland · Member since 2018 · 7 posts · 0 votes
8y
I pretty much think you got your own question covered. You have a goal set, You a plan and you are adapting well to the current dynamic socio-economical environment. So yes! you have covered your own question pretty well.
Rental Property Investor · Haverhill, MA · Member since 2016 · 25 posts · 7 votes
8y
Wealth is all relative. You can have a plethora of friends and family and be wealthy. You can have your health and happiness and still be wealthy.
For me, it's the flexibility to contribute time and money to organizations in my community that mean a great deal. We want to have a family and feel "ok" in our finances. Gone are the days where companies take care of their employees and retirement can cover you through your final stages.
I want to work smarter, not harder. I want someone else to help me pay my bills and invest in my equity.
I can do all this through property ownership and real estate.
I have no interest in being filthy rich. I drive a small SUV, go out to eat maybe once a week. I like to have the occasional vacation. But I have the options open to me to invest heavily in myself and my family.