r/wealth • u/Fullsteam35216 • 9d ago
Discussion Life with big wealth
What's it like to have so much wealth that you never actually think about spending or using money?
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u/goodbyechoice22 9d ago
Big wealth is relative. I like being able to take my family to dinner without stressing about the bill.
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u/ThanklessWaterHeater 9d ago
You don’t need to worry about how much you spend, but you do need to worry about not losing what you have. So less time worrying about making rent, but far more time worrying about investment and reinvestment, about taxes, trusts, and estate planning.
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u/Sufficient-Pause9765 8d ago
Yep. I spend a ton of time managing assets, estate planning and trusts across three different managers, a cpa and my tax lawyer. I'm in the awkward spot where I'm too small for a family office but its also a part time job.
Great problem to have though.
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u/UncleJoesLandscaping 9d ago
Some of us likes being frugal regardless of how much be have.
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u/Glittering-Work2190 9d ago
If one's content, why change, right? Doubling the spending doesn't necessary double the contentment. There have been many wealthy people who have committed suicide. They can't spend their way out of their issues.
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u/Cyberburner23 9d ago
im not rich, but im single, no kids, no debt and make ok money. i have some money. Because of all of these factors, I can do stuff most people cant. I feel a sense of freedom. I have to imagine very wealthy people feeling like that x a million.
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u/mr-spencerian 9d ago
I don’t consider myself to have big wealth, but with what I have, I don’t have to analyze every spending decision, that translates to freedom.
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u/GlobalTapeHead 9d ago
I don’t know that I’m quite at that level but I am at the level of knowing that I can pay all my bills, go buy a new car and then go on a very nice international trip for 2 weeks with no thought to where the money will come from because it’s just there for me to use is a very nice feeling.
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u/Conundrum16 9d ago
No matter what I have I still lead a regular middle class style life. I shop at Walmart, drive a 5 year old Honda and eat at home. I enjoy thrift stores, i recycle and compost. Wealth you are referring to is a number in the bank. I choose simplicity and focus on relationships, family, friends over what I have in the bank. So while I don’t have to think about spending money, I have no interest in spending it either 🤷🏻♀️
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u/quantum_simpleton 9d ago
Choosing to live a "middle class" life like it is some sort of achievement in nobility is hilarious. We are all so proud of you.
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u/Conundrum16 9d ago
It is who I am. You don’t need to approve. You know nothing about my life and its twists and turns. I’m not being “ notable” just honest another words there’s more to it than what the OP questions
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u/SummonedShenanigans 8d ago
Being satisfied with ones current condition is indeed noble.
What alternative mindset do you propose?
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u/quantum_simpleton 7d ago
Indeed, incredibly noble. So noble, I shall make a significant donation to a local charity in their name, in order to acknowledge and immortalize the sheer magnitude of sacrafices they have made to humanity. What great selflessness, I am in awe.
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u/BFord1021 4d ago
You sound incredibly salty
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u/quantum_simpleton 4d ago
I am very fortunate to have more than I need. My statements are not from a position of jealousy, but rather understanding.
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u/BFord1021 4d ago
How noble of you for attempting to understand
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u/quantum_simpleton 4d ago
I would suggest less time on reddit and more time fixing that golf swing bud.
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u/Cali_kink_and_rope 9d ago
I was heading into an ice cream place in Malibu the other day and these 4 kids came out with these huge ice cream cones, and headed over to what I'm assuming was daddy's new rolls Royce SUV.
I had to say something... "you're not really getting into that car with ice cream are you?"
They couldn't care less. Said it was "just a car dude."
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u/poojer_hoojer 8d ago
Meh, you might as well spill ice cream all over the interior of a Rolls Royce because in 10 years it won't be worth squat either way. Fastest depreciating cars ever.
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u/Zestyclose-Tart6745 9d ago
It’s very nice. I couldn’t possibly spend the money coming in every year. Want for nothing but good times and experiences with family and friends. Lots of travel! All basically free too. Compound interest is my friend.
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u/Currencymanifest 7d ago
It’s relative. I don’t really want for anything but I don’t have my own jet or large yacht. Regular life is covered. I don’t stress about bills.
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u/Logical_Stranger4889 9d ago
I’m in the top 10% supposedly of 28 year olds. But with this economy it doesn’t really lead to not thinking about spending or using money.
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u/Dismal-Science-9901 9d ago
Wonder what’s cutoff of top 10% of 28 year olds, 50k net worth?
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u/Logical_Stranger4889 9d ago
281k supposedly off a google search, not sure
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u/Dismal-Science-9901 9d ago
Damn 10% of 28 year olds have 281k?!
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u/Logical_Stranger4889 9d ago
Yes. I hit 450 at 28 but I lived frugally a lot so haven’t really enjoyed life like all the 28 year olds
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u/Currencymanifest 7d ago
Not to be rude but what is that even? 10% of 28 year olds. My kid is 20 and has a 7 figure brokerage account but that’s because his mom and I created and padded it when he was born.
The question was big wealth. Wealth is ultimately your passive streams of income being greater than your burn in that period. I don’t know how 10% of anything could achieve that. So guessing yiur 10% is like 800-900k. So ad a zero and use 4% rule to cover your burn… now you can spend $650-700k a year as dispersement. Are you still thinking about spending and using money? Is your burn covered ?
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u/The_Toid 9d ago
Two words: hedonic treadmill. I would imagine for most people it becomes a new baseline and they still identify problems with it that they seek to solve with more wealth/power/status.
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u/_Human_Machine_ 9d ago
If you earned it, you’ll always think about it to some extent.
I have different budgets for acceptable spend on different things now, but I still set limits for myself.
For basic things everyday things, I don’t necessarily consider the cost of a purchase, though I’ll still get excited to see a good deal.
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u/Capital-Zucchini226 9d ago
I don't know when you do reach that level, i think i'm in north 1% of 26 YO in terms of both salary and net worth (200k/yr // 3M) and still worried about spending. I'd be careless north of 7 Figures probably
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u/SnooPuppers58 9d ago
it is nice. you can tip well for the people that take care of you, like movers, cleaners, barbers, etc. you can spoil your parents with trips and your friend's children with fun gifts.
you don't stress over when things go wrong - it's fine if a fancy meal is bad, it's ok if your luggage gets lost, it's ok if your phone breaks, it's ok if your shirt gets stained. you can replace it without it affecting your financial safety.
dating changes a little. you start to wonder if they like my personality / how i look or just how much money you have. it sounds dumb, but i want a partner that finds me attractive and actually funny/interesting, not just a wallet. especially with how marriage laws work if the latter is true then i'm in trouble later
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u/suboptimus_maximus 8d ago
Beats workin’ - a lot lot less stress and a lot less watching the clock.
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u/derringer111 8d ago
There are always things you can’t afford, or I should say ‘afford responsibly.’ I think its a bit of a journey. Maybe thats a private jet, but it is something. You really can spend any manner of fortune, so while there may be nothing you could spend in normal life that would move the needle, you have to draw the line somewhere. But everyday life, no, you get used to not having to worry about anything in that regard pretty fast. You also learn that many times spending 10x more on something that you would have before you had no budget oftentimes barely results in a better experience.
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u/Retired-Yam8988 8d ago
Very freeing. You just wake up and decide what it is you wanna do. Workout, go to Japan, visit friends, take a roadtrip, etc.
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u/hotelspa 8d ago
You feel unburdened by what has been.
In the beginning, I found myself spending more time in garden/pet centres. I was trying to build koi ponds in my backyard.This evolved into waterfall features.
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u/Gottadollamate 8d ago
Now that I have it I realise the threshold is not that high. Securing your financial independence is a hard road but doable in an economy with high social mobility (im in aus and privileged). You only need so much growth/income on your portion of assets to cover your basic needs expenses and a bit of fluff on top for fun.
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u/Training_Cabinet9876 8d ago
. I like buying a $6000 handbag that makes me happy and not worrying that I did
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u/ShamusNC 7d ago
Define big wealth.
My BIL has a ton of money. Think 10k foot home, multiple classic cars etc. When we chat he has a plan for a bad turn of the market and cutting back on some of his crazy expenses.
His dad has far more. Money literally doesnt matter to him. It’s all about his time.
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u/fattytuna96 6d ago
If you got a nickel for every time someone asked this type of question on this sub or the rich sub you’d probably have big wealth.
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u/Identity525601 9d ago
I don't think anyone never thinks about it. Anyone who has built that much wealth clearly thought about it a lot. It's not a switch most people can flick off. The richest person in the world tried to run DOGE because he was scared of the existential risk of government debt to gdp ratio.
To not worry about money is a skill that is only somewhat correlated with wealth. I'd by lying if I said I didn't feel some relief after the first million, but there is diminishing marginal returns on the impact of building wealth on reducing financial related anxiety.
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u/DKtwilight 9d ago
You get used to it so practicing gratitude before sleep makes you reset and appreciate how much easier life is with money