Why I want to be rich

When I was younger, being “rich” equated to buying stuff. Now that I’m older and wiser, I still want to be rich, but for different reasons. Sure, I still want to buy things, but the things I want to buy have changed substantially.

Having just hit the $1M milestone with my husband (with almost 90% of it being my savings), I am not rich yet, but feel finally on our way. Rich, to me, is having $10M in assets. This is what I would do if I was rich:

  • own a home outright and be able to comfortably afford taxes and maintenance on investments/interest (i.e. in Bay Area a $2M home)
  • easily afford college for all kids in full and leftover $ to help them get started out (but not to the point where they become lazy)
  • pass down some wealth to my children–enough to help them but not enough so they do not know the value of a dollar
  • “treat” friends and family to meals out, buy them nice gifts, even take them on vacations and pay for the trip
  • donate to causes that matter and/or put $ into trust for later donation after it grows to more substantial amount.
  • take time off to spend with family and travel
  • afford IVF if needed to have 2nd + 3rd kid
  • pay for kid’s extracurriculars, camps, pre college programs, etc, without worrying about $
  • have enough financial stability to start my own business (or non-profit) and it not impacting long term financial goals
  • not worry about retirement or long-term care or unexpected disability
  • hire household help to cook healthy meals, clean, personal trainer, etc, esp while working
  • buy my mother a home and make sure her financial future is stable
  • help future grandkids out as needed
  • take classes in art and photography, focus some time on my hobbies and see if I can get any better at them
  • write books or at least have the time to write them

I don’t think I’ll be “rich” ever but if I do get to $10M it will be after many years of working and I’ll likely be on my deathbed! But it’s good to have goals!

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2 comments

  1. Mr. A says:

    Have you thought about calculating how much money you would really need to be able to afford everything that would make you feel rich? My quick estimate is about $6M.

    1. Joy ( User Karma: 0 ) says:

      I didn’t calculate it entirely but my semi arbitrary goal is $6M. I think $10M would be ideal but $6M feels a *little* more realistic (talking $6M of my own money not including husband’s.) I should break $1M on my own in the next year but have a long way to go to get to $6M.

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