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!