I live debt free with quite a lot of disposable income and cash.
I have nice things, but I could spend a lot more and still be fine. Priorities also change. I no longer spend hours in the gym every day 6-7 days a week. I have 2 small children and planning for their futures has become more important than buying more stuff (I still buy plenty for myself). Spending time with my children has also become very important as they are young and still think Dad is the best thing ever. I still work out and take care of my health (even more so now with 2 little ones to raise) but I don’t stress out over missing a day at the gym anymore.
This is what I was trying to get at. I think things like financial success as well as muscle gains have steeply diminishing returns once you reach a certain level.
I can’t speak much on legacy. Hard to quantify that.
With wealth, how much different would a person live if they inherited 10 million vs 100 million? At least for me, it would be about the same. I’d still train in the warehouse gym. Maybe I’d have a Corvette C8 vs a Lambo. Maybe I’d have a house with 3,000 sqft of unused space instead of 17,000 sqft of unused space. I’d have to only fly first class with no regards to ticket price instead of having my own plane. I see these things as minor details.
You probably won’t hand down 10 or 100 million. Maybe you will, but IMO, if you hand down 10 million at the cost of family time instead of 5 million, you made a mistake.
I used an analogy earlier of an overflowing plate… in another thread, I’d mentioned the phrase “the only way out is through”. I believe that my overflowing plate will spill some food, then my plate will grow.
I don’t know how I keep up either, I’m wired wrong.
I’ve felt this way a lot too. I think I latched onto this one years ago when I’d regretted what I thought was me missing my opportunity to be with my wife… long story, but life happened and here we are. I won’t let myself regret NOT doing something now though.
Yes. I even regret not being fit sooner.
Always. I think I could retire right now and still feel I had not spent enough time with family… I think everyone feels this way.
Yes, but part of why I feel compelled to do more now is to travel with family later.
At times, I find myself jealous of your log and your travels - to be totally honest. I find myself jealous of the freedoms you and your husband enjoy without kids. I also know I will regret not giving my wife at least one more child… travel can wait.
Depends. Going hourly rate for overtime right now (with school burden) is at a premium.
80 hour weeks for another 100k? no.
80 hour weeks for 500k? YES. Until I have the footing to buy a few rental properties to backfill the majority of this income.
I know it’s hypothetical, but quite seriously I would do this. Hell, the only reason I even pursued a degree was because it was more money for less work… hence why I’m chasing tech. I don’t even really like tech tbh.
It was a bit of hyperbole on my part, but I’m very much at the point of diminishing returns RE muscle gains and fat loss. Exponential growth as far as money goes though… I’d like to think I have the capabilities to manage this with more income/less bills. You need money to make money (at least REAL money).
I think a change takes place as you age/mature and transition from dragon slayer to elder warrior/teacher for lack of better terms.
When you’re younger life is all about slaying dragons- going out and going hard at lifes challenges, but as you get older and life is no longer as much about ego fulfillment it becomes about passing it on.
Doesnt mean one becomes complacent or lazy, but the focus changes.
I saw a poll where they asked people if they would rather have the highest salary at their company and be in the worst shape or be in the best shape with a decent salary (100K).
Almost everyone choose the latter. Their actions didn’t match their answers. Many were working overtime in hopes of promotions. Only a small amount dedicated much time to fitness.
To answer your poll, I would say at some point I am going to try to remain an engineer but do part time work for less money. I still want to work as it brings enjoyment (just wish for less time commitment), but I’ve been a saver and investor since starting work. I don’t see the point in gathering far more than I need.
@Andrewgen_Receptors I think you might like the blog of Mr. Money Mustache. It is pretty easy reading for a financial blog. Lots of philosophy on life and money. Changed how I think of it. It sounds like you are pretty good at handling money (with an investment house). You may get something out of the philosophy stuff though. An old work mentor introduced me to it.
I’ve endured worse when it wasn’t my choosing to do so. I chose this and it’s shit, but it’s the shit I chose. It also isn’t shit I have to deal with long-term.
Thanks for the word of caution - it will be fixed soon enough.
This I can understand from a practical stand point. I chose to spend time at gym, eat generally well, so I can be fit for life experiences. Being able to pick up heavy things or walk 15 miles at the drop of a hat is not a bad thing. I bet when you were less fit life was harder.
Agree completely. Enough time with those we love is a hard box to fill.
I have a hard time with this logic. My head goes to: “I am young and healthy now, why wait to travel? What if I can’t later in life, or I don’t live long enough to travel?” As you said, my child-free lifestyle is well suited for this. Hell, I want a dog sometimes but a furry buddy isn’t worth the loss of flexibility.
That is why my log is full to the brim of travels and experiences, and those are just the ones I care to share here.
I don’t assume that I will have time or health later. You never know when one or the other will run out.
Cognitive decline as you get older (actually increases risk of developing alzheimers disease)
Psychiatric disorders
These are only some of the long term risks associated with sleeping 4 hours per night. Sleep is very important, unfortunately it can be difficult to re-acclimate once you’ve thrown off your sleep cycle.
You should at the very least try sleep in on weekends. I take sleep very seriously… a LOT of people have fucked up sleep cycles, it’s not something that is talked about… but it’s a serious problem that can cause serious damage over time.
Guys in their 20s like you or I typically forego sleep in exchange for excess productivity. But the body needs rest to recooperate.
Get on top of this asap. Eventually it becomes difficult to get back into a normal sleep cycle. Burnout is also a possibility… burnout is a serious problem if it occurs. Can affect employment, relationships, mood etc.
I got a paper route when I was 12 and have spent the last eleven years regularly getting up at 3 or 4 AM, sometimes even earlier, with the occasional 5 AM feeling like sleeping in. (I’m 23, and still have a paper route, haha.)
When I was 20 I became a dad, so there’s also that, but the sleep schedule was pretty much set by 6 months, if not closer to 4.
I usually get more than 4 hours of sleep, but 6 usually feels like “a lot.” I think this is just reality for a lot of adults/parents, no matter how important we all know sleep is for our health. I’m not saying it’s good, or that it’s impossible for us to go to bed earlier or sleep later, but it just becomes the normal.
You’re describing pretty big differences imo. I agree with the notion of limiting returns but would set the bar much higher.
To quantify another way, assume 5% interest as a baseline for income off your principle amount.
$10mil = $500,000 per year gross, or $41,667 monthly. A very nice chunk, but could super easily be spent. It may not seem like it thinking from your current means and mindset around them, but your tastes will change with access. This is why so many lotto winners go bankrupt.
$100mil = $5,000,000 per year gross, or $416,667 monthly. A phenomenal amount of money and approaching the “hard to spend” realm, but could still be blown easier than one would think.
While I firmly believe it is important to find the balance between more and being happy with what you have, I’m aware it takes discipline to define “enough” and stick to it as a lifestyle, because there is always another level, and your opinion of it will change once access to it is available to you.
And here I would circle back to my earlier post about finding meaningful hobbies that further other areas of your life to spend your energy on once you’ve established “enough”.
