"i don't really get the impression that life is that much greater in Richistania than in upper-middle-class-stania"
Oh, life is better, that's for sure. More money means more options (but that can be bad also, more drinking and drugs). You have the LUXURY of chosing what you want to do, if you so chose to do that.
Your vacations are more interesting also.
I sat with 2 guys that were saying they couldn't retire with 5 mil at the age of 40. I have no idea what their plans were (and neither of them have 5 mil) but they must be much more elaborate than mine. I think I can live on 10k a month, after taxes, that's for sure. Let's say someone cashes out with 10 mil and does a muni bond fund at 4%, that's 400k, tax free per year. Screw inflation, that's something like 700k pre tax earning per year, I can't be that creative and blow all of that cash.
Right now, I don't own a lawnmower, a rake, a snow shovel or a vaccuum cleaner. My kids go to daycare, by our choice and they are getting a better education there than we, the untrained educators, can give them. I think we still do our own laundry and dishes. Food is brought in currently pre prepared (Jenny Craig, my wife and I were fat, but 15 lbs each less fat now. The food is good btw. Maybe we are fat because we don't do household chores). My wife works because she would be bored sitting at home all day doing nothing, although she does work from home. So, maybe you are right, all you end up with, when you get to 100 or 200 mil is more responsiblity because you have more crap and people to look after your crap. My crap is all in one or two places currently and it seems managable.
Anyway on the Richistan book, it ended up being a book about the .00000001% of the population instead of explaining "this is how a guy with 5 mil typically lives, his buying habits, house worth, brands that market to him, how much he receives from which types of investments, ect). I think there's another guy coming out with a book next year that's going to come closer to addressing that group's lifestyles. |
