If I were Filthy Rich
By navislut+57 How much money is enough?
So I’ve been lurking for a while and I’ve read posts about people wanting to grow their already large amounts of money (hypothetically). But when is it enough?
Let’s say after taxes you end up with 20 or 30 million or whatever crazy large amount. If you don’t go crazy you can’t spend all of that before you die.
What’s the point of ‘invest the money and live off the interest’. I actually get the point of growing the money but why? You already have more than enough why not just live. Who is the money for? Your family? Why not give them a million or 2 and just enjoy it while you’re alive. Once your dead your not going to see the larger amounts.
Hopefully my question makes sense. Why grow money that you won’t see or be able to spend after you die?
Edit 1: Thank you all for the responses. I think my question was more so towards the accumulation of excess wealth (Bezos, Gates, Musk, etc). Why continue to make money when what you have is more than enough for several lifetimes?
I understand the generational wealth take that many have stated but, it could be the childless person in me, why do that if you won't know your kids kids kids kids kids and they won't know you. Sure give money to your childre, family and friends, let them grow they money for their own famly.
Edit 2: For me, if I were to win, I'd like to spend the money now (after giving some to family and friends), start/lead a foundation and help alot of people, look them in the eyes as you help them with whatever they need. And hopefully die in peace and penniless, because I used my money the way I wanted (helping others). Foundation could still continue without me if it stillhas enough money invested.
Recent responses
+50 @RashestHippo > Who is the money for? Your family? Why not give them a million or 2 and just enjoy it while you’re alive. Once your dead your not going to see the larger amounts. > Hopefully my question makes sense. Why grow money that you won’t see or be able to spend after you die? Create generational wealth. Yes, it's not without its own problems but imagine giving your kids kids kids kids the chances to have the best schools, coaching, opportunities, experiences, etc. Simply being able to go to school and not being burdened by student debt is a lottery win in itself
+22 @Isekai_litrpg $5 million just me, $25-$100 million my immediate friends and family(+10-84 people), $100-$500 million next group(+200 people), $500 Million+ buy land and start a cult/ business/ city to help others I empathize with.
+18 @Some_Development3447 I say $10m per person. Even if all you did was throw it in a bond at 2% interest that's $200k a year and if taxes are 50% that's $100k. That's enough to be comfortable and pass it to your children to do the same after you retire so it doesn't affect your pension.
+15 @Codecentral around 30 million would be enough for me & my predicament. 30 million would allow me to help my parents transition into a new home of their choosing, help out a couple close friends, give out to a couple charities, & still have enough to splurge on the things i want. i would say investing & growing the money would be good because maybe i have a family later on in life and when they grow up that’ll be already available to them to be able to support themselves with. It can be a form of passive income for you to receive without having to have a job. Finallly, i think living off of the income would do good because you are not spending your main principal therefore granting you the opportunity to not run out as fast.
+14 @SpaceNinjaDino I'd be very cool with a walk away amount. Just live my current middle class life without needing to earn anything more. To me a job is a burden while some people lose a sense of purpose without one. However if I get more than that, I can setup my family and friends. After that, then I could do charities and other noble causes.
+11 @tpat87 The thing is a lot of people don’t understand why lottery winners and professional athletes who didn’t grow up with wealth go broke. Making a large purchase for someone who’s never had the means triggers the same reaction in the brain as narcotic use. It becomes highly addicting and they spiral. It’s not a bunch of stupid winning the lottery and going broke. They know they can’t sustain the spending but they can’t stop either. With that in mind and knowing I’m incredibly pragmatic I’d say anything more than 5 million take home would be “enough” for me to safeguard from myself and live a very good quality of life off interest and investments. I don’t dream of owning a 50 foot yacht and driving a Lamborghini though. My dream is a small farm on a river somewhere nice with proximity to a decent sized city for entertainment and shopping purposes. 20 to 30 million take home as the OP suggested would be quite amazing. I’d just scale my dream to farm to include having a few more toys and accessories as well as buying my mom a house a few miles away ( no everybody loves Raymond nightmare for me ) and also expanding my philanthropy. I’d still safeguard the bulk of the money to the point where not only did me and mine have a very comfortable life living off interest/investments but I’d be intentional about growing the nest egg as well. Generational wealth > being rich