Good for you. I think there is a point of diminishing returns once you crossed about $6m - $8m net worth. I mean you could and probably had acquired most of the things you want in life. Earning and adding more money to your net worth would not give you the same quantum in terms of satisfaction and achievement.
With $6m - $8m networth, and if well invested, you could easily achieve $300k pa or more in passive income. Thus working is optional, and you choose to work only because you feel working completes you.
I am very far from reaching that stage, and not yet able to appreciate what's it like to be able to say "I will retire". Our passive income of $150k pa just about cover our annual expense. To double it to $300k pa is like having to slog another lifetime.
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Originally Posted by Unregistered
High powered couple in finance, 54 & 55 yo. Son working overseas. Living in a penthouse condo, owns two conti cars. Debt free. We plan to retire next year. Our passive income alone is now much more than our expenses.
Once we retire, we will reduce our expenses such as selling away one car. We are ok with these adjustments as we value our free time much more. We have prepared our retirement activities schedule to keep ourselves fully occupied minus the office stress and nonsense.
First, we will take a world tour over a few months, visiting countries and cities as tourists (not as corporate warriors rushing from meetings to meetings). Then we will go back and relax for a while. We will take up new hobbies and volunteer our expertise in charitable organisations. We will spend more time in our condo swimming pool and gym too.
Life is good if you are financialy independent and if you are a fun and active person. Being millionaires helps too  |