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What kinds of life-style creeps would you have with increasing net worth

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  • What kinds of life-style creeps would you have with increasing net worth

    I'm thinking of having some life-style creeps. How would change your lifestyle once you hit different numbers: ie what would you do differently when you reach the following goals:

    0 debt, 500K net worth, 1M net worth, 3M net worth, 5M net worth, 10M net worth

     

    For me these were my previous and future changes:

    0 debt: no change

    500K net worth: bought a Tesla

    1M: hired Gardener

    3M: hire housekeeper, fly first class domestically

    5M: fly first class internationally

    10M: take month long vacations

  • #2
    I'm so far removed from anything past zero debt (NW is technically positive)...

    0 student loan debt: take required urgent care work as extra vacation time instead of extra pay. and stop picking up extra shifts

     

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    • #3
      interesting thread, these are speculative answers for the most part

      0 debt: bought a used car for myself (went from 1 to 2 car family), started doing some hobbies more aggressively

      500K net worth: no change, barely noticed it

      1M: no-questions-asked spending accounts for the wife and I to the tune of $250/mo each ear-marked for fairly frivolous stuff that we absolutely do not need

      3M: wife might cut back a bit? not sure depends on where she is in her career

      5M: suspect i would start buying new cars

      10M: probably mostly done w/ clinical medicine maybe like 3-4 ED shifts/mo? more teaching, no work at all in the fall/winter as i'd be hunting basically every day

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      • #4
        Low net worth (early years of attendinghood):

        Fly economy after seeking a really cheap fare.

        Whole family in one hotel room with kids sleeping on the floor.

        Drive Hondas and keep them until they have lots and lots of miles.

        Cut my own grass.

        Home repairs by me (and that was before you could learn to do plumbing by watching the repair on YouTube).

         

        High net worth (nearing launch velocity):

        Domestic First Class and International Lie Flat Business Class.

        ~$10k carbon fiber bicycle collection (per bicycle).

        Work less clinical hours, no more overnight call.

        Two Teslas, his and hers, but still have the original, almost 7 year old Model S (old habits die hard).

        Full-time personal assistant/household manager.

        Zero debt, no bills other than property taxes and utilities (a favorite luxury).

        Two-week vacations q2-3 months (don't like to be away longer than that, still want to return to work).

        Donate ever more to a growing list of worthwhile charities.

        Volunteer on more medical missions because the extra income won't be missed.

        Spouse in early retirement to paint, garden, sculpt, design jewelry and be creative in more ways than I can count.

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        • #5


          Full-time personal assistant/household manager.
          Click to expand...


          What would this full-time assistant do, how much would they cost?

          Comment


          • #6





            Full-time personal assistant/household manager. 
            Click to expand…


            What would this full-time assistant do, how much would they cost?
            Click to expand...


            I was just about to ask the same!

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            • #7








              Full-time personal assistant/household manager. 
              Click to expand…


              What would this full-time assistant do, how much would they cost?
              Click to expand…


              I was just about to ask the same!
              Click to expand...


              Like a secretary, but for your life.  Typically under six figures.

              Comment


              • #8











                Full-time personal assistant/household manager. 
                Click to expand…


                What would this full-time assistant do, how much would they cost?
                Click to expand…


                I was just about to ask the same!
                Click to expand…


                Like a secretary, but for your life.  Typically under six figures.
                Click to expand...


                I would rather hire a cook

                Comment


                • #9
















                  Full-time personal assistant/household manager.
                  Click to expand…


                  What would this full-time assistant do, how much would they cost?
                  Click to expand…


                  I was just about to ask the same!
                  Click to expand…


                  Like a secretary, but for your life.  Typically under six figures.
                  Click to expand…


                  I would rather hire a cook ?
                  Click to expand...


                  I hired a girl to come clean twice a month. Her care.com profile indicated she has history in the industry and would meal prep! I haven't gone there but certainly thought about it.

                   

                  Also, to answer the OP's question I don't know that I'll ever be systematic in my excesses. Maybe if I woke up one morning and suddenly had 5 children. Or any. We're coming up on a year since he finished fellowship so this might change but after chucking the 20% to retirement and paying loans I always have so much left over. There hasn't been a month I don't overpay loans or direct towards savings. I'm overpaying myself first each month so I don't think a little income creep hurts.

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                  • #10
                    Our lifestyle creeps have involved doing less of what we don't like (cleaning, mowing) and more of what I do like (golfing). Beyond that, I'm not sure what other lifestyle creeps would happen, even if we hit $5MM or $10MM. Probably flying first class, but that will be hard to get over that hump. Maybe splurging for TSA pre check.

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                    • #11




                      Our lifestyle creeps have involved doing less of what we don’t like (cleaning, mowing) and more of what I do like (golfing). Beyond that, I’m not sure what other lifestyle creeps would happen, even if we hit $5MM or $10MM. Probably flying first class, but that will be hard to get over that hump. Maybe splurging for TSA pre check.
                      Click to expand...


                      Splurging for precheck, just get the right credit card and its included. Value your time. I routinely got through check in and security at LAX in 11-14 minutes (no checked bag). Other places half that. Totally worth it.

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                      • #12







                        Our lifestyle creeps have involved doing less of what we don’t like (cleaning, mowing) and more of what I do like (golfing). Beyond that, I’m not sure what other lifestyle creeps would happen, even if we hit $5MM or $10MM. Probably flying first class, but that will be hard to get over that hump. Maybe splurging for TSA pre check.
                        Click to expand…


                        Splurging for precheck, just get the right credit card and its included. Value your time. I routinely got through check in and security at LAX in 11-14 minutes (no checked bag). Other places half that. Totally worth it.
                        Click to expand...


                        Get global entry over precheck- its only 15 dollars more, and customs is a breeze when coming back from foreign countries.  Absolutely worth the price, even at a negative net worth.

                        Comment


                        • #13
                          I think the business class international fare is the biggest lifestyle creep hurdle for me. It seems to be the greatest extravagance that I have not yet enjoyed. I almost pulled the trigger on our next, upcoming international trip, but it was three of us AND we are traveling with another family, who is flying coach. I think that spring 2021, for our 25th Anniversary vacation, I will finally do it. That one is already looking like a budget buster!

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                          • #14
                            Global entry is a no brainer if you travel internationally at all.

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                            • #15
                              Talking about precheck and global entry as “lifestyle creep” items is ridiculous. How do you want to break it down... It comes to what, $1 a month? A five year membership is 25% the cost of a single domestic flight? Regardless if you don’t do it for cost reasons and fly more than once a year you’re downright cheap and I feel bad for you.

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