At what point do you think money doesn't matter?

NullDrone

I have ambitions to own a house one day and live off a good income, but I see that being a millionaire isn't really necessary, only for financial freedom, I bet you could achieve that with less than a million though.

You could own a boat, house, have financial freedom and free time so you don't have to work any more. Other than that do you think nearly all other reasons are not really good enough to spend your life trying to get, felix denis, one of the super rich said that he's not even happy and that there are only a few good reasons to not get rich, 1 is it's pointless, he owns a lot sure, but ultimately it depends on the lifestyle you live. This is ultimately why I'd like a home abroad, because regardless of how rich you are in the UK, the lifestyle you live doesn't really change, even the rich here live boring lives IMO, if they lived in a villa in spain I would be inspired but driving around in an expensive car in the rain seems just depressing. People always say "What do you want to do?" and then we won't think of anything, things like cinema is !!!!, clubs are quite good but even then people ruin it by fighting, pubs are also boring. I am only inspired by a lifestyle where you can wake up in the morning with your sugar daddy in an exotic country.

Other than what's mentioned above, there are no good reasons to be that rich. To me it seems like a waste of life aiming to be a multimillionaire, it's just being in the rat race, I have no interest in that. I guess some may feel fulilled out of being succesful.

I am trying to set a goal for how rich I want to be, I'd say around a million is more than enough, I aim for this goal because although I can't think of what I want to buy now, I could want something later, my desires might change. I think I may just work for my whole life regardless because when people are out of work they get depressed and bored, if I could see friends all the time I wouldn't work, but they'll be stuck in the rat race.

minxy-x

To me money will always matter to an extent, in the fact I have a lot of respect for my money, when I am spending I want to get the best possible deal I can, even if I was a millionaire I believe I would be the same.

Ultimately I believe that mindset is not only what makes people millionaires but also keeps them there.

No I do not believe money makes you happy, that's your mindset again to an extent.
But if you are already happy money and the freedom this can bring is a bonus.
If you are a grumpy sod or going through tough times, the money wont make you happier but it wont add extra pressures.

How much someone wants/needs is down to the individual. No one can answer that for you.

To me its also not the money in the bank, but the success/journey/freedom etc you would have achieved to get there.

To me becoming a millionaire would be a way of getting out of the rat race.

NullDrone

minxy-x wrote: »

To me money will always matter to an extent, in the fact I have a lot of respect for my money, when I am spending I want to get the best possible deal I can, even if I was a millionaire I believe I would be the same.

Ultimately I believe that mindset is not only what makes people millionaires but also keeps them there.

No I do not believe money makes you happy, that's your mindset again to an extent.
But if you are already happy money and the freedom this can bring is a bonus.
If you are a grumpy sod or going through tough times, the money wont make you happier but it wont add extra pressures.

How much someone wants/needs is down to the individual. No one can answer that for you.

To me its also not the money in the bank, but the success/journey/freedom etc you would have achieved to get there.

To me becoming a millionaire would be a way of getting out of the rat race.

Would you agree that being richer than a millionaire doesn't make a difference? It's been studied that people become no happier over a £49K salary per year. I think it depends on the external as well as the internal, I am happy a lot of the time, but I can be easily swayed into a bad mood.

I see no reason why anyone would want to be a billionaire or whatever other than ego, they want to feel as if they're the best, but ego corrupts all in my opinion, you no longer do things or buy things for pleasure, you do it for ego, feeling as if you have to fit in is the worst feelings ever, It makes me much more happy going against things that's expected of me.

I just feel that a lot of people feel as if they have to be rich as if there bad people if they don't aim for that, I agree that you'd be better off having a significant amount of wealth like £400,000 to £1Million, but it annoys me when i have people that feel as if they have to nag that I should be doing this, you start to become over idealistic. I see it a lot, like people want more and more then it starts to take over them.

minxy-x

Nope I would not agree being richer than a millionaire does not make a difference.
It might not to you, but to others it may. Hence we are all different, have different wants and aims.
If we did not have the people wanting multi millions or billions, we would not have some of the large companies we do today.
Where are the studies you are talking about?

Why are you so interested in the subject?
I want to be a millionaire, heck I would love to be a multi millionaire.
I do not see this as following the crowd, in fact quite the opposite in many cases, especially at my age, and even more so that I am not dreaming of it via a lottery win I am making my own strides to get there.

I also think you have a media view on how people become and stay millionaires, maybe do some reading into it or look into studies
https://www.youtube.com/watch?v=F6Rr6q58ICU

I am early 30's say I live another 50 years, if I did nothing else with my money the 400k equates to 8K a year. How much do you think your 8K in 50 years will get you, the one million would be 20K.

Do you think people around you are encouraging you not to be a multi millionaire per say, but so you take more responsibility/have more energy for you life than this "I am only inspired by a lifestyle where you can wake up in the morning with your sugar daddy in an exotic country"

Planet_Switzerland

I don't think there really is a point to be honest because there is always uncertainty ahead of us.


In years to come being a millionaire won't mean so much because a million pounds will be worth far less than in todays money.


It does depend on the individual though. I do have quite a healthy bank balance which I know some people would be jealous of. The reality is though I live in London and I need more than I have to put a deposit down on a property, but admittedly I could probably buy a house in some northern towns in cash.


Also speaking of property, the flat I rent in London was sold in 2001 for £88k but Zoopla now estimates it to be worth £250k so if it carries on this way it will be worth £710k in 2029.


Maybe once the mortgage has been paid off and you're over a certain age then you could probably set a figure that will be enough to last the rest of your life but otherwise I don't think you can.

geordie_joe

NullDrone wrote: »

Would you agree that being richer than a millionaire doesn't make a difference? It's been studied that people become no happier over a £49K salary per year.

That is not a study about being rich, it's a study about working.

If you have a salary you have a job, and if you have a job you have a boss, and the higher your salary is the greater the pressure on you to produce results and earn your big salary.

Someone who earns £100K is no happier than someone who earns £49K because the extra pressure of work cancels out the extra money they earn.

That's totally different to being a millionaire and getting out of the "rat race".

NullDrone wrote: »

I see no reason why anyone would want to be a billionaire or whatever other than ego,

That's because you are only thinking of yourself. You could do a lot of good for a lot of people if you were a billionaire.

torbrex

Money will always matter but last year I reached a point where I decided that I had enough of working for the man and made plans to retire and cash in my pension pots.
Most people have been surprised that I could get by on such a small income but I have no ambitious wants or needs, the house is paid for, I have made provision for another car when the one I have gives up the ghost and I have savings that I can draw on for any emergency that crops up.

System

Is this one of those things where it only matters when you don't have enough of it?

Those who don't have to think about putting their hand in their pocket may just take it for granted that they can afford what they want, when they want it.

But for the rest of us, when every penny must be accounted for, it matters. We can't just have this or that because we fancy it.

NullDrone

I agree it's good to have money but I am unsure of exactly how much money, I've been advised to decide how much money I want to make, I am unsure of exactly how rich I want to be, I guess the best idea is to aim to be as rich as you can but not become so excessive as to bog yourself down with too much work, it's good to be rich but you won't be able to do anything with it if you are working 10-12 hours every day of the week.

I have an idea of having a house or two, and maybe a boat which I can take out on weekends, if you have just a house you may just be stuck in all the time, which is what I don't want, i see having a nice car as pointless really.

CathG78

As long as I have food in the cupboard for 3 meals a day, my essential bills are paid and the kids have no notion of going without the basics, then that's enough for me. I have no major desire to be rich, as long as I have the above and my family's health I'm happy enough.