Lately I've been reading some articles on becoming a millionaire. Additionally, I've also read many books in the past that address characteristics of millionaires and how to become a millionaire. But very few discuss the post end of becoming a millionaire. Now that you've got a million dollars in the back, then what now? For me in order to retire I'll probably need closer to two million to retire but my hope will be to be able to do these things in retirement.
- Spend time with family
- Run
- Read more
- Blog more
- Golf
- Buy a house on a lake or golf course
- Wake up early to watch the sun come up over the lake while sipping my coffee and reading a book
- Help maintain running trails
- Get more involved and volunteer for our church
- Let mom take a break more while I watch the kids
- Help dad at the farm
These are just a few of the ideas I had to do in retirement. What are a few of yours? I'd love to hear any of your ideas.
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You're a millionaire - now what?
May 13th, 2008 at 01:33 pm
May 13th, 2008 at 01:46 pm
As for what I want to do in retirement:
Travel, travel and travel some more. I want to be able to go away for more than a week at a time. I want to rent/buy an RV and roam the country.
Do more cooking and enjoy good home-cooked meals regularly.
Take advantage of casino comp offers for free nights and various promotions that we can't attend now due to work.
Get more involved in our temple leadership.
Have time to work around the house and do projects that get ignored and postponed now.
Sell on ebay or whatever the equivalent is in 20 years.
May 13th, 2008 at 02:24 pm
In fact, I'd still be working... probably at the same job as I am now if circumstances allow.
Of course, there WOULD be some differences, because having a million would have place me at a different point in my investment road-map than where I am now. So, that part would be different.
But I think people who think they can just kick back and retire in style, especially for just crossing some kind of arbitrary milestone, may be for a rude awakening. (Sorry if that came across as rude....)
May 13th, 2008 at 02:56 pm
Personally, though, I earn a 6-figure income and have no pension. $40,000/year wouldn't be enough for us to live on, with or without Social Security.
May 13th, 2008 at 06:32 pm
When I retire, I'd like to take a couple college courses just for the sheer fun of it ... something completely different from what I've studied before. Elderhostel sounds very appealing.