How to approach wealth building if you're not going to have kids?
I am in my early 30s, I have had a successful 9 years working in Investment Banking, always being a top performer and getting top reviews. Over the past 3 years I have successfully transitioned to the most "sales" part of the job, getting a lot of face time with clients and building strong relationships with key partners. Given my track-record, I am confident to say that I will most likely become MD in a few years.
Outside work, I have always been extremely disciplined with money. Coming from a lower middle class background, I have always valued the money I was earning.
Some examples of my discipline include:
- Expensing 90% of my weekday meals (I spend my $40 late dinner allowance to get both dinner and lunch for the next day)
- I shared apartment with 3 people until I was a 2nd year VP
- I spend very little when I go out (I don't drink alcohol and I don't like fancy modern cuisine)
- I have never
- I avoid exotic locations for my holidays, spending most of my PTO visiting my parents, actually I have only travelled abroad 4 times (2 times for work purposes)
- I avoid the classic cash traps in which many banking professionals fall for (Equinox memberships, lattes, Netflix and Hulu subscriptions, Knicks tickets...)
The only luxurious thing I have bought myself is a $25,000 Rolex, which actually has appreciated in value.
As you could imagine, over these past years I have manage to save a massive portion of my pay checks and the entirety of all my bonuses, which I have invested wisely. Because I work in banking, I was not allowed to invest in single-name securities, but I made a lot of money on, getting very high returns. I have also built a solid residential real estate portfolio, I already own 3 "buy to rent" properties, and I will probably buy my 4th property by mid 2023. A career in banking together with a lot of sacrificed have really made me a multi millionaire in very few years.
I am a person who really don't like kids, I can´t just stand them, and I honestly never envision myself being a father. Becoming a parent is not only a massive responsibility that I don't want to have, but kids are also a big
I am fortunate that I have found a life partner that also shares this view, so I am pretty sure I will never have any descendent.
Although I really enjoy growing my fortune, accumulating assets, and escalating in the social ladder, lately I have been starting to question my life choices. I have spent nearly a decade living like a broke student when I was actually making 5 or 6 times more than the average American. I have sacrificed a lot of pleasures and fun, just to build up my wealth, when the sad truth is that I will have no legacy at all.
One day I will be gone, and all these properties, all these financial assets will become just useless. But at the same time I have developed a mindset in which I can't stop investing, and I feel guilty for every unnecessary expense.
Currently, I am on the path to becoming "the richest man in the cementery", and the more I think about it the more depressing it becomes. It is not like I am going to have children now just to give some purpose to my wealth (as I said before, I don't like children, and having kids around would really make unhappy), so I would like to know if someone in this site is in a similar situation, and I would like to know how do you approach that balance between becoming rich and enjoying your well deserved money.