Let's say you landed with 15-20 million dollars by the time you are 35-40. (inheritance and your job)
Would it be truly enough to retire for life at that point in age? (assuming you enjoy luxury)
-Live in Northern NJ (around 2 million dollars home)
-You are married and have one kid (goes to private school (30K tuition example: Horace Mann))
-You and your wife enjoys driving high end BMW, Audi, Mercedes, Range Rover (200K worth of cars changed every 4 years)
-You and your wife likes wearing Prada, Gucci, Chanel, Hermes etc (not too extravagant, 10,000 shopping a month)
-Hire a housekeeper
-Eat out often
-Likes traveling (Bahama, Europe etc) (First Class, 5-star hotels)
Would it be possible to maintain this life style for the rest of life with 15-20 million dollars?
Multimillionaire by 35: Is it enough?
Retiring early sounds like all fun right? But what happens when you lose your purpose?
from certified user @LIBOR
i know a girl whose family lives completely off interest.... she dropped out of college and now does coke/heroin/acid, whatever. basically, when you have everything, what is their to look forward to?
the only reason I would say its ok is if you want to retire and then do something that you would love, like open your own business, or go back to school for doctoral studies so you can actually contribute some meaningful knowledge to society.
Thoughts on living the life of luxury.
from certified user @cphbravo96
It seems like it would be enough, but I feel like I would have a hard time walking away from a position in which I made a good amount of money. I don't come from much, so part of me thinks I would have this mentality of "just a little more, then I will stop" but who knows, priorities change. However, I'm sure there would be a transition point like raising a new fund or something of that nature that I could step out gracefully but I would have a hard time doing nothing. Having your own business would be a good choice, preferably one you can have someone run for you and that you can micro-manage from time-to-time, that way you can "work" but take vacations and time off whenever you want. I would probably find a restaurant or bar/pub/club to purchase from someone if I didn't have a passion for something else. Best of luck to you.
Getting to the life of luxury through a career in finance.
from certified user @judowned
If you are capable of making 15 million plus in finance by 35 than I am sure you are capable of doing simple financial planning. If you actually need other peoples advice for something like this I doubt you will ever need to worry about the situation to begin with.