To have and actually keep $10m, you can’t still be the kind of person who helps people in need and is generous to friends and family. There will always be people with debt problems, medical issues, legal problems, housing crises, etc. So, either you were never that kind of person to begin with, or your heart hardens a bit as you get richer.
I don’t have $10m, but I’ve found it has become easier to be more given the more I have. My foundation is safe. My bills are paid. I have some money left over. I can now much more easily look outward to see where I can help others knowing that helping others doesn’t put my own future at risk.
Having $100,000 in net worth (especially as an older adult) isn’t that rare. 😀
Its those deca-millionaires that are close to (but not quite) in the 1%, and no I’m not one.
Maybe you would be if you invested that money instead of being generous with it.
For me, I’d still be well under $10m even with zero charitable contributions.
Its possible be under $10m net work and to donate/contribution tens of thousands of dollars per year without it being a meaningful hit against growth. Once you hit a certain point, the compounding of what you have does the work. This was my point.
If you started with $1m in the boring S&P500 10 years ago, that would be worth $4,446,735 today. Projecting forward, if you had $4m today with the same returns over the last year (probably unlikely after trump) you’d have $17,786,940 in 2036. Ten thousand dollars every year donated doesn’t reduce that much.
I don’t have $10m, but I’ve found it has become easier to be more given the more I have. My foundation is safe. My bills are paid. I have some money left over. I can now much more easily look outward to see where I can help others knowing that helping others doesn’t put my own future at risk.
Right, but that’s why you (I assume) aren’t a deci-millionaire. Maybe you would be if you invested that money instead of being generous with it.
Having $100,000 in net worth (especially as an older adult) isn’t that rare. 😀
Its those deca-millionaires that are close to (but not quite) in the 1%, and no I’m not one.
For me, I’d still be well under $10m even with zero charitable contributions.
Its possible be under $10m net work and to donate/contribution tens of thousands of dollars per year without it being a meaningful hit against growth. Once you hit a certain point, the compounding of what you have does the work. This was my point.
If you started with $1m in the boring S&P500 10 years ago, that would be worth $4,446,735 today. Projecting forward, if you had $4m today with the same returns over the last year (probably unlikely after trump) you’d have $17,786,940 in 2036. Ten thousand dollars every year donated doesn’t reduce that much.