Personal Finance

I’m 44 years old and finally a millionaire, why is it so hard to let myself enjoy my money?

Marc Guberti

Published: January 11, 2025 7:40 am

A Redditor’s post in the Chubby FIRE subreddit has gained a lot of attention since it has a deep message about building wealth. The Redditor explains that they have $900,000 in the bank and earn $100,000/yr from their career. 

Despite the strong financial position, the 44-year-old is reluctant to spend money on themselves or their loved ones. However, that recently changed, and the Redditor is making a conscious effort not to be so frugal anymore. 

Should the Redditor feel comfortable with spending more money, or does it make sense to maintain a frugal lifestyle? I’ll share my thoughts, but it is good to speak with a financial advisor if you can.

You Can’t Take Your Money With You

A $10 million portfolio doesn’t mean as much when you are 100 years old. People who are that old don’t have as much time to spend their money, enjoy the world, and do other things that people in their 20s and 30s do regularly. 

It’s good to spend money on yourself and others from time to time, but it’s good to not ditch frugality. There’s a difference between frugality and being cheap. Being frugal means you stay sharp with minimizing expenses but aren’t afraid to spend extra money when it makes sense. A trip to Europe costs extra money, but financially secure people who have always dreamed of going to Europe shouldn’t put it off forever.

Being cheap means seeking ways to keep expenses low at the cost of necessities and happiness. Cheapness is the equivalent of dreaming of the day you can go to London and having the financial resources, but settling for London, Ohio, instead.

Spending Too Much Money Can Result in Financial Distress in the Future

While it’s good to spend money on yourself from time to time, you also don’t want to take it too far. The Redditor seems to have a good grasp of this, as they don’t have expensive tastes, like buying a boat or pool.

Staying on top of your finances gives you extra cash to spend when necessary. For instance, the Redditor wants to help their mom with a down payment on a new car and treat his daughter and her friends to movies and Dave and Busters. The Redditor still drives a 2013 car, so the individual is still financially prudent.

The Redditor also isn’t touching their investments and will let compounded returns do their magic. It’s a healthy mix of spending a little extra while preserving wealth.

You Don’t Need $10 Million to Be Happy

While $10 million wouldn’t hurt, you don’t need a high net worth to be happy. In fact, pegging all of your happiness to a specific net worth can be disappointing when you get there. Thinking too much about what other people have can detract from your happiness and make you feel less inclined to use some of your cash right now.

Hoarding all of your money isn’t the best approach. Spending some of your cash will give you unforgettable experiences. You’ll likely remember the memories you make in your life more than your net worth as you get older. 

Spending $5,000 on a vacation, Super Bowl tickets, or something else expensive will set you back in your financial goals. However, that’s why you work so hard. People work hard to give themselves financial flexibility and the ability to make more choices. A high-paying career combined with regular contributions to your investment accounts can give you some money left over for discretionary spending. You don’t have to put every dollar you ever make to work in the stock market or basic necessities.