Personal Finance

My wife and I are on track to be at $12 million in net worth in 5 years and we think we could retire with $50m if we keep doing these steps

Christy Bieber

Published: January 21, 2025 1:39 pm

A Reddit user is wondering how much money is enough. He posted recently because he and his wife are currently on track to have a $10 to $12 million net worth in approximately five years.

He attributes the growth of his wealth to his hard work and sacrifice and he said that if he keeps going down the path he’s on with regards to earning and investing, he will be able to retire with $50+ million in the bank seven to 10 years after that.

His question though, is whether he should continue down the path to $50 million or whether he would be better off just retiring with the $10 to $12 million he’s likely to have in a few years instead of working longer just to amass more money than he’s likely to spend.

Should you keep working and investing when you already have millions?

When deciding on his next course of action after he hits his $10 to $12 million target in the coming years, the original poster (OP) is going to have to decide which he values more: More money or more time. 

If he intends to buy a house or two in expensive areas, wants to own luxury cars or other costly consumer goods, or is planning on having a bunch of kids that he will have to support and want to provide an inheritance for, then the OP may decide that he should keep working to get at least closer to that $50 million target.

The reality is while a net worth of $10 to $12 million is more than most people are ever likely to have, it’s not necessarily enough to buy everything you might want. Nor is it enough to create wealth that would provide for multiple generations of children and grandchildren. So, sticking it out, continuing to save, and investing more may not be the worst idea.

On the other hand, the OP may decide he’d rather have more free time than amass more money. This might be the case if he isn’t really into expensive things, doesn’t have or want kids, or believes it’s better for him and his kids to live more frugally — and for the kids to have to make their own way in life. 

Ultimately, the right course of action is going to be a personal choice based on which approach he thinks will make him the happiest and provide better life outcomes.

There’s almost always trade-offs to be made

The reality is that everyone could work a ton of hours and work util they can’t anymore. And, if they did, they would most likely end up with more money because they’d bring in more income with this approach. 

But most people don’t live their lives in pursuit of wealth alone. They find a balance where they invest enough to set up a secure retirement and maybe amass a little property they hand down to their kids, but they aren’t necessarily willing to put in the effort to earn every dollar they could potentially earn no matter the sacrifice. 

While the numbers are starker in the OP’s case because he’s looking at big numbers, anyone faced with a similar dilemma will need to consider their values. A financial advisor can be helpful in these situations, as an advisor can work with you to define your goals, determine how much money is enough, and make the choices that make sense for you when it comes to balancing time vs. money.