I’d buy a yacht, maybe…
Okay, I wouldn’t really buy a yacht, that would be too rich for me even if I had the money… Although I might rent one for a few hours or maybe even a day during some future (after becoming rich) vacation!
For me the definition of rich would be: where the money from after tax passive income equals my normal living expenses.
After I passed that magic threshold, I’d most likely plan for a big vacation with my family, perhaps a trip to Cancun or one of the islands in Hawaii, or some other place that we haven’t vacationed before because of the costs (or because of money reasons, lol).
After the celebration was over, I would start looking for a new job. Why? Because even though I’d be rich, I’d still like to be productive in the world. Yes, I would make less money, but the beauty of the new job would be that the money would be all profit. So I could literally afford to make less! How cool would that be!!!
If I couldn’t find my dream job, maybe I try my hand at becoming an entrepreneur? I do a little of this already, in previous years I sold items on eBay. Hopefully some day blogging will make me some additional money.
Now for my list of things I would buy or do if I were rich:
- Continually invest my money to make more money.
- Consider and contribute to asset class diversification.
- Research and buy investment real estate.
- Buy, or build a house with 500 more square feet (than my current house) and with about 1 to 5 acres of land.
- Buy 2 used newer cars than what we have. (or at least 1 used)
- Contributed more to my kid’s college funds (529, etc)
- Buy a small used boat for playing around with.
- Save more money for cars to give to my kids once they become 16.
- Consider a pool or hot tube for the family.
- More activities for my kids (horse riding lessons, piano lessons, etc).
What would you do if you were rich today? Or if you are rich, what am I missing in my list?