It is going to be a fun and easy one today. I’ll share 10 things I’ll buy when I’m rich and then you tell me some of yours. We all need a break from the wild gyration on the stock market. It is nerve racking to see the stock market plunge so steeply in just a few days. However, it really hasn’t dropped that much (yet). The S&P 500 index is back to where to where it was at New Year. I missed the big dip and didn’t do anything drastic like cashing out. The only move I made was to contribute $2,000 to my 401(k). That’s just a part of my regular contributions. I wouldn’t get anxious until I see a 20% drop from the peak. It’d be time to start buying more then.
Actually, I haven’t followed the stock market closely over the last few days because I was busy with my rental condo. I had 2 showings over the weekend and processed one application on Monday. Everything looks good and we just need to sign the lease. We should get that done in the next few days. Interest really picked up recently. It must be due to the nicer weather. Also, the steps homeowners have taken to improve security at the building seem to be working. There have been much fewer problems recently. Okay, back to the fun topic of being rich.
When I’m rich
I never thought much about being rich when I was young because it was out of reach. However, it now seems like a reachable goal. I thought 3 million dollars would make me feel rich when I wrote the following post in 2013 – How much money do you need to feel wealthy? Now, that we’re very close to that goalpost, I think it’d take 5 million dollars to feel wealthy. Even after reaching that goal, we probably wouldn’t change our lifestyle much. We already live a very comfortable lifestyle and buying more stuff wouldn’t improve our quality of life much. It is still fun to dream, though. Here are 10 things I’ll buy when I’m rich.
1. A convertible
We had a cute BMW Z3 when we were in our early 30s and didn’t know better. We loved it and we had a blast driving around town with the top down. However, the maintenance was very expensive. Everything little problem cost hundreds of dollar. Eventually, it overheated and I sold it off to someone who enjoyed tinkering with broken cars. It was time to get a bigger vehicle anyway because RB40Jr was going to join the family. We got a Mazda 5 minivan and it has been a good car for us. I hope this one lasts until RB40Jr graduates from high school.
Maybe he can take it to college and we can get a new convertible. I’d love a Mazda Miata with a stick shift. It’d be a blast to drive around with the top down again. Mrs. RB40 can get her own car if she wants or just Uber everywhere. When we’re rich, I wouldn’t worry too much about having 2 cars and all the related expenses. For now, we don’t mind sharing one car.
2. A beach house
I was talking to a mom at Junior’s school recently and she mentioned going out to the coast to stay at their beach house. Wow, that sounds pretty good. I’d love a beach house too. A vacation home used to be for wealthy people, but I think it is more accessible now with the advent of Airbnb and VRBO. You can make extra money to help fund your retirement by being an Airbnb host.
Ideally, I’d like to buy a beach house in Hawaii and live there about half time. We’ll travel the rest of the year to see the world and hire a company to run it while we’re gone. This is my very long term goal. We won’t be able to do it anytime soon because RB40Jr is just in first grade. Even after he goes off to college, we’ll be busy with helping our parents. My dream beach house is still a long way off.
3. Weekly massage therapy
My shoulders are sore and tight all the time. I spend 4-5 hours on the computer every day and that puts a lot of stress on them. This is still a ton better than when I was working full time. I spent 12+ hours on the computer a day back then. Anyway, I’d love a weekly massage to help relax my shoulders and neck.
Mrs. RB40 is also tense all the time. I guess that’s life in the internet age. Everyone walks around with shoulder and neck pain. For now, I’ll see if Mrs. RB40 is willing exchanging massages every week. Even a little bit would help both of us.
4. First class tickets
Ummm… first class. We got upgraded to business class once on a Lufthansa flight from Portland to Frankfurt in 2003. It was awesome! We made fun of the sardines in coach and giggled all the way through. The flight attendant gave us Champagne in a real glass. The food was nice and we slept much better with just 2 of us on one side. Unfortunately, we haven’t made it to business class since then. So sad. 🙁 I’m not sure if I’ll be able to stomach a first class ticket even when I’m rich, but it’s on my list.
5. A heated swimming pool and hot tub.
Of course, our beach house would need a heated swimming pool and hot tub. We could go lounge in the pool every day and have pool movie parties. Mrs. RB40 had a pool in her backyard when she was young and she’d love one again.
Our hotel in Cancun had heated pools and they were so nice. It is much easier to go swimming when you don’t have to deal with the shock of getting in. Lounging in a cold pool isn’t that much fun either. Our condo pool is always too cold except on the hottest summer days.
6. An audiophile sound system
I enjoy music and an audiophile sound system would be an awesome way to spend money when I’m rich. There really isn’t much to say about this other than it is a really expensive hobby. I guess I don’t really need this because I listen to most of my music on YouTube, but isn’t that the point of this post? When you’re rich, you can be a little frivolous.
7. Better clothes
Stealth wealth has gone too far in this department. All of my clothes are cheap and very casual. We live very close to a college campus and I look like one of the students. Normally, this isn’t a problem because I like to blend in. However, I need to dress a bit nicer occasionally and when that happens, I don’t have anything to wear. Last week we went to see The Book of Mormon and I wore my black jeans and an old sweater. Mrs. RB40 is a much better dresser than I am and we’re not matching well in this category.
I just don’t like buying something expensive just to use them just once or twice per year. When I’m rich, I’ll be able to drop by Mario’s and spend a bundle on casual clothes.
Mrs. RB40 – Actually, some of the students dress better than you. But you do blend in.
8. Nice furniture
We have a mix of nice, acceptable, and junky furniture. Our dining set is falling apart and you can feel the springs in the seats. Our couch and matching reclining chair are nice quality items from Macy’s. The coffee table, TV console, and bookcases are made from cheap particle board. Our bed is moderate quality, but RB40Jr’s bed is a cheap foldout. We are not going to purchase anything right now because we plan to move into our duplex soon. When we do, I’ll pass our crappy furniture on to the college students in our building or just trash them.
Once we move to our duplex, I’d like to get nicer quality furniture. In particular, I want a nice dining set because we spend a lot of time there. The chairs need to be solid and comfortable so we can sit there for hours on end. The set needs to be able to stand up to our cat. She has been going agro on our current chairs and they are all beat up.
I’m not going to buy any more particle board furniture, but we won’t buy anything really expensive either. Heirloom quality furniture will have to wait until we’re rich. I’m not quite ready to pay $3,000 for a hand crafted dining table yet. Alternatively, I could take up wood shop as a hobby and make my own table.
9. Domestic help
Rich people need domestic help. Nobody wants to cook, clean, do laundry, shop for groceries, and clean up after pets. We all just put up with it because we have to. Well, I enjoy cooking, but the other chores are no fun at all. I’d love to have a helper come in every few days to do all the other chores.
10. A good personal trainer
When I’m rich, I’m going to hire a personal trainer to help me stay fit. My requirement is very specific, though. I need a personal trainer who pushes me just enough and not too much. All personal trainers I’ve tried pushed too hard. It’s annoying. My personal trainer also needs to be an expert on yoga and Tai chi so they can lead a class. As long as I’m dreaming, I might as well ask for everything I want.
Okay, now it’s your turn. What would you buy when you’re rich – a boat, a car, or something really cool? Let’s keep it somewhat realistic. I want a space trip too, but that’s way too expensive even for most rich people.
If you’re tired of the stock market gyration already, then check out RealtyShares. Real estate crowdfunding is an easy way to diversify your investment. You’ll probably sleep better by having less invested in the stock market.
Photo by Daniel Olah, Mazda USA, and The Joinery.
Passive income is the key to early retirement. This year, Joe is investing in commercial real estate with CrowdStreet. They have many projects across the USA so check them out!
Joe also highly recommends Personal Capital for DIY investors. They have many useful tools that will help you reach financial independence.