I was laid off last year and can’t shake off the insecurity and imposter syndrome even though I’m worth $5 million

A Reddit user worth around $5 million is not happy with his situation. He and his wife were making around $800K per year and they have a substantial amount of assets. They also have two small children and $180K in annual expenses, which he expects to increase as his kids get older and need to do any activities to stay competitive with their peers. 

The issue is that he was laid off in 2024, and he now can’t shake his feelings of being an imposter or his worries about financial security. He said he’s an immigrant who grew up without a lot of money, and despite having a high net worth now, he’s still concerned about his finances. That’s especially the case because he expects his wife is soon going to be laid off as well.

So, does he have cause for concern? If not, how can he overcome his fears and start enjoying time with his family while feeling confident about his wealth? 

Is the Redditor in good financial shape?

The first key question that the Reddit user needs to think about is whether he is actually in good shape financially or not. Doing the math will help him to see if he should feel comfortable, even though he doesn’t. 

The Redditor said that he and his wife currently have a net worth of $4.8 million. However, if you subtract their primary residence and the money they have in 529 accounts for their kids, their remaining net worth is around $4 million. So, that’s the money he would have to live on.

At a safe 3.7% withdrawal rate, the Redditor’s $4 million nest egg would produce around $148,000. While that’s a reasonable amount of money, it isn’t really enough for him. He said he already needs $180K, and he expects his costs to go up. If he and his wife both stopped working, he’d probably also need to get expensive private health insurance for his family. This would mean that he’d likely need a lot more than the $180K he mentioned. 

Now, this does not mean he needs to panic, or that he should give into his imposter syndrome and financial worries and become convinced he’s a failure. Instead, either he or his wife, or both of them, simply need to keep working for a little while longer. 

Since he obviously already made a lot of money and had a good job, he shouldn’t let his layoff shake his confidence or prevent him from finding a great new position. Instead, he should remind himself of the past successes he had, start making professional connections and networking, and look for another great job.

The couple doesn’t necessarily have to keep making $800K since they have a big jump start on investing already — but the more they can make, the faster he can achieve the true financial peace of mind that comes with having enough invested to live on comfortably.

Overcoming insecurity may require help

Since the Reddit user said his feelings about money are shaped by his upbringing and the lack of money he had growing up, the fact is that worries may not go away even when he does get another job, and even if he saves enough to be able to support himself without a paycheck.

The poster may want to talk with a financial advisor to set clear money goals so he can see what he needs to do to become financially independent. He may also want to talk with a mental health professional about his worries. Getting this type of professional advice could make it easier for him to get the confidence to find another job now, and to feel happy with his financial success later in life. 

The Redditor is clearly on the path to prosperity with so much saved, so if he can get the necessary help to stay the course, he should end up in a great place with all the money he and his family need to be secure for life. 

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