We have four kids and spend $300k a year – do I owe it to anyone to keep working for an easy but big income?

A 36-year-old Reddit user has a $14 million net worth and he brings home around $3 million each year in income from a small business that takes around 15 to 20 hours per week to run. He and his family spend around $300K, including vacations, therapy, and health-related purchases. 

The Redditor has indicated that he has spent 15 years working pretty hard, although most of his wealth came from the last 2.5 years as he came up with a great small business idea. The problem is, he’s sad about the relationships he has hurt and the sacrifices he has made in the pursuit of wealth, and he’s still feeling like he owes it to others to keep working to grow his net worth even more since it’s pretty easy for him to make a very high income each year — especially since he can’t sell the business. 

So, what should the Reddit user do to get out of his mental rut and finally start enjoying his life?

Recognizing when you have enough is important

The reality is that when you are making a lot of money, sometimes you can get caught up in growing your net worth and feeling like you constantly need more — and this can end up compromising your happiness.

With a $14 million net worth, the Reddit user can easily support his family’s spending, even at $300K a year. At a safe withdrawal rate of 3.7%, a $14 million nest egg could produce $518,00o per year in income. Since the poster does not need that much, he could withdraw the $300K his family needs to spend and leave the rest of his money to grow to provide for future generations.

If he continues working, he is doing nothing more than increasing his net worth on paper in a way that is going to make no meaningful difference to his life at all. He should talk to a financial advisor, make a plan for how to invest and spend so his net worth keeps growing, and either quit his job or hire someone to take over the hours for him, even if that means he makes less.

This path makes good sense since he said he has sacrificed too much already in the pursuit of wealth and his relationships have suffered as a result. He is lucky enough to have the gift of wealth and time, and if he stops working now, he’ll never need to worry about money again and can get serious about building a life that will actually make him happy. 

There’s no reason to pursue more wealth than you need if it’s not bringing joy to your life

Building a huge net worth isn’t something that you do for no reason — it’s a means to an end. Money is a tool that you should use to create happiness for yourself and others. 

Now, if the Redditor loved his job and was passionate about his business, there would no be reason to quit. But, since that’s not the case, it doesn’t really matter how much money he makes since he’s financially independent already. He shouldn’t trade his time and happiness just so he ends up with a bigger account balance.

Once you have reached a certain level of financial independence, and have worked with a financial advisor to create a solid plan for your future and a plan for wealth preservation for later generations, then you don’t owe it to anyone else to keep working. In fact, you owe it to yourself to enjoy the fruits of your labor and to build a meaningful life that prioritizes the things that matter most. 

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