With millions in the bank, am I crazy to jump off the treadmill or should I start having more fun?

A 49-year-old Redditor with a $25 million net worth and $3 million in annual income is ready to retire. He can easily cover his spending with a very reasonable withdrawal rate given how high his net worth is — but he says he is bored with the idea of giving up work so young.

Instead, he’s considering continuing to work and starting to make “irresponsible” money choices after being so careful with money for so long to get where he is. He wants to leave the principal balance alone but keep earning his income and start doing stuff like buying a Ferrari, using a private jet for personal travel, and getting an apartment in Paris that he’ll use for a few weeks each year.

So, should he stick with his early retirement plan or opt for his alternative approach and start spending on frivolous things so he can have fun and enjoy his high income for a while?

There’s nothing wrong with having a little financial fun when you’re in a good place

The Reddit user has obviously worked really hard to get where he is, and it’s not surprising that he’s feeling some burnout in terms of being “responsible” with his money. Given that he’s in a great place financially, if he isn’t actually eager to retire and wants to keep earning a fortune and spending some of his money, there’s no reason why he should not do that.

He does, however, have to be careful with what commitments he’s making. If he pays for a private jet charter for a trip, for example, that’s not really a big deal since it’s a one-time expense. The worst that happens is he gets a little too used to the comfort and he’s unhappy if he has to fly business class or even coach in the future once he finally does retire and stop the crazy spending.

Making long-term financial commitments, though, and especially a lot of them, could be a different story. If he buys a Ferrari, for example, he is committing to insuring the vehicle for as long as he has it, and that can be very expensive. Likewise, if he buys an apartment in Paris or in Spain, even if he pays cash, he’s committing to ongoing taxes, maintenance, and utility costs.

While he has a lot of money, making too many of these long-term commitments could start to eat away at it, especially if he really does embrace the “irresponsibility” of spending whatever he wants and he starts to take on too many obligations that can make it harder to live within his means later.

A financial advisor can help him spend frivolously within reason

After saving for years to get where he is, the last thing the Redditor needs to do now, so close to retirement, is to start to put his financial security at risk. To make sure that doesn’t happen, it’s a good idea for him to talk with a financial advisor.

The advisor can offer him some insight into how much he can comfortably spend, and what types of ongoing expenses he can sign on for, without starting to create problems. This way, he can spend completely guilt-free and have the fun he’s looking for while still ensuring he has the security his wealth should buy him for the rest of his life.

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