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Benching 405 natural would put you on elite lifter lists haha so I’d say you’re both incredibly muscular and incredibly modest Few people in the world relatively speaking will ever bench even 300 pounds. The number is astronomically small not only because of lack of gym equipment for billions but women lifters (impossible natural, basically), elderly, children, and even when you narrow to men in the first world between 18-45 it’s an immense amount of dedication and genetics on top. I’d argue almost any guy in that range can bench 225 if you train him 2 years and probably even 18 months. But I’ve trained 14 years and can’t bench 300. Maybe just don’t have the build because I certainly have the expertise and have worked with elite lifters before, which was fantastic.
I think having kids go to public universities/colleges and putting the savings from not going to a private "top school" into investments for the kids to teach them about investments and provide them with a head start on savings/investments, is the way to go.
I think this is a good approach. If the kids get scholarships that pay for the top school then that makes it a no-brainer. I can personally attest that it did not require going to a 'top' school and getting deep into debt to be able to do well. I worked in Silicon Valley over many years, including a stint at the well-known fruit company. My education was state school for college and not top tier for B-school and I worked alongside those who had degrees from top-tier schools and those who did not. Smart, clever people come from a variety of backgrounds and it isn't the school that makes them special, it's what a person offers as a total package of experience, skills, attitude, a certain spark, along with education.
I think having kids go to public universities/colleges and putting the savings from not going to a private "top school" into investments for the kids to teach them about investments and provide them with a head start on savings/investments, is the way to go.
It depends- my parents paid for respectable state schools and we did fine; my sister's degree was from Akron (Ohio) State but it got her into Ohio State's Med School. I have a BA from the U. of Cincinnati but it got me into an actuarial program and the rest is history. Another brother got a Bachelor's in Accounting from Miami of Ohio (rumored to be a great party school) and is making over $1 million/year (Dad thinks) as a tax partner for a large accounting firm. Two other brothers; similar stories but nowhere near "baby brother" the CPA.
Dad says now he wishes he'd sent us to elite schools (not sure which, if any of us, would have gotten in) but he's enjoying a financially solvent retirement in the good Assisted Living facility where he moved after Mom died. That counts for a lot. I did tell him I would have LOVED to have spent a semester in Europe but... oh, well. I've been able to fund my own travel thanks to my career. I've even traveled abroad and gotten employers to pay for it!
The only time I'd push to get my kid into an Ivy league or other elite school would be if they were planning on grad school in a very competitive field where your undergrad university was a big factor in selection, or I had a "driven" kid who would likely benefit from the network and the job opportunities in a field such as investment banking. Fortunately, DS was neither. I did send him to a good private school (Drake in Des Moines) but it wasn't Harvard-level.
My hunch is that most people who fly first class actually have someone else paying for it. Its a business flight or something like that and the corporation is paying for it.
Probably so and the first couple dozen times I flew Business Class or 1st class, my company paid for it. I grew to enjoy it and started buying Business Class for myself on longer flights (I'm 6'6" so being sardined into a tiny seat for 12 hours just wasn't healthy.)
On the $2M question, I think that's minimally what is needed today to retire comfortably.
Probably so and the first couple dozen times I flew Business Class or 1st class, my company paid for it. I grew to enjoy it and started buying Business Class for myself on longer flights (I'm 6'6" so being sardined into a tiny seat for 12 hours just wasn't healthy.)
On the $2M question, I think that's minimally what is needed today to retire comfortably.
I also pay for Business Class on long hauls, although I've taken Australia and NZ off my bucket list because Business Class airfares were insane and when my brother took my SIL there with him to a conference for which he was in Business Class he had to redeem 400,000 miles for her seat! In comparison, my 170,000-mile stash got me to and from India in Business Class except for the leg back home from London.
As for the $2 million- very true if you have only SS and your investments, live in a HCOL area, are addicted to Business Class, etc. People with good pensions and/or retiree healthcare and those who are willing to live modestly may not need that much. About 40% of what I spend in a year is either travel or charitable donations. I could certainly meet basic expenses with less but I'm glad I don't have to.
I am curious what people with large estates and no heirs plan to do with their estates? Anyone want to say? Do you have wills in place?
Well it would go to my wife, assuming she’s around, otherwise I’ll make a will shortly and probably name some charity I guess. I really don’t care, I’m not around at that point so it’s not something I spend any time worrying about. I would try to make it some cause I care about though since it’ll be a lot.
Just turned 65, married and have $4 million. Lived way below my means, used cars, same home for 30 years, etc. Now the hard part, blowing the dust off the wallet and learning how to spend. Two European trips coming up but still can't justify paying for first class on the flights. People say if I don't go first class my kids will on the inheritance. Rethinking my current stance.
When we realized we had way surpassed our saving goal we started splurging on nicer things. Better hotels, better seats at sporting events and concerts, and some luxuries like nicer airline seats. It made a world of difference. Concerts and sporting events are so much better when you can actually see the action or performers close up. Long flights aren't the torture they once were. My wife balked at spending on nicer stuff but now admits it's worth every penny.
I look at it like this. It's not the total cost you pay but the incremental cost to get something nicer. We attended a Blues festival in Maine. Hotels were averaging $250 a night but you had to drive to the venue or walk quite a ways. We paid $400 for 3 nights, stayed right across from the concert venue and were right near the downtown for shopping and restaurants. Incrementally it was $450 more. Not going to break me and made the trip an incredible low stress experience.
We don't splurge on everything but we have found that some things are worth every penny and many times you'll never know until you try. My wifes eyes were opened when as a present I got her Patriots tickets on the 50 yard line and only 10 rows back. Such a different experience that she would never have imagined unless she tried it.
To the original question. A bit over 2 mil at age 60, married and retired. But now enjoying spending wisely rather than hoping for more. Another reason is my 84 year old mother in law has a sizeable estate. She's amazed it's still so large. One of the things she says is she now realizes they could have done so much more.
I am curious what people with large estates and no heirs plan to do with their estates? Anyone want to say? Do you have wills in place?
It's all going to my nephew. I considered other options, but rejected them due to poor performance. Setting up a charitable trust would have high operating expenses for an estate of $1.7 million. Charitable trusts also have a habit of going in a direction contrary to the intentions of the person who originally set it up.
Political groups and charities seem to spend all their money on requesting additional donations, rather than accomplishing their goals. When it comes to making donations, I am very result oriented.
A partner who is onboard with the financial plan is a huge boost to the ability to accumulate wealth.
A divorce is a very quick way to destroy wealth, so if you have a partner, treat them right.
A partner who thinks that the only reason to earn money is to have more to spend and quicker, is going to be a hindrance in life, and that might be the situation where it pays to take the financial hit of a divorce and start over.
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Few people in the world relatively speaking will ever bench even 300 pounds. The number is astronomically small not only because of lack of gym equipment for billions but women lifters (impossible natural, basically), elderly, children, and even when you narrow to men in the first world between 18-45 it’s an immense amount of dedication and genetics on top. I’d argue almost any guy in that range can bench 225 if you train him 2 years and probably even 18 months. But I’ve trained 14 years and can’t bench 300. Maybe just don’t have the build because I certainly have the expertise and have worked with elite lifters before, which was fantastic. 
