This is not an existential question, this is literally a question of whether your net worth exceeds your total lifetime income – an interesting exercise.
I learned that I actually am not worth more than what I’ve earned in my lifetime but I am not surprised. We have kids, we own a house, we have to eat, we pay taxes – it has to be pretty difficult to get your net worth higher than what you earned at this age.
Are You Worth More Than You Earned? [Retire by 40] – “Have you ever wonder how much money you earned over the years? I mean, it has to be a sizeable sum if you’ve been working for a while. I was thinking about this and came up with a natural follow-up question. Are we worth more than what we earned? After all, wealth is what you keep, not what you earn. We have been maxing out our 401k and investing for years. Our net worth is much higher than the average US household. However, I don’t know if it is higher than what we earned over the years. Let’s answer that question today.”
You Can’t Always Make More Money [She Picks Up Pennies] – “One of the most common pieces of advice in personal finance is to increase your income. It’s a solid suggestion. Until it’s not. The truth is that you can’t always make more money. There are a lot of instances when layering on a side income or two is hugely advantageous. I’d argue that in just as many instances, focusing on maximizing your main income source is even more important.” Side hustling gets a lot of attention but many times it’s often better to main hustle. 🙂
The stuff they don’t teach you in books [The Reformed Broker] – “And some of the things I’ve come to learn have never been taught in any textbook or on any exam given industry-wide. These unwritten things are the key to everything. I’ll share a few today… 1. Every thousand dollars you help a client save on taxes is the equivalent of earning that client ten thousand dollars in returns, based on how grateful people are. I don’t know why it is that way. There’s something about “I saved you money” that’s ten times more emotionally satisfying than “I made you some money.” Probably because money made in the market usually continues to remain at risk in a portfolio, while money saved on taxes feels more kept and permanent.” A lot of gems in this one that apply even if you aren’t in the business of managing money, especially towards the end of the list of 10.