10 Million Dollar Net Worth Lifestyle

10 million dollars is a whole lot of money! But is it enough to live a fancy lifestyle? Pretty much yes!

With a net worth of 10 million dollars, you’re already in the top 1% of Americans. A Fortune study showed that Americans claimed it takes a net worth of $624,000 to live a comfortable life, while it would take $1.9 million to be claimed as a rich person. With $10 million dollars, which is 8 figures, you have more than enough for a rich life.

The following table outlines the assets and financial details for an individual with a net worth of approximately 9 to 9.5 million dollars. This includes investments in real estate, an emergency fund, and a diversified investment portfolio, generating a return of around 7% per year. The individual’s annual expenses are between $100,000 and $120,000, leaving approximately $300,000 as their discretionary income each year.

Primary home$1,500,000 – $2,000,000
Vacation home$0 – $500,000
Luxury carsN/A (value not specified)
Emergency fund$500,000
Investment portfolio$7,000,000
Investment return rate7% per year
Annual expenses$100,000 – $120,000
Available play money$300,000 per year
Total assets$9,000,000 – $9,500,000 (excluding cars)

Note: The table assumes that the value of the luxury cars is not specified and therefore, is not included in the total asset value.

Here is what you can expect from a 10 Million Dollar Net Worth Lifestyle:

  1. A lifestyle with a 10 million dollar net worth can involve:
    • A primary home worth between $1.5 to $2 million in a nice neighborhood
    • Potentially, a vacation home worth up to $500,000 in a nice location
    • A couple of luxury cars (value not specified)
    • An emergency fund of $500,000
    • Approximately $7 million invested in a diversified investment portfolio
  2. The investment portfolio generates a return of around 7% per year, equating to approximately $450,000 annually
  3. After accounting for annual expenses of $100,000 to $120,000, there is approximately $300,000 each year as discretionary income.

Let’s take a look at how life is being a millionaire.

Table of Contents

I Asked A Multi-Millionaires About Their Lifestyle

To get a better grasp of how it is to live with a net worth of $10 million, I asked a multi-millionaire acquaintance of mine to share some details about their life.

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Unsurprisingly, they didn’t live a luxurious life but focused more on the comfort of their family.

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They claimed to have a nice house which they could easily afford. In the garage, they have a decent BMW even though they tend to Uber mostly .

Other than the car, as a luxurious item they merely have an Apple Watch and a Tag Hueur which they wear on fancy occasions (nothing too extravagant, just decent enough).

For a couple of months, at least once a year, they go on a vacation with their family to the mountains where they own a nice cabin for themselves. For their travels, they can easily afford business class tickets if they want to. 

They still work 9-5 in an organization which earns them around $600k – $700k per year but don’t really need the monthly checks to live by. On a couple occasions, they have even taken long breaks from work to travel abroad.

A lot of their money goes into helping out charities and their kids’ education.

Even being a multi-millionaire, their kids still go to public high schools.

As a hobby, they tend to spend a good amount of time golfing and skiing with family in the winters.

Even though Youtube shows us a different picture, practically, multi-millionaires don’t really spend money on boats, planes, or sports cars. They don’t really invest in fancy restaurants or butlers. My friend claimed all these luxuries just bring in more troubles and expenses so it’s not worth it.

At the end of the day, they claimed that being a millionaire didn’t make them happy. Even with 7 figures in their bank accounts, they still find happiness in books, friends, family, movies, and Netflix.

Does 10 Million Dollars Make You Happy?

No. Money doesn’t make you happy. Yes, it can solve some of your problems and help you be comfortable but it won’t necessarily make you happy until you choose to be.

Just like in the story above, even after being a multi-millionaire my friend still found happiness in activities that require no money at all. 

They would claim themselves to be happy, but not because they’re rich. But because they chose to only focus on comfort with money, and not luxury, which provided them with a comfortable life. 

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A comfortable life can be your key to happiness but if you start spending your money on luxuries, you will just see yourself being drowned in more and more problems.

As a self-made digital nomad myself who came from a humble background, even though I’m nowhere near the 10 million mark, I did have a significant change in my financial situation throughout my life.

From my rock-bottom phase to the financially independent phase I am living right now, I would agree that I feel more comfortable today but I don’t believe that was a big factor for my own happiness. My happiness still comes from my hobbies, interests, friends, and family.

How To Use 10 Million Dollars Smartly

If you don’t handle your money wisely, becoming a millionaire may be the worst thing that ever happens to you.

This is why there are hundreds of cases of people winning the lottery who either ended up depressed or broke and in debt. 

If you find yourself with 10 million dollars to spare, here’s what you need to do:

1. Do nothing

As stupid as it sounds, this is the most important step. Most millionaires make the most regrettable decisions in the first 3 months of them being rich, fueled by the adrenaline rush of being extremely rich.

This is why, for the first 3 months you should do nothing. At most, use the money to pay off your bills. That’s it. The focus right now should be to let the excitement wear off so you can make rational decisions with your money.

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2. Start Paying Debt

If you’re under debt that is putting pressure on your lifestyle and causing you a lot of stress, spend some of the money to pay off debts. Just enough until you can feel comfortable with your residue debts. 

3. Get A Finance Advisor

With loads of money in hand, you probably have tons of ideas to invest your money in. However, it is essential for you to get advice from a professional. For a relatively small fee, get a financial advisor and let them take a look at your finances. With their advice in hand, now is the time to make some great investments.

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4. Make Some Investments

Now is the time to make some investments that can get you a return enabling you to create outlets for generating more and more money. This is what will make you a sustainable millionaire. With the advice of an advisor, invest smartly in real estate, businesses, loans, stocks, etc. Try to stay away from high-risk investments for now.

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5. Live A Little

And after all of that, go ahead and party a little. After all that patience, you clearly do deserve it. This can include going to travel, staying in fancy hotels, renting sports cars, cruising in yachts, and whatnot. However, do make sure you don’t spend a significant amount in this phase. At max, it should be under $500K.

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A little luxury phase should also help you understand the relationship between money and happiness, which will help you make better decisions in the future.

6. Invest In Yourself And Your Family

Now that you’ve traveled the world and crossed off a lot of stuff from your bucket list, it’s time to invest in yourself.

Here are some basic necessities you should spend your money in:

  • Get a house (around $1-2 million)
  • 2 luxury cars at max (BMWs, Porsches, etc.)
  • Spare out at least $500k as an emergency deposit in a bank
  • Keep your annual expenses to around 100-150K max.
  • Donate money out to charities regularly
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Following these 6 methods, you should be able to live a comfortable and happy life with a net worth of $10 million.

Remember… You Can Still Go Broke

If you’re not financially smart, you can definitely go broke even with a net worth of $100 million! As is the case with many lottery winners or NBA footballers who end up with millions of dollars and don’t feel obliged to invest rationally.

Most of them end up broke, in debt, and depressed. This is why it is extremely important to spend your money wisely and smartly as a millionaire with the help of a financial advisor who always reminds you of the risks you take.


And that’s all there is to having a net worth of $10 million. 

It can help you live a comfortable and rich life, but in order to find happiness, you would definitely need to find other outlets that aren’t related to money.

And most importantly, with more money in hand, you need to be more careful in the ways you spend and invest your money to prevent yourself form being drowned under even more problems and debts.

Interested in more? Check out The A-Z Of What A Digital Nomad Lifestyle Is!

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