I really liked the Quora discussion, the Huffing Post didn’t load for me, so I was not able to read it yet.
Similar to what someone wrote on Quora towards the beginning, it takes probably 8 figures to really feel free and like you never have to work again, so that would be the most life changing. For me as we (my husband and I) have gone up and up in income over the years, and grown our savings, and freed ourselves from bills (everything is paid off expect one car, I think it is < $300 a month on a lease) what has changed for me is I do spend money more easily than before.
My instinct is to save not spend. I like the security of having money in the bank. Once I finally had enough money in the bank that I felt like we could go a year without working and still be fine, I started to change my spending thoughts, my spending habits still lagged behind a little. I was just not dwelling as much on making spending decisions. Then as our savings still increased and even our salaries were increasing, my habits even began to change. Spend a little more on a car, spend a little more on a nicer hotel, but still what changed most was how I felt about the spending. I needed less time to decide to spend money, and much less post spending buyers remorse. Still, I do not spend anywhere close to level I could if I wanted too.
Also, having money in the bank so to speak, my mind is so much more open to wanting to have experiences and being willing to spend for the experience, and for convenience. I really did not increase much the material things I want to own and buy, but I want to travel more, I’ll pay the stupid entrance fee to go to an art show or home show, I’ll pay the high price for the flight to not have to connect or take a 6am flight.
Also, because of the money we have my husband can pursue his hobby, car racing, which is rather expensive, but we do it the cheapest way possible in our club. It runs about $10k a year after you buy the car (which one can buy for as little $20k) so it is not a crazy amount of money, but it stoll boggles my mind we have such an expensive hobby, considering how I grew up. The racing also serves sort of as a vaction for me, so the money kind of covers vacations as well.
I think if we had $3—$5 million we would take a shot at our own business, my husband could quit and we would try it. We are not anywhere close to the amount of wealth. Being upper middle class we are kind of locked into my husband making very good money in his corporate job, and it is hard to walk away from that, and take the risk.
We still very much are frugile in many ways. My husband still darns a sock or too (which I think is crazy). I make him lunch for work every day, primarily because he doesn’t like spending the money for restaurant food. We don’t buy a lot of clothes, My husband sometimes cuts my hair, I sometimes dye my own hair, I do my own nails, all sorts of spending I don’t do that many of my friends regularly do.
I think poor people maybe take risks more because they have nothing much to lose, and the wealthy take risks, because even if they lose they still have plenty of money to live on, but the middle class it seems to me would be the most locked in psychologically to wanting to maintain what they have; a more precarious situation. But, everything is relative of course. Someone who was very poor all their lives might feel rich at their first million, while someone who grew up middle class, might feel like their first million is just the beginning of making towards being rich.