Level 4 (1M–10M) really is the no-man's-land of wealth.

For example, going from $100k to $300k can change your life. You can quit a job, move somewhere else, or take a chance on something of your own.

Going from $5M to $5.2M? You're richer, but you don't notice the increase anymore in the same way. This is where the diminishing returns start to show.

Back in 2021, when I went from $500k to $1m, I felt like on top of the world. It was a big change for me. A little backstory: in Feb 2021, I quit my 9-5 job with $500k NW, and it felt like a huge achievement. I knew it wasn’t enough to live off forever, but it was enough to dare to bet on myself.

During the years after 21’ there have been periods where my NW has increased a lot, and periods where it went a bit down or barely went up at all.

So I can very much relate to what Nick says: at some point, you could “work” twice as hard and barely notice the difference in your life. Your portfolio grows. But the extra money buys you less, while the time it costs you stays the same.