The big mistake investors make once they hit that first $1 million

Rich people — really rich people — have an inside joke about spending in retirement: They call it “skiing.”

Not skiing as in snow skiing, but “spending our kids’ inheritance.” They use it in reference to splurges, such as pricey wines, cruises through Europe, second homes, or whatever strikes their fancy.

They don’t feel bad about spending, because there’s little chance that they’ll spend so much that their own retirement is put at risk. It is truly their kids’ money, so why not?

Here’s the crazy thing. A recent Washington Post story details how ordinary savers, folks who are comfortable, perhaps, but not rich, are starting to think the same way.

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