Discussion in 'The Cocktail Lounge' started by Maple Archgate, Apr 23, 2016.
How much money is enough for you to be happy with the amount you've got?
I find this a hard question to answer, because for me it isn't the amount of money, it is the amount of sustainable income I can make from it. If you stay within your income, you can have a reasonable standard of living for life. If you start spending capital then you'll run out very quickly. As long as I have enough to sustain a basic standard of living without a day job, and let me pursue a few small business projects, I can be perfectly happy. How much that is depends greatly on market conditions.
The other thing is, are you counting property in the amount of money? If you are counting owning somewhere to live, most people will immediately jump into your last bracket. The average UK residential property is just under £200,000 (or just over £500,000 if you live in London).
It is so funny that every one in the poll voted for the same thing. I would be thrilled to have one million dollars in the bank. I think wisely invested, that money would last you the rest of your life, however, a million dollars does not mean nearly the same thing it did 30 years ago. It probably wouldn't even categorize you as filthy rich..maybe well to do, or comfortable.
Well certainly the answer is different for everyone, but it is funny to see some consensus in the poll above. I think that I am someone with a much lesser threshold than others, meaning that I would be okay with less money than most people, but then again that is just my guess. It is crazy to think how much money you actually need to live these days and how that has changed over the years. Just think about what one thousand dollars means these days...barely anything anymore.
It depends on your needs and locations. All else is a mental stress that controls your behaviors. There are places on this earth where $5,000 will get you through your year in high spirits if you are humble. It is about you, not the money.
I agree with GiltEdged: it's not how much you have but rather how much income you can generate from it. At least for us younger people that is more important, if you are in your 60s or 70s then I guess just calculating what you need per year for the rest of your life would be a good option but doesn't work like that for me.
About 30k per year would be enough to live ok... so that would be $750k with a 4% yield. Or $1 million with a 3% yield.
I think enough money, is the amount to have enough food, and shelter. That should be enough. Anything extra is a bonus. Some people want everything though, and no amount of money can be enough.
It's not how much you have, but how you choose to spend it that matters. I have a sibling that spends so much we ignore him and no he can't always afford it. On the other hand there are people who do have money who live a simple life. While we do like to have and need money, it's how wisely you choose to live with it that matters.
This does not account for prices, location or lifetime inflation. I promise you can do it with so very much less if you put a critical eye to those, 10k is worth 30k in some parts of the world. Then you have bulk sales, the ability to flip out, etc. Trying to map it out to numbers is trying to associate value with your pre-existing sense of value and sort of be the arbiter based on your current paradigm of the currency you're familiar with
I think "enough" would vary from individual to individual. What I've noticed though is for most people, they never can have enough money. They always want more and more. IMHO, if someone makes enough money to get the basics they need, that is ENOUGH money. It's all the extra things people don't need that make them think they need more money than they have.
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