How much money is "enough" for you?

Nameless · March 30th, 2004, 02:37 PM

When you were a kid, you would say "If I had a million dollars...". Well, things aren't the same these days [img]/images/graemlins/smiles[/img]

How much is "enough" money banked to keep you happy? I have no idea for me... It's all based on your lifestyle I think.

MM

mrob · March 30th, 2004, 02:39 PM

you can never have enough

STI · March 30th, 2004, 02:41 PM

thank u mrob couldnt have put it better myself. [img]/images/graemlins/supergrin.gif[/img]

FUSCUCLA1 · March 30th, 2004, 02:41 PM

1 mil is enough, but 5 mil is ideal.

**Chuck 98 RT10** · March 30th, 2004, 02:44 PM

All I need is enough to get started. I'll make more.

**Toby** · March 30th, 2004, 02:44 PM

"just enough" so as not to want.

I do already have everything I need.

**Smokin** · March 30th, 2004, 02:46 PM

There is no such thing as "enough". When you reach a certain setpoint, all you have done is raise your expectations and increase your expenses. So there is never enough.

GroundFighter · March 30th, 2004, 02:47 PM

If some is good and more is better then too much is just enough.

Nameless · March 30th, 2004, 02:56 PM

There is an "enough" point I think. At some point, I want to just remove myself from the rat race. If I can sit back and gain money w/o effort...then rock on. If I have enough to enjoy life with, I'm done with the human race [img]/images/graemlins/laughing.gif[/img]

MM

vipernathan · March 30th, 2004, 02:57 PM

You will always want more,

Signed,

Bill Gates

<Can't disagree though>

Joker · March 30th, 2004, 02:58 PM

When I am liek Trump on a show saying, "You are fired" perhaps I will have enough.

Nameless · March 30th, 2004, 03:05 PM

I want my house to be finished...thats what *I* want [img]/images/graemlins/smiles[/img]

MM

**Confrontational** · March 30th, 2004, 03:07 PM

$42.3 - firm!

**-RUNNR** · March 30th, 2004, 03:28 PM

$5.00

per minute

until I die.

**Lawboy** · March 30th, 2004, 03:30 PM

the break point between the super rich and the rich is $100 million. At $100 million and up, there is little difference in how people live and what they can afford.

so how much is enough? $101 million would be plenty for me. at that point, i would probably start living like Gotrich ooooops! i mean Getbit. [img]/images/graemlins/wink[/img]

**HighRoller** · March 30th, 2004, 03:40 PM

Keep this in mind: if you are young and need your portfolio to last a (hopefully) long time, many people will advise you that you can't count on using more than about 3% per year (different advisors will give you a different number here -- but few will advise 5% or more IF YOU ARE RETIRING YOUNG). You will, hopefully, "earn" more than that, but I'm talking about the income stream you get to peel off and spend.

[ Insert complex arguments about whether the 3% number makes sense or not here ]

Anyhow, if you believe that, what it means is: A $1M nest egg generates a "measely" $30K per year.

So if you are talking about leaving the rat race, $1M probably doesn't do it.
Something in the neighborhood of $5+ M probably does.

A million bucks just aint what it used to be.

If you want to buy an island, that takes a little extra. [img]/images/graemlins/smiles[/img]

**HighRoller** · March 30th, 2004, 03:44 PM

Quote:

Originally Posted by -RUNNR

$5.00 per minute until I die.

If I've done the math on this one right, using the 3% figure, RUNNR needs only $87.6M. Not even "super rich" by Lawboy standards!

**Biggest** · March 30th, 2004, 03:47 PM

Quote:

Originally Posted by HighRoller

Quote:

Originally Posted by -RUNNR

$5.00 per minute until I die.

If I've done the math on this one right, using the 3% figure, RUNNR needs only $87.6M. Not even "super rich" by Lawboy standards!

Did you figure his current age correctly at 58?

Nameless · March 30th, 2004, 03:51 PM

Well, I'm young..and seriously need to evaluate my finances for the future.

MM

**HighRoller** · March 30th, 2004, 03:56 PM

Quote:

Originally Posted by Biggest

Did you figure his current age correctly at 58?

Nope -- and I don't have the tools to do that (just telling you what I've learned, I'm not a planner myself). But at 58 he can probably safely withdraw a higher rate. At 5% he only needs 52.5M

Hey, $5/minute is only $300/hr or about $2.6M/yr.