When Would You Be Financially Happy?

[katwoman]

This may sound like a silly question, but think about it for a sec.

I read through this board and the blogs, watch Oprah's Debt Diet, hear my friends complain about money and while no one I know is starving (and some are even making verrry good money) it never ends! Sometimes I think it becomes a habit to complain -or- if you don't complain, you seem rolling in it and no one feels sorry for you. When I stopped working (and didn't complain about money) friends invariably kept asking me how I was doing it. Didn't matter that I had no mortgage, no car loan, no cell phone, no new clothes, no debt, no vacation.....you get the picture. They couldn't get past their own lifestyles, I guess. Oh, and a couple had even declared BK.

So, at what point do you think you'd be financially happy?

This is what it would be for me:
No mortgage
Maintenance for a house that wouldn't break me (taxes, upkeep, etc.)
No car loan
Great health insurance
IRA's in the high 6 figures
Long Term health policy
A vacation twice a year would be nice
$2 million in the bank so that I could live off the interest (if I chose to)


Would would do it for you?

[Russell]

Strictly financially speaking (no health, kids, family etc):

Own a nice house in a place where I choose to live
Build a 10 car garage and an attached shop next to the house
Fill the 10 car garage with my dream cars
Fill the attached shop with tools and project cars
Own investments/businesses that provide cash flow so I never have to work again
Fully fund my daughter's education and her future
Have enough to cover any unforseen circumstance

*Sigh*

[midlight21]

Financially happy? Right now I'd settle with crawling our of this black hole called credit card debt...but I'd be VERY happy with:

No Mortage payment (house paid off!)
Low Maintenance on house
My 401k in the high 6 figure range
Get an IRA started for my husband and get it to the mid 6 figure range
An educational acct for my son that would fully cover any college he wanted to go to.
Educational acct's for my two youngest stepchildren that would help them with college.
Ensure that my stepdaughter gets to go to medical school fully funded
Have all cars paid off.
Nice furniture and nice flooring for the house.
A high 6 figure range in the bank to cover any unforseen circumstances and to fund investing strategies.
Long vacations to exotic places once a year.
The option to never work again.

[abowers]

I'm aware that no matter how much I make, I will proabably always think "I'd be happy if I just made a little bit more." But as of right now -- I'm only making a little more than my bills every month. I've finally caught up (thanks to a fed. tax refund, and a bonus at work) so that I have an extra $1000 in the bank (unimpressive to most, but I make little, I recently graduated from college, recently moved, and recently bought a brand new car). Also, I accidentally paid my edu loan twice in february so I had a little extra cash in march which was a nice surprise.

I am making enough right now to cover my share of:
$415/mo rent
$75/mo cable, cell, electricity
$75/mo cc minimums on 3 cards (I'm paying an extra $15-20 on each card above that right now)
$123/mo under grad edu loans
$260/mo car payment (paying an extra $25/mo)
~$150/mo my share of groceries
$35/mo gas

I'm very glad I'm able to pay all of this every month, but of course I'd be happy if I made a little extra so I could be saving more than I am right now. Technically I'm ok financially, for now, I'd just like to have more of an "emergency fund".

Also, of course I'd be happy if my $16k in edu loans and $13k in car loan were paid off, but I don't expect that to happen for a while (i.e. after I finish my master's degree and get a real job).

[frugalfarmwife]

I'd be happy if the mortgage was paid off, heck I'd be happy if the mortgage payment was cut in half I'm not that hard to please.

kj

[Snoopy2645]

well I have no car payment & am working very hard on the no mortgage but will be left with no money in the bank & I think even if I had a ton in the bank I would want 2 tons ya know what I mean I would never feel safe never have before & I doubt I ever will I love & crave for more money have my whole life!! But I unlike most my friends have never been to vegas or gambled or had a car loan or a cell phone & my wedding was $20 because I feel so unsafe like thier is just never money to blow on FUN stuff & even if I had a million I wouldnt feel safe I would want $2 million & so on

[baselle]

Right now.

I don't have a net worth even in the low six figures, but that will come. Little debt and a large emergency fund, enough for eight months of unemployment, is enough for me. I don't worry about my job. I sleep well at night. I don't fear the mail.

Since making money is an equilibrium thing (make more than you spend), and right now the equilibrium is working in my favor (my net worth is increasing), I'm happy.

[Lemony]

I'm also happy now. We changed our attitudes towards money, started aggressively paying off debt and our net worth increases every month. We're not out of the hole yet, but just knowing that we're on the right track makes us happy.

[PrincessPerky]

I think I would be content with a positive net worth. (right now the CC debt is gone but there is still the house, and the car- and we need a new car)

I would start giving it away (I always wanted to start an education center) when I meet the million mark (at the least)

[Ima saver]

I am happy right now. When i got my house paid off at age 32, a big load was lifted and life was easier. I did not learn how to invest until I was 44. I have never made more than $200 a week, but I always saved something.
It is nice knowing that I can afford almost anything that I want. But all I really want is my DH and my puppy, Holly. And, my one big vice, eating out!

[jmjj215]

Russell got me thinking...

A full on gym in my house
No debt - anywhere
Enough money to not have to work for a "paycheck"
micro-philanthropy opportunities
My wife could buy whatever she wanted from the grocery store (a $14 spice for instance)
A BMW

...I could go on...

[Fern]

I think $2 million would do it, plus the "great" health plan and no debt.

[JBinKC]

I probably never will feel comfortable mainly because of my fear of inflation.

[Ima saver]

I would settle for great health before wealth!

[JoyJoy]

I'm financially happy knowing what I know now and very blessed!

I was planning to retire at age 47 (started working at age 17 as a court stenographer and 30 years and out would have made me age 47) until I was stricken with Multiple Sclerosis (MS).

Just remaining in reasonably good health is good enough for me! Been financially set and then lost it all to medical payments. Now back on my feet, remarried and living good! Thank God! Just be thankful for what you have today and don't SPEND your tomorrow. Enjoy where you are at this moment

[Thrifty Ray]

Financially happy...

1. No Mortgage payment
2. Money in the bank to cover 1 year of emergency
3. Monthly income = monthly bills & expenses + a little extra
4. Financial ability to travel once in a while (domestic with our trailer)

We have achieved # 3 & 4
Only 28 years to go #1 (ugh) (Our goal is to have this PIF in 15 years)
#2 Is a work in progress.

[laceshawl]

After having visited India, I'm happy with a paid off house, no debt, and enough coming in to pay power and phone and buy my prescriptions and simple groceries. Sure, I'd like a year's income in the bank to pay for repairs, and a little extra so I could go to the movies now and then, but I'm grateful for what I do have.

[billybob]

Originally Posted by Ima saver

I am happy right now. When i got my house paid off at age 32, a big load was lifted and life was easier. I did not learn how to invest until I was 44. I have never made more than $200 a week, but I always saved something.
It is nice knowing that I can afford almost anything that I want. But all I really want is my DH and my puppy, Holly. And, my one big vice, eating out!

You payed off your house at age 32, and never made more than 200 a week??
How is that even possible? Even if you paid that entire 200/week to a mortgage of 100,000, it would take you 9.6 years to pay it off. And I'm sure you didnt. What gives?

[PrincessPerky]

I don't think her house at 32 cost what her current home does!

[billybob]

I'm just Jealous!
I'm 29, and I dont even have nearly enough to put down a downpayment for anything, much less pay it off. And I make good money!
Problem is i just paid off my massive CC and just only started really saving in January...
Oh well, never too late to start!