How Much Money Makes You Comfortable

[kenyantykoon]

four words: as much as possible. in the millions-scratch that- billions of dollars. and i will make it. i know i will. i can feel it in my bones

[kgloh_23]

It depend on your living style

How much money we need depend on our living styles. For me, I need around 3k for living expenses, car loan, mortgage and parent. Based on this living styles, I need about 2 millions for retirement.

[TBH]

They say the average millionaire has more than 5 different income streams. How many does the average person have. How many do you have. Most have only their job, and maybe investments. What if you could have 5 or more. Would it be easier to live a satisfying, stress-free life knowing that if one stream isn't producing too well that you have 4 more that you can rely on? I know I could.

I do have multiple income streams, and this does contribute to my sense of financial security.

1. spouse's job (about 40% of our household income)
2. my PT job w/job security and benefits (about 15% of household income)
3. my second PT job that pays a stipend (about 15% of household income)
4. my freelance work (about 30% of household income)

We could tolerate the loss of one of those income streams reasonably well. We'd have to tighten the belt and dip into savings, but the other streams mean our savings would last a lot longer.

When working for pay is choice, and we can afford the lifestyle we want without having to work so many jobs, then I'll feel financially secure. I hope. I'm afraid I might be one of those never satisfied types.

[whitestripe]

i will feel comfortable when i have enough in savings to not 'have' to work, but rather, to work for fun and not money. that is when i will feel comfortable.

i cannot put a dollar amount on this, i would not know until i get there, how much i would need. it would depend on many factors, and it would depend on what IS important, as well as what is NOT important.

[lovcom]

The best determinant of being financially comfortable is found in the number of months one has of reserves to pay for one's living expenses and financial obligations.

If one has 24 months of reserves, one should feel comfortable. Less then this, one should be very concerned.

If one has 36 or more months of reserves, one should be very comfortable, and relaxed too.

[tripods68]

We live a basic lifestyle nothing stravagant nor go out on multiple vacations each year. We are simple folks.

I guess Knowing my kids and wife are in good, if not in excellent health conditions, and not struggling to pay our bills (e.g., meaning our expenses is 45% of our total gross income with plenty more towards retirement savings/EF) we are most comfortable. So far we are in this position---thank goodness with this economy However, I do struggle at times determining which accounts we pull out cash out off to pay for something. This process always almost bugs me....don't ask me why? It's just does...but i digress.

[donlat3]

I hope that once I am out of debt I won't need too much to feel comfortable.

[myrdale]

I think a persons debt weights heavily on this.

Before I purchased my house, I felt really good with $10k in the bank. Now with the house, I don't feel as good as I did then, even though I have a few more pennies in the bank.

For long term what amount would make me feel good? Probably $4-5M. You would be surprized how fast $1M can go.

[maat55]

It might be like licking a tootsie pop, you won't know until its done.

[Snodog]

I would need enough so that I would not have to work ever again to be reasonably comfortable.

I will never be entirely comfortable as even if you are Warren Buffet there are always scenarios that could play out that would leave you desititute.

Actually I have enough money right now to last me the rest of my life....if I dont buy anything.

[FamilyPapi]

Interesting question and very good responses.

From my perspective, it's going to take a generous amount - simply because I think that in order to prosper - you must prosper others. So giving is key here.

How much is enough to continually be comfortable and continue to give? Don't know. What I do know is that there will always be need out there. It's up to us to give, not in order to receive - but to help others live as close to "comfortable" in the process.

The result of course is that we prosper and also live comfortably...

Family Papi

[ashandariel]

When I can expect to meet my financial obligations without stress or strain, and am saving for retirement, I am comfortable with my financial situation.

The bigger screen TV and the nicer car are short term boosts only, and as one gets older you realize status symbols and fancy gadgets do not a happy life make.

Some might call that cliche or naive, but fulfilled, content people call it wisdom.

[jasonnoguchi]

Well, I have no debt and financially free. I turn in residual income enough for everything I do monthly and some more to invest with. I am only 33 and yes, I don't worry about money much. But is it enough? neh... I am still trying to create more streams of income and make more money. Infinite cash makes me comfortable.

[lovcom]

Interesting question and very good responses.

From my perspective, it's going to take a generous amount - simply because I think that in order to prosper - you must prosper others. So giving is key here.

How much is enough to continually be comfortable and continue to give? Don't know. What I do know is that there will always be need out there. It's up to us to give, not in order to receive - but to help others live as close to "comfortable" in the process.

The result of course is that we prosper and also live comfortably...

Family Papi

I appreciate your giving attitude.

I just want to say that giving can sometimes hold back others. Had my parents gave to me (more then what they're obliged), then I would not be the rich guy I am today. There is a fine line between helping and hurting when giving to others.

[nycguy567]

fresh air
pretty, nurturing significant other
health
and a decent salary.