How much money is enough for you?

[laohaire]

Is there an amount where you'd feel satisfied, and give the rest away? If so, what is that amount?

ETA: Your answer could be a lump sum or a yearly income, whatever you like.

[cappuccinosmom]

Enough to eat, save for old age, and bless my kids. It's hard to give a number because COL changes from place to place, and inflation may change future numbers.

I think it would be *awesome* to get to the point where we could live well and save on 30% of our actual income and give the rest away.

[limette]

As a lump sum, between 1-2 million which would allow us to build an off grid house on a nice big acreage with a decent size greenhouse and barn for farm animals.

The rest would be used to generate interest so that we could live on 20,000k or less per year.

[laohaire]

For me, it's $1,150,000.

If I won the lottery (not likely, since I, uh, don't play it), I'd take that amount and give the rest away to my family and friends. If it was a ridiculous amount (like, more than $10 milllion) I'd probably give a million each to my parents, in-laws, SIL, brother, and best family friends, then spend some real effort and research and time investing the rest into charities (like the provision of clean water to communities, promotion of local agriculture to exploited nations, etc.).

Why $1.15 million? $100,000 would wipe out our debt including mortgage. $50,000 would be nice for a few fun things like maybe update our bathroom a little, a little vacation, maybe a $500 clothing spree, just a few things like that. The remaining $1 million would be our nest egg, we'd live on 5% a year which would be plenty for us and probably allow for inflation too. We live on 40k right now with all our debt, so 50k and no debt would be living high for us. And that's all we'd need. After that I would just give it all away.

[living_organic]

I would say 3000.00 a month. We are a family of six and I prefer to use organic or homegrown food.

1000 would cover our essential payments (utilities, house pmnt, internet)
1000 would cover food, and allow budgeting for clothes and such
1000 would allow us to repair our cars as needed instead of ignoring, and allow us to save.

Yep, that would make a wonderful stress free life for me!

But, I can keep on keepin' on too. We were homeless for two weeks last year and I am just soooooo greatful to not be living in a tent with my littles anymore.

[starlein26]

I'd be *super* satisfied with 3 million. 1.7 million dollars would afford us a smallish, entry level house in this area (cough, mutter under breath, barf) and we could live off of the interest of the rest of it.

[BetsyS]

My dreams are similar to the PP. To pay off all our debts, to own a house free and clear, to be able to supplement our income enough that dh could work the non-profit job of his dreams (and work reasonable hours at it), and to have retirement and college accounts.

After that, yes, I would give generously.

[deditus]

Originally Posted by limette

As a lump sum, between 1-2 million which would allow us to build an off grid house on a nice big acreage with a decent size greenhouse and barn for farm animals.

The rest would be used to generate interest so that we could live on 20,000k or less per year.

Me, too!

[EFmom]

I don't have a fixed number. We plan to put our kids through four years at a state school, but I'll admit, I'd love to have enough to either send them to Ivies should they get in or to fund graduate or professional school.

I'm also paranoid about retirement. We save a fair amount in retirement funds and dh has a defined benefit pension. Still, I worry it won't be enough, and everything I read about it makes me even more nervous.

I don't know, maybe $10 million in the bank? That makes me sound awfully greedy, but I'm not all about luxury and we live pretty simple lives.

[doubledutch]

i think it's been documented that people who give to charity find a way to give no matter what, and people who "don't make enough money" will never feel that they earn enough to share.

i think i'm generous with my time and talents, but i'm not very good at giving cash. i give, like, 1% of my gross salary per year.

[JamieCatheryn]

I'd have more than I could ever ask for if we could get one time $80k then DH kept bringing in $50k yearly, adjusted for COL. Or $750k one time and we'd be set for life with a self sufficient homestead.

DH is hoping in reality to bring his salary up to $65k yearly in the near future with his degrees.

[bobandjess99]

5 mil.

[Ravin]

Originally Posted by doubledutch

i think it's been documented that people who give to charity find a way to give no matter what, and people who "don't make enough money" will never feel that they earn enough to share.

i think i'm generous with my time and talents, but i'm not very good at giving cash. i give, like, 1% of my gross salary per year.

This doesn't apply to everyone. I used to give to a number of causes I deemed worthy; now I really can't afford it--I pay for my SCA membership and that's about it. The ACLU, NPR, the Planetary Society, MilPagNet, HRC, etc. all have to wait for me to make a real living income again to get some.

That said, I don't think I'd give it all away above any particular sum. If I had more than 50K a year or so coming in, though, I'd actually have "giving" as a budget category.

[griffin2004]

$1.5 million lump sum would do me

[cristina47454]

Let's see...

We're assuming after taxes...(this will reveal how bad our situation actually is...)
$1 mil to pay off all of dh's business loans/expenses/investments (so he can put it to rest once and for all) + all of our cc/family debt

$1 mil to become homeowners again and furnish/landscape ( I could easily be talked down from this number, but we live in a high COL area and at some point I'd like to live in a home similar to the one I grew up in) + replace old cars

$500k to fully fund college funds for three kids, get our retirement funds fully funded

Enough $$ in the bank to be able to live off the interest (if everything else was taken care of, our actual living expenses would be minimal. Maybe $50k/yr - but we haven't been able to travel so maybe $75k)

Then dh could work doing something he loved, without worrying how much he is making.

But looks like...(gulp) to be safe, $5 million? Guess I better start playing the lottery...

[JamieCatheryn]

Originally Posted by Ravin

This doesn't apply to everyone. I used to give to a number of causes I deemed worthy; now I really can't afford it--I pay for my SCA membership and that's about it. The ACLU, NPR, the Planetary Society, MilPagNet, HRC, etc. all have to wait for me to make a real living income again to get some.

That said, I don't think I'd give it all away above any particular sum. If I had more than 50K a year or so coming in, though, I'd actually have "giving" as a budget category.

Hi fellow SCAdian I count our dues and stuff in the entertainment category, myself. Though the historical research and spreading knowledge is good.

I talked to DH this morning about what if we had more than we could ever use. He says if we had an abundance of money he'd buy or start a business. That he'd help people by employing them, providing good benefits including tuition reimbursement, and a stable career in a well run, profit making company.

[Drummer's Wife]

Originally Posted by bobandjess99

5 mil.

I'll go with this answer

or hey, why not make it 50 mil

[Poddi]

I think about 2 - 3 mil would be a comfortable level, and realistic goal. I know we'll probably get that when we're old if we keep up with savings and investing. But it sure would be nice to not wait for decades. Besides by that time inflation would have made that not a whole lot of money.

[Coconut Chronicles]

Originally Posted by Poddi

I think about 2 - 3 mil would be a comfortable level, and realistic goal.

This is our goal also

[lolar2]

Us too, 2-3 million. I probably could find something to do with up to 5 million. After that it would definitely just be sitting in a bank so I'd give it away.

Ah, dreams.