How much money is enough for you? - Mothering Forums

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#1 of 27 Old 03-24-2010, 04:00 PM - Thread Starter
 
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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.

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#2 of 27 Old 03-24-2010, 04:34 PM
 
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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.
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#3 of 27 Old 03-24-2010, 04:34 PM
 
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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.
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#4 of 27 Old 03-24-2010, 04:45 PM - Thread Starter
 
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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.

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#5 of 27 Old 03-25-2010, 02:28 AM
 
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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.
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#6 of 27 Old 03-25-2010, 02:43 AM
 
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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.

In love with Dh since 1998. We created Ds (7.1.03), Dd (10.16.06) and Dd (3.16.09).
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#7 of 27 Old 03-25-2010, 07:20 AM
 
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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.
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#8 of 27 Old 03-25-2010, 01:04 PM
 
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Quote:
Originally Posted by limette View Post
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!

Emily, cooking allergen free, knitting, reading, gardening Mom to 1 beautiful girl, born in the water on July 1, 2006 Wife to 1 handsome man since September 10, 2005
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#9 of 27 Old 03-25-2010, 02:28 PM
 
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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.
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#10 of 27 Old 03-25-2010, 03:32 PM
 
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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.
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#11 of 27 Old 03-25-2010, 05:52 PM
 
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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.
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#12 of 27 Old 03-26-2010, 12:15 AM
 
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5 mil.

CPST
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#13 of 27 Old 03-26-2010, 01:20 AM
 
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Originally Posted by doubledutch View Post
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.

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#14 of 27 Old 03-26-2010, 02:27 AM
 
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$1.5 million lump sum would do me

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#15 of 27 Old 03-26-2010, 09:53 AM
 
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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...
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#16 of 27 Old 03-26-2010, 04:49 PM
 
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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.
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#17 of 27 Old 03-26-2010, 08:07 PM
 
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5 mil.

I'll go with this answer

or hey, why not make it 50 mil

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#18 of 27 Old 03-26-2010, 08:30 PM
 
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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.

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#19 of 27 Old 03-27-2010, 11:55 AM
 
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I think about 2 - 3 mil would be a comfortable level, and realistic goal.
This is our goal also

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#20 of 27 Old 03-27-2010, 10:25 PM
 
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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.
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#21 of 27 Old 03-28-2010, 01:17 PM
 
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I'd LOVE to have enough to live comfortably but not excessively, buy a house, buy newer cars that will fit our family's needs, have decent heath care, eat the way we'd like to (ie organic, local etc...), save for a ligitimate retirement, travel a little & give to others. As far as what the dollar amount would be...who knows We are in a pretty high COL area, so maybe $100-$150k a year.

Realistically I'd be super happy with about $40k a year right now. That would atleast allow us to live comfortably & pay our bills.

Cheryl, wife to an amazing man, homeschooling SAHM to Gavin 12/03, Rhys 09/06, and Ian Aug 11, 2010.

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#22 of 27 Old 03-28-2010, 04:05 PM
 
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I think $5 million lump sum.

Fix up the house and pay it off....
Maybe even then buy our dream house in our dream neighborhood....
Have more children.....
DH & I could quit our jobs or work less / volunteer....
Travel......
Save up for replacement cars.....
Fund college fully for DS and my neice and nephew.....
Invest the balance and live off the interest.....

I don't think our lifestyle would change that much. It's not like I would stop buying used clothes for DS or clipping coupons. Or that we would buy Jaguars instead of Hondas. But we wouldn't have to worry about scrimping and could just buy what we need when we need it.

And I would love to build a replacement animal shelter for the run-down one that exists in our town!!! That is my DREAM... to be able to build a welcoming, friendly, warm animal sanctuary for dogs and cats before they find their forever homes. Our town's shelter does the best they can with what they have, but it is SUCH a dark and depressing place.

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#23 of 27 Old 03-28-2010, 06:58 PM
 
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5 million is a good number

1 million to buy a nice home where we live (750K will buy you a 2500 sq ft, newer home, but a million will get you a 2500 sq.ft, reno'd character home. WANT.)

50K for renos/redecorating/landscaping of said house

75K for a couple nice, safe new vehicles- I've always wanted to drive a Volkswagen, and I'm SURE my husband would like a nice van to get his band equipment around

100K to put in my daughter's education fund. Maybe more in case she decides she'd like to persue a professional degree. University tuition is ridiculous.

And the rest to keep in a TSFA with annual withdrawals to pay our bills and utilities so we wouldn't have to work!

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#24 of 27 Old 03-28-2010, 07:17 PM
 
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5 million is a good number

1 million to buy a nice home where we live (750K will buy you a 2500 sq ft, newer home, but a million will get you a 2500 sq.ft, reno'd character home. WANT.)

50K for renos/redecorating/landscaping of said house

75K for a couple nice, safe new vehicles- I've always wanted to drive a Volkswagen, and I'm SURE my husband would like a nice van to get his band equipment around

100K to put in my daughter's education fund. Maybe more in case she decides she'd like to persue a professional degree. University tuition is ridiculous.

And the rest to keep in a TSFA with annual withdrawals to pay our bills and utilities so we wouldn't have to work!


$1 million is about how much a nice family home here costs. Our neighbor across the street bought that house for $800k.

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#25 of 27 Old 03-28-2010, 10:16 PM
 
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How do people retire and live off the interest? What do they have it invested in? I really wonder this, because it seems like people with money keep getting more money, because their money is working for them. But my tiny CD's and etc aren't getting me anywhere. Now that we actually have debt paid off, where do we start to get to that place of being financially independent?

I know a man who got into a business at the exact right time, and they had three kids, and he retired at something crazy like 38 years old. How could you possibly know that you have enough money to take care of you, your wife, put all your kids through school, etc, and have your retirement taken care of, at the age of 38?? I am dealing right now with seeing one of my relatives have to pay over $6,000 per MONTH for her care at the age of 84. And when my grandmother was in the nursing home, towards the end of her life (she had Alzheimer's), her bill was over $9,000 per MONTH. I don't get how anyone has that kind of money. My great-grandmother lived for ten years in a nursing home with absolutely no abilities left, couldn't walk/talk/etc. How does anyone manage to pay for that?
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#26 of 27 Old 03-29-2010, 03:37 AM
 
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2 million. I could take care of my family, and my parents.

Blessed Mama through adoption. Diva 3, Baby J 1, Baby E 6 months (and still waiting for us to come get her!)

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#27 of 27 Old 03-29-2010, 10:40 AM
 
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Last year, dh and I earned $94,000 before taxes. We have about $80,000 left of our mortgage at a really good interest rate. We have a decent government retirement plan and extended health coverage (beyond the standard Canada pays). We do not have a car and we budget for everything. Our needs are met with some money to play with (though no fancy vacations; we have money for camping and to save up for the things that matter to us). We do donate monthly, but I would love to increase the amount.

If someone told me we could choose to have what we have now, adjusted for inflation (I guess); but we would never earn anything more, I would take the offer in a heartbeat. I grew up really poor--like food banks, moving a lot because we couldn't pay the landlord poor, and I never thought I would have what I do now financially.

My one dream now is to be able to see the food co-op we helped to start, get set up for life financially. It's had its storefront for over 10 years and is "the little engine that could;" but I would just love to give it a big boost.

My goal now is to take our generous budgets for things like food and make better use of them. I don't want to earn more, I want to spend less. Yes, I would like to give our dd (and hopefully a new babe) a financial nest egg when she grows up; but teaching her about frugality and financial modesty is, I think, is the best gift I can give her.
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