How much money is enough?

[Meliodas]

When I was 11-12 years old , i wanted to be  a billionaire , but now i think that isnt worth the time , because there are many other facets of life to be explored , and for 1 thing that i have proved to myself is that money (and the things money  can buy) cant buy permanent happiness , they can only provide momentary stimulation and fleeting happiness . 

At the same time i am aware of importance of money . Money helps me pay the bills , it helps me create a infrastructure , so i can explore other facets of life , it me helps me travel , it lets me go to seminars , it lets me get knowledge etc.

But i wonder what is necessary amount of money one would  like to have in his life , for ex: maybe 1 million dollars , maybe 500,000$ or maybe even 10 million $

how much $$ is enough before one starts to fall into endless loop of getting more and more money?

NOTE: pls dont write absurd figures which are way too high and say " lets suppose you want a aircraft for so & so , ergo you need to have 10 gazillion $", pls only write practical figures , if at all you write figures.

[TheAlchemist]

At least where I live (Finland), about 1000$/€ a month will be enough for one person to have a warm apartment, quality ingredients for cooking food, electricity, water, books and courses and some occasional splurging on new experiences like travelling, restaurants or events. I don't think anything more will have much returns in regard to satisfaction, after that it's mostly about the inner work.

Travelling can be done, and amazing experiences can be had with very little money, and usually those journeys on a tight budget are the greatest adventures, since you are forced out of your comfort zone. 

With an income of less than 1000€/month I have been quite satisfied for the past years, but of course expenses are different around the world and depend on what sorts of debts you have, or if other people are reliant on you for sustenance.

I think a good rule of thumb would be to have at least double the cost of basic living costs (rent+food) coming in monthly. 

[Meliodas]

@TheAlchemist do you include savings ? Since there will be a time when you will stop working ? have you planned about those years?

[Meliodas]

54 minutes ago, Medhansh said:

In India, an income of 1336 USD per month is considered a very good income and is enough to meet all needs (and even some luxuries) for a normal, middle-class person. 

Now what is "enough money"?

Simply put, the amount of money which makes me financially independent. 

Financially independent means: I can survive easily for the rest of my life without working for a single day. 

For financial independence in India, we need 44 million INR, or 588k USD. 

If you put this much money into a standard Indian bank account, the mere interest on it will give you 16k USD per annum, or 1336 USD per month. And your 588k USD will be left untouched. 

So, as a middle-class Indian guy seeking financial independence, 588k USD is enough money. 

 

not to offend , but i think that is very simplistic economics , there are ways to scale less money to more money , or maybe you can put some money into business or investments which will yield returns.

and also for India , since it is a 3rd world country , the purchasing power is very high, so that kind of money can do wonders ....

[Terell Kirby]

The value of money is relative, there is no absolute answer to the question.

Money means different things for different people.

Find out what it means to you, and don't judge the meaning that others put on it.

[Meliodas]

2 minutes ago, Terell Kirby said:

The value of money is relative, there is no absolute answer to the question.

Money means different things for different people.

Find out what it means to you, and don't judge the meaning that others put on it.

well the value of money may be relative , but its necessity cannot be defined as relative (unless you are comparing different economics)...I have mentioned in the post the things I want money to do for me , I mean if that's what you are asking...

 

[Terell Kirby]

13 minutes ago, Meliodas said:

well the value of money may be relative , but its necessity cannot be defined as relative (unless you are comparing different economics)

The necessity of money is also relative, for both personal and global economics.

Elon Musk sees the need for money a different way than the average minimum wage worker at Wal-mart.

1 million would mean nothing to Elon, but it would be life changing for most wage slaves.

[Guest EmptyVase]

"Just a bit more."

- John D. Rockefeller, when he was asked how much money is enough

The function of the Wanting Mind is to want. It wants endlessly. And it will never be fulfilled. As you meet one want, the next one will pop right up (which is cool, if you wanna be in for the wild ride of life). 

The Wanting Mind insists that things need to change in order for us to be happy, and money is one of its favourite objects to focus on.

Happiness lies in the present moment. You are the very source of happiness.

[TheAlchemist]

40 minutes ago, Meliodas said:

@TheAlchemist do you include savings ? Since there will be a time when you will stop working ? have you planned about those years?

Yes, include some savings. So much of this depends on what you value in life, what you think is important over other things. 

[Nahm]

The relevant factor imo is that it’s all made up. Granted there are the practical matters of having an income & decent credit history, but you can write what you want on a dreamboard, and a “bank” will just make up that there is “money” and lend it to you to create a “business”. Were this not your dream, there’d be no call to make all this up. Pronoia Is an interesting phenomenon. 

[Meliodas]

22 minutes ago, Terell Kirby said:

The necessity of money is also relative, for both personal and global economics.

Elon Musk sees the need for money a different way than the average minimum wage worker at Wal-mart.

1 million would mean nothing to Elon, but it would be life changing for most wage slaves.

i see your point now ...

[Meliodas]

2 minutes ago, Nahm said:

The relevant factor imo is that it’s all made up. Granted there are the practical matters of having an income & decent credit history, but you can write what you want on a dreamboard, and a “bank” will just make up that there is “money” and lend it to you to create a business. 

doesnt that sound too optimistic now ?

[Nahm]

@Meliodas

Not imo. Given that you are creating by default, and everything is always working out for you, mind as well point that focus on creating what you desire to and allow yourself to receive various means of doing so. 

[something_else]

Basically there is no right answer but you do still want good money psychology. For example it is very easy to spend more and more each month until you are pushing the limits of what you can afford. This is the typical human approach towards money 

And with readily available credit cards with a high limit this can be very dangerous

[BlackMaze]

3k passive income would be nice. My definition of rich is to not have to be a wage slave ever again and always have enough money to be able to express and unfold my personality as much as possible. 

18 hours ago, Meliodas said:

doesnt that sound too optimistic now ?

I wrote 1million on a board many months ago. All i see are opportunities. I wouldn't be open to the opportunities if i didn't have the intention. I also did an exercise from a book for a whole month. I had an imaginary bank account and everyday i was earning 1k for the first day + 1k more every next day and also spending the money in my mind however i wanted. Don't underestimate this exercise. We are conditioned to accept a certain amount as a limit to our income. There is no limit. I don't want to become i billionaire. If you do the exercise i mentioned you will run out of things to buy. We don't actually need so much. 

[Preety_India]

No amount of money is ever enough for those who spend too much. 

 

[Consilience]

On 12/1/2021 at 6:03 AM, TheAlchemist said:

At least where I live (Finland), about 1000$/€ a month will be enough for one person to have a warm apartment, quality ingredients for cooking food, electricity, water, books and courses and some occasional splurging on new experiences like travelling, restaurants or events. I don't think anything more will have much returns in regard to satisfaction, after that it's mostly about the inner work.

Travelling can be done, and amazing experiences can be had with very little money, and usually those journeys on a tight budget are the greatest adventures, since you are forced out of your comfort zone. 

With an income of less than 1000€/month I have been quite satisfied for the past years, but of course expenses are different around the world and depend on what sorts of debts you have, or if other people are reliant on you for sustenance.

I think a good rule of thumb would be to have at least double the cost of basic living costs (rent+food) coming in monthly. 

Wtf that’s ridiculously cheaper than the US. $1000 barely pays for a small apartment in most cities. Nevermind utilities, wifi + phone, food, transportation, healthcare, car insurance.

[Yarco]

Living off $1,000,000 would be tough.

If you earn 3% interest through investments per year, you could maybe live off $30,000 of interest per year without touching your principle if you own your own home and are frugal.

Gotta figure about $6,000 just for property tax. $2,000 per year for water and electricity and natural gas. $2,000 for internet and phone. $2,000+ for car insurance and gasoline without any maintenance. Probably $5,000 in groceries for 2 people.

That's already $17,000/year just on the basic necessities to live without pet food, clothing or shoes, cleaning supplies, dentist/medicine, entertainment. Assuming you never need to replace a furnace or roof or any other big expenses.

In 40 years your money will be worth 20x less, so $30,000 a year will be more like $1,500 and you'll need to start eating into your initial $1M. It would cut it really close and be a stressful way to live out your final years.

If you wanna live stress-free never having to worry about money, you probably need at least $10 mil

Keep in mind this is still to live just an average life of a normal person who has a salary of like $50k/year, nothing extravagant at all. Living in a townhouse or a duplex with a 5 year old car. Your neighbors wouldn't know you were rich except the fact they never see you leave for work.

Edited December 3, 2021 by Yarco

[tsuki]

@Meliodas This question is relative to what you truly want to do in life, what is your highest calling. It is also relative to where you live.

There is no general answer to this question, I'm afraid.

As for the trip regarding to getting where you truly want to be, dream big, but take small, actionable steps. This is so important, so simple and so easy to overlook. Don't try to do things that you cannot do and make up stories about how your dream is impossible. Do the things that are possible in small steps, and trust that right opportunities will present themselves at the correct time. Also, be willing to adjust your dream when it no longer feels right.

[Gesundheit2]

This is all based on the assumption that money = survival.

But that's not necessarily true.