How much money would you need to be happy?

[Cowboy Brian]

The topic title is quite self explanatory. Preferably broken down into a realistic yearly salary since I doubt many people would ever realistically come into $50,000,000.00

 

[Tabascocat]

As much needed to never fall behind on bills and with enough left over every month to go out to dinner, movies, sightseeing and a vacation twice a year. Just need a little cushion in the savings acct in case an emergency arises from car expenditures, medical or something else.

Anything after that is gravy IMO. We all want to have mega-millions but that will not happen to 99% of us.

Hard to put a figure on a yearly income due to where people live. Making 150k in Cali is like making 70k in Houston. Can live comfortably on both, but not on 70k in Cali, etc, etc.

In short, enough to help reduce the stress of life without worrying which/when the next bills will be paid.

 

[Shunpike]

I want to retire when I am 50

My financial goals are this.

Pay off the house entirely. Have no credit card or any other debts. Your only payment after 50 should be your car payments.

Assuming I will live until I am 75, I need to put aside 25 years worth of money that will let me live comfortably.

Based on my calculations, if my monthly retirement income is 3000 USD per month, this will be roughly $900,000 total.

 

[SkinsandTerps]

You have to take into account other potential expenses as well (healthwise among others).

900k might not get it done with inflation, taxes, etc.

I read an article a few years ago that stated that it costs about 1M to raise a child through (EDIT: I should state that I mean a private) college...Thats only 21-22 years.

EDIT: They will still be leaning on you for support for a few years here and there to top it off. Not to mention if you have daughters with dream weddings.

As great as having these houses are...I bought a condo last year (vacation home for now). I don't want to be bothered with a lawn, or an extensive property.

OP, Talk to a financial planner. Get your ducks in order now.

 

[notherbob]

If you are not already happy, you won't be happy with money, either.

Once you have money, everybody goes to ridiculous lengths to try to steal it from you or cheat you out of it and everybody wants you to contribute to their cause, which will not benefit you at all and it becomes a source of tension and stress. And you have to spend a lot of it to protect what you have and it would lead you to want more and that leads to unhappiness.

A nice quiet place in the country far away from everyone else would be fine with me. Oh, I already have a place in the country - never mind.

 

[MapleLeaf]

...need enough to support an existence that would leave you with pleasant dreams as you lay your head down at night and give you a reason to get up everyday.

Everyone's amount to is different, and everyone's ideal existence is different.

 

[Future]

[youtube]cf7uJDhVZIE[/youtube]

 

[WV Cowboy]

Money doesn't buy happiness, ... but it can eliminate some of the sources of un-happiness.

Like large utility bills, unexpected car expenses, appliance repairs, exterior home repairs, property repairs, etc.

Chances are if you are not happy, money won't fix that.

 

[DFWJC]

I want to retire when I am 50

My financial goals are this.

Pay off the house entirely. Have no credit card or any other debts. Your only payment after 50 should be your car payments.

Assuming I will live until I am 75, I need to put aside 25 years worth of money that will let me live comfortably.

Based on my calculations, if my monthly retirement income is 3000 USD per month, this will be roughly $900,000 total.

Two words

Aim higher


Having said that, I'm assuming the OP meant "financially happy". I tink (hope) we all know that money never has and never will create long-term happiness. It is not even possible....long term.

But if you are planning long term, don't forget inflation.

 

[Meat-O-Rama]

There's an old saying: "It's not how much you make, it's how much you keep"

It does not matter how big your salary is if you don't spend it wisely and save. You'll always be a slave to the man if you spend as much or more than you make in a given time period and you'll always be wishing you made more money.

It sounds like cliched BS, but it's the truth. A truth I and many other people learned the hard way and would never wish on anyone else.

 

[notherbob]

Assuming I will live until I am 75, I need to put aside 25 years worth of money that will let me live comfortably.

Damn, I just turned 74. What to do?? What to do?? What to do??

 

[Shunpike]

Damn, I just turned 74. What to do?? What to do?? What to do??

I hope you aren't serious and you are just teasing me

If not, I am sorry if I have offended you. I am 270 LBS and I am Hepatitis B carrier. My family has cardiac history and my father had a stroke when he was 65.

So looks like 75 will be my top. I don't think I will even see 60

 

[justbob]

Damn, I just turned 74. What to do?? What to do?? What to do??

Eat more garlic -----

 

[CowboyMcCoy]

Um, I've had, at times over a quarter of a million dollars. Recently, I've had as little as my next month's rent. Happiness isn't about money. You need money, but it won't make you happy.

 

[WV Cowboy]

Um, I've had, at times over a quarter of a million dollars. Recently, I've had as little as my next month's rent.

Wow, .. what happened ?

 

[Yeagermeister]

As much as I can get. I'm a greedy . :laugh1:

 

[JBS]

You still don't get it, dude. There's no price tag or accomplishments that can achieve "happiness"..happiness isn't a destination..this is something you need to hurry up and figure out

 

[CowboyMcCoy]

You still don't get it, dude. There's no price tag or accomplishments that can achieve "happiness"..happiness isn't a destination..this is something you need to hurry up and figure out

Well said.

 

[CanadianCowboysFan]

The topic title is quite self explanatory. Preferably broken down into a realistic yearly salary since I doubt many people would ever realistically come into $50,000,000.00

10% more than I have, then 10% more than that etc

 

[notherbob]

I hope you aren't serious and you are just teasing me

If not, I am sorry if I have offended you. I am 270 LBS and I am Hepatitis B carrier. My family has cardiac history and my father had a stroke when he was 65.

So looks like 75 will be my top. I don't think I will even see 60

Not the slightest bit serious, just funning with you.

However, in all seriousness, a very reliable way to prevent heart attacks and strokes is to incorporate garlic into your diet (it doesn't have to be raw) as it contains a a fibrinolytic that generally prevents blood clots from even forming and most heart attacks and strokes are caused by clots. Of course, it also helps to eat a healthy diet. What constitutes a healthy diet is something not even the experts agree on. You have to research it. You also have to exercise and meditate, even if it is only listening to relaxing music.

The main thing is not so much how long one lives but what one accomplishes during their life. Mozart and many others died young but we still remember them for what they did, not for how long they lived. Quality is more important than quantity. People don't have to be a hero to the whole world, just their own family.

Good luck to you.