How much money would you need to be happy?

[Wimbo]

THere is a saying.... "Money doesn't buy happiness, but it will buy the kind of misery I want to have for a while."

I think optimally, the number is $4M USD. At a modest 3% interest per year, you can comfortably live & travel on $120K per year, and not touch your principal. Then you can leave your kids a nice trust that will trickle money to them once they get to be a certain age - enough to keep them off the streets, but not enough to keep them from having their own career.

 

[5Stars]

THere is a saying.... "Money doesn't buy happiness, but it will buy the kind of misery I want to have for a while."

I think optimally, the number is $4M USD. At a modest 3% interest per year, you can comfortably live & travel on $120K per year, and not touch your principal. Then you can leave your kids a nice trust that will trickle money to them once they get to be a certain age - enough to keep them off the streets, but not enough to keep them from having their own career.

The moral of the story is, get a Savings Account and pay you first. It could only be $5.00 a month. Maybe $7.00, if you can afford it.

Because chances are not good that we just have all that money thrown our way. Pay yourself first, then worry about the bills.

 

[WV Cowboy]

get a Savings Account and pay you first.

Pay yourself first, then worry about the bills.

Yep, purchase stock with good dividend yeild, and then dividend reinvest on all stock, find good bonds (4-5% interest), get a Roth IRA.

Pay yourself whenever possible.

It may not be much, but it all adds up.

 

[morasp]

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.

I think it's better to pay off your car, keep making a payment to savings for your next car and when you are ready trade in you car and pay cash for a reliable pre owned certified car like a Honda. The depreciation on cars is terrible.

 

[morasp]

Whoever said money can't buy happiness, never had money to begin with.

I'm not arguing with you but almost all of the things that make me happy are free or very cheap.

 

[a_minimalist]

Money doesn't buy happiness...but it will buy you a yacht to sail right up to it.


20 billion for me....no, seriously.

 

[Longboysfan]

I would rather have great friends.

That means I would have to give up this site though.