How much do you have to have, to have 'enough?'

[frugal-one]

Well, I just retired. I feel I have "enough". What I didn't have before was freedom to do what I wished, when I wished, or how I wished. I now have time.... to me... the greatest gift! Financially, I would think, unless you had a huge amount of money, you would need to have a home paid for and no debt. That is where I stand...no debt of any kind. I figured how much I needed to live and guesstimated how long I'll live, and, hopefully, adjusted for inflation. I do not plan on a bare-bones existence so I factored that in as well. Time will tell. If I outlive my money at least I enjoyed my time while I still had my faculties (physical and mental).

[RosieTR]

$0, and the right attitude.

What attitude is that? Curious, because I'd like to feel that way rather than the need to put a specific price tag on it. The number could be amended and still be OK but maybe I do feel comfortable having something that's clearly defined? Maybe I've just done too much math....

[morris_rl]

Enough to go sailing on a 137 foot wooden sailing yacht.



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Best,


Rodger Morris
Unitarian Jihad Name- "Brother Rail Gun of Quiet Reflection"

[Merski]

Mortgage paid off and another $200,000 in retirement would make me happy...I think!

[Spartana]

I'll give you my personal experience: I quit work at age 42 for what I though would be a long sabbatical of about 5 years before depleteing alot of my savings and having to go back to work for a few years until my pension kicked in (could get at age 50 but had planned to wait until 55 or older). I had paid off my house, was debt free, and was able to use the VA hospital for free for medical coverage. I figured I'd need approx. $2,000/month to live on - $1,000 to cover my basic expenses like utilities, food, gas for the compact car, insurances and taxes. The other $1,000 was for "play & travel" money or for any other expenses. After less than a year I realized I really only used about $500/month for all my basic expenses and maybe another $500/month or less for my "play" money. Often times I didn't even touch my "play" money so basicly just needed the $500/month. That meant I could actually stay off work many years longer and that, if I sold my house and downsized, I could permanently retire with a paid for home, no debt and a fairly large amount of savings. It also meant that I could start taking my very small govmint pension 5 years early. So that's what I did. Now, almost 12 years later, I find this is still the case for me. I usually spend less than $1,000/month for all my expenses - basic and play - and haven't felt deprived at all. "Enough" for me is more about having the free time to do whatever I want in my life, when ever I want too.

In addition, I don't have any kids to leave my not-so-vast wealth to so have no problem using some of my savings principal when needed. So I don't need millions (or even hundreds of thousands) of dollars sitting in an account somewhere to generate interest-income to live on while trying to preserve the principal. I'm taking it all with me in the end...Brahahahaha!!

edited to add: the reason my expenses where so much lower (and continue to be low) than I thought they would be was that I didn't count on how much I was spending to go to work everyday. Not only the gas, toll roads, and wear and tear on my car, but all those little things like meals out, work clothes, having to hire people to do stuff that I now can do myself, etc... Going to work everyday cost alot! So by not working I ended up needing alot less money each month. Now my car will last 10 years instead of 5. I only need oil changes, tires and maintenance occasionally. I ride my bike everywhere I can so rising fuel costs don't really effect me - the more they rise the less I drive. I eat a bagel and coffee at home and save about $5/day just for that alone. Same with all my other meals. I mow my own lawn . I don't have cable or internet at home (now have time to use the free wi-fi at the library), all my activities are free or low cost. When I travel, I stay in low budget places (camp, hostel, budget motels, off season vacation rentals) and go for longer periods of time since much of the expense of travel is getting there, etc... So depending on your lifestyle, and what is "enough" for you, you can live very cheaply.

[Life_is_Simple]

It is also pretty surprising when you start to think about how much it "costs" to go to work. It goes back to the notion of "real hourly wage." I had the same experience when I went from on-site work to self-employment.

It is so cool that you turned out OVERestimating how much things would cost. And you thought the money wouldn't last, but it did It almost makes me think that someone out there benefits from us thinking we have to work and work and work.

[dmc]

$2,637,189.67 , give or take a little. That's in today's money. You would have to add some for inflation if your not there yet.

[ApatheticNoMore]

There are times I think I'd need 1.5 million to have enough. But I never will have that so

[Polliwog]

Wow! So many big numbers have been offered. I am in my 6th decade - still not totally retired, but working part-time which I love. However, many years ago I realized I would never amass a million plus dollars as the financial planners always say you will need. But I never worried about that because I have always felt I could take care of myself. The idea of "enough" is a mindset for people like me. In other words, I do plan and save, but I will fit myself into whatever monies I have. Part of my own mindset is knowing that $$$ does not make me happy. If I have a home or apartment and can afford a simple lifestyle, with a little vacation thrown in now and then - I'm a happy girl.

Some want enough money to feel secure and that can vary from person to person. Others have desires for a more affluent lifestyle. But, I think one of the great benefits of simple living is learning to live with less, and wanting what you have. If that is true, then having "enough" should be less, not more.

[bae]

What attitude is that? Curious, because I'd like to feel that way rather than the need to put a specific price tag on it. The number could be amended and still be OK but maybe I do feel comfortable having something that's clearly defined? Maybe I've just done too much math....

I think the issue is on trying to "put a price tag" on "enough", YMOYL-style. Focusing on money/assets/stuff, rather than on social connections, skills, circumstances, and location.

I live in a spot with a serious amount of "poverty", and very high "cost-of-living", if measured traditionally. Yet, the climate is quite temperate, there's plenty of food freely gatherable from the sea and forest, it is easy to grow food here, and there's a great supportive network of people who wish to live simply and outside the traditional economy. I have plenty of friends who live well below the poverty line, but who have happy, fulfilled lives, and who don't express much of a desire for "enough" measured in money or stuff.

I waited to retire until I had "enough", YMOYL-style. I could have easily "retired" a decade or more sooner, if I'd thought things through more.