How much wealth is enough?

[burglar]

Not in a position to curtail my acquisition stragedy!
I am not yet, well off.
But some time into the future,
I hope to be in reach of obscene wealth.

It won't buy me a better steak.
My wants/needs in a car are modest.

I don't care for a mansion!

So. How much wealth is enough?

 

[WilkensOne]

Not in a position to curtail my acquisition stragedy!
I am not yet, well off.
But some time into the future,
I hope to be in reach of obscene wealth.

It won't buy me a better steak.
My wants/needs in a car are modest.

I don't care for a mansion!

So. How much wealth is enough?

Questions like these are always interesting, especially with responses from people who may have already achieved their opinion of wealth and I am not in that boat =P

For me, enough places me in a position where I have things that are important to me, can spend time doing things I enjoy and have enough 'wealth' that I can use to do things for other people around me.

Real specific I know, but I think it is something that until you achieve it, it may be hard to define, unless you just want $10m

Wilkens

 

[tech/a]

If you own your own home and want to generate $100k a year in passive income
And are able to generate
6% a year that's around $1,7 mill
10 % a year that's $1 mill

Figures alter with income required and return achievable.
Of course you can supplement a passive income with some
Earnings and you can even include some drawdown on capital
Funds if you don want to eat into you nest egg.

There comes a time in life where this question is very pertinent.
Now is that Time for me.

 

[burglar]

... you can even include some drawdown on capital ...

Thanks tech/a,

I forgot to include drawdown on capital. :

 

[minwa]

If you are achieving 6% a year you shouldn't really have draw downs. Nothing wrong with 6%, but it is just not worth it if experiencing draw downs.

The richer financially you get, usually unexpected expenses soar..So I would take what the value you think you need and at least double it. To me that's 20M.

I see it as a progressive stage though:

Under 1M: Will work super hard and extra hours for job. Willing to sacrifice some sleep to trade.
Have 1-3M: Gradually cut back, no working on weekends and no overtime for job.
Have 3-5M: Looking to quit job/move into part time work or full time trading.
5M+: Will not work for anyone unless I really want to. May try hand at owning business, but only structured so I am not stuck in it..

I am 21 and proudly consider myself materialistic so these figures might be different to others.

 

[tech/a]

You miss understand my meaning of drawdown in this case.
Drawdown as in annuity drawdown

 

[minwa]

You miss understand my meaning of drawdown in this case.
Drawdown as in annuity drawdown

Ooh I see, thanks. My mistake

 

[sydboy007]

Seems these days most people say more, but never quite enough.

I often look at the bank CEOs and think if I got just 1 year of their salary I'd be retired and hopefully helping to make the world a little better place than it was before I came into it.

I don't remeber the last time I read about a rich person that seemed too happy???

 

[notting]

When you are only seeking to give you are truly wealthy!

 

[BBBS]

When you are only seeking to give you are truly wealthy!

I don't beleive this. Typical advertisement of people who don't really follow through. Not aimed at you

Just enough cash to travel anywhere i want and do anything, so a few mill.

 

[Julia]

When you are only seeking to give you are truly wealthy!

Agree.

I don't beleive this. Typical advertisement of people who don't really follow through.

Perhaps you don't believe the underlying philosophy because you're not in that position..
Not sure what you mean by "people who don't really follow through".
You might like to expand on this?

 

[BBBS]

Agree.


Perhaps you don't believe the underlying philosophy because you're not in that position..
Not sure what you mean by "people who don't really follow through".
You might like to expand on this?

Kind of like the fat person drinking a diet coke, its a stupid idea altogether. It's a term famous for being completely unfeasable, so to me its famous for being unrealistic, and therefore stupid. It's used more as a term of purity now, a phrase that has lost its actual meaning.

I dont know how to word what im trying to say.

 

[burglar]

...I dont know how to word what im trying to say.

I think ya did!

 

[Julia]

When you are only seeking to give you are truly wealthy!

Kind of like the fat person drinking a diet coke, its a stupid idea altogether. It's a term famous for being completely unfeasable, so to me its famous for being unrealistic, and therefore stupid. It's used more as a term of purity now, a phrase that has lost its actual meaning.

I dont know how to word what im trying to say.

Well, I have no idea what you mean.
My interpretation of notting's remark is that only when we feel fulfilled ourselves, whether generally or just financially, are we free from the striving to achieve financial independence, and thus in a position to focus on how we might help others.

How this relates to a fat person drinking diet coke eludes me.

 

[burglar]

Well, I have no idea what you mean. ...

You all know how I hate to be rude.
I think the word BBBS is looking for is platitude, ...

No offence to notting, of coarse!

 

[notting]

Dear oh dear.
The last thing on your mind is how can I get more, if you are truely wealthy!!
You are abundantly wealthy if you just want to give to see the relief you can bring.
Fullment is in that, not in hankering for more or worrying about what to do with it all.
If you are profoundly wealthy you know it's value - there are only so many hamburgers you can eat at lunchtime!
Caviar tasts disgusting.
'You still have to get on the treadmil fatso.'

Those that do not know wealth will instinctivly feel, "I can't believe Buffet and Gates are giving it all away, that's insane."

Tight fistidness is not a happy state, not a contended state, not a fearless state, not a state of feeling the warm overflow of wealthiness.
Wealth is a river, expect poison if your always try to dam it and intense fear when you eventually lose it, which you will!

'Never kept a dime past sunset,
Aways burnt a hole in my pants'

Keith Richards from the song - Happy!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!​

 

[Bill M]

I reckon 45K a year for my wife and I is enough. Live on 40K have 5K left over for other causes and to be able to preserve all my capital without worrying about shares or property going down. That would be about enough for us and I might add I'm not there yet, still have to watch markets and the real estate.

 

[Steve C]

For me it would be enough to live comfortably with no financial stresses, have a nice car (car enthusiast) and have enough money to go on holiday's at least 3-4 times a year with my partner.

 

[CanOz]

For us it depends on where we settle. For Australia we'll need a weekly income of $2000, whereas Thailand is less, my ideal place. We will own our own home so that's not a worry, although my wife's idea of a 'home' is a little different than mine at this stage.

Not far off really...with some help from 'wise' investing.

CanOz

.

 

[skc]

Does anyone here actually know anyone who's accumlated enough wealth and is "Living the Dream" so to speak?

I know plenty of people who's achieved (and easily surpassed) what some are saying here ... how much $ per week, or how much total assets etc etc.

But not one of these people have stopped working / building wealth further.

So I think it is important to ask yourself... will whatever you say is enough now, be enough when you get there?

My guess is, for 99.9% of people, the answer is no.