How much wealth is enough?

[CanOz]

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.

I know plenty as well, but in most cases the reason they're still working is because they love what they do. Its their passion. That's why they're so good at making money from it and want to continue doing it.

That's the key for me...doing something i love to do, that supplies enough for us to maintain the lifestyle we enjoy whilst having enough left over to give away...

CanOz

 

[sammy84]

I doubt there will ever be a figure which is 'enough'. I imagine many on this forum would be same.

The reason why we are here is because we don't want to grow our income passively. I enjoy making money. I don't see that changing when I hit a certain amount.

 

[prawn_86]

That's the key for me...doing something i love to do, that supplies enough for us to maintain the lifestyle we enjoy whilst having enough left over to give away...

While i agree with doing what you love, and i enjoy my job, there are much better things i would rather do with my time, such as travel or help others.

The reason why we are here is because we don't want to grow our income passively. I enjoy making money. I don't see that changing when I hit a certain amount.

I enjoy making money too, but if i could have a passive income stream of 100k pa i highly doubt i would continue to try and make as much money, see comment above as to what i would rather do.

 

[prawn_86]

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

My old man takes 3 or 4 holidays a year and then just potters around on the properties when he is at home, which is work but he sees as a hobby so it ties in with what Canoz said.

I think the main issue is that if you are not making money you are spending it, but from my perspective if i did have 'enough' passive income i would rather spend that spare time helping others or supporting causes close to me, rather than working hard to make even more money

 

[McLovin]

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.

I know plenty of people who have way more than the numbers being quoted in this thread. While I agree that you should do something you like, I disagree that doing that automatically brings wealth. A lot of it is just luck.

My grandfather was fighting in WW2 in North Africa, got a telegram one day, he assumed someone at home had died, instead it was a publishing agent in New York whom he had never met telling him he'd sold a collection of his as yet unpublished short stories to the Saturday Evening Post (at the time the largest magazine in the US). That was a complete stroke of luck that changed the course of his life.

 

[>Apocalypto<]

Not in a position to curtail my acquisition stragedy!


So. How much wealth is enough?

For me 46-52K a month would be all i need!

 

[Julia]

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.

I've already said that I had a target of what was enough, pretty carefully calculated. I've seen too many people become obsessed with continuing to make money long after they'd reached a very comfortable level of financial independence. Some also had been so obsessed for so long with increasing the total that they found it difficult to spend e.g. wouldn't go on holiday because they didn't want to deplete the pile.

If you genuinely love what you do, then I guess the accumulation of more and more money is incidental. I never loved work that much. Was only too glad to get away from the competitiveness and artificiality of the corporate world.

I think the main issue is that if you are not making money you are spending it, but from my perspective if i did have 'enough' passive income i would rather spend that spare time helping others or supporting causes close to me, rather than working hard to make even more money

That has been my attitude also. There's something immensely rewarding in voluntarily contributing to your community

I know plenty of people who have way more than the numbers being quoted in this thread. While I agree that you should do something you like, I disagree that doing that automatically brings wealth. A lot of it is just luck.

Agree. My guess would be that most of the population works in jobs that are a means to an end only, just a pay packet, and it's just a constant grind for them. Last week I admired a gorgeous bouquet of roses sitting behind a Woolworths checkout operator, a woman close to retirement age. They were from her husband for their anniversary, in part to compensate for them being apart on that day. He works at some distance in the mines and was away most of the time. She said "what can you do? neither of us want to do what we do, but you have to do it for the money." Hundreds of thousands of people like that.

Luck can also play a part in accumulating wealth. eg property at the start of a high inflation cycle has been a means of rapid capital growth, despite the high interest rates.
And luck can be there in many other small ways also. Just prior to the 1987 crash I had a considerable amount in a managed fund 90% in equities. It had been doing OK but I was irritated by their sloppy administration so pulled the money out two days before the crash. Absolutely no cleverness of foreknowledge on my part, just pure luck.

 

[young-gun]

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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!​

bit of a catch 22 isn't it? people who become wealthy enough to achieve this goal aren't usually those that want to give it all away and help others etc. If they had that frame of mind then chances are they are not wealthy.

Giving in small amounts perhaps, but there would be a limit to how much you could achieve, to how much 'wealth' you would have remaining. depends how much you have to give, and what sort of result you need to see to get that warm fuzzy feeling inside.

wealth for me is spending as much time with my future family as possible, which means working as little as possible, and still living the high life in every sense of the term (not private jets etc) naturally giving to family and friends along the way, but not so much that I am no longer wealthy

 

[Julia]

bit of a catch 22 isn't it? people who become wealthy enough to achieve this goal aren't usually those that want to give it all away and help others etc. If they had that frame of mind then chances are they are not wealthy.

I don't think anyone said anything about giving it all away. Rather it's having achieved through one's own efforts (and maybe a bit of luck) a position where there is some money left over each year after providing for all that we need for ourselves. That's the point where there is imo great pleasure and satisfaction in giving.
For me it's about being able to support the RSPCA, specifically to help them prosecute people who are cruel to animals.

 

[trillionaire#1]

I think my forum name gives my game away,seriously id be happy with a waterfront home here and in the northern hemisphere,a passive income that allows me to be free and adventurous ,and the ability to help family and friends as needed,oh and a gulfstream g550 private jet,be rid the pesky general public air companion.

 

[tech/a]

In reality most of the figures touted here will not be achieved by our members.
Off the 33000 members around 231 will become millionaires.
Of the approx 1000 active members posting 7 of us are or will be in that group.



But those with 30 million or more will be more elusive.
Of the 33000 (Ive halved the Asia Pacific total ) 6.6 of us
Of the 1000 actively posting we may have 1



So even moderate wealth of $1 million is a rare achievement.

 

[young-gun]

In reality most of the figures touted here will not be achieved by our members.
Off the 33000 members around 231 will become millionaires.
Of the approx 1000 active members posting 7 of us are or will be in that group.

View attachment 49915

But those with 30 million or more will be more elusive.
Of the 33000 (Ive halved the Asia Pacific total ) 6.6 of us
Of the 1000 actively posting we may have 1

View attachment 49916

So even moderate wealth of $1 million is a rare achievement.

Well I'll be one, so that leaves 6 spots for the rest of you all

 

[tech/a]

Well I'll be one, so that leaves 6 spots for the rest of you all

I really hope you do!

The distance between " I will be and i've made it " is immense.
Looking back is far easier than looking forward!

 

[burglar]

3% in New Jersey USA

I'll move there and improve my chances by manifold!:

 

[McLovin]

But those with 30 million or more will be more elusive.
Of the 33000 (Ive halved the Asia Pacific total ) 6.6 of us
Of the 1000 actively posting we may have 1

View attachment 49916

So even moderate wealth of $1 million is a rare achievement.

I think you can halve that number a few more times. The BRW 200 has a entry level amount of ~$100m, iirc. While it is a pretty inaccurate list (I know people who would easily make the list but don't and others whose wealth is understated) it's still doesn't seem possible that there are ~32,800 in Australia with a net worth between $30m-$100m. My guess would be 1000-2000 people in that category.

 

[young-gun]

I really hope you do!

The distance between " I will be and i've made it " is immense.
Looking back is far easier than looking forward!

Also a big distance between people who say they are going to be, and those who do it.... I can assure you I'll be there, sky's the limit.

 

[young-gun]

I don't think anyone said anything about giving it all away. Rather it's having achieved through one's own efforts (and maybe a bit of luck) a position where there is some money left over each year after providing for all that we need for ourselves. That's the point where there is imo great pleasure and satisfaction in giving.
For me it's about being able to support the RSPCA, specifically to help them prosecute people who are cruel to animals.

Allow me to re-phrase. People who want to become rich or 'wealthy' to give probably won't end up becoming rich or wealthy. I think the whole giving thing comes after people have accumulated vast wealth and then realise, or perhaps wonder if there is more to life than the money they have been chasing. They then find great satisfaction in sharing that wealth and helping others, whether by donating their time or money. Giving time is something that is also achieved through an accumulation of wealth as you don't need to be at work all week, if at all.

I'm in a bit of a hurry so not sure if that made sense or even if i went down the right track, wiull check later.

 

[ROE]

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.

I know a few people retire at 55, they just work normal jobs up till then, what set them apart is
they are frugal and they invest all their saving in stock market and properties...

they now travel oversea to different destination at least twice a year and live their dream..

why would you stop making investment even when you are retire and have enough money?
investment is nothing hard, it is just part of routine you do like anything else like traveling, go for a run,
catching up with friends...there are time for those and when you go nothing to do why not spend a few hours
a week growing your money?

There are plenty of things you can do with extra money, like give to charity, help family out, spoil your grand children, get some else to do the cleaning for you

I would never stop investing, I like it, I enjoy it and it part of my daily routine I would never stop even if
I have 50m...

 

[Julia]

Allow me to re-phrase. People who want to become rich or 'wealthy' to give probably won't end up becoming rich or wealthy.

Why not? You're pretty much contradicting your earlier posts with this remark.

I think the whole giving thing comes after people have accumulated vast wealth and then realise, or perhaps wonder if there is more to life than the money they have been chasing. They then find great satisfaction in sharing that wealth and helping others, whether by donating their time or money. Giving time is something that is also achieved through an accumulation of wealth as you don't need to be at work all week, if at all.

I disagree. I think it's more of a mindset, an attitude to the community. I and many people I know have always made voluntary contributions to the community. If whilst not well off financially, then in our time. And then as the financial situation improves, there's the capacity to give in monetary terms as well.

Something I believe is that the health of any community is as good as the contribution of its members.
Such contributions don't have to be financial.

 

[CanOz]

Why not? You're pretty much contradicting your earlier posts with this remark.


I disagree. I think it's more of a mindset, an attitude to the community. I and many people I know have always made voluntary contributions to the community. If whilst not well off financially, then in our time. And then as the financial situation improves, there's the capacity to give in monetary terms as well.

Something I believe is that the health of any community is as good as the contribution of its members.
Such contributions don't have to be financial.

I'm constantly raked with feelings of guilt...that I'm not doing enough to give back. Sometimes i think that true wealth is when i am giving back enough of my time or money that i rid myself of the guilt i feel for living such an abundant and full life so far.

I want to give back, would love to have an animal shelter, be a big donor to a major charity, but i need to be back in a society where there are ways to do this...I can't even give blood easily here, its all a big drama.

CanOz