How Much Money Is Enough For You?

[TTG SS]

In all seriousness, if you're goal is $40-50M, you'll probably want to skip the liquid stage until you get a lot closer to that goal...

You're right, I was just kind of thinking out loud. I would be interested to hear your opinion though. Is that just due to the fact I should start leveraging my cash ASAP instead of waiting that long?

I should have just rephrased that to $1m net wroth. My goal is/was to accumulate a large amount of cash before I learn to invest it in real estate, which is why I initially said $1m liquid.

 

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[Jake]

How I earn my money now is a world apart from when I was an employee or when I was a contractor.

I used to work from a bunker, now I can work from the beach. The bunker paid a lot more though..for now

 

[Roli]

With all that said, I am wondering, how much money is enough for you?

I won't know until I have enough...

 

[458]

100m

 

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[Shades]

Just enough to buy freedom. Our lifestyle isnt crazy. Perfectly fine with just a nice 1200-1500sqft house on a bit of land. Perfectly fine with a Kia. My goal is to make enough to be able to make about 100k a year in interest. Then I would probably go flip houses one at a time just because real estate is something I enjoy. Not looking to make the absolute most profit per project. 100k in enough to have the bills paid, have some meals out, buy the latest tech I might want, go for a trip if we feel like it. That's all we are really looking for. It is always interesting how different the meaning of freedom is from person to person.

 

[mrarcher]

Exactly enough for a visa. After that id gladly do a crappy job the rest of my days.

 

[andviv]

Exactly enough for a visa.

How much does a visa cost?
And to what country?

 

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[devine]

How much does a visa cost?
And to what country?

To Saint Kitts & Nevis probably. Costs $250k.

Not sure if srs.

 

[tonyf7]

I wrote this about half a year ago:

How I Made $11032 In 2 Months With Less Than 1.30 Hour Of Daily Work

Now, half a year wiser, I can see a flaw in my mindset back then which I would like to share with you. It will help you fix it, if you also share the same flaw.

I was under the impression that becoming wealthy as fast as you can is the best thing you could ever do in your 20's.

Reach to the point where you are making at least 7 figures in profit per year and you will have almost everything you want in life.

Right?

I am still under the impression that you owe it to yourself to secure your financial independence as early as possible.

However, two things have changed in the last 6 months.

1. Social Relationships
2. Happiness Levels

Firstly, when you reach the mid six figures per year point, you realize that 99% of the people in your life cannot keep up with you. You move forward super fast and friends and family stay behind. Even when you try to take them with you, you realize that in the end that's only slowing you down. This feeling sucks, but I guess it is normal.

You want to live the good life, and you realize that this is impossible to do with those that you used to spend your time with in the past. If you still want to enjoy a vacation with them, you have to wait for months until they have saved enough money to go for a short trip or be able to get the permission to leave whatever they are doing - whether that's a job or college.

Thus, you either slow down your pace to let them keep up with you for a little longer or you simply change your social circle. This feels weird and uncomfortable at first, but it's going to accelerate your success even further. So, don't be afraid to do it. This doesn't mean that you will never spend a minute again with people from your old social circle, but that your interactions with them will probably be significantly reduced.

Secondly, you realize that once you go past making a few tens of thousands a month, the increase in your "happiness levels" due to your rising financial power has reached a "slow down" point.

It's somewhat like in this graph:

In the beginning, your life changes radically and you are significantly happier. After a certain degree, you will only notice a mild increase in how much happier you become by making more money.

Hence why many wealthy people eventually become miserable as making more money does no longer make them happier. Hence why many of them start seeking other forms of pleasure and satisfaction - like drugs.

Money does buy happiness and money does not buy happiness. If you pursue money just to become happier, you will probably won't find that happiness.

Money is wonderful and after having been incredibly poor I choose being wealthy 10 times out of 10. However, I noticed that after a certain point, chasing money just for the sake of making more didn't make me happier. I suppose others here must have experienced the same thing.

Does this mean you should stop making money? Or that you should not continue on your way to becoming wealthier?

It doesn't. Maybe, all you have to do is to regulate it a little bit. You want to be rich and free. You don't want to be greedy or spend your entire life building your bank balance just to realize that all you have been left with are 7,8,9 or 10 digits in the bank.

At the same time, you want to ensure that you have enough digits in the bank to buy the freedom and the lifestyle you desire.

With all that said, I am wondering, how much money is enough for you?

I am also curious to hear your perspective on how money affects your Social Life as well as your Happiness and what is the best way to handle these (maybe, that's going towards the more experienced).

Regards,
Damian Pros

Excellent post.

Think you would find this book helpful.https://www.amazon.com/dp/0990571505/?tag=tff-amazonparser-20

Although the book seems to be about money, its not (and it is), but its not.

He really makes some enlightening points about how relationships change when you have money but your friends don't. And how to deal with those changes and hopefully keep your old friends but that it's also OK to make new friends that are on your level financially.

He also writes at length about how to stay grounded when you're rich. How to stay happy and balanced. "It's not about the money" is a line he uses a few times.

Thanks for sharing your thoughts. I think its a very valuable subject.

Sent from my SM-G935V using Tapatalk

 

[mrarcher]

How much does a visa cost?
And to what country?

USA and you need to own a business worth a minimum of 100k

 

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[kytro360]

As much where all my basics needs are taken care of, and I can do almost anything I want without thinking "Shit! Do I have enough in the bank for this?"

 

[andviv]

As much where all my basics needs are taken care of, and I can do almost anything I want without thinking "Shit! Do I have enough in the bank for this?"

So, what are your basic needs?
How much would that cost per month?

 

[GMSI7D]

$100 million. I am trying to push it even further.

Dan pena's book is the right one for you




if i had this sum of money, i would give away 96 % of it to charities instead of letting the bank make money with it or politicians steal it from me.

i would keep 4 milion dollars . that's enough

 

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[kytro360]

So, what are your basic needs?
How much would that cost per month?

Funny you ask, I actually did the math on this and it adds up to $93.61/day, or $2,808.30/month. This takes into account ALL expenses (even leisurely or entertainment activities). My situation is different because I live at home and didn't take into account rent.

 

[Niptuck MD]

my networth 456,000,000 and my company shall be worth 1.1 billion (on the books) 10 billion (off the record) my

 

[Niptuck MD]

Dan pena's book is the right one for you

i


i have and love this book.

 

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[DoubleDareYou]

I remember some time ago giving a rough number at My Wealthy Affiliate and everybody was like ‘oh man, chill out...take it easy, one step at a time’ kind of comments. I guess none of them considered it feasible.

The height of your bar will change overtime, just like in the graph. You'll have a different perspective depending on where you're standing.

Ultimately, we all have to slow down at some point because there's a life to live right? That's the whole point, achieving financial freedom in order to fully enjoy the other areas of life. If you couldn’t do that with money, people wouldn’t go for it.

Also there is the cumulative knowledge and capital which would allow you to leverage your efforts in order to achieve great profits with relative ease. But again that’s relative, one can always grow beyond.

 

[andviv]

my company shall be worth 1.1 billion (on the books) 10 billion (off the record)

Why would you want to deal with the mess of off the records financials when you can do it all within the parameters of legal accounting? Why cheat when you can do it legally?

 

[Niptuck MD]

Why would you want to deal with the mess of off the records financials when you can do it all within the parameters of legal accounting? Why cheat when you can do it legally?

you do realize the vast majority of insurmountable corporations redefined "legal accounting"?

 

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[king156]

you do realize the vast majority of insurmountable corporations redefined "legal accounting"?

Your networth is NOT $465 million, just the other week you were asking how to save on rent. LOL.

 

[mentalic]

Setting a goal of xxx millions is a nice story that you can sell to your friends or your potential girlfriends...

Other than that, I think as mentioned from other members that there shouldn't be limitations. One must build a business and continuously try to improve/expand that business (make it bigger, earn more, hire more, spend more) and set goals in between. You can't go 0-100mil overnight and you certainly don't know if you will have the energy to work a lot more if required even after reaching your first 100k.

 

[Jon L]

i've got you all beat...I'm gonna hit $1T at the end of my career. Richest man in history. Then, that would be enough.

 

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[Snoophek]

I'd be happy with 10k-20k$/monthly passive income. It's enough to buy me time for things I love and freedom from jobs.

 

[Roman Goncharov]

goal in the next year to obtain financial freedom. and while I work on the railroad all the time I spend on family and work on my website, read books and try to develop. we live on 500 dollars a month (if converted from rubles) for us it is good money. want to buy house, car, Chevrolet Camaro( we have two in town and every time I see her I stop and think what to do next) 10 000 $ in a month now my first goal!

 

[DogsBreakfast]

$10k/month online 10-20hrs work a week . It's enough to live a sick life and travel the world while having plenty of free time.

Not interested in materialistic things. Always prefer experiences, doing crazy shit and making memories.

 

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[Paul David]

I was talking to my Fathers friend on Friday night. He's an ice cream man. He told me the man he works for is worth about £20m. He's invested his ice cream money into property.

On Saturday morning my Fathers friend is due to be working in one of the ice cream vans. There's another two vans also in operation from his company that day. Who's working on them?

The £20m man is in one and his wife is in the other. Worth extraordinarily amount of money and still working 8 hours standing in a van serving ice scream! A lesson in itself.


Sent from my iPhone using Tapatalk

 

[Fine young man]

My current goal is to have at least a modest 100k per year in passive income from real estate, so that would be around 2 million in capital. As a single guy in my early 20s, I don't really need more. I've been "permanently" traveling for a few years now, staying in semi-luxurious 1br apartments in first world countries most of the time and I still haven't spent more than 80k in a year.

But the thing is, I enjoy creating businesses so I definitely wouldn't retire at that point. It'll just allow a focus shift when profits won't really matter as much, allowing us to focus on quality and value even more. It's a bit like sport, so having more financial freedom will allow you to focus on the truly fun and engaging parts, while outsourcing most of the boring grind. No more 14-hour workdays. Truth be told, I'm already shifting towards this type of mindset, outsourcing more and working less, seems to be going fine.

So yeah, 2 mil will probably be enough, but won't stop there!

 

[Clairvoyance1991]

I hope I can quote MJ on this one as I see it the same way :

If You Think You Can Afford It -You Can't
Think about the last time you bought a pack of gum. Did you fret over the price? Did you ask, “Hmmm, can I afford this?” Probably not. You bought the gum and it's done. The purchase had no impact on your lifestyle or your future choices. To a rich man who walks into a dealership and buys a six-figure Bentley without thought, the acts are the same. Affordability is when you don't have to think about it. If you have to think about “affordability,” you can't afford it because affordability carries conditions and consequences.

I don't think there is a right number on my mind right now, that might be or might not be a problem, I just like to see a increase weekly/monthly/yearly, however you want.

 

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[GMSI7D]

I hope I can quote MJ on this one as I see it the same way :

If You Think You Can Afford It -You Can't
Think about the last time you bought a pack of gum. Did you fret over the price? Did you ask, “Hmmm, can I afford this?” Probably not. You bought the gum and it's done. The purchase had no impact on your lifestyle or your future choices. To a rich man who walks into a dealership and buys a six-figure Bentley without thought, the acts are the same. Affordability is when you don't have to think about it. If you have to think about “affordability,” you can't afford it because affordability carries conditions and consequences.

I don't think there is a right number on my mind right now, that might be or might not be a problem, I just like to see a increase weekly/monthly/yearly, however you want.

you have to see reality and not the hype arround MJ DeMarco's stuff

reality : mathematics are against you

reality : not everybody can buil an empire on the internet and retire with millions

show me the proof if i am wrong . dreaming is a thing, reality is another thing


yes people here will say that all is possible, everyone can become the next milionaire against the odds,

just kick a$$ and stop moaning or whatever

and so on

there is a name for that kind of thinking:

List of cognitive biases - Wikipedia



.
.

 

[Clairvoyance1991]

you have to see reality and not the hype arround MJ DeMarco's stuff

reality : mathematics are against you

reality : not everybody can buil an empire on the internet and retire with millions

show me the proof if i am wrong . dreaming is a thing, reality is another thing


yes people here will say that all is possible, everyone can become the next milionaire against the odds,

just kick a$$ and stop moaning or whatever

and so on

there is a name for that kind of thinking:

Why would the odds and mathematics be against me? My mother did it, no internet, no education. It was slow lane but she did it. She beat the odds and she didn't spoil me, I don't even own a car because I don't want to. At the moment my facebook ads are giving back to me 18$ back for every 1$ I invest. Sadly I'm limited by the supply. But don't F*cking tell me it's not possible lol F*ck the odds, I created the odds when I took charge of my life

edit: I don't even understand how you can write something like this above to somebody you don't even know (what they do, how much they are already into this and stuff). You saw I had 1 post and that I probably am just filled with adrenaline or motivation and you went on me. If you have accepted fact that you might not manage, don't drag others down. Your reality doesn't change mine.

edit2: Also if I have misunderstood you and you just wanted to help I'll just say that I'm sorry for overreacting and that I know about the cognitive biases and if you want to help others you can probably say it less harsh.