How Much Money Is Enough For You?

[Xeon]

Start doing all those things today with at least a small portion of your day. When I was very young, I was always going to happy when XXXX happened. I worked 24/7/365. Then I had a major health shake-up, and almost died from it. I had ask myself, "If I die today, when am I going to let myself be happy?" It completely changed me. Yes, I still get up and work everyday. I do something even though I'm semi-retired. Yes, I've been successful in my life. I just try everyday to stop and smell the flowers along the way.

Yup, I'm actually doing a couple of these as hobbies in my free time. I could work 16 hrs a day on my fastlane project for 6 yrs straight but what if during the 6th year I get a stroke or WW3 happens? So I agree with you, living a balanced life is most important. Something like 85% work and 15% non-work (hobbies, gym, family etc.)
Of course, the goal is to push it to become 100% non-work!

I'm not sure how much the other successful fastlaners here like amp, a.jon, mj, biophase, vigilante, sinisterlex work when they start, but I assume they "go all in" (meaning, no family, no exercise, zero social life, don't see your dog for 5 yrs, face the screen 21 hrs a day with 3 hrs sleep, repeat...)

 

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[Smuggo]

I think I can't tell how much money would be enough for me. My needs will change with time and the amount of money I have. And, according to your graph, it will be the moment I feel that I don't feel happy earning more money.

The hard part is breaking the Parkinson's law saying that no matter how much money people earn, people tend to spend the entire amount and a little bit more besides.

Also that was written in "Unscripted " -> "What would you do if you have all money you need, and you don't have to work anymore". I think it was something like that and for me it is really important question. At first, I didn't know what I would and that scared me. Now I have some ideas and somehow it makes me feel even better.

 

[Harti]

Great thread, great realizations.

One question comes to my mind: If you are that wealthy, why wouldn't you share it with your friends? Like actually taking them with you on vacation, paying for their stay?

 

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[Damian Pros]

From what I've read and heard, it breeds entitlement. Your friends and family get all of this wealth for doing nothing. Perhaps the painstaking process of becoming rich gives you a better appreciation for it.

To quote a mentor "I'll help you in an emergency, but otherwise you're out of luck."

Correct.

 

[luniac]

I gotta be the biggest loser on this forum, after 3 years i still haven't made my paltry goal of 1000 a month lol
oh well back to work... stupid desert...

 

[andviv]

I will invest all of the money into Real Estate. I will be able to purchase 20 houses in my current town and rent them for €600-800 each.

May I ask where you live?
Your comment gives me the impression of being a place where real estate is not expensive at all.

 

[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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[andviv]

Exactly enough for a visa.

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

 

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[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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[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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[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.

 

[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.

 

[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



.
.

 

[GPM]

As long as I am growing and learning I will be making more money. So the point where I am no longer learning and growing is the point where I am doing something seriously wrong.

So I guess it will never be enough. I don't mean that in the sense that I need millions a month to be happy, I mean that in a way that it is a byproduct of personal growth.

Aim high, reach higher.

 

[ruzara5]

wondering, how much money is enough for you?

Reach that point of measured adaptation.

 

[DrunkFish]

Maybe $3000 reliable monthly income. Once I have that I will start using money for my own ventures outside of my service business.