How much money to be happy?

[Pepysgame]

Hi,
I'm a college student with around $250k cash. Some of that is invested in stocks.
I won't ever need a mortgage when I buy a property.

But, when I do buy a property, I will have very little cash savings, only money from a job.

So... I don't think I'm 'rich' or even 'financially secure'.

In my opinion, to be in this secure position in a Western country and never have to work again i.e. retire early, you need at least $1 million if you are 20-30 years old like I am... Do you agree?

[Unholyground]

I would only need 1 million to live comfortably until old age in my province.

That being said even if I don't end up with a ton of money It only costs about 30k-60k to make a home self sufficient which is the key and I am already a home owner of 10 years at 34. I will be moving in about 3 years or so to my retirement setup which will be fully self sufficient and my home is already worth 30% more than what I payed.

You need skills though beyond money to repair and maintain electrical systems as well as being able to grow your own vegetables which I am thankfully really good at, I just need to up my electronics skills.

[StayTuned]

?? What now? 1 Million Euro would get me around for maybe 10 years. Maximum.

Make this 10 million and maybe we're talking.

I promised myself that unless I win more than 20 million at the lottery, i would just continue to work normally. I would just be able to do it without existential fears and maybe take one or two more risks in my career.

Above 20 million the amount of money your money makes is so ridiculous that I'd spend the rest of my life just traveling the world.

[Pepysgame]

?? What now? 1 Million Euro would get me around for maybe 10 years. Maximum.

Make this 10 million and maybe we're talking.

I promised myself that unless I win more than 20 million at the lottery, i would just continue to work normally. I would just be able to do it without existential fears and maybe take one or two more risks in my career.

Above 20 million the amount of money your money makes is so ridiculous that I'd spend the rest of my life just traveling the world.

You spend 1 million per year?
Why would you waste money like that?

[StayTuned]

1 million per year?
Why would you waste money like that?

Your math is slightly off.

1 Million for 10 years is 100k per year, which is roughly my current income.

I would need 10 million Euros to live according to my current standard until i die. To bad that 100k in my area per year aren't anything special at all.

[Doctor Amadeus]

10 to 20 Million as a young adult would have been enough for me to never work again.

[Forgettable]

If I had $1,000,000, it would be pretty simple to invest that cash and then end up with between 5-10% annually in dividend income. That would be $50,000 - $100,000 annually, which is enough to live comfortably, especially considering my expenses would be lower since I wouldn't have to go to work anymore (logistics costs). Also having more free time would allow for some cost reductions by doing more things myself.

A setup like this ensures that I'd have sufficient income to survive, while also not drawing cash from my invested capital - Which means it could ideally last forever.

[Felya]

No money... If there was no money...

[Unholyground]

Your math is slightly off.

1 Million for 10 years is 100k per year, which is roughly my current income.

I would need 10 million Euros to live according to my current standard until i die. To bad that 100k in my area per year aren't anything special at all.

It depends on location too, where I live it is just as advanced as anywhere else but dirt cheap to live here. I went with making my home self sufficient route because it cuts out almost every utility bill except for internet and cell phone.

This is my plan anyway, by 45 on my current course I will be able to work 2-3 days a week until retirement and be completely fine with my self sufficient home and greenhouse. I will only have to buy meat, spend money on repairs and a bit for fun money.

[StayTuned]

It depends on location too, where I live it is just as advanced as anywhere else but dirt cheap to live here. I went with making my home self sufficient route because it cuts out almost every utility bill except for internet and cell phone.

This is my plan anyway, by 45 on my current course I will be able to work 2-3 days a week until retirement and be completely fine with my self sufficient home and greenhouse. I will only have to buy meat, spend money on repairs and a bit for fun money.

Yea right if I was living in some corner in east Germany, I'd have a big house with garden and two cars.
But my job makes me live around Frankfurt, and I had to move to a neighbor city to afford renting an apartment that has 3 rooms. And again, my income is close to 100k.

This is all bullshit.

[Volatilis]

Enough for water and a bit of wheat/protein and a roof over the head at night would do the job

Anything else you can buy in life is extra you will soon reach satisfaction limits on and will always need to one up and constantly need to consume more. Just need that certain BMW! That will make me happy. I wanna live in this certain area of town that will make me happy. Once I have a wardrobe full of D&G Clothes Ill be happy! All bullshit.

[Sorensen]

Hi,
I'm a college student with around $250k cash. Some of that is invested in stocks.
I won't ever need a mortgage when I buy a property.

But, when I do buy a property, I will have very little cash savings, only money from a job.

So... I don't think I'm 'rich' or even 'financially secure'.

In my opinion, to be in this secure position in a Western country and never have to work again i.e. retire early, you need at least $1 million if you are 20-30 years old like I am... Do you agree?

What's it like having too much money?

[Fencers]

I need enough to buy Versace paperweights on eBay.

[smityx]

No money... If there was no money...

Who's going build those shelters, grow that food, make those cloths and all the needed infastructure needed to make, process and delvier all that stuff if no one cares about money due. Why work.

[Wilfire]

$1,000,000 is a good amount to invest smart and be set for life. But really the more money you have, the happier you are.

[StayTuned]

Who's going build those shelters, grow that food, make those cloths and all the needed infastructure needed to make, process and delvier all that stuff if no one cares about money due. Why work.

A different species with a different mindset could do it. On a large scale we first see only ourselves. That's our greatest weakness. We're unable to think of a better system than cruel capitalism because too many individuals don't see the benefit of working for the betterment of all.

A system where everything is for free but equally distributed, with slight benefits for the providers is logically sound and would probably lead to more overall happiness. But there will always be enough individuals who are going to disturb the system for personal reasons and power plays. Always, 100% of the time.

[Unholyground]

Yea right if I was living in some corner in east Germany, I'd have a big house with garden and two cars.
But my job makes me live around Frankfurt, and I had to move to a neighbor city to afford renting an apartment that has 3 rooms. And again, my income is close to 100k.

This is all bullshit.

No man, where I live it can be done, it is very possible that is why it is my plan.

[Jonnusthegreat]

?? What now? 1 Million Euro would get me around for maybe 10 years. Maximum.

Make this 10 million and maybe we're talking.

I promised myself that unless I win more than 20 million at the lottery, i would just continue to work normally. I would just be able to do it without existential fears and maybe take one or two more risks in my career.

Above 20 million the amount of money your money makes is so ridiculous that I'd spend the rest of my life just traveling the world.

Damn you need 100,000 euro each year? The consumerism is strong in you! I could live on probably 20k per year, post tax cash for all expenses.

[Felya]

Who's going build those shelters, grow that food, make those cloths and all the needed infastructure needed to make, process and delvier all that stuff if no one cares about money due. Why work.

People who want more out of life than basic necessities.

[smityx]

People who want more out of life than basic necessities.

What more would there be to acquire if you didn't have the excess labor willing to work to create that stuff. Just think how insanely large/complex the supply chain is to create even the simplest of modern items. The item itself. All the equipment used to manufacture that item. Each individual piece of that equipment has a complex supply chain itself. The vehicles used to deliver the raw materials and final good has a supply chain. Each individual part and raw material of that vehicle has a supply chain. etc. etc. et.