How much is enough?
 

Just curious on what others feel is enough. I recently quit a good paying job that I liked, but I realized that I had enough money to maintain my current lifestyle without having to go to a job. I'm 50 and in good health, but I would rather go golfing than go to work. I liked my job, but I wouldn't do it if I wasn't getting paid.

The downside is I'm probably not going to be buying a GT3 or a $200,000 boat. But I can afford a nice 911 or a $50,000 boat that I could use everday if I wished.

It also dosn't look like I'll be buying a beach house in CA, but I can buy a lake house in other places.

I know when I was 40 my goal was to get as much as I could , but now I would rather have time with friends and time to play with the toys that I have.

Ive not burned any bridges and could always consult or go into business myself. But I'm not planning on it. I have some friends that think I'm foolish and others that are envious.

So for me a paid for house and no debt with an income of $75,000 to $100,000 is enough. With allowance for future inflation of coarse.

Do any of you have a "number" you are shooting for, or just planing on making as much as you can?

No number as that can change but when I am comfortable and can do it I will but, and this is a big but I will stay working part time because I enjoy it. Kinda like I am doing now but I want just a bit more stocked up in my retirement accounts.

I have a place on a lake I am renting out right now.

I like what I do, and should be able to do it for a long time. I am my own boss. I can go to Tahoe anytime I like, as the folks have a condo in Incline Village. IV used to be considered sort of slummy, then people figured out all the advantages to owning in Nevada, which Tabsie will be certain to pontificate on, no doubt.

SF and the wine country are a few hours the other way, and if I am willing to don a wetsuit, I can even surf or go diving a reasonable distance from here. If I want to swim in warm water I can always get on a plane. I plan to continue to work for a while. I have relatively young employees and want them set too.

I believe you're a free agent and you keep the pedal to the metal all the time. It's the only way to get ahead in this world. If you get a better offer elsewhere, you need to consider it. Weigh everything though, not just the $$$. Benefits, quality of life, potential for advancement, etc. The way I do it is to assign a "value" to each of these things (i.e. how much $$$ would I be willing to give up so I can have flex time? Have direct deposit? Have a 401K program? Have a life insurance program? A HSA program? Have an extra week of vacation? Be able to go to work in a casual/jeans environment versus a stuffy/corporate one?) Assign a number to these things - and then stick to those numbers. Use them as the basis of creating a numerical comparison of "job A" to "job B".

Don't get lazy. At the end of the day, it's all about the money, or more correctly, the "value" of your time that you're giving up in order to make someone else rich. The more you earn based on this kind of valuation, the better your life will be. They don't call it the "good life" because it's bad. They call it the "good life" because it's good. Speaking as someone who's been on both sides of this, it is much, much easier to enjoy life when you've got a job you feel good about, money in the bank, good income coming in and good prospects of future security than when you're struggling, living hand-to-mouth, paycheck-to-paycheck and miserable. It sucks.

Having been there, I'd turn down a considerable amount of free time, recreation, etc. to make more $$$ and work a job where I feel appreciated, comfortable and where I can shine and thrive. I've found that the benefit of making more way more than offsets the sacrifices it requires to make it. To a point, yes, but in almost all cases. I'm much happier when I have the $$$ to not be worrying all the time.

Something to consider.

I think your numbers are reasonable, and at 37, and hope I will be where you are in my 50s.
There are two things that money can`t buy: Time and health. If you have both, you are a wealthy man. My personal goal is to be making over $150k/yr before I retire, without sacrifying health and time with my family. And I don`t feel I`ll ever need a $50k toy. I also feel I`d keep doing some part time work, like consulting, or going in a lab do some experimental work once or twice a week.

Aurel

You did the right thing, IMO.
I would guess that you're in the top 1% of any N. American today.
enjoy the life, don't look back. Keep your options open, funny how stuff shows up in your lap when you're not looking.

To answer your question, a $100K/year that adjusts to inflation is suffice, again IMO.

I got scared after I memtioned I was thinking of selling the shop and three different guys expressed an intrest. I think the first couple of years off would be fun but then I'd get bored and want to open another one. On a year-to-year basis though. And the 'closed' sign is going to be hanging more than it has the past twenty years.
Jim

If you live to be 95 will you still be OK? My only fear would be outliving the money.

If you've got enough assets to generate enough income then why not? There are a lot of people who have sealed their working fate by collecting things. Personally, I'd rather have a modest standard of living and complete freedom than be caught up in the consumer culture that's been created by those who wish to sell us stuff we don't need.

This is known as "critical mass" if you listen to Bob Brinker's "money talk" radio show.

The amount varies greatly from individual to individual.

For example, a remote cabin in the woods vs. Donald Trump's lifestyle.

The "enough" is different for everybody. Your call.