What's your number?

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gazuty
Posts: 1917
Joined: Sun Jun 26, 2011 11:03 am

For me this is very philosophical.

By many measures I have more than enough money, for sure. And I am not asking people to enter a bragging contest about how big is their bank account/ share portfolio. (My day is often filled with meeting people and chatting with people who have far more money than me. I approach this anecdote with trepidation, but I did catch the lift down form my office the other day and at a different floor a billionaire stepped in who I personally know - not well, but well enough to have a lift conversation. What's the point of mentioning that - well mainly because I know I won't catch his wealth, no where near. And then a recently retired CEO I know, again, I'll never remotely approach his wealth).

What I am searching for myself is that minimum number of accumulated resources outside of my own house where I would feel "free". Free to have my own views without consequence. Free to experiment and have the courage to try and fail at a new enterprise.

I am also a person who is also very defined by their day job position. The position opens doors, gives me admission to "the club". Achieving admission to "the club" purely on money alone is a scary prospect - for me. If I step outside of work and am no longer Mr X from Y, who will I be?

And then, when I have set this number in my mind in the past - it has been a very different thing. I started at AUD$2,000,000 on the philosophy of earning a 5% inflation adjusted return and living on AUD$100,000 per year. That was when I was young. The GFC blew that dream away, in that the yield to be achieved is way too high. I've changed that to 2% inflation adjusted. And I've revised my annual living needs to AUD$200,000. So I guess my number is now AUID$10,000,000. Again, please don't get me wrong, I'm not saying I am capable of reaching this number in assets outside my house. I'm just trying to work out when I would feel "free".

What's your number?
PeterLe
Posts: 3596
Joined: Wed Apr 15, 2009 3:19 pm

Thats an interesting question, but I don't think it is a 'number ' that sets you free. Its more of a state of mind.
The 'number' is just one element of an intricate tapestry and everyones tapestry is different
From my upbringing expectations, Ive surpassed what I could ever have hoped to be worth. I have enough to survive a good life if I were to live till a 100. I now work because I choose to (and I enjoy it!)
For me now, its about providing something for my children and my loved ones when Im gone...im building something for them
I dont crave money nor make it a yardstick of success in life; its been said that Money flows from those who value it least to those who value it most and I value it knowing that mine helps others long after Im gone, that in itself provide me with a sense of freedom.

Wow thats bit deep for a Sunday morning! I only popped down for a brew! :D
Regards
Peter
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LeTiss
Posts: 4913
Joined: Fri May 08, 2009 6:04 pm

Probably depends on whether you have kids or not?!

Those with children possibly feel an inner responsibility to leave a healthy inheritance for them.
Whereas, those without kids, just want enough money to pay for a roof, food, and forthcoming medical bills
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Westerner
Posts: 150
Joined: Fri Apr 17, 2009 10:03 am

Somebody once said to me, 'don't talk about wealth with people who have less or more than you, as you will either be viewed as inferior or a big head'

Have always thought of that as some of the best advice I've ever received.
Kalumpus
Posts: 45
Joined: Wed Mar 27, 2013 12:04 pm

Not meaning to be flippant but there is no number imo. Freedom comes with not stressing about what one has or hasn't.
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LeTiss
Posts: 4913
Joined: Fri May 08, 2009 6:04 pm

Kalumpus wrote:
Sun Dec 02, 2018 10:01 am
Not meaning to be flippant but there is no number imo. Freedom comes with not stressing about what one has or hasn't.
Good advice there. We're all going to end up dead, so why concern yourself with such matters!

I once worked with an older guy called Rob Hallam - he laughed at us younger ones, stressing about sales figures and presentations. He used to say "In a hundred years from now, will anyone give a shit?" - I like that
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megarain
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Numbers are largely irrelevant when u are in the brackets to think about it.

I do feel, it’s more fun earning it than spending it.

IMHO, u are doing kids a dis-service, handing them lumps.

So, spend it .. and once the kids education is over, let em loose with v little.
spreadbetting
Posts: 3140
Joined: Sun Jan 31, 2010 8:06 pm

Think I felt free as soon as I'd paid off my mortgage.
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Derek27
Posts: 10386
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

I can understand why Bill Gates decided to stop making money and devote his time and resources to charity but most of us who set targets and reach them will set an even higher target.
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Crazyskier
Posts: 620
Joined: Sat Feb 06, 2016 6:36 pm

Lotto wins notwithstanding, I'll cease being a wage slave in just over 10 years. Essentially when the mortgage is paid off and I will be able to realise enough to retire on a modest income in a warm climate mortgage-free. That place is Caleta de Fuste in Fuerteventura, currently, though I wished I'd purchased there when the Euro was at 1.4 and they had their property crash.

So for me, it's not a particular number, but rather 20 x my annual costs which will be very low in a land with very little heating or lighting bills.

That's the plan anyway!

CS
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