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16 Replies Last post: Dec 26, 2008 7:37 PM by Elite1

How much money do you need to live "comfortably"?

Nov 10, 2008 5:26 AM

Click to view blitzlocal's profile Mogul blitzlocal 92 posts since
Mar 20, 2008
I read this in Fortune or another magazine, that the top 1% of people make $200k a year in income.
They, on average, said they needed about $300-500k to live comfortablly.
while mainstream Americans felt that $40-50k was enough to live comfortably.

The surveyers asked the same question again of these groups,
except this time changing it to how much they'd need just to "get by".
This means cutting all the luxuries and living bare-bones and frugal.
The top 1% of folks said about $200k, while the middle Americans said $30-40k.

Times are arguably harder than before, so think about what your answer is.
Mine is about $30k a year for comfortable number and $20k for "getting by" .
I don't have many luxuries, nor do I really desire them.

Dennis
analyst, blitzlocal.com
internet marketing for small business
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Click to view intechspecial's profile Mogul intechspecial 1,458 posts since
Jan 6, 2008
1. Re: How much money do you need to live "comfortably"? Nov 10, 2008 5:48 AM
I am ok with where I am at currently, but times will be getting rough soon.
Click to view Mongoose's profile Mogul Mongoose 410 posts since
Nov 2, 2008
2. Re: How much money do you need to live "comfortably"? Nov 10, 2008 6:00 AM
Myself, I am comfortable where I am now. If I only made 20k a year, I'm fine with that. As long as i have a roof over my head, food in my belly, and power to run my appliances and heat my room, I am totally OK. Some people like expensive cars and huge houses, but I, myself, am happy with simply having an inexpensive hobby to sit down and vent whats in my head. I would lie to say that things such as fast cars or big TVs and yachts isn't alluring, but I could live without them. I learned early on that money could not buy me happiness as I worked 3 jobs at once, and purchased everything on a whim. When i had to blow money, I felt horrible because everything else was lackluster. I saw my parents go from being highly succesful to losing everything, and I am humbled from it now.
Click to view Lighthouse24's profile Mogul Lighthouse24 2,402 posts since
Oct 10, 2007
3. Re: How much money do you need to live "comfortably"? Nov 10, 2008 2:31 PM
Interesting. I think "comfortably" is a relative term from individual to individual (as the article illustrates). My definition of living "comfortably" has always been challenged most by changing conditions that I can't control. For example, when gas shot up over $4 a gallon, it took more money to live comfortably than it did before that, or than it does now with it back under $2. Where I live, the temperature was at or below freezing for a total of 40 minutes during all of last winter added together -- if this winter is colder, it will take more money for me to live comfortably.

So, if asked, the specific amount of money that I would say I need to live comfortably would be enough to cover all the possible worst case scenarios that I can imagine in every aspect of my life -- and would therefore be considerably more than I'd ever really need (hopefully).

I wonder if there is any correlation between a person's income, and his/her ability to consider and successfully plan for contingencies? It could explain the large variance.
Click to view Mongoose's profile Mogul Mongoose 410 posts since
Nov 2, 2008
4. Re: How much money do you need to live "comfortably"? Nov 10, 2008 3:58 PM
in response to: Lighthouse24
So Lighthouse, your idea of comfort is the ability to truly say that 'everything is going to be all right, regardless of how derailed the train gets'? - I like that alot, considering everyone is looking for a piece of solace and security in their lives. One thing i witness is the ever-present person that lives between paydays, and makes due. It's too easy to go blow money on a small gift for yourself or a fancy dinner or what have you, I'm guilty of that myself. I'm thinking those who successfully plan their contingencies realize that being secure in their life far outweighs future grief in place of a new toy or pleasure.
Click to view jasonlai's profile Mogul jasonlai 35 posts since
Oct 5, 2008
5. Re: How much money do you need to live "comfortably"? Nov 10, 2008 4:23 PM
i like this topic,"How much money do you need to live "comfortably"?"
Right now i work for contractor my income below then 15k/Year.
I dont think it enough for my life, that why i need "help".

I just begin post on small business like 1 month ago without any contract yet :(.
This is all my skill below here.

Website Design,Graphic Designs,MastercamX Draw 2D & 3D,Data Recovery,Computer Repair & Networking, Sales online....


I have plan to sales products Online for personal & company too. With commision only.

Give me a change to make home based business growup.


http://jasonlai.com
Email:vninus@yahoo.com

Click to view Lighthouse24's profile Mogul Lighthouse24 2,402 posts since
Oct 10, 2007
6. Re: How much money do you need to live "comfortably"? Nov 11, 2008 1:14 AM
in response to: Mongoose

Mongoose, that's how I'd answer the question, if asked. It's not necessarily what I do in practice, however. I'm aware of the risks and downsides when I pursue a course of action (i.e., I ask all the right "What if . . .?" questions) -- but usually my impatience and self-confidence (justified or not) cause me to want to just get on with it. So I often move forward without having any kind of contingency plan or recovery strategy. I guess I'm okay when it's ME driving the train the off the tracks -- I just don't like being a passenger on the thing!
Click to view intechspecial's profile Mogul intechspecial 1,458 posts since
Jan 6, 2008
7. Re: How much money do you need to live "comfortably"? Nov 11, 2008 11:47 AM
in response to: Lighthouse24
I would have to say I agree with you Lighthouse except for one valid point.

If I knew there was someone that I could trust that might help to keep the train on the tracks, I would be more then open to having them take the wheel or at least show me what I am doing wrong.

Unfortunately to find a business mentor is next to impossible considering my situation.

InTech "Special"
Click to view WarrenD's profile Mogul WarrenD 117 posts since
Jun 12, 2008
8. Re: How much money do you need to live "comfortably"? Nov 11, 2008 12:24 PM
in response to: intechspecial
Hello Everybody,

I know how to find the answer of how much money it would take to live comfortable? I'll volunteer to be the gunea pig, all every body in the community pitch in and give me 200K to live on the first year. In a year everybody can up the antie by 100K, and do that every year to I feel comfortable. If all you nice people can do that every year I'll appreciate it, and we'll all have the answer. YOU CAN TRUST ME!! (ha! Ha!)

Warren

Click to view Mongoose's profile Mogul Mongoose 410 posts since
Nov 2, 2008
9. Re: How much money do you need to live "comfortably"? Nov 20, 2008 4:50 PM
in response to: Lighthouse24
Very understandable, Lighthouse. I hate when things fly out of control, it's a scary thought in our train analogy if you're not the one piloting the train. I don't like my fate being in others hands, but sometimes it happens. It's a fine skill to learn how to cope with the worse of situations and come out on top everytime.
Click to view Lighthouse24's profile Mogul Lighthouse24 2,402 posts since
Oct 10, 2007
10. Re: How much money do you need to live "comfortably"? Nov 20, 2008 5:30 PM
in response to: Mongoose
LOL, I have the "cope with" skills -- still working on the "come out on top everytime" part!
Click to view val_cards's profile Mogul val_cards 166 posts since
Nov 1, 2008
11. Re: How much money do you need to live "comfortably"? Nov 20, 2008 5:34 PM
I have dreams of myself being dressed in rags and it scares me.
Click to view intechspecial's profile Mogul intechspecial 1,458 posts since
Jan 6, 2008
12. Re: How much money do you need to live "comfortably"? Nov 20, 2008 5:34 PM
in response to: WarrenD
WarrenD -

I would be happy to assist you in your efforts and will happily live on the other end of the scale.

You can offer me 1-5k a year and see how I do as well.

;)

Click to view Mongoose's profile Mogul Mongoose 410 posts since
Nov 2, 2008
13. Re: How much money do you need to live "comfortably"? Nov 20, 2008 5:52 PM
in response to: val_cards
val_cards: we can all relate to that nightmare, losing everything is a scary but real scenario! Let's keep our heads above the water, shall we? :)
Click to view val_cards's profile Mogul val_cards 166 posts since
Nov 1, 2008
14. Re: How much money do you need to live "comfortably"? Nov 20, 2008 5:56 PM
in response to: Mongoose
Thanks for your encouragement. I'm trying to get my Potty Trainer For Pups into PetsMart
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