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16 Replies Latest reply: Dec 26, 2008 7:37 PM by Elite1 RSS

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

blitzlocal Novice
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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
  • Re: How much money do you need to live "comfortably"?
    intechspecial Master
    Currently Being Moderated
    I am ok with where I am at currently, but times will be getting rough soon.
  • Re: How much money do you need to live "comfortably"?
    Expert
    Currently Being Moderated
    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.
  • Re: How much money do you need to live "comfortably"?
    Lighthouse24 Master
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    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.
    • Re: How much money do you need to live "comfortably"?
      Expert
      Currently Being Moderated
      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.
  • Re: How much money do you need to live "comfortably"?
    jasonlai Novice
    Currently Being Moderated
    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
  • Re: How much money do you need to live "comfortably"?
    val_cards Apprentice
    Currently Being Moderated
    I have dreams of myself being dressed in rags and it scares me.
    • Re: How much money do you need to live "comfortably"?
      Expert
      Currently Being Moderated
      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? :)
      • Re: How much money do you need to live "comfortably"?
        val_cards Apprentice
        Currently Being Moderated
        Thanks for your encouragement. I'm trying to get my Potty Trainer For Pups into PetsMart
      • Re: How much money do you need to live "comfortably"?
        intechspecial Master
        Currently Being Moderated
        Yes things can be bleak when we are presented with a realistic and true fear that could affect our main stream of income.

        My question to this is do we really know this fear to be true or just our perception?

        Is it possible that the fear is just of our own making, or just an passionate idea that someone presented to us because of their lack of understanding?

        What it really boils down to is our ability to plan before any fear might come true, and the ability to respond on a professional and decisive manor to problems that arise.

        Rome was not built in a day, and comfort really is a state of mind.

        Our focus to stay in business should be to not tread anything but stable waters, yet test new unsailed seas just to get an idea of how our boat stays afloat, while the same time staying close to our current path.

        A well planned out and decisive path will insure success, and a path that is well thought out enough to keep focus on the ultimate goal yet able to alter course at the same time has a better chance at success then to just blatingly sail forward, ignoring the coming or present dangers yet throwing a war flag at any little problem that may or may not even be a problem.

        What some see as this humongous threat, really is just a tiny ballon floating in an endless sea.

        So to answer this question in a less poetic yet direct response.

        Money cannot buy everything, and the some of the happiest people in the world died homeless, and some of the most miserable people in the world died filthy rich.
  • Re: How much money do you need to live "comfortably"?
    Elite1 Novice
    Currently Being Moderated
    I do not require a lot of money to feel comfortable. I am happy as long as I can put a roof over the family, clothes on their back, food on the table, and utilities to keep them warm. The rest is luxury.

    On another note, I think most people do not approach their personal financial situation like their business finances. It is helpful to calculate how much you need (or want), then set specific goals on how to make it happen. Use this to pay off bills, save for a specific purpose, or prepare for retirment. Similar to making a business plan, you can make a personal plan. It is very exciting, reassuring and satisfying.

    Tanya
    Elite Financial Services, LLC

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