How much in savings makes you feel rich

$1,000,000

You know you were never meant to have that kind of savings. I'm just waiting for you to post a story about an epic strip club binge that soaks up the cake that's burning a hole in your pocket. ;)

I feel rich when I can eat steak dinners and drink mediocre wine all week. I never worked out how much that costs.

Rick I've actually got $15,000... I'm down $5,000 from my recent binge lol

Poker tournament winnings are amazing lol

I feel rich eating sloppy Joe and drink box wine myself

My goal is to use one more $5,000 and start a commercial cleaning business

Then get back to savings the rest then hit another big lick playing poker

Let's not go for broke LMFAO

Indeed

I need a couple million to feel wealthy and to feel like I had enough to retire. I'd be real happy to get a million too but would feel much better with 2 or 3 million. Trump never offered that job and salary nor did Warren buffet, bill gates, nor any other billionaire. If I didn't have a good job, I'd be sol.

When you have a thousand, you want $10k. When you get 10k, you want 100k. When you get 100k, you want a million. When you get the million ........ Yeah, it keeps going.

I'm not sure anyone feels really rich until they have what they call FUCK YOU money. This is you have enough where you can tell anyone and everyone FU and it doesn't matter.

For me when I paid off my house and cars and had no debt my perspective changed. Now no matter what I have a good amount of security for life.

Get that business going Juice. There is nothing like being your own boss.

$8 is good for me.

Yeah $10,000 with my lifestyle of a minimalist is definitely fuck you money

Hell yeah I'm getting that business dawg... going to be like Rick Ross son lol

Shaylynn LMFAO $8

$12.52 that is the amount !

minimalist lifestyle?? while you hog them chacken wings?? me thinks not ;)

I had 2/3 of a mil in my account. I went crazy. Vegas was so close and it took me a long time to get it out of my system. that and my few bad investments.

it was fun however...

Once I accrue enough recurring dividend income to spend like a whale at the club everyday, I'll feel rich and everyone will know it. Until then, only my ATF knows what I truly can and can't afford.

Man I know how to spend money. I finally have learned to spend it slightly more wisely than las vegas.

that's why I go to Tijuana. reasonable expense for the result

at least in my twisted mind.

@Warrior15 nailed it, I think. I often think "How much is enough?," and "How much will I need?" It basically comes down to this: When I feel comfortable quitting my job on the spot. In other words, when I can say "Fuck You!"

The day I stop worrying about whether I have enough is the day I will feel rich. However, my nature seems to be such that the bar has kept getting higher as I’ve gotten older, even as I’ve kept accumulating. So I don’t think I’ll ever know what it’s like to feel rich because of how I’m wired, not based on any set amount.

Hunt I got a friend that has that same issue

Assuming completely debt free, maybe 30k that is either cash or can be liquified easily.

But that number assumes I have some kind of reliable income. Otherwise, it will just be stressful no matter what because the future is uncertain.

Twenty times my annual expenses.

I'm making more money than ever but my savings is down and it might take years to recover from some really bad trades. Do I feel secure? No. Currently saving a lot but I need to move and want to buy a house I think without selling my current one first. Makes me feel poor even though I'm saving the most money per month than I ever have. I have some debt I haven't paid back too. It's against my prior habits to keep 14k in debt when I could pay it off but then no money for a down payment nor emergency fund.

If juice had a 12 month emergency fund to have 12 months of expenses, that sounds like he would need over 5k a month or over 60k just sitting in the bank. Of course I don't call 5k a month VIP dances as required expenses. I count food, mortgage payments, insurance, gas, etc. therefore juice could need 100k emergency fund to really have a 12 month emergency fund.

If I was playing football with my finances, I feel like I got the ball back but I'm on the 7 yard line on the wrong side. Playing it safe. I can't afford any more big trade losses. Plus the market could top out at any point between now and the next few months and a crash could follow. A crash could result in major national job losses and another round of mortgage meltdowns going into 2020 so I do not feel secure. Might be overthinking it.

My monthly bills in total is $750

So $10,000 is actually a year of expenses for me

^ Your monthly bills total $750. do you really live in a cardboard box by the river ?

Money provides freedom and more choices.......just my own perspective but what makes you feel rich is when you are able to do something or when you purchase something that has value or in your mind prestige.

This youtube video should sum things up on this topic:

youtube.com

Minimum of 3 years income in readily available funds such as money markets or easily accessible investments. I then keep around 4 million adding to for my 401K and I at least feel comfortable.

I made some bad investments when I was in my early 20’s. I lost about $10,000 - and that was a lot at the time. I then put my money in index funds - and also bought Microsoft, Intel and a few other stocks. I still hold the index funds and I’ve not sold any of the stocks yet either.

However, the value of my investments has grown significantly. But, I don’t have an answer to say how much is enough. I know the relative costs of college - and that is covered. I know my required monthly expenses - and taxes. I know what I must pay my ex each month. But I’m totally concerned about healthcare as I age. That’s why I keep saving - as much as possible.

My hope is that healthcare costs don’t spike as the remainder of baby boomers retire. I think lots of my generation has minimal savings, and they could be very strapped to deal with healthcare in retirement. Maybe I’ll be buying the rounds at the club - when I retire - and find out I’ve over saved?!

I won't consider myself rich until I can afford to retire immediately. On the bright side that means that the amount I need to feel rich will decrease every year since I will be one year closer to death and therefore need one year worth of expenses set aside.

(Life expectancy - current age) × (annual expenses × 1.50) = enough to retire

For me that means if I plan to live to 82 and I'm 36 with about $2k in monthly expenses I would need $1,764,000 to feel rich enough to retire today. Obviously, I don't have that kind of money sitting around so I am not rich enough to retire yet.

But if I want to retire at 56 assuming no major new expenses I will only need $936,000 to feel rich enough to retire and that is my plan. I realistically should need less by then since my mortgage will be paid off at least 7 years before then.

While I am on track to hit that target according to my broker, I rarely have more than $5K in my checking and savings accounts at any one time. I don't understand why someone would want that much money sitting around earning only the most meager interest. Let your money work and grow for you. If you are risk adverse at least buy some low risk stocks that typically grow a few percent a year to at least keep up with inflation.

The “how much do I need to retire” issue is much simpler. A rule of thumb is that you can draw down 5% of your wealth every year, forever. That assumes your assets are invested in a diverse stock allocation, which should earn 8%-10% annually. If that’s the way it plays out, the amount you draw down will increase over time.

So, as I said in my earlier post, multiply your annual expenses by 20. That’s the amount you need. Of course, factor SS and Medicare into your expense calculation.

If you can live on $30,000 per year ( not unreasonable if you own a home and car outright), all you need to retire is $600,000.

One thing I've never understood is why some people panic when there's a market downturn and sell. Just plain stupid. I've weathered two major market meltdowns in my lifetime (2000-2002 and again in 2008), as I'm sure many here have, and have reaped the benefits by remaining calm and patient. Those were excellent buying opportunities. Time is everything when it comes to investing. The more time you have to let your money grow the better.
So if there is another bear market around the corner, I'm comfortable staying the course since I won't need to access the funds for many years.
I got a relatively late start to investing (I think I was around 28-30, and didn't start saving in a 401k until I was 33), but have made up for lost time.
The best piece of advice I could give young people just starting out in the workforce (early to mid-20s) is to invest part of every paycheck (no matter how small) in a 401k or Roth IRA and don't touch it for 35-40 years.
You'll experience many ups and downs, but one day you'll wake up rich and never again have to take orders from some cock-sucking, mother-fucking asshole at work.
You know what, I'm going to send my resume to Charles Schwab or Merrill Lynch.

Twenty five at times I really have lived out of a Van by choice... currently I own a trailer and tent the rooms out and sleep on the couch lol.... I'm a very thrifty guy and minimalist.

Strip clubs is my largest expense... if it wasn't for this habit I could go with less lol

oh.. stripclubs are my priority spending.

Just keep that in mind because every four months I play a $1,600 tournament... I'll hit one day soon and will cash $100,000+

That will be 10+ years of income for me... shit will be insane then

^ I remember you saying that you have a child, don’t you feel an urge or some responsibility to provide, and give that child some advantages, maybe that you have had yourself?

Got two actually.. see them daily...and donate a good portion of my income to them... like 50%

I am a grasshopper, motherfucker. This post is racist af.