How much money do you need to feel secure?
April 9, 2011 9:29 AM Subscribe
How much money (liquid assets) do you need to feel secure?
How much money in the bank(or under the mattress) would you need before:
1. You feel secure?
2. You seriously pursue interests that you feel passionate about?
3. You are left with no excuses to not go after your dreams?
Is there a finite balance or does the finish line keep extending further?
How much money in the bank(or under the mattress) would you need before:
1. You feel secure?
2. You seriously pursue interests that you feel passionate about?
3. You are left with no excuses to not go after your dreams?
Is there a finite balance or does the finish line keep extending further?
This post was deleted for the following reason: chatfilter. -- jessamyn
This would be completely dependant on things like obligations/responsibilities (the amount I need now as the sole earner supporting a family of five vs what I needed as a single person are very different). The cost of those dreams would be a huge factor too - the dream to be an artist in an expensive medium while also having children or a nice house are very different from the dream to be hermit writer living very simply. The size of the external safety net is also important. Is there family or friends that can be relied on for help in times of crisis or desperation. Or even acting as a patron providing influxes of money on a consistent basis.
There are no excuses to always pursue your dreams, many people realise that they must focus on those priorities and work towards them, even in small steps over a long period of time, rather than making extreme choices. They must also be flexible as situations arise that affect their ability to pursue their dreams (changing economic climate, personal illness, pregnancy, sharing a life with a SO).
posted by saucysault at 9:42 AM on April 9, 2011
There are no excuses to always pursue your dreams, many people realise that they must focus on those priorities and work towards them, even in small steps over a long period of time, rather than making extreme choices. They must also be flexible as situations arise that affect their ability to pursue their dreams (changing economic climate, personal illness, pregnancy, sharing a life with a SO).
posted by saucysault at 9:42 AM on April 9, 2011
1. a couple hundred bucks, and a job with monthly income
2. money hasn't been an issue
3. money has never been an excuse. I wanted to travel the world, but only had $16 to my name. I found a way to do it. There is always a way.
posted by hasna at 9:44 AM on April 9, 2011
2. money hasn't been an issue
3. money has never been an excuse. I wanted to travel the world, but only had $16 to my name. I found a way to do it. There is always a way.
posted by hasna at 9:44 AM on April 9, 2011
My wife and I are in our mid 20s, and we've got about $25k holed up. I just asked her whether she felt secure about this, and she gave a resounding no (if she wants to expound on that, she can come in here and reply). She does deal with most of the money in our house, though.
Right now, we've decided to rent for a while longer, while I finish my PhD. She's got a federal government job (which should be ok, baring another Capitol Hill temper tantrum). We've got everything we could want right now (minus the house), and no thoughts of kids in the near future, so we both can pursue interests we feel passionate about. Money isn't he limiting factor at the moment, time is.
posted by SNWidget at 9:45 AM on April 9, 2011
Right now, we've decided to rent for a while longer, while I finish my PhD. She's got a federal government job (which should be ok, baring another Capitol Hill temper tantrum). We've got everything we could want right now (minus the house), and no thoughts of kids in the near future, so we both can pursue interests we feel passionate about. Money isn't he limiting factor at the moment, time is.
posted by SNWidget at 9:45 AM on April 9, 2011
Six-ish months of living expenses (including the cost of private health insurance) makes me feel relatively secure.
Pursing dreams is more complicated than that, and probably not dependent solely on money.
posted by needs more cowbell at 9:46 AM on April 9, 2011 [1 favorite]
Pursing dreams is more complicated than that, and probably not dependent solely on money.
posted by needs more cowbell at 9:46 AM on April 9, 2011 [1 favorite]
The line keeps moving. Now I'm in my 30s, married, house, mortgage, kid. I have cash in a bank account, cash in the 401k, stocks in brokerage account which is earmarked for my kid's college fund. It's never enough. I felt secure last year - until my husband's truck got totalled and we had to replace it. The year before - furnace starts up with toxic smoke, etc.
It's not stopping us from living our dreams - we are planning on making a big move, selling the house, and downsizing within the year. But now that I have a kid, and I need to worry about retirement, the constant treadmill of having to save ever larger amounts of money does keep me up at night.
posted by crazycanuck at 9:51 AM on April 9, 2011
It's not stopping us from living our dreams - we are planning on making a big move, selling the house, and downsizing within the year. But now that I have a kid, and I need to worry about retirement, the constant treadmill of having to save ever larger amounts of money does keep me up at night.
posted by crazycanuck at 9:51 AM on April 9, 2011
This thread is closed to new comments.
At this point in my life (early twenties), if I had 5-6k in the bank account and my loans paid off, I would feel like I had all the freedom in the world-- so I guess that's my answer to the questions. But I expect that to change over my lifetime.
posted by geegollygosh at 9:41 AM on April 9, 2011