Today’s article is by Catherine Alford, our regular Wednesday contributor.
I’ve thought about this question quite a bit, wondering how much money it would take for me to feel like I had enough. I know that over the past few years, I’ve developed a minimalist lifestyle, and I just don’t need much.
This wasn’t always true, but we have really altered the way we live since moving to the Caribbean, and I hope that we can maintain this way of life for a very long time, even after moving back to the States.
Essentially, our home is small. We don’t buy a lot of clothes. We don’t have a TV. Yet, I still get anxious every time my checking account dips below a certain number, and it makes me want to hustle more and more to get it high again.
When I think about how much we’ve grown and how much we’ve saved in the last few months, I can’t help but feel proud and a little more comfortable than usual. Still, I wonder if we have enough, especially when thinking about starting a family. Is the amount of income we currently bring in going to be at a level that can sustain us for the long run?
How Much Money Is Enough for Me?
I guess to me, having “enough money” means that I can comfortably pay my bills without worrying. It means I don’t have a panic attack every time I swipe my debit card. I know it’s going to work, and that I have a lot of room to spare. It wasn’t always that way for me, so I tend to appreciate those moments more.
At the same time, I do daydream about what it would be like to get a massive lottery payout and wipe out all of our student loan debt. I swear I would be one of those responsible lottery winners who would pay off all their debt, invest a ton of it, and stay quiet. I wouldn’t even move apartments, but I’d totally hire someone to help me clean the house every day!
It Varies From Person to Person
I suppose how much money all of us actually feel is “enough” will vary from person to person. Some people need huge savings accounts to feel comfortable. Some don’t worry about it at all. Some have so much money, they don’t care what they spend. Some spend their whole lives trying to become millionaires.
I feel like I personally don’t want the responsibility of being a multi-millionaire, high profile person. I’d rather just pursue my own goals, try to work for myself and bring in a reasonable income, save where I can, and try to become an “eventual millionaire,” that is, someone who can comfortably retire with that amount and spoil their grandkids with it.
So, enough about me. I want to hear from you. Do you have an amount in mind for how much money you think is enough money for you or your family? Let’s hear the number!