Comments on: Asking You: How Much Money Do You Need? http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/ Sat, 20 Mar 2010 15:34:03 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Meet The M-Network: An Interview With Mrs. Micah. | My Two Dollars http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-18019 Meet The M-Network: An Interview With Mrs. Micah. | My Two Dollars Wed, 07 May 2008 14:00:42 +0000 http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-18019 [...] http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/ http://financefreelancelife.com/2007/12/12/how-little-is-your-time-worth/ [...] [...] http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/ http://financefreelancelife.com/2007/12/12/how-little-is-your-time-worth/ [...]

]]> By: Tanya http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-10453 Tanya Thu, 07 Feb 2008 15:39:36 +0000 http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-10453 Well, it depends if you mean "how much would you need to accomplish all your dreams (or at least the ones money could buy?)" or "how much would it take to make you much less nervous about your future"? For all my financial dreams-- $100k to pay off student and graduate loans, $2mill for a condo in a brownstone in the east village (NYC), a 50k emergency fund, $500k in retirement savings, $250k in personal savings (cause, y'know, shit happens), and $250k for a few years off of work in which I could do my own research and travel the world... and enough money to bribe the PhD program I want at Columbia to admit me (?) Enough to make me significantly more comfortable? $18k to pay back my private loan and a $5k emergency fund. And, if getting a little more spoiled, I'd love another $10k for a lovely trip to Europe (I'd like to go one one sometime in my twenties or thirties, but I doubt somehow it's going to happen) and another $12k for my retirement fund. So... $45k. I've got several job interviews in the next few weeks, I just finished my masters, and I'm networking like crazy... plus living as cheaply as possible while I get the loans out of the way (right now 40% of my take-home pay goes to my student loans). Well, it depends if you mean “how much would you need to accomplish all your dreams (or at least the ones money could buy?)” or “how much would it take to make you much less nervous about your future”?

For all my financial dreams– $100k to pay off student and graduate loans, $2mill for a condo in a brownstone in the east village (NYC), a 50k emergency fund, $500k in retirement savings, $250k in personal savings (cause, y’know, shit happens), and $250k for a few years off of work in which I could do my own research and travel the world… and enough money to bribe the PhD program I want at Columbia to admit me (?)

Enough to make me significantly more comfortable? $18k to pay back my private loan and a $5k emergency fund. And, if getting a little more spoiled, I’d love another $10k for a lovely trip to Europe (I’d like to go one one sometime in my twenties or thirties, but I doubt somehow it’s going to happen) and another $12k for my retirement fund. So… $45k.

I’ve got several job interviews in the next few weeks, I just finished my masters, and I’m networking like crazy… plus living as cheaply as possible while I get the loans out of the way (right now 40% of my take-home pay goes to my student loans).

]]> By: majellamom http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-10331 majellamom Wed, 06 Feb 2008 15:28:03 +0000 http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-10331 Well, I think that my number would be right around $100,000. We have just over $70,000 left on our house (our only debt) We are currently working to save $20,000 for a newer car (we'll be moving up to a minivan) by July of 2009. And just to give us a little wiggle room, eventually we plan to have about $15,000-$20,000 in savings for emergencies. How we are getting there: We did the Dave Ramsey debt snowball to pay off $10,000 in less than a year (we had a baby that year, too!). We slacked for a while, but have gotten back on board with the new year. Since Jan 1, we have earned just under $5000, and saved $1750. Our savings goal is $1100 per month for the next 16 1/2 months. That should get us our car by July 2009. Hopefully we will be able to keep up at close to that pace (we might have to drop it back to $800-$900 per month with changes in car insurance) to have a nice emergency fund, it should take us another year and a half after that! Well, I think that my number would be right around $100,000.

We have just over $70,000 left on our house (our only debt)

We are currently working to save $20,000 for a newer car (we’ll be moving up to a minivan) by July of 2009.

And just to give us a little wiggle room, eventually we plan to have about $15,000-$20,000 in savings for emergencies.

How we are getting there: We did the Dave Ramsey debt snowball to pay off $10,000 in less than a year (we had a baby that year, too!). We slacked for a while, but have gotten back on board with the new year. Since Jan 1, we have earned just under $5000, and saved $1750. Our savings goal is $1100 per month for the next 16 1/2 months. That should get us our car by July 2009. Hopefully we will be able to keep up at close to that pace (we might have to drop it back to $800-$900 per month with changes in car insurance) to have a nice emergency fund, it should take us another year and a half after that!

]]> By: Patrick http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-10156 Patrick Tue, 05 Feb 2008 12:06:07 +0000 http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-10156 My wife told me she doesn't want us to win the lottery, she would rather us earn the money on our own. I'm good with that line of thinking. My goal is having enough cash to retire our mortgage which would allow us to easily have one income and raise our children (when we have them) with fewer money worries. I'm working on that now. ;) My wife told me she doesn’t want us to win the lottery, she would rather us earn the money on our own. I’m good with that line of thinking.

My goal is having enough cash to retire our mortgage which would allow us to easily have one income and raise our children (when we have them) with fewer money worries. I’m working on that now. ;)

]]> By: Nick R http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-10081 Nick R Tue, 05 Feb 2008 04:51:19 +0000 http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-10081 Lets see, the breakdown is like this: Student Loan : 18K Visa Debt : 10K Family Loans : 7K Enough to buy a good house in my city outright : 200K Reliable Car : 25K Fully Business Upgrade : 30K TOTAL : 290K How am I going to get there? By becoming the best photographer in atlantic canada by 2012. Lets see, the breakdown is like this:

Student Loan : 18K
Visa Debt : 10K
Family Loans : 7K
Enough to buy a good house in my city outright : 200K
Reliable Car : 25K
Fully Business Upgrade : 30K

TOTAL : 290K

How am I going to get there? By becoming the best photographer in atlantic canada by 2012.

]]> By: Chief Family Officer http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-10078 Chief Family Officer Tue, 05 Feb 2008 04:32:28 +0000 http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-10078 My number is a whopping $2.5 million. That would allow me to quit work to be a stay-at-home mom and we could live off the interest income and still pay for the kids to attend private school. I'm sure we could do that on a lot less money, but I tend to be rather conservative :) My number is a whopping $2.5 million. That would allow me to quit work to be a stay-at-home mom and we could live off the interest income and still pay for the kids to attend private school. I’m sure we could do that on a lot less money, but I tend to be rather conservative :)

]]> By: Momto2Boys http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-10072 Momto2Boys Tue, 05 Feb 2008 02:53:05 +0000 http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-10072 I would also go with the $150K number. THat would pay off all debt including our home and student loans. We are a one income family so paying off all of our debt and being mortgage free would be HUGE for us. We'd be able to spend a little more freely and to also give a little more freely! Anything extra would be lovely as the previous commenter mentioned though! I would also go with the $150K number. THat would pay off all debt including our home and student loans. We are a one income family so paying off all of our debt and being mortgage free would be HUGE for us. We’d be able to spend a little more freely and to also give a little more freely! Anything extra would be lovely as the previous commenter mentioned though!

]]> By: Ashley http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-10067 Ashley Tue, 05 Feb 2008 01:57:46 +0000 http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-10067 I would take anything $40,000 and up. $40k would pay off all my debt (all school related except for about $1700 left on my car). That would leave me with a little left over (about $2k) to put into savings. Heck, if I only fell into $2000 I'd be happy with it and would pay off the rest of my car. One less monthly payment would be amazing. I would take anything $40,000 and up. $40k would pay off all my debt (all school related except for about $1700 left on my car). That would leave me with a little left over (about $2k) to put into savings. Heck, if I only fell into $2000 I’d be happy with it and would pay off the rest of my car. One less monthly payment would be amazing.

]]> By: CanadianSaver http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-10061 CanadianSaver Tue, 05 Feb 2008 01:11:23 +0000 http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-10061 With $100,000, I've had a very nice cushion to put into savings/retirement. I'd like to remodel the kitchen, but I think for $15,000 I could have a really nice one... that would leave $85,000... perfect! With $100,000, I’ve had a very nice cushion to put into savings/retirement. I’d like to remodel the kitchen, but I think for $15,000 I could have a really nice one… that would leave $85,000… perfect!

]]> By: A http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-10060 A Tue, 05 Feb 2008 00:49:42 +0000 http://financefreelancelife.com/2008/02/03/asking-you-how-much-money-do-you-need/#comment-10060 25k to knock off the student loans 50k for a house down payment 10k for investment 25k to wipe off some of my parents mortgage. 12k to pay for additional classes so I could change careers. = 122k. Any extra would be invested and some donated to charity. Then again, any free money would be rad. 25k to knock off the student loans
50k for a house down payment
10k for investment
25k to wipe off some of my parents mortgage.
12k to pay for additional classes so I could change careers.

= 122k. Any extra would be invested and some donated to charity. Then again, any free money would be rad.

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