How much money is enough for an average person?

Depends on where you live and how good you are at not having safe sex.

We have had that conversation on here in different ways, especially when the power ball or another lottery gets big. And the numbers are all over the map depending on a person’s current circumstances and their expectations.

Generally, people would be comfortable and satisfied with an income stream roughly two to three times more than their current income.

And, “enough” of the lottery is to get the same income result plus enough to care for the immediate family through education and help with buying a house.

Yes it’s a number, that suits my life choices. No, it’s not as much as I can get.

About 50% more than they are currently surviving on.

It depends on the lifestyle you are referring to. For me, for the lifestyle I am thinking would be ideal would be to not have to work and to be able to travel when I want to. It wouldn’t take a lot more than the salary I have now to achieve that – maybe another 50k to handle the “travel when I want to” but it’s the not working part that would be the catch.

I’d also need health insurance, which as we all know could be 1k per month or more.

I can travel now but I don’t have the money to jet-set around the world, unlimited.

It varies with the person and where they live. You can estimate it. Figure out the costs of necessities like rent, insurance, transportation, groceries and taxes. Then figure out what more you would like to do and estimate the cost Be sure to add the extra taxes. As someone who spends nearly his whole life in his apartment, you can probably live rather well on a relatively low income.

I remember seeing a video of Tai Lopez in which he states that average amount of money with which an individual in the United States can live fairly comfortably and freely is $75,000 a year. Of course, then again, I know plenty of people hate the guy finding everything that comes out of his mouth to be a scam and will take anything he says with a boatload of salt.

Back in high school, when they taught such things, we had a domestic budgeting class. They taught us how to balance a checkbook, the dangers of compound interest, how to figure mortgage amortization, how certain financial instruments work, etc.

They told us that it’s all about expenses. Ideally, your housing costs should not exceed 25% of your income. 10% should go toward food and another 10% for clothes and toiletries. Another 10% for savings and investments. Another 10% for entertainment. I forget the rest. But that seems excellent to me.

Problem is, in cities like San Francisco and NYC, you damn-near have to make a billion dollars a year to pay 25% of your income for living space. The parameters have probably changed in the last 50 years. It’s one way you can tell that there has been a general reverse in wages during this time. But, if my generation would have also followed the 10% investment rule, they might have broken even or better. Who knows. It all went in one ear and out the other. I just wanted to pack a rucksack and see the world.

I don’t know, but I know I wish I got as much as you do!

@Espiritus_Corvus :: When I was in High School I took a similar class. There was Personal Finance One that dealt with all the stuff like how evil credit cards are and how to read a bank statement and we given a hypothetical minimum wage job. We had to figure our income and then find a place to live from the classified ads in the paper. And then budget everything else. It was like that episode of The Cosby Show.

It was somewhat eye-opening.

As far as I know my sister’s kids haven’t taken a similar class.

Around here, just to rent an apartment, one bedroom is at least 1200 per month. At least – maybe 1500–2000. That’s a pretty chunk of change annually, and that’s take home pay. You’d need way more in NYC. At least 2500 per month for a studio.

Talk to your real estate agent about the total average costs to live in a home
( trailer,apartment,house etc) in your area.
Or do a search of your area and it may ( most do) give the mean average of the price of owning a home there.
Hope that helps.

I sure as shit couldn’t find something around here for 25% of my income. Well, not if I want luxuries such as solid walls and a roof.