How Much Money Is Needed For Financial Security?

Reflecting on @MalStrom and @mangaii 's responses.

Car and home are not really an asset but a liability. @anika987 could walk in today and buy a million dollar home along with mercedes and Tesla and inherit his problems of losing sleep.

Does he own them outright or is struggling to pay for the installments.

There are doctors earning $300K who are spending more than they earn and in financial hell unable to repay their student loans.

 

The word is not financial security here, the apt word is financial stability. Don't lose your sleep over this. This is a weird problem. This kind of financial stability problem is faced by many people in the society. To a middle class family, financial stability means having a decent home with enough food and clothing without fear of losing them in the future. To some people it is about having a particular brand, to some it is about having to travel to any place without hesitation, to some it is only about maintaining their personal space, to some it is about having wads of currency and lots of jewelry in the cupboard in a mansion sized house. To each his own. A few years ago, a famous actor was on the verge of bankruptcy. To you and me, it implies landing on the road. To him it meant living in a more modest home instead of the posh bungalow that he had. As humans get more, they want more. They don't think about how much they need. Why are you losing sleep over your neighbor's headache? You can't take medicine on his behalf and expect his headache to go away. Or get his headache to empathize with him. Just be happy with yourself.

 

This question only you or your financial advisor can answer . Your current income plus your future goals/plans decides where you stand. This isn't question for strangers in internet to answer. Too many unknown variables.

 

Your husband has been saving all these years, right? Thanks to the stock market retirement accounts and investments have done extremely well in the past few years if you picked wisely. You should run a calculator to see where you stand and what you could be doing to improve things.

 

You should definitely plan for the future, specifically retirement. When you want to retire, if you want to do in so and so time, what your expenses will be and how much do you need to save. But don't do it keeping in mind someone else's expenses. Obviously this acquaintance of yours will have headaches, if he has grand plans. That's what I am saying. For me, having a Tesla is a nice to have, but not a must and should, I wouldn't lose sleep over it. There are other things that are important to me that may seem fancy to others. You are comfortable, happy, why worry? Plan and execute. If you ask me, don't get too much into others' lives, it will affect you negatively. Everyone in this world has headaches, true for even the richest and most endowed people on this earth.

 

It depends on each one’s expectancy! Some are not satisfied no matter what! They always feel something lacking! That’s how they were brought up maybe or his circumstances!

 

Financial advisor is a very good suggestion. Maybe sit with husband (in case he has already figured it out) and discuss how much both husband/wife need to make/save/spend, how long to work and when to retire.