The amount of money that you need to live comfortably would depend on what your “comfortable life” is. Comfortable living doesn’t have a definition, and it depends on each individual.
This reminds me of a medicine commercial, which states that after eating the medicine, you will get to your normal; whatever your normal is. The same principle can be used here. Does having a car make your life comfortable? Most people would say yes to this question, but people living in small villages might not think the same way. How big of a car do you need to live a comfortable life? Does the model of the car matter? Does the cost of the car matter? These are some common questions you need to ask yourself for each and every single item.
You need to first write down the definition of “comfortable living” on a piece of paper. My comfortable living is having Rolls Royce, a million dollar house, a steady business, 8 weeks of vacation every year, a cottage, and million dollars in the bank.
But, do I need all this to actually be comfortable in life? The answer is no. Buying a Toyota Corolla will be as comfortable as a Rolls Royce. Why I used the example of a Rolls Royce is because using this car will make me more satisfied; but the comfort level will most likely remain the same. The same thing can be said for a million dollar house. Living in a million dollar house will make me feel happier, but it won’t necessarily make my life more comfortable. It could actually make my life tougher because of the maintenance costs, etc.
The same thing can be said for your dreams and your “comfortable living” definition. Is your definition based on what will make you happy or comfortable? These two things are very different. You could be a billionaire and have a comfortable life, but still not be happy.
In my opinion, most people can live a comfortable life with $50,000 per year. Here is how I came up with this amount.
– $1500/month in mortgage for the house
– $3000 per year for a vacation
– $600/month for groceries
– $200/month for entertainment
– $400/month for utility bills
– $300/month for the car
This is what you need to live a comfortable life. Many people are already earning this much, but they are not happy with their lives. Like I said before, living a comfortable life is easier than living a happier life.
There are people who live a happy and a comfortable life, and that is what you need to do in life. Find where your happiness is, not where your comfort is. If you wanted to be a janitor, but ended up as a doctor; then you are probably living a comfortable life, but not a happy one.