Feb 04 2008

How much do you need?

Mrs. Micah posted an excellent question today: How much money do you need?

Rather than hijack her comments, I decided to just blog about it and link back. Head over there to sound off and see more on the topic.

 Mrs. Micah asks, "Whether you’re in debt or you’re saving for the future, how much would you like tax free? And what would you do with it? What’s your “perfect sum”?

For me, if I received $150,000 tax-free, I’d use that to pay cash for a house. I’d look for one I could get in the $140k range around here, and move on in.

Essentially, that would fast-forward our money plan by several years, so we’d be able to put current earnings into savings, investments, giving, and fun. It would free up a large portion of our income, and we’d be able to enjoy not having a mortgage.

Since this scenario is never going to happen…

….we’ll just have to work toward this sum the old-fashioned way: Through hard work! We’ll continue to save money, cut expenses, and live modestly. Eventually, we’ll have our $150k or a mortgage-free home.

I don’t mind doing it that way. In fact, I almost think it’s better to earn the money yourself, rather than to have a big wad of cash handed to you. I don’t want to become ultra-materialistic, ya know? It’s good to be content with what you have. Then again…if I really were to get a huge sum of money like that, it’s a reasonable idea to have a plan on what to do with it.

What about you? How much money would you ask for? Head over to Mrs. Micah and comment about it.


Posted under Uncategorized | 1 Comment »


One Response to “How much do you need?”

  1. Thanks for mentioning it, Kacie. :) Owning a home outright would certainly be nice. Of course there are still property taxes, but the money going towards rent and down-payment savings or mortgage payments right now could definitely be rerouted to that.

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Hey! I'm Kacie, wife to Shane and mother to Jonathan (7), Vivienne (5) and Amelia (2) . I write about my family's finance: how we save money, improve our spending, and plan for the future.

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