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How Much Could You Live On?

Discussion in 'General Investing Discussion' started by Johny_come_lately, 11th Dec, 2010.

  1. Johny_come_lately

    Johny_come_lately Well-Known Member

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    Threads are a bit slow, so I've come up with an idea for a topic.

    What is the minimum amount of money you could live on and why? This amount is after tax. Assume you are not paying back debt other than a mortgage.


    Cheers,
    Johny. :D:D:D
     
  2. wdongli

    wdongli Well-Known Member

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    How much? to be Survival or thriving?

    To be survive: cost for the food, getting the food, and the cheapest ways to keep body warm enough($20/week maximum and could be far more less such as $1/day)

    To be thriving: costs for tasteful enough food + desired and affordable life style within the means(between $20 - $600 per week for a couple with their own house).

    In thriving: costs for what you want, capital planned to leave for your kids(optional), and how much you want to donate(optional) out(don't know the total cost).
     
  3. Chris C

    Chris C Well-Known Member

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    FREE if I live with my mother.

    :D
     
  4. Johny_come_lately

    Johny_come_lately Well-Known Member

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    Of course I could live on 3 loaves of bread a week and a blanket, but that not what I am asking.

    my minimum: $250 rent, $100 food/medicine, $4000 ct110, $10 fuel = $22,720 or $437 per week. No postie bike and its $350 a week. It would be a hard slog but I think I could do it.



    Johny.
     
  5. wdongli

    wdongli Well-Known Member

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    Haha Johny,

    Sorry for the misunderstanding.
     
  6. Betheball

    Betheball Member

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    Not sure how much I could cut now. Wife, 2 kids, mortgage, cars, food etc costs a lot these days. I couldn't even put a figure on it. We do pretty well now but with all the above still don't get to save much :(... 2 x childcare kills it but, so once at least ones out, savings should pick up.
     
  7. Johny_come_lately

    Johny_come_lately Well-Known Member

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    Betheball,

    Perhaps I could challenge you to pull out a calculator and see what fat you could trim. This minimum figure needs to be acheivable over a year.






    Johny. :)
     
  8. Betheball

    Betheball Member

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    A challenge you say... I don't know, I've gone through the budget and we don't spend anything we really don't have to. I was even trying to fit in a lend lease vehicle but will have to wait for one of the kids to get out of day care to even afford that.
     
  9. Alex Barton

    Alex Barton Member

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    Live with what quality of life: High, Low, Average?
     
  10. Johny_come_lately

    Johny_come_lately Well-Known Member

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    Everybody is unique and has a different life. Our standard of living varies greatly. The idea of this thread, is to find that minimum acceptable lifestyle. To find out what is necessary, and what is not.





    Johny. :eek: