OK, I think the question should be reframed as: what is the SMALLEST amount of money that would be life-changing to you?
This is more challenging, because a) it is a smaller amount, and b) the next step is within your current life, what can you do to earn/save that additional amount to change your life?
I'll go first. In my family there is concern about my Mom as well as other family members (father) getting old and living alone. With an additional 180K, that would allow my lil brother to pay off a chunk of mortgage and possibly refinance, and also build a mil suite. OR, use that money by selling current house and then getting a larger house for all the various family members. Or for me to do the same where I am.
It doesn't seem like it would directly benefit me but it does, as it will be either brother or me who will end up housing at least 1 family member if not more down the road, and this would make for a much more livable and pleasant situation.
I think that pretty much was the question. And to me, the answer is the same. It would need to be close to $5m. Any less than that and I we'd mostly be business as usual, even though our net worth is nowhere near that amount.
That was sort of the point. What is the amount (so the lowest amount amount) that you'd need to fundamentally change your life? Less than $4-5m wouldn't do it for me, making that the smallest amount that would.
You can look at this two ways. I'd like to think that the fact that my number is so high means that I'm fundamentally happy with my life, and that I have most of the things that I feel would meaningful contribute to my happiness. Another $1m/$40k per year? Meh. That's not going to buy much that I think would allow me to change my life and increase my happiness. I don't need a weekly massage or gardener. I don't want a nicer car and to replace it every few years, and $40k/yr is that kind of money. It isn't until we get to huge amounts that we move past the small things that I really don't think would make me happier. I do think I'd be happier retiring in a couple very specific, VERY expensive areas. I wouldn't feel comfortable doing that with $40k year. It might actually be enough to do it (to cover the increased housing costs and property taxes) but I don't think it would make me take that leap.
I guess the other way to look at it is that needing a huge number means I'm a consumer sucka who covets fancy stuff. Of course, I prefer the approach that says it means I'm just generally happy with what I have!
I think it would be helpful to include numbers like current NW or FIRE goal. I can imagine that for people with a high NW or already FIREd it would take a lot more to significantly change their lives compared to someone who's stuck in a shitty job because they have CC debt.
In my case I think anything from $50-100k would be life-changing to some extent. Crossing the $100k bar (50k needed) sounds like a big thing to me now. $100k extra would get me halfway FI. $250-300k would get me to barebones FI and be probably the minimum amount to be considered
really life changing as it would have more immediate effects on my life choices.
