Good morning to the people of the HIVE
Today i am here to talk about the amount of money that would be good enough for me to live a carefree life without even worrying about anything.
Let me start by saying that the amount of Money required to live a carefree life varies on a person to person basis as I may need a set amount in life which would be sufficient for me but not sufficient for someone else as he/she is subjected to a higher living standard. For example I feel like 7500000 INR should be a good amount for me and my family to live modestly without thinking about the future paychecks.
Now there is a reason why I came up with that amount and that is a calculation you should do for yourself. Let me show you how I calculated the amount I needed to live a carefree lifestyle.
First of all you need to know how much you need every month to live comfortably, in my case the amount is 50000 INR a month which means I will need 600000 INR per year and that can be obtained easily if my Investment Portfolio makes around 12-15 percent per year and I take out 6 percent of that amount which means I can withdraw my expense of 600000 INR every year without putting a significant dent in my Investment Portfolio.
