How much money do you think you need to save?
How much money in your bank account would make you feel safe/secure? How much will make to feel accomplished? How much will make you feel happy? In short wondering how much to hoard before donating 😀
Safe: 5M Accomplish: 10M Happy/retired: 15M
6 months expenses. Anything more than that is a waste of money.
I donate about 50% of my TC. I save enough to feel I can retire sometime between 50-60 years old. I plan to up my saving rate as I get older. My spending rate doesn’t go up as my TC grows.
How old are you? Have family? Unless your TC is very high this seems really irresponsible. You can save instead of donating and then donate when you retire if you still have enough.
My TC is really high. Have a family and in my 30’s. It makes me sad that being charitable is viewed as irresponsible... Why do you think that? Many of the TC’s on blind put us over the 90th percentile for the US, and while we live in high COL places my income is still relatively high compared to the rest of the population in the region I live.
If you save about 50% of you take home pay and invest it in index funds, + max out 401k, in about a decade or so you can stop working and keep the same lifestyle. You do not have to “retire”, it means you can work in whatever interest you.
So to answer your question more directly. FIRE blogs suggest that to achieve this financial I dépendance you need 25x your annual spending. So if you need 100k to live as you want, you need 2.5M in the bank. So this 25x ratio would be my answer to your questions.
Never enough.