April 7, 2016 by Preeks
How much is enough?
One of my favorite RJs on Radio, Aiyyo Shraddha picked up this topic a few weeks back and that really got me thinking. When would I say I have enough money and retire.
Here’s what I am thinking:
Let’s do the Basics first:
- Roti: Let’s be honest. By roti, we mean eating out twice a week. Fancy gourmet place twice a month. The 1 mandatory insisting on “I will pay.” with a random friend and actually ending up paying. This comes to around Rs 15,000. Plus contingency (I don’t feel like cooking, did you also get a message about the Pizza Hut offer?) of Rs 5000. So, Rs 20,000.
- Kapda: Again. E-Commerce has entered our lives. Does not make sense to cut it down and act all conservative. Between Myntra’s “You love yourself” sale, Jabong’s “Don’t tell me you haven’t bought anything yet sale”, we must account for atleast Rs 10,000. And you can’t really walk by a good store without peaking in, just because you started cheating on them with e-commerce. So, Rs 5,000 there. And contingency (I am not in a good mood, you bought for Rs 10,000 – I need to catch up). So a total of Rs 20,000
- Makaan: I have no notions that I will ever buy a flat. That’s too adult a thing for me to do. I am happy doling out my salary as rent to all you lucky flat owners out there. But since we are dreaming, let me be generous. Penthouse on rent in Koramangala. Not less than Rs 1 Lakh.
So, there. We need Rs 1,40,000 so far.
Now for the essentials. I mean, luxuries.
- Vacation: Obviously, I don’t want to go abroad every month. Aircraft fuel is expensive. Two big trips an year costing around Rs 3 Lakhs each. One small trip every alternate month, costing Rs 10,000 each. So that comes to Rs 6.6 Lakhs an year or Rs 55,000 a month.
- Books: It doesn’t matter whether or not we read them. Book collection is a sign of genius and we have no intention of backing out on that one. Also, one day, I plan to have a library. So, Rs 2000 per month for books.
- Gifts: The random gifts for people we love. Rs 3000 per month.
- Savings: Save around Rs 50,000 a month.
So, essentials come to approximately Rs 1.1 Lakhs.
In other words, I need Rs 2.5 Lakhs per month to be happy. Hmm.
I am a bit depressed right now. It seems like I am able to put an exact figure on what my happiness costs. Meaning, if tomorrow you come to me with a cheque of Rs 2.5 Lakhs (every month of course), I will just give up everything and be happy for ever.
This is a little bit scary. What’s your figure? Am I in the average zone or is my happiness too cheap or too expensive?
Do let me know!