Yes it is the ultimate investment in the child's future well-being.However, there is nothing foolish about skiing. I had to call you on that one.
My youngest son refused to snowplow, It was pretty frustrating but then he started parallel skiing successfully before his 5th birthday.I thought the same thing. Skiing is a wonderful family activity. Young kids love it and get quite good very fast. Tough for the parents to keep up sometimes.
Enough is when our assets produce more than enough passive income to replace W2 income. This should allow for continued annual increases in passive income and assets over time.
I've only got about 15x my living expenses. Never thought of it that way, really, because of course S.S. will change the equation when the time comes -- it's probably more like 27x once S.S. kicks in, if you see what I mean.
Pretty much this, but I'd mention that "enough" only matters if you want to "get out" in the first place. If I loved my job I'd likely do it whether I had "enough" or "ten times enough". I don't, so I'll probably settle for "close enough to enough" at some point... it sounds like you're still a long way from reaching that point though.
Greetings,
I'm 37 years old, married, no children (but we will likely have one child within a year or two). I have real estate investments that produce approximately $85,000 of taxable income per year after business deductions. I live in the Great Lakes region, so aside from high taxes it's a low cost of living relative to most metropolitan areas. Intellectually I know that I could survive for the rest of my life on this amount of cash flow. I find myself pursuing the purchase of more and more rental property with the sole intent of increasing my eventual "retirement income." I live a lot like a retired person right now, but I'm always thinking that more is better and thus continue to buy.
For those who have already retired, what was your "enough" number? How did you settle on that, and how did you reign in the inevitable temptation to increase your passive income--even if you didn't really need it to live comfortably? I don't care about fancy cars or other status symbols, but I do have an unnatural obsession with passive income (e.g. the more the better).
What is "enough" for you? Any advice on how to slow down?