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Reply to "How do you balance saving money (for security) vs. spending money (to enjoy life before you die)?"
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[quote=Anonymous]The correct answer is that you save fanatically at all costs if your net worth is below $500K (or $1M per couple due to divorce risk). That's because $500K is just enough to secure the very basics of a middle-class life - $300K for a condo, $50K for a car, furniture and emergency fund, and $150K in investments (assuming the $150K is obtained relatively early in life so it has time to compound into a reasonable supplement to Social Security in retirement). Spending money "to enjoy life" before you've secured that minimal level is irresponsible, and you deserve any financial misfortune that comes your way if you behave in that manner. Once your net worth is above $500K, the balance should shift to enjoying life (while still being financially responsible). And yes, that is the *CORRECT ANSWER*, not just my opinion. You're welcome.[/quote]
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