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[quote=Anonymous]We approach it as a balance. Have three numbers, after home and colleges are paid.

1. barebones retirement number, $3M invested. (120k retirement income)
2. Good to go, $6M invested (240k retirement income)
3. Love to have, $10M ( 400k retirement income)

we crossed our first number (haven’t paid off mortgage or college, but have invested funds to pay mortgage anytime). We are on track to get to $6M in seven years and would likely exceed, so we have started spending more in order to enjoy life a bit more vs. Over saving for retirement. The key is that incremental spending is mostly taking more vacations and not limiting to ourselves based on airfare availability through miles plus a fancy dinner a month. Both of them super easy to cut, if we have to cut. Once the kids are on their own, and we can travel off-peak without kids, our travel costs would naturally come down.

So spend more, but only on discretionary things that are easier to cut down in case of job losses etc. not tying ourselves to a higher mortgage or $100k cars that we can’t afford to pay in cash. We also don’t want to wait till retirement to travel to our bucket list destinations

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