I watched Wall Street 2: Money Never Sleeps with Michael James last week and while I found the movie kind of sappy, contrite, smarmily written and a little too much like a morality play, it was fun to watch (although if I go to another movie that talks about financial bubbles and mentions fricking the Dutch Tulip Bubble, I am going to scream). There were a few very good catch phrases in the movie, and one of the best was, “What is your number?“.
The question (once explained) is a very good one, it is really, “How much money is enough?“. If someone wandered up to you and offered you an amount of money to last you the rest of your life, or that the amount would make you “happy”, what would it be?
The Villain’s response in the movie is a bit predictable, “MORE!”
Given we are all not megalomaniacal bankers (the villain in the story is one of them), the question is good for all of us, “What is your number?”.
For me my number would consist of:
How much remains on my mortgage
How much I need until I retire (assume yearly income with a 3% growth per year for inflation) times about 15 years
Any other remaining debt
That would be my number initially, then I would take that number and double it (I might even triple it), because I know that my ability to estimate is always woefully low when it comes to expenses. With that number in my head I realize, that is a BIG STINKING NUMBER, but it is my number.
Do you know your number?