![]() That would buy me a good retirement home in my hometown with enough left over to provide annual income for the rest of my life.”Īnother friend quoted a figure of Rs 40 crore. Now, when I asked this question to a group of friends (most around forty years of age), one of them replied, “I need Rs 20 crore to feel financially comfortable. But importantly, you still need enough of it so that you stop worrying about the lack of it. So, money certainly does not buy you happiness. And I’ve heard first-hand accounts of a lot of people with Rs 20 crore annual income who suffered from depression. I’ve known people with less than Rs 2 lac annual income and family to feed who live happy and satisfied. ![]() Of course, just having sufficient or too much money/net worth, like Rs 10 crore, doesn’t guarantee happiness or feeling of financial safety and comfort. Now, while this won’t be the right number for Indians, given the low cost of living here compared to the US, Rs 10 crore of net worth sounds a good number here too. It is about how money makes us feel comfortable, and how much of it we need so that we don’t have to worry about it, and so that we stop chasing it at some point in our lives.Īs per a survey from Charles Schwab, Americans say it takes an average net worth (assets minus liabilities) of US$ 1.4 million to be “financially comfortable.” That’s around Rs 10 crore. But, on a deeper thought, the question’s qualitative nature is what makes it special. Well, moving away from philosophy, the question Kavya asked me – about clearly defining how much money is enough – is pretty important. So she asked, “But how much money is that much money that we need to feel comfortable money wise?” I shared this thought with Kavya too, though I’m not sure if I could explain it well to her. ![]() My answer to that question was a philosophical “not much,” and I gave my reasons for the same. One of the questions that I talked about was – How much is enough? The focus of my talk was on a few important questions I have tried to seek answers to at various stages of my life, and that have helped me tremendously in choosing a path that, when I look back at, I am glad I chose. Kavya’s question reminded me of a recent post I did about my talk to a group of friends. “How much is enough, Papa, to live a happy life?” she asked. Maybe the problem is that my individual trading account is at $0 right now.As I was talking with my daughter Kavya about the importance of making a living doing work she loves, and saving and investing well, she asked a question that trumped me. I already have a 401k and HSA with Fidelity. I am in the process of transferring 160k from RH. What do I need to do? Take a class on options trading? Lie with my experience and income? I agree I don't have experience with WRITING/SELLING options. (I am only interested in purchasing calls and puts) Note that customers who are approved to trade option spreads in retirement accounts are considered approved for level 2. Level 2* Level 1, plus purchases of calls and puts (equity, index, currency and interest rate index), writing of cash covered puts, and purchases of straddles or combinations (equity, index, currency and interest rate index). Level 1 Covered call writing of equity options. Here's what Fidelity has for Level 1 and 2: I have never SOLD any options because I do not want to run the risk of getting assigned. But I feel I have enough experience with buying calls and puts and that's all I want to do. I know, I know, RH approves anyone for all levels. I've been trading options in RH and Interactive Brokers since 2017. I am in the process of moving my account from RH to Fidelity.
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