Do you think that a certain amount in Savings is enough. For example a few thousand in the bank. A multiple of your yearly income or maybe a multiply of your outgoings.The reason I ask is this,
My brother and I recently inherited a house. He is much wealthier than me, owns properies and has large retirement income. He asked me what I was going to do with my share and I told him that I was giving it all to my children.
He said "you must be mad".
When we were younger, we were never well off, but have always been savers. We have a modest life style. We don't have holidays or run a car, because that is our choice. Anything we need we can buy. We feel we have a comfortable life style. We have what we consider a good savings pot.
Our combined retirement income is much more than our outgoings, so I could not see the point of banking this inheritance. I am not asking for opinions on whether I was right or wrong to give the money away. I am just interested in whether any one has a fixed 'that is sufficient' amount in their head.
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