How Much Money Do You REALLY Need? | Andrei Jikh

0:00 What is the ideal amount of money to have?

0:03 Enough to do anything you want with but not

0:05 too much to where you want to do nothing.

0:07 How much is that?

0:09 Somewhere in between.

0:11 The amount?

0:12 You got to give an amount.

0:14 I would define it is just enough.

0:17 Enough is a different for everybody.

0:19 So what's enough for you?

0:23 Um enough to do to do what with though?

0:26 Like just to live?

0:27 Yeah, for your What's the perfect amount of money for Andre Jack?

0:31 I I would say I'd be happy with it with like $2 million.

0:36 Even a million.

0:37 I'd be happy with it.

0:38 I would make it work.

0:39 What do you mean?

0:39 I'm asking you what's the perfect amount of money

0:41 You could just select an amount.

0:43 Yeah, you could just select an amount.

0:44 Yeah, sure.

0:45 So select an amount.

0:46 What's your guys's?

0:49 The ideal?

0:50 Like a perfect?

0:52 That makes no sense to me.

0:53 I don't What does that even mean?

0:54 I would say the perfect amount of money for me is 10 million bucks.

0:57 I was going to say 10 million too initially,

0:59 but I'm like Yeah, but like 5 million's fine, too.

1:01 5 million's great.

1:02 Yeah, exactly.

1:03 So like how do you answer that question?

1:04 5 million's fine.

1:05 10 is better.

1:06 20 might be better.

1:07 But you're

1:08 50 might be even better.

1:10 You

1:10 You know what I'm saying?

1:10 When I asked When I asked you the question though, you're like,

1:13 "Well, it's not so much that you don't want to do things,

1:15 Right.

1:15 Right.

1:16 I I do

1:17 It depends you know what?

1:17 On the age you get the money, too.

1:19 How old are you?

1:19 True.

1:19 But at 30 I'd say it's a different age than at 60.

1:23 Dude, I do believe that having so much money

1:25 though like can be a curse at a certain point.

1:27 Like I don't I haven't had enough to where it's like it's become a curse, but

1:31 Here would be a good way to phrase it.

1:33 Yeah.

1:33 You could gift somebody a lottery ticket.

1:36 And you could dictate how much money they get.

1:38 How much would you give them?

1:40 And it wouldn't ruin their life.

1:42 You don't want to give too much where all of a sudden it screws everything up,

1:46 but you don't want to undercut them either

1:49 because you could decide how much they get.

1:51 Right.

1:51 Yeah, I would say 10 million's a great amount.

1:54 10 million's great.

1:55 I would say like like 4 million bucks.

1:57 What's that 4 million for you?

1:58 I would probably 4 million would be buying yourself a house,

2:03 putting some money in stocks, spending a little bit of money.

2:06 Give me like a picture of like how you've allocated that 4 million.

2:09 You have $4 million net worth.

2:10 What does that mean?

2:11 $4 million net worth uh personally or this hypothetical situation?

2:15 You said 4 million.

2:16 Let's say you take 4% from that.

2:17 That's $160,000 a year.

2:19 Let's say you take 3% from that.

2:20 That's $120,000 a month.

2:22 That's what you can spend.

2:23 Realistically, they're going to go f off with some of the money.

2:25 They're going to spend it.

2:26 But if you have $10 million instead of $4 million,

2:29 I do think that once you add that extra digit in there,

2:31 people are going to be like, oh, I need a Ferrari.

2:32 I need a Lambo.

2:33 I need this.

2:33 I need that.

2:34 With $4 million realistically,

2:35 people are not going to be buying Well, I'm sure they will,

2:38 but like I think 4 million is solid because it doesn't appear to be this insane

2:42 insane insane amount of money where you're going

2:44 to go buy a bunch of new Lambos,

2:45 some Ferraris, and you could still just put it away in some stocks.

2:49 but we're saying people or you?

2:52 People.

2:52 People, okay.

2:52 I bet they would.

2:53 I think they would.

2:54 I think for you can anyone a million dollars, they'd be gone in a year.

2:57 Okay, so what's the perfect amount for someone to win in a lottery then?

2:59 For 50 bucks?

3:00 But that's what I'm saying like but I'm I'm

3:02 assuming you're asking me or and I'm asking you, Jack, like what is your amount?

3:06 Not not like a hypothetical for an average person.

3:08 My perfect amount of money,

3:09 I would say would be probably between 5 and 10 million.

3:15 Okay.

3:16 Mhm.

3:16 Okay, that makes more sense.

3:17 Yeah.

3:19 Graham?

3:19 Me personally?

3:21 Mhm.

3:22 Or for the average person cuz you're talking about average You personally.

3:26 50 million.

3:28 50 million?

3:30 Yeah.

3:29 Cuz it's not enough where you could just private jet all the time,

3:33 but you could get a nice piece of beachfront real estate.

3:36 Right.

3:37 You could be bicoastal.

3:42 Sure.

3:41 You could take first-class plane tickets without really thinking through it.

3:46 And you could have a great collection of something that's unique.

3:50 You don't think you do that with million?

3:52 No.

3:53 No, you're not buying first class plane tickets with two beachfront prop

3:57 Dude, a nice beachfront property is going to be 8 to 12 million dollars.

4:01 it's that expensive of a property, yeah.

4:02 Just it but you could even have just a a normal 2,500 square foot house

4:06 on the beach in a great location in Santa

4:09 Barbara and that's going to be 12 million dollars.

4:12 The the thing that I take away from this conversation

4:14 is that I'm very glad I am not in your perspective.

4:18 I'm so glad that I don't have that same perception of like how much I need.

4:23 I think that's like a burden that I don't have that you do, if that makes sense.

4:28 I don't think it's a burden.

4:29 it's a complete burden.

4:30 How is that a burden?

4:32 It just is.

4:33 It it just makes it

4:34 Okay, so the the way I would define happiness for people

4:37 is the difference or the delta between their reality and expectation, right?

4:43 It's like where you are today and where you'd like to be.

4:48 And the delta between where you are and 50

4:50 million or 100 million or billion is like crazy.

4:54 Now once you've reached like let's say uh It gets like why are

4:57 some of the richest people some of the most miserable people in the world?

5:00 Cuz their reality is like at utopian levels.

5:04 Where do you go from that point?

5:06 There is no more expectation there.

5:08 Like there's nothing money will increase.

5:11 So therefore their happiness level there is there's no space there.

5:15 There's no headroom.

5:16 I'm I would say I'm pretty happy though.

5:18 I'd say most days like 10 being the happiest I've

5:21 ever been in my life and one being like really unhappy,

5:23 most days I'm like a solid eight to like Yeah, I know

5:28 8.5.

5:28 I'm not saying you're unhappy.

5:29 I'm just saying anybody who ties their happiness to like some perceived

5:33 like wealth level is it's like it's not a burden in life.

5:36 I like having a goal and then going after the goal and always having something

5:42 Yeah.

5:41 of like hey, this would be cool like you

5:43 like your Pokémon collection like the 150 grand thing.

5:46 That's that to me would be like That would be cool.

5:50 That would be awesome to have.

5:53 Yeah.

5:52 And so then I think about that and I think oh I just just the aspect

5:56 of wanting something like here here's an example

5:58 of something I postponed for a long time.

6:00 I really want a Tesla Model S.

6:03 And a used one, too.

6:04 Like a 2023 Tesla Model S long range.

6:10 Uh-huh.

6:09 I could go out and buy that thing right now.

6:13 Okay.

6:13 But I I purposely don't buy it.

6:15 Cuz you're edging yourself.

6:17 Yeah, right.

6:17 but it's just it's just the just the idea of like hey it's cool,

6:21 but I could but I have fun

6:24 Right.

6:24 looking and like every day be like is today the day that I

6:26 Because you subconsciously understand that by owning

6:29 that thing it's like that happiness that you have

6:32 right now the excitement like that's what you're

6:34 holding on to cuz you don't have it.

6:36 But you could get it anytime you want.

6:38 That's exactly what I'm trying to prove.

6:40 Yeah, but my point being is I'm still happy just not getting that thing

6:43 as I am just looking at them online and maybe getting one one day.

6:47 Right, that's fine.

6:48 But that that proves my point that like there is some burden that is

6:52 attached to like thinking that you'll be

6:54 happier at like a 50 million dollars thing.

6:57 I I think at some point I get the car, I get the 2023 Tesla Model S,

7:00 I got a good deal, I really really really enjoy it.

7:03 And then after a year or two I think oh wow, maybe this Model X.

7:08 And then I just edge myself a little further.

7:11 But like I'm but but I'm constantly just leveling up.

7:14 It's like every year is a little better than the year prior.

7:17 here's the way I view it.

7:19 Life insurance is one of those things that makes

7:20 sense for a lot of people out there,

7:22 but most people just put it off because it feels complicated, expensive,

7:25 or time-consuming, but it doesn't have to be thanks to our sponsor Fabric.

7:29 Fabric by Gerber Life is term life insurance that you can get done today.

7:33 It's made for busy parents like you.

7:35 It's all online, it's on your schedule, right from your couch.

7:37 You could be covered in under 10 minutes with no health exam required.

7:41 If you have kids and especially if you're young and healthy,

7:44 the time to lock in a low rate is now.

7:45 And even if you have life insurance through your employer,

7:47 it may not offer you enough protection for your family,

7:50 and it usually does not follow you if you leave your job.

7:52 Fabric offers flexible,

7:54 high-quality policies that fit your family and your budget,

7:57 including options like a million dollars in coverage

7:59 for less than a dollar a day.

8:01 Fabric is partnered with Gerber Life,

8:03 trusted by millions of families for over 50 years.

8:06 There's no risk, and they even have a 30-day money-back guarantee,

8:09 so you can cancel at any time.

8:11 Fabric also has free digital wills, tools to invest in your kids' future,

8:14 and more, all right from your phone.

8:16 Join the thousands of parents who trust Fabric to protect their family.

8:19 Apply today in just minutes at meetfabric.com/ichclips.

8:23 Again, that's meetfabric.com/ichclips.

8:27 m e e t fabric.com/ichclips.

8:32 The link is also down below in the description.

8:34 Enjoy.

8:35 And here's the way I view it.

8:36 Is once you're on that hamster wheel,

8:38 and like you'll find the next thing to edge yourself with, right?

8:41 You'll never find finality in that spectrum.

8:46 I would hate to find finality, though.

8:47 Right, and I agree with that.

8:49 But if you only attach that that level

8:53 of like happiness to just material things, that that's fine.

8:56 I'm not saying it's wrong, but like for me,

8:59 I think there's so many different aspects of life that you can chase

9:05 and edge yourself with that are not

9:07 necessarily attached to like some financial figure,

9:10 and still find happiness.

9:12 figure, you're not just making money out of thin air.

9:15 You have to do something productive, and you have to do something meaningful.

9:18 So, in the pursuit of that, you're

9:19 doing something that's that's hopefully bigger than yourself.

9:22 That's true, but that's part of the process.

9:23 Yes, but but that's financially.

9:25 But then there's also so many different ways to explore that.

9:28 Like that's you're talking about depth, I'm talking about broad, right?

9:32 If that makes sense?

9:33 Like you're talking about depth of economics.

9:37 Uh, well.

9:39 So,

9:39 I'm a girth kind of

9:41 guy.

9:40 I think you could still hit that beachfront property

9:43 with a nice yard that goes out into sand.

9:46 The waves breaking.

9:47 You could still do that while at the same time

9:50 Listen, I I rented an Airbnb in in Hawaii for like Dude,

9:53 I spent stupid amounts of money for like a week.

9:56 I spent like 15 grand for a week on like

9:59 It was like a $20 million house on a beach.

10:00 And I lived there for like a week.

10:01 And I'm like, "This is cool." But like would

10:03 I dedicate my entire life to chasing this thing?

10:07 Like I'm like, "No, I'll skip it." Like I I I don't want to attach

10:10 my perception of like the journey of life

10:14 to this thing that I just got to experience,

10:16 and it's cool, but like I'm cool without it.

10:21 It's not the end of the world for me if I don't have that.

10:23 It'd be nice to have,

10:24 but I don't want to spend the rest of my life like not traveling

10:28 or not having kids or not having

10:30 more meaningful experiences in lieu of this thing.

10:33 I think you could do both.

10:34 I think you can't.

10:35 You still pursue that and still have a meaningful life

10:37 and have a family and all that sort of stuff.

10:40 I think it for sure.

10:42 It depends on how you want to structure your

10:44 So, there's nothing at this point that you want besides a family.

10:47 I think so, yeah.

10:48 There's not nothing that I'm like, "Oh, I got to build a business cuz I want

10:51 this thing." I'm so glad I don't feel that way.

10:55 It's But what about a yard with a pool?

10:57 That's nice.

11:00 See, I got you thinking now.

11:01 Now Here we go.

11:03 I got that.

11:05 You could You don't have a yard and a pool?

11:07 What?

11:07 Why I don't need a pool.

11:09 You know what is way more enjoyable to have a pool

11:12 to go to a friend's pool cuz they pay for it.

11:14 And they maintain it.

11:16 Only if they heat the pool, which they don't do.

11:19 friends don't do cuz they don't want to spend the money.

11:21 Nope, cuz it's expensive.

11:23 Dude, we went to Graham's July 4th party, and he's like,

11:25 "I'm not heating up the pool." Like, "Dude,

11:27 I'll pay you $5 to heat up the pool today." It's way more than $5.

11:32 How much is it?

11:33 I got to get that beachfront property, man.

11:34 At $5 compounded in Bitcoin?

11:36 I don't know.

11:37 Haven't you like had the same experience where it's

11:39 like eating someone else's snacks is always more enjoyable than

11:42 like having it yourself or like going to swim

11:44 at someone else's pool it's just so much more enjoyable.

11:46 I like to to have it myself,

11:48 but I also don't I'm a I have very few like desires.

11:51 Like there aren't many things that I feel like I need in my life to be happy.

11:55 Why is that?

11:57 I think it's But don't you want a beach house?

12:02 No.

12:05 No.

12:06 Why?

12:06 Because I just got another house and it's such a pain

12:08 in the butt and I'm like uh like I just I want few things.

12:12 you have $50 million you won't have to worry about that.

12:15 I would rather just rent it.

12:16 You know?

12:17 You could rent the house, Jack.

12:19 But I like what I really love doing, what I absolutely love doing and I wish I

12:23 could do it more often is work throughout the day,

12:28 see my friends, eat some good food, play pickleball at night.

12:31 That's all I want.

12:33 Mhm.

12:33 That's all I want and I'll be extremely happy.

12:36 And that's it.

12:37 Do you think that's like boring or like wrong or something?

12:40 Like okay.

12:40 at all.

12:41 Okay.

12:42 No.

12:44 Okay.

12:43 But then again, you walk in Jack's house and there are 30 pairs of shoes.

12:48 The dining room is a ping pong table.

12:53 Okay.

12:52 The furniture is completely mismatched.

12:54 And there's stuff house the new house is going to be nicer.

12:57 It's going to have you know I'm going to dress it up well.

12:59 In fact, maybe I'll put some pictures here or at some future episode.

13:04 Yeah.

13:04 Of the before and after old house new house.

13:06 Yeah.

13:06 You got to subscribe because in like 2 months you're going

13:08 to see this new set and it's going to be amazing.

13:12 It's going to look incredible.

13:13 Oh yeah, we have a big announcement to make here on the Ice Coffee Hour, guys.

13:16 This set that we've been using for the past few years,

13:20 it will no longer be the set of the Ice Coffee Hour.

13:22 Okay?

13:23 If you want to get a behind-the-scenes glance at the set,

13:28 tell what, we'll post a picture on our members-only page.

13:31 Okay?

13:31 We'll also unveil it as soon as it's done done.

13:34 And I'm telling you right now,

13:36 the iced coffee hours going to have a massive massive upgrade.

13:40 Massive upgrade.

13:41 How about this for the members?

13:42 Do a tour of the warehouse.

13:45 Sure.

13:45 That's cool.

13:46 What are you going to turn this bedroom into?

13:49 Guest bedroom.

13:50 Okay.

13:50 This is a guest bedroom in Graham's house and we've long overstayed our welcome.

13:54 And on top of that, it's just so small in here.

13:56 Like you guys can't really tell how tiny this room is, but it's it's cramped.

13:59 I hit my head on that light all the time.

14:01 And so, we are going to be making an upgrade and it will be insane.

14:04 That's all I'm saying.

14:05 Not many podcasts out there that are going

14:07 to have a set like the iced coffee hours.

14:08 It is beautiful.