Are we there yet?

Perhaps it is me getting a bit further on on age and realisation that I have been working for quite some time.  But it did get me thinking about financial freedom - or at least a relative financial freedom.

While I was chatting to a colleague, we were commenting on how regulations and technology have really started to change the industry.  Furthermore, with family and worklife balance, how it would be good to be able to just take the time off when required.  Which brought me to an interesting question posed to me: "Do you have a number?"

I was taken a little aback, as I usually don't talk personal finance with colleagues.  But I was somewhat intrigued as to this - because it was phrased such that a number you would be happy with so you didn't need to work for money any more.  I had done some quick calcs, and had come up with a number which I thought would be acceptable in this scenario - i.e. a number where I would be confidently not eating salami sandwiches for the rest of my life.  (to be sure I love eating salami sandwiches - something which was cheap and tasty but I did eat a lot of it as I was trying to save money). Unless of course it is eating salami sandwiches in my holiday home in Italy. With water views... 

So I hesitantly stated a number and backed it up with some of my quick calcs.
"Excluding your own home, of course," they said.
"Yeah...., " I responded, unsure now of my quick calcs.  What else did I feel was missing as my mind started recalibrating.

Of course, context is required, as my colleague, who has a family,  are well paid professionals and I found my number to be quite a bit lower than theirs.

So what I realised was that this could very well be a lose-lose situation depending on who you are speaking with.  State a number very high, then people start to either judge you:
- Are you being realistic?
- Think you are already there, so believe you are rich or a snob;
- Admire you or just am jealous (as believe you are close to your goal).
Conversely, coming in low, like me:
- Are you being realistic?  How could you live off that.
- Think you are already there, but that you have no ambition.
- Admire you or jealous (that you are close to your goal).

Unfortunately, perhaps it was the fact that I don't like talking financial matters with friends which made me less aware of my personal finances, so perhaps this was a good lesson to spur me into action.

What I did find out is that while my number is not unrealistic, I need to consider the type of lifestyle I want from here on in.  I mean I can be more frugal and therefore get by on my lower number.  Knowing that I may not have as much as I wanted in retirement is a sad, but better to know earlier so I can do something about it. 

Anyone, less time on games and more on financial news I reckon!