The media says earning $75,000/year is the magic number for happiness. You have enough to support your family and some leftovers when you achieve this amount.

I agree with the $75,000/year number, but with caveats. I like to earn much more than this but live at this standard.

Living below my means allows me to invest the additional cash flow into income-producing assets. These assets make me more money, helping my family overcome any present or future obstacles.

I am all about living at $75,000/year; however, I want to make $200,000 to $300,000 in passive income per year. This allows me to continue to grow my income by reinvesting the leftover cash. Life is Good!