What is that number for you? (and others)
For me it's pretty dang high. Like on the order of 5-20 million USD in the bank. At some point I'm going to stop working. Rent and life expenses where I live currently are probably $100k a year (yes I could live on less or move, but that's part of the point).
Let's say I stop working at 65 and I live to 85. That means I need at least 2 million dollars in the bank to keep spending $100k a year and it assumes I die at 85. If I happen to live to 95 or 105 I'd be S.O.L. Also add in escalting medical expenses, inflation, other issues and 5 million in the bank is IMO the minimum I'd need to feel I could discard other money and stop worrying about it.
And that assumes I stop working at 65. If I was trying to stop earlier that would go up. I get at some I could theoretically live off the interest.
My point is, at least for me
> a certain amount of money to cover life expenses + recreation, additional money has diminishing returns.
Is generally false. It's usually part of the "if you make $75k a year, more won't make you happier" but IMO that's not true because I'm screwed if that $75k a year stops.
Also, source of that point is often misquoted. It says happiness doesn't increase with more money. But life satisfaction does increase forever with more money. Here's an article pointing out the original study did say satisfaction increased as well as a new study that says happiness increase too.
https://www.forbes.com/sites/alexledsom/2021/02/07/new-study...
If I had even more money I'd angel invest. I think that would be pretty fulfilling. If I had even more money there's all kinds of projects I'd like to fund. I expect I'd be pretty proud to fund them.