The older you get, the higher your "minimum income" level goes. I'm 25, and my "minimum income" is ridiculous, and probably higher than most 40-year-olds'. The

The older you get, the higher your "minimum income" level goes. I'm 25, and my "minimum income" is ridiculous, and probably higher than most 40-year-olds'. The reason is that I live in New York. If I left New York, it would drop by a factor of 2-3, since rent is my biggest expenditure by far. In practice, many people will be reducing their "minimum income" over the next ten years, because these financial problems are not going away any time soon. I've also known grad students who've raised families (2-3 kids) on two student stipends. It can be done. Of course, they'll have to "sell out" and work for McKinsey in 15 years, when their kids are entering college, but that's far off in the distance.