What it takes to live well

I'm reading this article on Forbes, What it takes to live well, and I'm thinking, "yeah, what does it take?" I thought I kind of knew. We've always had a number in mind of where we'd cap out (with natural progression in careers, not counting on really really making it big in our fields), and now that number seems like just makin' it! Well, you have to read the article to see what some people define as "living well."

First of all, my idea was a house, five rooms, a big backyard, two cars not new but not more than a few years old. My kids don't need private school, we don't need a vacation home although a vacation every year is a must (maybe two), I want to eat out once a week in a nice place, buy clothes every month, and money to play with. Ok so I'm being vague but we're just starting out so I'm sure I'll think of ways to purge the green as we get older. Anyway, the article was a reality check. We're gonna have to make more than I thought or lower our standards, at least if we stick around this area! Although right now, all I want is to OWN a home. I don't care if it's three bed/one bath, I just want it to be ours. I don't want for anything, we have great health care, don't pay too many taxes (yet), and don't pay for school (well, we'll be paying for Terry's forEVER, but it's worth it.) So my dream sounds almost obsolete. I'm happy with what I have even though it would be great to have more. Here's a perfect example. I remember when we were in college and we could not buy ANYTHING extra. We were methodical about going out to dinner and a movie once a MONTH but nothing else really. Fast forward to today. This month I purchased a digital camera, framed Terry's law license, bought three good seats to see the Nationals, bought three round trip tickets to Seattle, professional photos of the boys and frames. Now, I know that probably makes some of my readers uncomfortable to read people talk about money, but I'm trying to make a point. My life has so much more financial flexibility that I feel rich! And then there are some of the people I've met who shed a new light on the subject. Overheard:
"We're bidding on this home in ..."
"Oh really. Is it a primary home or summer?"
"Oh it's a summer home."
I was like waah? I didn't realize that the people in my community (well sort of - our kids play on the same sports teams together) had that kind of lifestyle. But I think they're both doctors....

So, no judgements, merely curious at this whole idea of how rich is rich? what does it take to "live well"? etc. etc.