I think the most important factor in determining the question you are asking is more about what your personal situation is and what kind of lifestyle you lead than what it specifically that you make a year. The key points have been alluded to a couple times in here but I don't think they can be stressed enough.
Are you single? Do you have a spouse? That's a huge factor right there and then go a step beyond that. Do you have children or not? That could be the difference in whether 40k a year is enough or not. Also, how often do you go out? Some people don't think about that alot, but going out costs a lot of money. A night on the town, whatever it may involve, adds up in a hurry if you like to do it often.
Learning to live within your means and being able to recognize the difference between needs and wants play a huge factor in what you get out of how much you earn. I used to hear my dad say quite often when speaking in regards to others, "More money than brains." 40k a year is not a huge amount of money, but it's not chump change either, unless you're just plain stupid.
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