$700 a day seems quite a lot where I reside, I reckon $20-50 a day would suffice, factoring in I'm still single so I only have myself to worry about.
It is definitely location dependent. Here, things are crazy expensive and 700 would be a lot for me, but not overly extravagant.
Luck and chance is a huge factor, but because we can't calculate it, people ignore it in their success and failures.