Got your attention? We thought so – that’s quite a provocative question and the answer is vastly different for everyone.
Although we’re big believers in the value of wellbeing and security over building vast personal wealth for its own sake, it’s important to be realistic and ask yourself if you have enough resources to live the lifestyle you want, not just now but for the future.
Money Can Buy Happiness – to a Point
Let’s be frank, even if your lifestyle ambitions are modest, you still need to achieve a certain level of security. No one wants to think about struggling to get by and not being able to pursue the kind of lifestyle they want; having the freedom and security to truly enjoy life is the goal.
How much money is enough…for you? This is the real crux of the matter, and it depends upon your plans. Do you want to start your own, or another, business? Write a novel? Travel the world on a golf tour? Or simply spend more time comfortably with your family? You’ll have to do the thinking and visualise what is truly important to you. Why are you working so hard?
We liked a recent article on IntelligentHQ, examining a book which claimed to have identified ‘The Seven Elements Necessary for a Good Life‘. These were:
- Harmony with nature
How many of these pillars are you achieving? All of these elements will factor into a comfortable lifestyle, and how much money you have will impact all of them to some degree – particularly your security and your ability to pursue leisure as you see fit.
The Importance of Security
Let’s take a look at one of the most central of those questions, security. Feeling financially insecure could in turn affect your health and quality of life. If you worry about money constantly, you can’t possibly enjoy your life as you should be able to, not to mention your retirement in the future. You may negatively impact your health, friendships, and your ability to enjoy leisure pursuits.
Fortunately, planning ahead should help you manage and grow your resources so that security is taken care of and these other elements can then be given the attention they deserve.
How to Use Your Money
- Careful Planning
Do a basic calculation of what you truly need for living expenses plus any expenses you incur for “extra” things like hobbies or leisure pursuits. Then, construct a savings and investment plan that will allow you to set aside the money you need to cover this figure.
Consider also, you may end up with more than enough. Not a bad problem to have! If you’re in this situation, take another look at your working timeline. Don’t work a day longer than you need to.
If you want to pass on your wealth make sure you get some good tax planning advice.
Have You Got Enough Money?
The short answer is that depends on what kind of lifestyle you want. It’s not a question to be answered in a blog, but a detailed discussion to be had with a certified financial planner.
We believe money should be a powerful tool to achieve your dreams with, not a goal in and of itself, so use it intelligently to live the lifestyle you want. In short – let yourself enjoy it! You’re working hard, building your professional position or running a business, so reward yourself.
Hopefully this blog has helped you make an important start to figuring out your answer – the thinking behind what’s important to you.