What do you NEED to enjoy life? When you achieve more, are you able to enjoy it?
How much is “ENOUGH?”
Is your definition static, or does it change? Maybe it depends upon the situation.
We routinely get this question from prospects as they wrap their heads around the “number” they need to retire. But what value is a number in today’s dollars assuming life stays stagnant? How often does that happen?
In an age of Instagram, Facebook, and Tik Tok, it’s increasingly challenging to be content with what we have. In Morgan Housel’s book, “The Psychology of Money,” he discusses the 1950s, known as one of the greatest generations. The wars were over, and the economy was booming as the US transitioned from industrial manufacturing to consumer goods. As a result, the middle class enjoyed new amenities such as a family car, brand new appliances, and perhaps even a vacation! However, the wealth gap was not dramatic. On top of that, “viewing access” to compare your lifestyle to your neighbors just didn’t exist.
Whatever you had was “ENOUGH!”
Fast forward 70 years, Housel notes that not only are we wealthier (on an inflation-adjusted basis) than previous generations, but we are dramatically less happy. The wealth gap has widened. On top of that, we have handheld devices that provide a front-row seat to not just how our neighbors live but those across the globe.
Our definition of “enough” continues to evolve as we work harder and risk more to achieve something we may or may not need.
We believe in working towards a lifestyle that aligns with your family’s vision, whether that’s travel, higher education, a new home, career flexibility, or INSERT YOUR VISION HERE.
We help clients craft their definition of “enough” so they can ultimately take care of the most important asset they have…THEMSELVES! Seek out someone you trust as you navigate what your “number” is to retire or just slow down.
Making sure you have “enough” is a process.
Not only does it evolve, but it also requires consistency, flexibility, and effort! To paraphrase Morgan Housel: “Find a partner that ensures you don’t risk what you need in pursuit of what you don’t.”
If you need help strategizing what “enough” means to you, reach out to us!