Are you enjoying life?
One of our favorite authors, Brian Tracy, suggests that most of us are attempting to find happiness in four distinct areas:
- Our positive relationships with others
- Finding meaning in our work
- Our Finances
- In our mental, physical, and emotional health
At Wizardzofwealth.com we agree wholeheartedly with this interdisciplinary approach and acknowledge the importance of the inter-relationship of all of these areas.
The scope of our site, however, will limit it’s focus on the third area; that of accumulating wealth in the financial area. How you will use that wealth to further your happiness in the other three areas is up to you.
Three important questions for you to ponder:
- What amount of cash in the bank will make you feel wealthy?
- How much cash do you now have in the bank?
- If #2 is less than # 1, what is your plan, and by when do you expect #1 and #2 to be equal?
Let us know how we can help you with question #3.
Personal Finance Blog
Comments
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The problem with your question “What amount of cash in the bank will make you feel wealthy?” is that it usually ends up being a moving target. Inevitably, people with $1,000,000 in investable assets think they need $2,000,000 and so on. There’s nothing wrong with wanting more money or financial assets. But you also have to realize that once you have enough financial assets to meet your true needs (and that number is probably at least 500K or more for most people), more will not add much to your quality of life.
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MT, well said ! Balance is the key as usual. Living a paycheck to paycheck mentality doesnt leave us much room for error with regard to our financial stability. The dismal negative savings rate in USA suggests that many people need to place a higher value on having a cash account that continues to build over time. It seems that 500k is your estimate of what people need for their “comfort” level and upwards of 1 million to feel wealthy. Thanks for sharing.
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