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What’s Enough? How Much Money Do I Need to Have?

What’s Enough? How Much Money Do I Need to Have?

Imagine you are standing before Folorunsho Alakija and she hands you a blank cheque and a pen. She smiles and says to you, ‘Write the exact sum of money that will last you for the rest of your life-time.’ Before leaving the room to ‘give you thinking space’, she says, ‘you have 5 minute till my assistant comes for the cheque.’ What will that number be?

Good luck figuring that out!

‘Enough’ is definitely one of the most relative terms in the world today. Knowing how much money will be enough is very subjective. Yesterday and today are very different, some changes are within our control and some aren’t.

Writing on the same subject matter, Scott Spann opines, ‘That word enough is a relative term. We all should have our own set of unique life goals to guide financial decisions. Unfortunately, if you haven’t taken the time to explore your financial plans, what do you really want? You may end up getting trapped in the pursuit of more rather than the contentment of enough.’

What all of this means is that you need to redefine your relationship with money. You need to do this in relation to what you describe as your best life. What does ‘living your best life’ entail – riding luxurious cars, living in highbrow areas, having the best education, going on vacations, etc.?

You also need to learn to differentiate between poverty and voluntary simplicity. Where a life of voluntary simplicity is enabling and fosters a sense of personal empowerment and creative engagement, poverty is involuntary and degrading. It creates a feeling of helplessness and despair. (Source: Sloww.co)

As a boss lady, your pursuit of wealth and financial independence must be deliberate and purposeful. It should be anchored on these two practical tips:

 

Define the Lifestyle that makes you content

 Get that pen and notepad and write a list of the things that you need that will really bring you satisfaction and make life generally comfortable.  What are the costs attached to these things? While calculating this, ensure you make allowances for variables you can’t control. Also, do not leave out the cost of ‘maximizing your happiness’ and helping others.

Make SMART goals out of your dream ‘lifestyle’

Having estimated the cost of funding your best life, you need to make SMART goals out of it. In other words, what is required to fund your dream lifestyle? Do you need to have more streams of income? Do you need to switch to a more cost-effective budget? Do you need to diversify your investments?

Figure out what you need to do and get disciplined about achieving each set goal. Remember, only you can and should determine how much money will be enough for you.

Don’t get lost in the maze of wanting ‘more’.

Ponder on George Lorimer’s perspective on money, ‘it is good to have money and the things that money can buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things that money can’t buy.’

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