Financial Literacy Lesson #3 – Stop the goalposts from moving

We should stop once we’ve had enough.
But what is “enough” for you?
Would you recognize “enough” when you saw it?

Have you written down your $$-amount that you consider enough?

And how often has this $$-amount changed over the years?

Do you feel richer than 5 years ago?

Could it be that you moved your goalposts just to keep up with the Joneses or the Lees or the Tans next door?

You see, many people go to work to become rich.

But most people have not even defined what “rich” means to them (“where are your goalposts again?”).

Still, many people believe earning a higher & higher income will make them rich – eventually. 🤔

Reality checks:

✔ It’s not my income, but all about my income-to-expense ratio

✔ RICH = WHAT I HAVE ÷ WHAT I WANT

✔ I don’t obsess about my haves; I manage my wants, instead

✔ The absolute fundamental skill is my ability to spend less than I earn

✔ If I DON’T do this, “expenses rise to meet income.” This means, that no matter how much I ever make, I will always live right up to my means (‘lifestyle creep’)

𝗠𝗼𝘃𝗶𝗻𝗴 𝘁𝗵𝗲 𝗴𝗼𝗮𝗹𝗽𝗼𝘀𝘁𝘀 𝘁𝗼 𝗸𝗲𝗲𝗽 𝘂𝗽 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝗝𝗼𝗻𝘀𝗲𝘀’ 𝗶𝘀 𝗮 𝗴𝗮𝗺𝗲 𝘆𝗼𝘂 𝗰𝗮𝗻’𝘁 𝘄𝗶𝗻!

May I offer you the homework to define what’s enough for you?

It won’t be easy.

Because the hardest financial skill is getting the goalposts to stop moving. And you really have to do this if you want to be sane.

In a world that’s always telling you that you aren’t quite enough as long as you don’t possess this thing, you have to be intentional about planting those goalposts firmly in the ground & not backing down an inch.

𝔼𝕟𝕠𝕦𝕘𝕙 = ℝ𝕚𝕔𝕙

The best news is that you & I, we both already have enough money to last us our entire life …
…
…
unless we buy something. 🤣🤣🤣

You don’t get rich at work. You get rich at home. ⏩ That is why you must do your homework.

“Nothing is enough for the man for whom enough is too little.” – Epicurus

“Happiness doesn’t depend on what we have, but it does depend on how we feel toward what we have. We can be happy with little and miserable with much.” – William D. Hoard

“Until you are happy with who you are, you will never be happy with what you have.” – Zig Ziglar

“I work in finance and know a lot of very wealthy people. Money does not solve all of your problems and there are always going to be people richer than you.” – Ben Carlsson