How much is enough?
One question we are rarely asked, and I think it is probably the most important question about money: how much is enough?
Exactly how much do you need to have the life that you want to live?
In Financial Planning, it is sometimes referred to as “your number”. The answer is, of course, different for everyone.
A risk in life is trying to compare ourselves with others. It used to be referred to (more mature colleagues tell me) as “keeping up with the Joneses”.
Someone you know, a relative, friend, colleague, buys a new car or moves to a larger more palatial property or goes on an expensive holiday, and you feel left out and disappointed unless you can do the same.
The danger here is that comparison is indeed the enemy of contentment.
Our simple advice to all of our clients is never to compare your financial position with someone else’s position. What matters is you, no one else.
The answer to how much is enough for you is…it depends.
It depends upon so many factors, including your lifestyle and when you want a specific event, for example, retirement, to happen.
One of the Financial Planning outcomes is that we can identify your number.
We can work out how much is enough for you to achieve your lifetime goals and objectives and if you don’t currently have enough, work out a strategy for you to get there.
It’s incredible how much contentment can be achieved simply by having a target and a plan to get there.
What is your number?