How much is enough?
It’s a simple question that we can apply to almost every facet of life. How much time should we spend exercising each week or how much should we spend on the new car we’ve been eyeing? How much should your kids practice sports each week or study each night?
And when it comes to your net worth, how much is enough to be considered wealthy? According to a recent Schwab survey, you’ll need at least $2.2 million to be considered wealthy in the U.S. Yet despite that large number, 48% of those surveyed said they feel wealthy with a net worth of $560,000. Also, the younger crowd, 57% of millennials and 46% of Gen Z individuals feel rich in today’s time.
According to Claire Ballentine, 2/3rd of those surveyed described having healthy relationships with their loved ones describes the meaning of wealth to them better than simply having a lot of money. A whopping 70% said that wealth is not having to worry about money rather than having a large bank account. I have seen that in working with our clients over the years. Our happiest, most content clients are those that have enough, not the most. They are financially independent, not worrying about the stock market movements, but rather how to spend time with their family, plan a bucket list trip, or work on their pickleball game.
While it’s important (and necessary) to save for retirement, understanding your purpose is the paramount question. Enough is a variable number to each individual. Your enough is unique to your goals, dreams, and what you want to accomplish.
So, the big question is how much is enough and how do you get there?