How Much Money is Enough?

If you ask a billionaire, he’ll likely respond that no amount is enough. Others might reflexively say, “One million dollars.” Those that are more thoughtful might have a different number. There comes a point that there might be a better way to spend your time than chasing more money. You’ll never know if you’ve reached that point if you don’t define it.

Studies have shown that happiness doesn’t increase beyond an income of $70-75k per year. That’s a comfortable living in most parts of the country, but it’s not enough to drive a new Mercedes every three years and vacation in Europe with the family every summer. It would be tough to send your child to Harvard on a $70,000 salary.

How much is enough? It depends on you and your circumstances.

Consider how much you need to live fully:

1. How old are you? How much longer do you expect to live? If you’re 90, you probably require less money for the rest of your life than someone that just turned 30. There are actuarial tables that can tell you how much longer you’re expected to live. Plan to live longer than expected!
   

2. How much are your monthly expenses? What would your expenses be if you were living the life of your dreams? Let your imagination run wild. What expenses would you have? A new bowling ball each year or a second house in Vail? A housekeeper? A thoroughbred? It’s your life. Determine how much it would take to finance your ideal life.
   

3. Who are you responsible for? Do you have three children that will attend college in the next 10 years? Do you have a spouse that doesn’t work? Do you care for an aging parent? For how long do you expect to financially provide for others?
   

4. What is your current debt situation? Do you have 20 years left on a mortgage hanging over your head? Significant medical bills? Credit cards?
   

5. When would you like to retire and how much do you need each month to live comfortably? How would you like to spend your retirement? Do you want to travel regularly? Play golf every day? How much would a typical month in retirement cost?

6. Maybe you value your free time above all else and would be happy living a simple life with a Labrador retriever and a large vegetable garden, reading books all afternoon.
   

7. What toys do you want to own? A plane? A Porsche? A boat? A second home? Swimming pool? Motorcycle?

There’s no set answer to the question, “How much money is enough?” It’s completely dependent on your desires and circumstances. The number might be quite small or very high. It’s your number. If you’ve never considered how much money you need, take the time to think about it.

Money is great for a couple of things: primarily, solving problems and providing choices. It has limited value beyond those two purposes. It’s a mistake to use money for establishing status. To be worried about impressing your peers is best left to your teenager. Needing money for the wrong things is limiting. It requires working longer and harder than necessary.

You could be doing other things with your limited time on Earth.

Think long and hard about what is most important to you. Ensure that you develop an income, savings, and net worth to acquire the possessions and freedom that will allow you to live your life in the way you desire. Spend time addressing this important issue. You might be able to quit working sooner than you think.

What Do You Want? How To Design A Plan For Your Life

When you engage in active planning, you’re highly likely to be more successful in life. You know what you want and how you intend to get it.

Maybe you already have your life all planned out. Maybe you don’t. Either way, these tips will help you devise or tweak your Life Plan so you can move forward toward realizing the joy and fulfillment you deserve.

Take some time to answer the following questions about what you most desire. Who knows, you may have a detailed Life Plan before the week is done!

1. What are your dreams? Allow yourself some “dream” time to clarify to yourself what you really want. Be as over-the-top as you like. Then, write them down.
   

2. There’s no limit to the number of dreams or how large they are. Life provides opportunities to let go of certain goals and add new ones. Infuse your Life Plan with all your dreams and goals.

3. What’s important? Whatever you feel is crucial to you should be reflected in your Life Plan. Maybe you’ve always wanted to have more education. Perhaps you’ve wanted to travel but haven’t the time or money to do it. If you grew up in a rented home, owning a home might be the single most important thing in your life. If it’s important to you, include it.

4. What do you want to accomplish? What deeds do you want to achieve? Now’s the time to write down what you want to do with your life. Is working on a church mission something you aspire to do? Do you want to win an award in your career for your work performance?
   

5. List what you want to attain in the personal, professional and educational areas of life.

6. What standard of living do you desire? Your answer will describe the life you want to lead. Do you want to live in a high-rise apartment in the city? Do you want to own your own farm in the country? Maybe you prefer to live simply and pick up and go wherever you want.
   

7. Perhaps you want to earn more money, live in a large house, drive an expensive car, and enjoy wearing pricey clothes. In essence, you seek the high life.
   

8. Thoroughly investigate what standard of living you want so you can include it in your Life Plan. Search your soul. There are no “wrong answers” when you’re developing your Life Plan.

9. Do you have fun? Maybe, to you, having fun means locking yourself in your study to write romances all day. You might find training and running a triathlon to be the time of your life. Activities such as bowling, practicing yoga and traveling to Europe also qualify – whatever brings you joy.
   

10. If you answer this question with a “no,” it’s time to get serious about your fun. You’ll require some time to cogitate about activities you might enjoy. When was the last time you kicked up your heels? List activities that you love to do. What is life without some fun?

11. Are you spending time with friends and family? Generally, those who are the happiest make time for their family and friends. If this issue is important to you, include it in your plan.

12. What do you do for your community? Giving back to your community cultivates feelings of gratitude, satisfaction, and fulfillment in your own life. Donating money, time, or energy for the good of others enables these positive feelings to be an inherent result when you write them into your Life Plan.

13. Are self-improvements high on your list? Striving to excel helps keep you moving toward your life goals. Include short term achievements for many areas of your life.

Develop your Life Plan soon and feel free to change it as your wants and desires evolve. Having a Life Plan keeps you focused on all your goals and will motivate you to reach for the stars.

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Proponents of the “law of attraction” often refer to this as raising our vibration such that when our vibration is positive, positive things—such as financial abundance, love, and renewed health—are magnetically drawn to us.

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Where to Find Financial Support for Your Brilliant Startup Idea

Your amazing business idea may need funds to be successful. However, it’s not easy to finance a startup in a sea of competitors.

Consider many sources for your startup funds:

1. Use your own finances. Instead of getting a loan or borrowing from others, see if you can finance your startup with funds you save or gather.

1. Do you have savings that can be used to fund your new business?

2. Do you have items or services you can sell to raise money? This may take awhile, but you might feel more comfortable delaying the launch of your company a bit while you earn the money to get it started.

3. Ask friends and family to help. Do your family and friends think that the startup idea is a good investment that will bring high returns? If you have support from these sources, they might be interested in loaning you the startup funds or investing in your new business.

1. Your friends or family members can become lenders, partners, or investors in the startup.

2. They can contribute to the financial side, but they may also want to be involved in other areas. It’s important to negotiate an arrangement that you feel comfortable with.

3. Use crowdfunding. There are multiple online crowdfunding platforms, such as Peerbackers, Kickstarter, Indiegogo, RocketHub, and others, that can help you raise money. These websites let you share your startup idea with the public. Then, the public can donate money in return for items, services, or a share in the company,

1. One key to success on a crowdfunding platform is to have a unique story.

2. You can raise money for your startup and introduce your product or service at the same time.

3. Keep in mind that these platforms are filled with competitors, and it’s not easy to get all the funding you need. A successful campaign on these platforms usually includes social media and marketing efforts.

4. Enter startup contests. Big brands and investors sometimes have contests for startups. These contests put you in front of big names who are interested in investing.

1. They help you get recognition while you learn from other startups. You also have the chance to fine-tune your ideas to make them more appealing to investors.

2. Seek angel investors. Angel investors want to help new companies and make a profit in the long term. They have large sources of money, so your startup may be able to get all of its funding in one area.

1. Angel investors tend to ask for a portion of your company or shares. They may ask to be partners or have control over startup decisions.
   

2. Because of their financial commitment, they have a vested interest in your success and want to ensure that your new business brings in high returns.

3. Consider financial institution loans. Banks, credit unions, and other sources may offer you a business or personal loan to fund your idea. They may require collateral and ask detailed financial records and other information about the startup.

1. Small business loans are a popular choice among startups.

2. Before you get a loan, consider the fees and interest on the loan.
   

3. What if your business doesn’t bring in enough profit to repay the loan? How will you repay it? It’s important to have a Plan B.

Launching a startup is an exciting time! Follow a profitable business plan and keep your eye on the profits so your new business can repay the startup funds as soon as possible and move on to providing you the returns you deserve.