Friday , 28 February 2020

A Money Quiz: How Much is Enough?

How do you know how much is enough? Being able to answer this question means having a sense of “good enough” inside, which results in an internal affirmation of worth. If you equate love and self-esteem with money and power, ‘more’ will never be enough.

By David Krueger (The SecretLanguageOf Money.com) – an edited ([ ]) and abridged (…) version of the original to ensure a fast and easy read.

Much of our challenge with money stems from our difficulty to make one small distinction: what we have from who we are.

A Money Quiz
Answer the following two questions with a single, specific figure.

My current annual income is __________?

In order to insure happiness and contentment financially, with no more money problems and worries, my annual income would need to be _________.

I have given the quiz to hundreds of people:

• 90% indicate that their annual income would need to be about twice the current level for them to feel happy and free from money worries.
• Someone who makes \$50,000 a year believes it would take roughly \$100,000 a year in order to be financially content;
• Someone who makes \$500,000 – five times the first person’s magical number – believes that the figure would need to be about a million a year.

People who have actually seen their income double over time have at the same time doubled their “happy and content” amount. In other words, once those who earned \$50,000 achieve their hoped-for \$100,000 goal, they then raise the bar and believe that it would now take about \$200,000 to be happy. Even when you change the numbers, the story remains the same. The story in this case is: “I need twice as much as I have to be happy.”

Making peace with our moving target isn’t about learning how to aim better, or creating a fixed target that doesn’t move even after we hit it. It’s about finding peace in the shooter (you) not in the target.

Your new money story begins with determining not what it is you want to have, but who it is you want to be.

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