Will Simply Having More Money be Enough? (2024)

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Is money enough? Is money all that is required to make you happy?

While that may sound strange to ask the questionIs money enough?” we obviously all have our own opinions. Before we simply fall back to what we have been conditioned to think, let’s look at some facts.

First we all know that we need money to live. As the saying goes, money is what makes the world go around and without enough money you cannot afford the necessities of life never mind the extras that would fall into the “want” category.

Second the amount of money that one earns can have a social status attached to it. Not saying thisis something that is agreeable or right, but in today’s society you are what you make. So the more money one earns on a yearly basis has an effect not only on how they may be perceived by strangers, but it also has a large impact on their own personal perception of themselves.

This personal perception can lead in many directions. Their personal perception can cover everything from depression to developing harmful habits to hide their dissatisfaction of their earning power. Families have been torn apart because of money issues and the behaviors that stem from focusing solely on the money.

Of course that is just the tip of the iceberg as to how money influences people. However what many people lose track of is just what they are really missing, and it’s not the extra zeros they wish they had on their pay checks. It’s balance. Balance in all aspects of their lives that includes money, but isnotthe sole driver or focus.

Let’s quickly look to the sports world for some examples to clarify this point. We all know how much money professional athletes make. They make millions of dollars based off a great talent that they have. They enjoy fame, success and more money than they could possibly spend. Right? Wrong!

If you look at athletes like Will Clark, Alan Iverson, Mark Brunell and Dennis Rodman just to name a few, these athletes made millions upon millions of dollars, yet shortly after their playing days were finished they were bankrupt. So what happened?

Without going into intricate details, nor do we want to make bad examples of them, they simply did not have the emotional, and in some cases physical wellness to remain wealthy. Sound bizarre? Think about it. If you are not physically healthy, if you are not emotionally healthy, and it is not difficult to project what is going to happen to your financial health? It will inevitably become unhealthy as well. Why?

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Balance.

When we bring the discussion back to the general population, so many people are strictly focused on improving their financial health, without looking at improving their physical and emotional health. They are simply looking for money making opportunities without looking for substance.

You cannot be wealthy long term without a proper balance of physical, emotional and financial health. They are all intertwined and build off each other. For example your physical health will improve your mental capacity, your creativity and the ability to attract new and exciting people into your life.

Working on your emotional health will enable you to achieve greater and more lofty goals as you will be able to overcome bigger more demanding challenges. Your constantly improving emotional health is also going to allow you to exist and function with your new found success and wealth. This is one of the largest mistakes people make.

They think that they will be able to resolve all their personal, emotional and physical problems after they have made their millions. It’s actually the opposite. The money will compound the problems and make them worse because money is energy and it magnifies who you are. If you have an addictive nature before making your millions, what do you think is going to happen when you have a large bankroll at your finger-tips? If you can’t answer that question look at all the celebrities that are in rehab and you will have your answer.

So when you ask yourself the question is money enough, you need to delve deeper into the answer then simply answering yes. Through personal as well as professional experience, the results are staggering. For the individuals who make a conscious effort to improve on all three aspects of their life, physical, emotional and financial health, they create abundance that is light years above those that solely focus on making more money.

Yes money is important but it cannot be who you are. You are so much more of a being than one defined by how much money you make. Create proper balance of physical, emotional and financial health and you will be amazed at the riches you will find every day that will make you huge income seem secondary.

If you are looking for a way to get the proper balance in your life, contact Engineered Lifestyles directly.

As always we appreciate all your comments and emails and don’t forget to share this with your friends.

Will Simply Having More Money be Enough? (2024)

FAQs

Will I be happier with more money? ›

After re-examining the data, the authors of the collaborative paper concluded that more money is associated with more happiness for most, but not all, people. For 80% of people, happiness continues to rise with income past $75,000.

How much money is enough in life? ›

The amount of R2 lakh per month should be enough for a comfortable middle-class life in a city in India. But then, our life does not stop at needs. There are wants and desires. You need more than R2 lakh a month for those looking for more comfort.

How much is enough money to live on? ›

An individual must earn $96,500 a year before taxes to afford housing, groceries, transportation and entertainment, while also paying off debt and putting some money into savings, according to personal finance website SmartAsset.

Is it better to be happy or wealthy? ›

Chase happiness, not just money. While financial stability is crucial, the richness of experiences and genuine connections truly define a fulfilling life. Remember, your well-being matters more than the number in your bank account.

What salary are people happiest at? ›

What do studies say about money and happiness? Purdue University found the ideal average income for people worldwide is $95,000 and $105,000 in the U.S. Beyond that, satisfaction with life deteriorates, it said.

What is the minimum salary to be happy? ›

Just how much money do we need to earn to be happy nowadays? The answer is a bit more than the often cited $75,000 per year. In a 2023 paper published by the Proceedings of the National Academy of Sciences (PNAS) journal, key findings suggest that earnings up to $500,000 boost and buy overall happiness.

Can you live off 1 million dollars for the rest of your life? ›

Americans looking to stretch their retirement savings may want to head to states in the South or the Midwest, a recent analysis suggests. Around the U.S., a $1 million nest egg can cover an average of 18.9 years worth of living expenses, GoBankingRates found.

How much money is required to live a luxurious life in the USA? ›

How much money do you need to live a luxurious life in the USA? Maintaining a lavish lifestyle in the United States may entail earning anywhere from $500k to $1 million per year, according to recommendations from wealthy individuals.

How much money do you need to never worry about money? ›

“On average, Americans believe it takes approximately an additional $284,000 above feeling wealthy to really be 'worry-free. ' This 'wealth delta' depends greatly on where you are in life, with the difference being highest for those in their 30s and 40s — peaking at nearly $1 million.

What is a comfortable salary for a single person? ›

The national median for living comfortably alone is $89,461, which suggests that a 50/30/20 budget might not be practical for most single people. Living alone comes with added costs that can be more than double what you'd spend if you lived with someone else — otherwise known as the “singles tax.”

Is $1000 a month enough to live on? ›

Living on $1,000 per month is a challenge. From the high costs of housing, transportation and food, plus trying to keep your bills to a minimum, it would be difficult for anyone living alone to make this work. But with some creativity, roommates and strategy, you might be able to pull it off.

How much money to live without working? ›

This means the value of money today is not the same as it will be in the future. To account for this, experts suggest you multiply your desired retirement income by 25 times. So if you want to retire on $20,000 a year, you would need $500,000 saved to live comfortably and never have to work again.

Are you happier rich or poor? ›

Reconciling previously contradictory results, researchers from Penn and Princeton find a steady association between larger incomes and greater happiness for most people but a rise and plateau for an unhappy minority.

Is being wealthy lonely? ›

The lifestyle of the rich and famous can be isolating. The constant scrutiny, media attention, and the difficulty of finding individuals who can relate to their experiences can lead to social isolation. This isolation can make it challenging to form genuine friendships.

Are most millionaires happy? ›

Millionaires are happy, but not extremely happy.

It might seem ludicrous to hear that anyone from this pool of millionaires responded as lower than a “10 out of 10” on happiness. But the results showed that millionaires were around an 8 out of 10 on their self-reported happiness.

Is $500,000 a good salary? ›

Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.

Is $75,000 a year a good salary? ›

So, if you have a salary of $75,000, you have a salary that is in the top 50 percent of all earners in the United States. With a salary of over $70,000, you are doing well and part of above-average earners in the United States.

Why was I happier when I had less money? ›

Some studies indicate that people with less money and less possessions are more grateful for what they have, and therefore happier, than those with money and things in abundance.

Would we be happier without money? ›

While financial security can certainly contribute to a sense of well-being, studies have shown that once our basic needs are met, additional wealth does not necessarily increase our happiness. Furthermore, research has found that experiences, rather than material possessions, bring more lasting joy.

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