Here's an interesting question: what would it take for you to consider yourself to be rich? When I ask this at seminars, most people say that it would take doubling or tripling their income.Of course, these are all people who make vastly different amounts of money. It's not actually the amount but the increase over what you have now that people strive for.
So, if we're never considering ourselves rich because the target is always moving, what is really the goal? Financial security? Wealth?
Here's what I strive for:
- Lots of savings. A big retirement fund and enough cash to cover my basic expenses for a least a year. I'm crazy about saving.
- Funny money. The ability to splurge on a fancy dress, dinner or ticket once in a while without worrying about it.
- Buying a home. Ha! This one isn't yet a possibility for me in San Francisco.
- Good credit. To be able to get the loan, credit card, etc when I need it.
For me, the goal is
ReplyDelete6 months living expenses in a savings account (in this crazy economy, I'm trying to up that) in case I loose my job.
No debt (except my school loan, and maybe a mortgage someday)
Putting enough in to my 401(k) to get the employer match
Being able to take a trip someplace every year.
For me it's learning to save! I was not raised to learn how to save and now in my early 30's I am regretting it. I want to save, save, save and on my salary at times it feels impossible but I'm ready to try. I am reader of your other blog and can't wait to see what you do with this one.
ReplyDeleteI'm at a different stage of my life than many of your readers, I believe. At 52, and with an odd family money history, I find myself having very peculiar conversations with my money manager. What is most striking to me is how much risk I am still willing to take on in my financial life. Subscriber to EmilyStyle looking forward to your new blog.
ReplyDelete