It’s estimated that only 5% of people in the United States are millionaires. But there are plenty of other ways to live a wealthy life that extend beyond how much money you have in the bank. Certified Financial Planner Paul Fain answers the question “does money equal happiness?” and discusses how to live a wealthy life beyond money this week on WBIR.
WHAT ARE SOME WAYS TO APPRECIATE BEING RICH THAT GO BEYOND MONEY?
- Have a job you enjoy. 50% of your waking hours during the week are spent at work. enjoy what you do, who you do it with, and the company you do it for.
- Ability to work from anywhere. Working remotely is a relatively new phenomenon because of technology. It takes the right personality type and organizational culture to pull it off.
- Having a short commute to work. Not dealing with traffic and terrible drivers. One study found adding 20 minutes to your commute makes you as miserable as receiving a 19% pay cut.
ONE THING THAT IS THE SAME FOR ALL OF US IS THE AMOUNT OF TIME IN A DAY! A PERSON CAN FEEL TIME-RICH OR TIME-POOR…
- Time-rich = Being in control of your own time. Time is one of our most precious assets. Time management doesn’t require a lot of money but it does require prioritization, attention to detail, and an understanding of the behaviors holding you back.
HOW SHOULD WE LOOK AT WEALTH FROM THE PERSPECTIVE OF OUR INCOME AND EXPENSES?
- Know your burn rate: One definition of “rich” is having income greater than your expenses. Live within your means: $50k “rich” or $500k “poor.”
- Money can’t buy: Having meaningful relationships. Studies show that around 90% of how long we live is dictated by our lifestyle and relationships. The number of people you care for or love can have a big impact on how long you live.
FAST MARKET FACT: Happiness – How much income?
Day-to-Day: $75,000
Life Satisfaction: $105,000
QUESTION FOR OUR MONEYMAN?
Want to learn more about income and happiness? Do you have other general questions about financial planning? Send them to our Knoxville Certified financial planner Paul Fain or directly to Paul@assetplanningcorp.com!
