A friend of mine said that he made enough money when I pointed out that he needed more money.
I don’t want to make this a budgeting post but how much is enough?
It’s our duty as men to look after our families, be the strong one at funerals and to be the one that can rescue people, I am not talking about spoiling people and destroying them, I am talking about seeking justice, flying someone out of danger, upgrading a daughters car to make it safer, making a grandma a warmer house and making sure she doesn’t need to worry about bills.
Raise necessity to increase urgency, create desperation and high performance is the result.
It’s our duty not to lean on others and become a burden… once you raise the amount of money that you really need, it gives you a good target to aim for.
– You should be able to save 10-80% per month into investments, this means you need to earn a lot more than what you think you do if you make 2000 GBP a month and spend it all, then you need to aim to make 3000-10000
– You should have at least 3-6 months worth of running costs money, to keep all your bills going if you get injured, I find this difficult because I like to invest everything that is spare, but I can sell assets if I needed to
– You need to make enough to have a safe and reliable car for your family and for yourself
– You need to make sure you make enough to cover for your parent’s retirement if they don’t have enough
– You need to make enough money to save for your children’s future
– You need to make enough to cover private school for all your children
– You need to make enough to pay lawyers to fight for your rights
– You need to make enough to help charitable causes in the community
– You need to make enough to grow your business, buy more and run businesses that are probably going to make losses for a while, these businesses with high barriers to start-up can often be very rewarding and unlikely others can afford to follow. Our news portal costs us around 3000 GBP a month in losses but one day next year, we will start making a profit, there aren’t many people that will chase this cash-poor business.
– You need to make enough to make for private medical treatment for your family at any point if they cannot get access to treatment, the right drugs or equipment fast enough
– You need to use VIP at seminars and other places you go to because you need to network with people that can open doors and you need to respect your time
– You need to live in a nice efficient house to keep yourself happy every day, people say that money doesn’t buy happiness, but for me working in a decent house is a lot more efficient and we don’t need to go out when people are visiting, our lives can be based at our house.
I like to be that guy in the supermarket that can help people sometimes, or rescue people in need, it’s nice to have that choice, its good to be useful, its good to have some control.
A post like this is sure to raise some anger with people, but everyone’s situation is different, I choose to raise my minimal income that is needed. I personally invest money that I do not have into stocks and shares, and then I am desperate to find the money that has gone missing. This is like a drug habit that I have control over but without bad side effects and I can always cash out at any point.