How Much Money is “Enough?”

When it comes to real estate, we are told it is all about location, location, location. When it comes to money, we are told we need more, more, more. However, this begs the question, “How much is enough?” Through the use of our personal investment management strategies and individual financial planning, we can help you answer this question; for yourself and your family.

The messages we receive every day, from radio, television, and all over the internet teaches us to focus on always striving for “More.” But, how much is enough? How much is enough to eliminate the fear of running out of money? How much is enough for us to relax and be happy?

Personal financial planning will help you know when “enough is enough”

There are many principles which will help you to manage personal finances in such a way as to appreciate what you DO have, as opposed to what you do NOT have. The most important of these is, the Principal of Sufficiency. In essence, this principle teaches us that, “If you let go of trying to get more of what you don’t really need, it frees up oceans of energy to make a difference with what you have. When you make a difference with what you have, what you have expands.” ~ Lynne Twist, author of “The Soul of Money.”

When every message you receive about money compels you to seek more, with no end in sight, how can you possibly be happy? Instead, avoid the endless struggle for more, and begin to appreciate that which you already possess. The things we appreciate will also appreciate, which is the very definition of prosperity.

Individual financial planning should include a “Giving Budget”

The old adage “Money can’t buy happiness,” is really off the mark. It is the constant struggle for more money which precludes finding happiness. In fact, money can, when properly used, “buy” happiness – in the form of giving, as explained in this short speech by Michael Norton, a TedxCambridge speaker.

The key point to remember is this; having more money is not linked with happiness, yet giving money to those is need is linked with happiness. Further, the amount of giving does not matter nearly as much as the simple fact of giving to others.

The concept of giving leading to happiness has been shown to be true in many happiness research projects. The benefits of giving on a consistent basis cannot be denied, as explained in the article, “The Psychology of Giving,” by Carol Anderson, President of Money Quotient.

Here are a few simple ways to start your Giving Budget:

• consider the areas where you would like to see change
• research organizations that serve this cause
• determine a monthly amount for giving as part of your household budget
• collect change in a jar and regularly count it up and give it
• consider organizations that you can volunteer with – particularly with kids
• reflect and write about your experiences

Manage personal finances properly – and become a philanthropist

The messages we receive, as well as the language surrounding giving, can actually discourage generosity by the average individual. The way in which the word “philanthropy” is commonly used implies that generosity requires great wealth. This is untrue.

Do not allow yourself to fall into the trap of believing that you must be “wealthy,” or that you must “have enough,” or that you must have reached some “critical mass” in income before you allow yourself to begin giving. While it is true that the very wealthy have done some great things through giving, focusing on these generous actions completely misses the point. It takes the focus off what we – you and I – can do today with whatever we have – and the impact that can have.

At Tamarind Financial Planning, we will use our individual financial planning strategies and personal investment management techniques to help you know when enough is enough, and to help you begin your Giving Budget.