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April 07, 2010


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"Remember: True wealth isn't about money—it's about relationships, good health, and ongoing self-improvement. True wealth is about happiness. Ultimately, it's more important to be happy than to be rich."

I agree with the conclusion that true wealth is about happiness, however my experience as a 75 year old wealthy person is that it also takes money these days to enjoy a happy life.

1) You need to be loved and cared for by someone and to love and care for that same someone - that does NOT require money.
2) You need to have high quality healthcare at your disposal for whenever it is needed - requires money.
3) You need to live a stress free life to stay healthy, that includes being free from money worries - requires money.
4) You need to have very nice comfortable and safe living conditions - requires money.
5) You need a large pool of available investments that can be used for unforseeable emergencies - requires money.
6) You need to retire in a mild, low altitude, climate away from snow, ice, hurricanes, floods & tornados - requires money.
7) You need to be able to afford nice leisure and recreational activities - requires money.
8) In your retirement years it's nice to be able to live in a city that offers nearby health, fitness, and educational programs for seniors - requires money.
9) The future of social security and medicare is uncertain, you need a backup plan - requires money.
10) Finally in your latter years you may need to be able to move into an assisted living development -requires money.

My formula - #1 Get your relationship right the first time - #2 Get your career right - #3 Get your finances right - Final result should help you to become healthy, wealthy, and wise.

Our financial life is simply the way we fund our true passions. Socializing is my thing. Curling and gaming are my husband's favorites. Being able to live while doing what makes you happy requires money, but I wouldn't drive myself nuts over it or anything...

I agree that with the things that you're passionate about, you should pursue them now, rather than wait for retirement.

And I think it's so true that great friends and relationships are way better than great amounts of money.

I'm currently trying to figure out exactly how much is enough for me. Then I can be in a state of contentment. Thanks for the post!

There's no such thing as "enough." (Note the placement of the period.)

There's only a such thing as "enough for ..."

The key is to figure out what goes where the ... is. It's in figuring out how to "set goals [and] make choices that reflect your priorities". Know what it is that you want to accomplish with money, and then make the choices you need to make in order to reach those goals. These goals can be short-term or long-term, and they may require tradeoffs with each other.

Some common and important goals:
- create and maintain an adequate buffer and emergency fund so that "day-to-day" money and minor emergencies don't cause financial stress
- be adequately insured so that more severe emergencies don't cause financial stress, either
- position yourself to be able to retire or pursue passions that may not pay very well, by saving and maintaining a lifestyle that's not too expensive.
- create a safe, inviting, comfortable home environment. It's up to you to decide whether this means having a new plasma TV, or a quiet living room with no TV at all.
- nurture relationships with family and friends. This might mean spending money on trips or eating out, or it might mean spending just a few bucks on a webcam and talking to relatives on skype.

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