I find this question to be so useful and applicable in many areas of life but too easily ignored in modern society. We have become conditioned to think more is always better. More food on the plate (super size me – literally), more square metres per property, more clothes in the wardrobe, more likes, comments and ‘friends’ online and more gadgets gathering dust.
And of course the area where more is considered more important than any other is with money. How do I earn more, generate more, save more and then of course spend more. But are we more happy with more assets and things? For how long did the new phone really make me feel better? Is that enough scrolling for today? Are we really enjoying those final mouthfuls?
There is a concept in Japanese culture to always stop eating before you are full. A great tip for health and wellbeing but something we can apply more generally. Can we be mindful enough to pause any activity or pursuit and consider whether we have reached the point of doing or having enough?
With regards to money we do know that up to a certain level of wealth, increased income can make us more happy. Numerous studies have supported this and it is quite easy to see that it provides security, comfort and the absence of the anxiety that living near the bread line generates. But these studies also show that the relationship to happiness soon diminishes after this point. This point will vary accordinging to your circumstances but it is very important to ask the question ‘how much money is enough to live the life I want live’.
This is part of the distinction I try to draw with the name true worth. A consideration of what really matters to you, beyond the simple yardstick of your net worth (the total value of what you own less what you owe). Whereas mainstream wealth management is predicated on the idea that a higher net worth should be your primary objective, I think in reality that is not what will make most of us satisfied. Does it really reflect the value we get from doing meaningful work, enjoying hobbies and activities that we can get lost in, watching families grow or building and maintaining rewarding friendships?
Perhaps as a simple and tangible example, if we work hero hours to maximise our pay in order to build our assets and account balances, have we not sacrificed part of the intrinsic worth of life? Who would really miss that top 20% of their net worth and what is the opportunity cost of those extra hours? What if that time was invested in personal relationships or interests instead?
The link with my personal interest in my sustainability is worth mentioning. Whenever we can avoid consumption by considering the question of having enough, it has served us well. Yes there is a sale on but I don’t have enough t-shirts? How big a car do we need? Perhaps also is 19 degrees warm enough for the central heating?
I have been pleased to hear the word enough come up frequently during coaching sessions, often about where they want to be with their finances. To have enough to be comfortable; to have enough for retirement; to keep enough on the side for rainy days are perhaps all more familiar uses but the word also comes up in more thought provoking ways. What is enough to earn for me to take a different job that fulfills rather than exhausts? What is enough to give away each year? What is enough income to give me the time to do these things I never get around to doing?
Can you find 10 minutes today to ask yourself the question ‘how much is enough’? That should be enough time to identify one area where you could be happier with a little less of something.