The Illusion of Financial Security: How Much Is Enough?
How much money is enough for you to say, "I am financially secure"? 50k? 300k? 1 million? There is a huge variation because how we think about money is subjective – and sometimes rather arbitrary.
Is your subjective definition of financial security holding you back from living your best life?
"I'll fill my TFSA, then take that dream family vacation."
"I need to pay off my mortgage before I cut back work"
"Once I save $1 million, I'll finally quit and pursue my calling."
The Illusion of Financial Security
I first met Jon at Western University. He was, and still is, one of the smartest people I know. After years of residencies (plural!) and hard work, he now owns a hugely successful dental office.
During our catchup, the topic of financial security came up. After taking over a private office, he worked hard and paid off the debt in full within just a few years. Jon admitted that he felt overworked, often falling asleep at the computer after a long day of seeing patients. He also spoke of wanting more energy to play with his kid.
Hearing this, I asked, "You already paid off your debt, and your clinic is doing so well... Why don't you reduce your workload?"
He responded, "Once I have 7 million dollars saved, I'll feel financially secure."
Wide-eyed, I expressed my confusion: "Why 7 million?? The way I see it, you're already financially free!" I wondered if Jon would actually reduce his workload when he has 7 million or if his financial goal would continue to increase.
Needless to say, Jon had sound financial reasons for his specific goal, and being financially savvy contributed greatly to his success. We should have financial goals, but let's not forget about other important things in life.
Goalpost Changes
I, too, have my subjective definition of financial stability (no mortgage). I worked 6 days a week for years, but no matter how much I made, the feeling of having enough never came.
Our lifestyle improves – a nicer home, new car, new hobbies. Our financial obligations also grow – mortgage, kids, business loans. Sure, I have more money than I did 10 years ago, but I also have more debt and financial obligations.
Despite reaching financial milestones, I realized that no amount of money would make me feel completely safe financially.
Live Your Legacy Now
No matter how many extra shifts you take, you'll never feel like you have enough money.
There is nothing wrong with dedicating all your time to work, as long as it is a deliberate choice. Don't let the illusion of financial security stop you from living your life to the fullest.
Build your dream career.
Volunteer your time for a meaningful cause.
Pursue your creative passions.
Go on the dream family vacation.
Live your legacy now!
As for me, I deliberately took a month-long sabbatical to see my grandparents, recharge, and reflect on my life. Read about my top 4 insights here!
Do you feel like there's a big gap between your ideal and current life? That's how I felt for years until I took action. Since leaving my full-time job, I've built a career I feel deeply passionate about, made more time for my loved ones, and began pursuing passion projects (like this blog!).
I created a practical guide filled with actionable, research-backed ideas to help you build the life you want – many of which helped me on my own journey.
The guide is free for members—and signing up is free! Join now to get your copy.
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