The true prize wealth brings

Money Equals Time: The True Prize of Wealth

There are many things money can buy, but the most valuable of all is freedom. Specifically, the freedom to do what you want, when you want, and with whom you want.

We often hear the saying "time equals money," but for a successful long-term investor, it should be reversed: money equals time.

The Freedom to Choose

If you are living paycheck to paycheck, you don't have much freedom. You must work, even if you hate the job, because you need to pay the mortgage. Wealth changes the power dynamic. It gives you the "freedom to pick better jobs, better bosses, and eventually, the freedom to not work at all."

Does Money Make You Happy?

Academic studies suggest that money increases happiness only up to a point—basically, the point where your security and basic needs (the bottom of Maslow’s hierarchy) are comfortably met. Beyond that, more money doesn't automatically mean more smiles.

In fact, the happiest retirees we know in Adelaide aren't necessarily the ones with the biggest portfolios. They are the ones who have used their wealth to "buy back their time." They spend their time on hobbies, volunteering, and family.

The Happiness Equation

A great framework is: Happiness = Reality - Expectations. If you use your wealth to chase ever-higher expectations (the "lifestyle creep" we mentioned before), you'll never be happy. But if you use your wealth to align your reality with what you truly value, you've won the game.

Wealth is the fuel that allows you to drive where you want to go. Our job as your advisors is to make sure you have enough fuel to reach your destination, and that you enjoy the scenery along the way.

Source: https://www.morningstar.com.au/personal-finance/true-prize-wealth-brings

For further information, or to book an appointment to ensure your business/trust affairs are in order, give Humble Goode Financial a call on 08 7477 8252 or email planning@hgfp.com.au

General Advice Warning:

The information on this website is intended to be general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant product disclosure statement (PDS) or other offer document prior to making an investment decision in relation to a financial product.