On a recent episode of one of my favorite financial podcasts Living in Financial Excellence by Matt Wegner, Matt and his guest Steve Stewart had a great discussion on an interesting financial topic. The discussion was on how to know when you are winning with money. In addition to the podcast I had some great discussion in the live chat with others on the same topic. This got me thinking to myself, how will I know when I am achieving financial success?
To me there really is not a magic number that my family has to attain to know when we are winning financially. Of course there is always the magical $1 million mark that most people have as a goal. But what happens after that, if/when we reach that mark?
Overall I think being successful and winning with money is an ongoing process. Different people can be at different steps and still be doing well financially. There are several measurement steps along the way, including living on less than you make, becoming debt free, and investing money for your future. But it is always a continuous thing. You do not reach a point where you can say, “I am doing well financially, now I can just relax and take it easy.” You have to continually strive to do the best you can. Winning with money is more of the attitude that you take towards handling your personal finances.
With that being said, I think a point where my family will know that we are maximizing our potential is when we are able to give our money away in large chunks and not really miss any of it. Money to us is a spiritual issue and we do not believe our money is meant for us just to hoard it and try t0 get the highest amount saved. It is something that we are to use to help others and serve their needs.
So those are some of my thoughts on when to know you are winning with money. But what about yourself, what is your definition of winning with money? Please let me know in the comment section below, I would love to hear your opinions.
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