It is important to know when you have enough, otherwise you could very easily find yourself chasing after more and more and more in this world of endless gratification. This idea of enough is not a new one, but many people fail to fully grasp its importance. It was discussed in detail in the book Your Money or Your Life and my first book, Financial Happine$$. The question is, "How many people get it?" When I gaze out into the world, I see millions of people chasing illusions presented to them by people who have a great deal to gain by selling a product or service. Enough is about finding meaning in life that goes far beyond money and stuff!
Identifying when you have enough in your life allows you to stop chasing after more of what you don't need. It really is that simple. You can then pause and reconsider what exactly you want to do with your time, energy and yes, even your money. The man or woman who has enough is profoundly changed. They redirect their life toward other pursuits that brings meaning and fulfillment their way. They get it! Here is the good news: When the individual is "ready" they can stop chasing after more stuff that isn't really that important (and never was) and start identifying those things that are truly important. Financial Happine$$ to follow!
The prudent investor treats almost the entirety of the financial industrial landscape as an urban combat zone. That means any stock broker or full-service brokerage firm, any newsletter, any advisor who purchases individual securities, and any hedge fund. Most Mutual fund companies spew more toxic waste into the investment environment than a third world refinery. Most financial advisors cannot invest their way out of a paper bag. Who can you trust? Almost no one. - William Bernstein, The Investor's Manifesto
This week's recommended book is The Millionaire Next Door, by Thomas Stanley. This wonderful book delves into the lives of the wealthy like no other book ever has. Stanley asks the important questions? What did the wealthy do to "make it"? What do they own and not own? What do they think about now and before when it comes to money and managing it? What do they look like (this may surprise you)? Maybe most importantly, what are their behaviors. Here is one nugget. Most (about 80%) of millionaires are first generation. They earned it. It wasn't given to them. The question then becomes, how did they do it?
There is a perverse relationship with the wealthy in America for many people in our society. Some folks despise the wealthy and yet at the same time, try to be just like them in the way they spend their money. Their is a big problem with that. Most folks don't know what the wealthy have done to get there and they generally end up going down the wrong path trying to be something that has no relationship to wealth. They end up chasing after those who act wealthy (look the part with expensive stuff) instead of those who are truly well off (high net worth). This book will help you understand the difference.
“I have been introduced to a new world filled with information which neither my Finance Degree nor the people I’m surrounded by could’ve ever educated me on personal finance. I am able to pursue financial happiness based on the resources Michael has suggested and taking action to further my own education.”
Leora, Student, Age 20
“As a Nepali student, I was never taught about money or anything to do with personal finance. Mike is an outstanding teacher regarding this issue because his teachings are not just about managing money by also about living a happier and better life.”
Parimal, Student, Age 21
“...I have gone from depleted bank accounts to riches by Mike’s teaching in a very short time. He continues to change my now and future world of life and money daily. It is wihtout question that MIke will change YOUR life too.”
Daniel, U.S. Army Military Officer, Age 22
“...After the first class of Mike’s, I was hooked. I studied. I read. I wanted to know it all. I wanted to get my financial life straight. I can finally say that I’m a confident woman when it comes to personal finances. I want to encourage every woman to become fiancially literate and to study and read on her own. Don’t just leave it to the man.”
Jenna, Real Estate Portfolio Analyst, Age 24
"Mike’s well-researched investment advice gives me complete confidence in my investment decisions. The power of his strategy lies in how simple it is to apply immediately.”
Trevor, Actuary, Age 24
“The truth heard one time can sound stranger than a lie heard 1000 times. What Mike says might initially sound strange because it’s not how society talks about money. I thought I was on a good path investing but learned that trying to pick stocks and investing in random funds is risky. Now I am on a clear path. Money is a tool and Mike is showing you how to use the tool to reach your goals.”
Axel, Mechanical Engineer, Age 25
“Mike has motivated me to take control of my life. He has opened my eyes to the power of being financially free and doing what I want in life, simply by educating myself and investing in no load index mutual funds…”
Casey, High School Teacher/Activities Director, Age 26
“The financial service industry is a marketing machine out to convince the average consumer that bloated expensive products are best. Mike is arming the consumer with their best weapon -financial literacy.”
Tracy, Former Financial Advisor and Insurance Agent, Age 32
“Many of us remember a special teacher who took a complicated (or boring) subject and presented it in an inspiring way. Mike Finley is that kind of teacher. The information that he shares about investing has given me greater confidence in my ability…”
Jean, Ministry Support, Age 48
“For years, advisors avoided guiding me down the best investment path… Their guidance was to benefit their revenue stream. Mike has completely opened my eyes to the strategy lurking within the industry.”
Heidi, mom/business woman, Age unknown (just teasing...48)
“The confidence I have gained from Mike’s motivational classes and his belief in me has allowed me to take control of my investments and my journey toward financial freedom.”
Lisa, Educator, Age 49
“Saving, investing, and living below your means takes discipline. Mike has taught me how to invest and manage money going into my retirement years…”
Rick, Retired FedEx Courier, Age 60
“...How could I take the time to learn everything I thought I needed to learn to be able to invest safely and smartly? I just didn’t have the time. Mike made it simple through his sage advice and resources, showing me that not only did I have the time; but also through a few simple steps, I could take control of my financial future.”
Cynthia, Professor, Age 61
“Thanks to Mike, I have gone from knowing nothing about investing and letting someone else do it for me, to managing my investments on my own with comfort and confidence…”