Although there are often commonalities within goals, we don’t all want the same thing. When we picture our future, each of us has a different horizon in mind.
This means that our wealth number, or how much we need as a monthly income to be happy differs.
Working out what that number is can be difficult. Our wants and needs often evolve over time, and we are also prone to thinking that certain purchases will make us happier than they actually do.
What do you really want?
To be able to work out how much money you need in the future you need to be honest about what matters. Everything has a cost or trade-off and there is no wrong answer.
Do you know how much that life will cost you in the future?
At some point, you have to start crunching the numbers!
It is really useful to put costs besides the outgoings and income you expect to have in the future. You also need to take into account any investments and savings you have as well as any big expenses in the future (houses/weddings/education fees).
Having enough money gives you freedom
There is no guarantee that having money will make you happy. But financial freedom gives you the ability to make choices.
