~The Simple Sophisticate, episode #138

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"Enough is the quality of having everything you need and want but nothing in excess, nothing that burdens you." —Vicki Robin, author of Your Money or Your Life

While numerically, there isn't a magic number equated to having enough money due to a myriad of variables, it may seem at first impossible to answer the question at all. However, there are fundamental questions to ask yourself and habits to bring into your daily living that will help you inch ever closer to the number that is right for you.

1. Let go of comparisons

"Comparing ourselves to others is essentially a coping mechanism for our own insecurities." —Rachel Cruze of Love Your Life, Not Theirs: 7 Money Habits for Living the Life You Want

Now more than ever as we live in a world where lives of anyone from anywhere are displayed on social media, refraining from comparing our lives to others' is a mental exercise in willpower. And as we know willpower is finite. A dependable way to combat comparison is to become clear about your own life's path. Become clear about what excites you, what you want to improve upon and create a vision for your life. And then become courageous. Read more about how you can live courageously and the benefits, including eliminating the need for comparison, doing so will invite into your life.

2. Debt is eliminated (within reason)

Debt is a broad term. Many of us, if we own a house, will have a mortgage, and business debt is necessary at different periods of a venture. However, personal credit card debt should be at zero. If you can look at your balances and know you can pay them off in full each month without denting your monthly living budget, your finances are in great order.

~Why Not . . . Get and Stay Out of Debt?

~How to Successfully Have a Credit Card

3. Live within your means

A quote that upon first reading has ever since been part of my vocabulary and approach to money was shared by Suze Orman, "I think the nicest thing you can say about a woman is that she lives well, and she lives below her means." And as we know our means will shift, change and hopefully grow from year to year. As was discussed in last week's Why Not . . . ? post, conducting a financial check-in each year is a great way to determine if you are spending too much or not enough in certain parts of your budget in order to live the life you want.

4. Monthly savings goal exceeds expectations

Currently I am saving for a down payment, and with this goal in mind, I have designated that a certain amount will be put into my money market account each month. When I am able to exceed my target amount, I cannot help but do a little dance. According to financial experts, this is a good sign that you are on your way to having enough money.

5. Spending wisely

Take a moment and check your current spending habits with habits from five years ago. Are you spending more? Spending less? Spending more wisely? Staying within your budget? The key reason to reflect regularly is to spend consciously. If you see that your spending has increased, ask yourself why. Then ask yourself, is it necessary? Am I able to spend more? Living well is not a bad thing to do. The key is to make sure you can afford to do so.

6. Proper attention is being paid to retirement savings

While there is no magic formula for retirement savings, the one thing that won't work is doing nothing. The first thing to do is begin saving yesterday. I know that may be unnecessary to say, but begin now if you haven't already. Then sit down and examine how much you will indeed need to retire so that you can have a goal and then create a plan to make it happen. I have shared many money and specifically retirement savings related posts here in TSLL "Money" archives, be sure to have a look here.

7. Adherence to a monthly budget that supports the life you want to build and live

Massachusetts senator and former Harvard bankruptcy law professor Elizabeth Warren suggested organizing one's monthly budget around these percentages: "Spend 50 percent on needs, 30 percent on wants and 20 percent on savings" (money-question-to-rule-them-all-how-much-is-enough.html?_r=0">NYTimes). Now you may have to dip into your wants for your needs from time to time depending upon where you live and during different periods of your life, but saving 15-20 percent for retirement, emergency, dreams & vacations is a must for peace of mind and the ability to respond to life's unexpected hurdles and adventures. Similarly, diligently keeping your housing payment (rent or mortgage) to 33% is quite savvy. (Click Monthly-Budgetforpdf.pdf">here to view a simple budget spreadsheet to organize both mandatory and discretionary spending.)

It has been debated that we, as humans have a tendency to move away unconsciously from achieving "enough" rather than towards it (Tim Maurer  Simple Money). However, I would argue that it is a choice, it is an appreciation for what moving towards having enough cultivate in our lives which will then make it all the more attractive once we arrive at our destination. The essential premise to making the shift is understanding the essential questions and the necessary answers to those questions, as well as the habits we need to incorporate into our lives, and it really is quite simple as shared above. Thank you for stopping by and may 2017 be your most financially secure year yet.

~SIMILAR POSTS FROM THE ARCHIVES YOU MIGHT ENJOY:

~Money: Being vs Acting Rich

~6 Steps for Mastering Your Money

Petit Plaisir:

~La La Land 

~et-golden-globes-2017-live-la-la-land-breaks-record-for-most-1483935005-htmlstory.html">winner of the record setting seven Golden Globes this year: Best Musical/Comedy, Best Actor, Best Actress, Original Song, Score, Director and Screenplay

~View and listen to the award winning original song, City of Stars here

I will profess honestly, I am not someone who gravitates towards musicals, and as Refinery29 frankly reminds that's because La La Land isn't a true musical, which might be why I thoroughly enjoyed sitting down for two hours to absorb the colorful sets, simple and thoughtful love story and a reminder to never cease the journey to reach your dreams. However, respectfully, it is a musical. It is a modern musical. Some have compared it to a long list of musicals from the mid-twentieth century, and while particular aspects and scenes were undoubtedly inspired by revered musicals in the past, La La Land is a 21st century musical. It harkens back to the past with coupled song and dance numbers, but it grabs the future with technology's magic and whimsy.

The argument from some is that Emma Stone did not know how to dance, but we must keep in mind neither did Debbie Reynolds when she was cast for Singing in the Rain; however, Reynolds worked her tail off to keep up with an impossibly high talent - Gene Kelly - and executed her role exquisitely. Similar to Stone, it was Reynolds' star power, her authentic joie de vivre and spark that grabbed the audience. Had any dancer been paired with Kelly simply because they could dance, the movie would not have been balanced or as engaging. The woman, who she is, what she exudes, matters as much as her dance steps.  Stone holds her own with the dancing, but much like Reynolds, it is her charisma, her youthfulness and her tenacity that bring her character Mia to life. Ryan Gosling is Ryan Gosling. Movie producers what to sell tickets, and in order to sell tickets there must be chemistry on the screen. Stone and Gosling, paired together for the third time, have undeniable chemistry, and it worked to tell the tale of two passionate individuals enamored with each other but also their dreams to realize what they were ardently passionate about.

I recommend highly that you watch this film in the theater for the reasons New Yorker film critic Anthony Lane suggests: the full effect of the scenery, colors and sets as well as the sound system. Let yourself escape.

~Note: In the taped episode, I incorrectly misspoke and called Gene Kelly Fred Astaire.

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