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July 19, 2010 | Posted By: Kristin Harad
One million dollars.
It used to be the magic number. Reach one million dollars and you can live a carefree life of champagne wishes and caviar dreams.
While one million dollars is still a fabulous sum of money, inflation means that it buys a lot less than it used to. And depending on where you live, it can buy even less (like in San Francisco, for instance!). I work with some clients who are fortunate to be amongst the 7.8 million Americans who have at least one million dollars (not counting their home), yet many of them still want more. It can be quite frustrating for them to achieve wealth, yet feel that they are still short of what they feel they need. They begin to question, "Will I ever have enough?"
I see the same phenomenon when people become parents. They now have to take into consideration not only the added expenses of being a parent: Child care, private schools and programs, forgone income, additional every day expenses, etc. They also feel the pull of a bigger driving force to be more "responsible" and put away still more money towards college funding, buying a better home, and family vacations.
So would one million dollars solve these problems?
I don't expect so.
Does that mean that our pursuits are worthless? That striving to continually make more is a waste of time? Of course not. With any type of stress, and perhaps financial stress most of all, it is easy to focus on what you don't have. The best solution is to try to reverse these feelings by focusing on the success you have had and your ability to do more without doing it all. You can learn to be satisfied along the way.
Try out these exercises:
When Kristin isn't writing awesome guest blogs for us, she spends her time as a Financial Planner in San Francisco. She often blogs about life and finances.
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