I am a huge sports fan. I have huge admiration for elite athletes who can perform at the highest level on the world stage and make a living from something they truly love. The dedication, commitment, sacrifice and discipline required to be an elite athlete is admirable. That is why it saddens me to see how some athletes squander their hard earned millions so quickly. We have all heard the sad stories. $100 million one day and debt a few years later.
Whenever I hear a story like that, I cannot help but ask myself how this kind of thing happens? How can someone blow through $100 million in a few years? We could make a list of things. Expensive cars. An entourage. A very expensive house. Expensive clothing. Lots of travel. Personal trainers. The list goes on and on.
All these expenses add up to one central thing. They are all trying to fix problems and bring fulfillment that money cannot fix.
One of the biggest keys to financial success is to wake up in the morning, evaluate your life and feel as though you have enough. If you are always feeling like there’s something else you need to have to be fulfilled and feel like you do not have enough, then you will never be fulfilled.
“Enough” does not come from the money you’ve spent or the possessions you own. Once you are past the minimum amount of money needed to keep food on the table, clothes on the body, and a roof over your head, you don’t really need anything else. The additional money you spend serves to improve personal convenience or entertainment.
“Enough” simply means that you’re happy with your life without any of that extra stuff. Some people easily find“enough.” They are happy earning minimum wage. Some people never find “enough.”They blow through millions without blinking.
If you want to make a powerful first step toward getting your spending under control, start by working on the holes in your life. So often, we spend to fill those holes, but they often can’t be filled by spending money. They have to be filled by other changes in our lives.