This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.
Have you defined your “money peak?”READ THE ARTICLE
Money and happiness: Here, we explore the life and money experiences of Daniel Ek, Founder and CEO of Spotify. While Ek was raised in a poor neighborhood, he eventually grew up to join several startups (including Spotify) that made him a millionaire. Ek soon realized, however, that money didn’t bring him happiness. This revelation made him depressed, causing him to question the true value of money.
Know your number: Pinpointing your “money peak” is much like climbing a mountain. For example, imagine you begin at the foggy base, but soon reach the summit with a breathtaking view. However, instead of appreciating the view, you continue forward and fall into a ravine because you became too focused on what could be up ahead. What’s the lesson? Money can improve life when basic needs are not met, but its benefits have limits.
Beyond a certain point, more money may not bring you further satisfaction, and can even detract from other forms of wealth, such as knowledge, relationships, and experiences. The danger of not being aware of your "peak" can lead to an endless pursuit of more money. Further, it can lead to superficial relationships, a constant need for more and a draining effect on your life.
You surely don’t want to lose sight of what truly matters to you. So define your peak, prioritize your Purpose and make both core components of your wealth-building process.