We learned this first hand the hard way. Having more income, more money and more stuff doesn’t necessarily make one happy. There are many millionaires and billionaires who are not happy. For an example, Google Leona Helmsley. She was reported to be worth $5 billion when she died, was called “The Queen of Mean” and left her entire fortune to her dog.
This is why we recommend looking at both sides of your balance sheets, income versus expenses. Once you’re meeting basic necessities such as food, clothing and shelter, everything else is a perk. Eventually, you reach a point of diminishing returns between work and all the perks. The required work eventually becomes stressful, takes over your life and makes you feel as though you’ll never have enough.
The truth is, you don’t need as much as you think. Once you recognize this, you can cut back your spending, pay off debts and become financially independent.