Why Are 6 Figure Earners Running Out Of Money
It seems even 6 figure income earners need to learn How To Multiply The Value Of Their Money.
In Brenda Ward's article titled, "Why The Rich Are Running Out Of Money" she points out many people who you'd think have enough money are actually living pay cheque to pay cheque, including business owners.
Seldom is the solution to financial wealth to focus on making more money, it just doesn't work. The US call spending more than they earn "lifestyle creep", Auckland psychologist Lynda Moore calls it the "hedonic treadmill" and it's dominating people's lives.
A InterNations survey of 14,300 people living and working abroad shows earning a lot of money does not equal happiness. Some of the happiest expats were not earning a lot while living in countries without the best infrastructure.
How many people pay attention to the "direction" of their spending?
There are plenty of people happy in life and earning very little so clearly it's not a question of how much you earn. The more important question is what happens to the value of the money you earn.
If you spend on things that have no long term value then it's basically money down the drain and you can look forward to a lifestyle on the hedonic treadmill.
Fear not all is not lost because many financially independent people already know how to multiply the value of the money they already have. You don't have to work harder just change a few concepts around money and work smarter.