Today I’d like to explore the idea of “financial security.”
Financial security gets tossed around a lot in conversations and the media, but what is it?
Is it a number?
If you have $1 million or $10 million or $50 million, will you suddenly feel secure financially?
Or instead of a number, maybe it’s just a state of mind.
I’m sure you know people who appear to have it all but who also seem anxious and constantly on edge.
People who, while having many of the outward appearances of wealth and security, might really just be trying to juggle everything and are scared of the whole thing collapsing around them.
And likewise, you probably also know someone who seems content with what may look like a more modest lifestyle.
You know those folks who just seem at home in their own skin and in their own lives.
Now, of course, we all need money to live, so I’m not suggesting this is simply some manifestation of a better mindset.
Contrary to the examples above, there are certainly those with money – maybe a lot – who are financially secure in every sense of the word.
And there are people in more challenging situations who are always struggling to get by and get ahead.
But back to the original idea…
What makes you financially secure?
There was a book that came out several years ago called The Number by Lee Eisenberg.
I read it and remember it being interesting and well written.
As I recall, it basically attempted to distill the entirety of your retirement needs down to a single number.
In fact, both before and after this book was published, I think based on conversations I’ve had with clients and other folks over the years, that we actually cling to this idea of there being “a number” for each of us.
And as I’ve written before, this might actually be true if we knew a few things:
- how long we’ll live
- what our health will be like
- will we have more pandemics in the future
- the list goes on…
But your life is much more than a simple math problem.
It’s more than a single number.
It’s more than even a bunch of numbers.
And I think this idea of financial security is as much a mindset as it is anything else.
It’s a feeling.
It’s about being content with what you have.
A sense of gratitude.
It doesn’t mean you shouldn’t have ambition, nor does it mean you shouldn’t work to improve your life and your future choices.
But it does, if you ask me, extend well beyond how much you have in the bank, the size of your investment portfolio, or your net worth.
Financial security, at it’s source, comes from strong relationships with family and friends.
Because no matter what life throws at us in the future, it’s other people who can best help you remember what’s truly important and get through life’s challenges.
But of course, I don’t profess to have this completely figured out.
So I invite you to get in touch and share your thoughts on financial security. What is it, how can you get it, and how can you keep it?
I look forward to getting your perspective on this.