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Don, 43, is a self-made millionaire who previously put himself under immense pressure to make more money.
He said even a six-figure salary can quickly disappear with taxes, child expenses and a mortgage.
Today he is concentrating on other things in his life, such as: B. his children, who make him happier than wealth ever could.
This is a machine translation of an article from our US colleagues at Business Insider. It was automatically translated and checked by a real editor.
Don, 43, is grateful for the financial situation he currently finds himself in. He has assets worth just over $1 million (918,500 euros), according to documents seen by Business Insider. The millennial father asked that his last name not be used for privacy reasons, but his identity is known to Business Insider US. Don said he’s realized that a six-figure salary just isn’t what it used to be since inflation has taken a toll on the wallets of many Americans.
For years he put pressure on himself to continue saving, investing and building his wealth. But at some point, Don says, more and more wealth no longer brings happiness. However, his family was always important to him, and he realized that he needed to devote enough time to them and other important things in his life that could not be measured by money.
“In the last two years during the Corona era, I experienced burnout, probably for the first time in a long time. “Even though my income has increased significantly,” says Don, who founded a financial planning company.
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“If I only chase money, I’m missing something in other areas”
“I thought to myself, I don’t want to keep my work ethic that way because if I’m just chasing money and feeling burnt out, then I’m lacking something in other areas,” he continued. “This has helped me rethink and recalibrate my life so that I can focus on the joy of work without thinking, ‘If I do this, I deserve this’.”
A recent survey by The Harris Poll and financial services firm Empower found that millennials believe they need to earn $525,000 a year to be happy. Don said the $525,000 threshold “is an amount that can go a long way for his age group.” After taxes and the expenses that many in his age group face, such as the mortgage, children’s schooling, Paying off the car and more, it would quickly disappear.
It’s difficult to let go of the sole goal of making more money, says Don. But as he plans to work for at least two more decades while raising his two children, he is focused on devoting enough time to his family and his health so that he can truly enjoy the wealth he has built .
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“I want to continue to learn how to be a good father,” Don said. “Even though I’m tired from work when I get home, I don’t want to rush into spending time with my daughters and helping them with their homework. I want to be very present.”
“So when I think about my money, I remember to be really grateful because I don’t want it to rule my life,” he added. “I don’t want to get into the habit of worrying about my income.”
“You need the humility that it can be taken away from you.”
Don said his upbringing has a big impact on how he thinks about money and wealth today. While he never felt like his family didn’t make ends meet when he was a child, he said he was taught “that it’s really about being rich in the family, with abundance in yours.” Household where you feel loved and safe.”
“When I look back, I don’t remember what I got for Christmas or my birthday,” Don said. “What I remember most are the little things, like my uncle having no one to spend the holidays with and my mom inviting him over and him spending time with us and playing the piano and I being able to tell my mom Hear laughter downstairs.”
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This has led Don to structure his life around his goals – focusing on investments rather than spontaneous spending, making conscious time for his children and wife, and focusing on his health.
Of course, with the U.S. still recovering from the pandemic, the future of the economic recovery is uncertain — and many Americans still feel like their finances aren’t where they should be. A Suffolk University Sawyer Business School/USA TODAY survey of 1,000 Americans from Sept. 6-11 resulted 70 percent of respondents said the economy was getting worse, even though inflation continued to decline and job vacancies increased.
With the fluctuations in the economy and the stock market, it is important for Don to continually make sure he is spending enough time on things in his life other than money.
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“I’m very grateful to be where I am, and you have to have the humility that it can be taken away from you,” Don said. “So what are the things you have in your life that money can’t measure? And once you find that mindset, I think you develop a sense of a different kind of wealth that isn’t tied to numbers.”
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