Defining sufficient: how much is enough?

If we want to be happy and fulfilled beings, we need to ensure we’re defining sufficient in our lives.

If you’ve been following along since the beginning, you’d know that the Sufficient Fundz journey was born on the back of a road trip many years ago. It was “Insufficient Funds” back then; road-tripping, surfing, drinking goon sacks and studying(?),…. not a care in the world.

The flip to “sufficient” rapidly developed during my early years as a financial planner. I saw many examples of people that were controlled by money, without determined action in line with what they truly valued. They were essentially wasting their lives and setting themselves up for major regret down the track.

I realised this isn’t an easy concept to grasp for most people, especially when money is involved, and I’ve since dedicated my working life to solving these issues. I now spend my professional life providing people with the all important link between money and life, so they can use it to their advantage.

Defining sufficient in your life is the first step.

Defining sufficient – it’s different for everyone

We all have different ideas of what’s important in life, but have you thought about how much is enough?

Think about a scale or continuum that ranges from insufficient to sufficient. Where you sit on this continuum will change at different points in your life. You won’t find this scale in a textbook and it’s different for everyone.

You need to define this scale for you before you define what you’re working towards. Once you’ve done this you can link the money plan to it.

There is only one question you need to ask yourself here:

What do your parents want you to be?

Ok jokes… please…. I’m sure your parents did a fantastic job raising you but they don’t own you. Richard Branson’s parents only ever gave him advice when he asked for it. This is a great lesson for us all.

How do you define sufficient for you?

Firstly, it’s not about money.

Money is a tool you can use to achieve your sufficient life but it is not the driver, rather the vehicle.

Only you can determine what is sufficient in your life. You need to look internally and don’t compare yourself to others. Identify what you value in life – whether it be material items, travel, adventure, time with friends and family, growing a family, party time, physical fitness, wellbeing, a legacy to pass on, success in career, making an imprint in a chosen field….whatever it is!

Start by defining sufficient for you, then define your insufficient and look at where you are on the scale. It is only then that you can set truly meaningful goals that you will be intrinsically motivated to achieve.

Try these questions to get you on the right track to defining sufficient for you:

What excites you?

What do you lie in bed dreaming about?

What parts of your job do you enjoy?

Are you striving for minimalism?

When are you in your element?

What did you do on that day where everything went right?

If you are determined and make a plan, it’s easy to avoid the scary picture of regret and remorse that I painted up top.

Defining sufficient starts with deciding what’s important. You need to trust your gut on this. Always be flexible and be happy to adapt when things don’t turn out as you thought they might, and revisit your position on the continuum, and your definitions, regularly.

The good news is that most people aren’t truly driven by money. We just need to understand the rest of it before we can make major life decisions.

What do you need to ensure you have a sufficient life?