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Feb. 10, 2022

147. How Much Money Do I Need to Make to Enjoy a 3-Day Weekend Lifestyle?

Get clear on what you want to experience most in life, so you don't work more hours than you need.


Get clear on what you want to experience most in life, so you don't work more hours than you need.

 

 

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Transcript

If you can keep your expenses low and if time freedom is more important to you, then that can be something that allows you and informs you as you make your financial decisions.

 

One of the questions I get from people most often is how much money do I need to make in order to enjoy a three day weekend lifestyle and have that be abundant and sustainable? And a lot of that really depends upon your expenses and how you manage your money. So there's not a specific number that does it. There's research that shows that in America, once you earn over about $70,000 a year, there's not a whole lot of increased happiness earning more and more. Now, all that being said, that's what people working, let's say a five day, 40 hours work week.

 

But overall, it really comes down to how you manage your expenses. If you can keep your expenses low and if time freedom is more important to you, then that can be something that allows you and informs you as you make your financial decisions. So, for example, as you decide whether or not you're going to buy a brand new car or a used car, when you decide where you'd like to live, when you decide whether you like that extra bedroom on the house or not, a lot of these decisions seem small at the time, and we get excited about them. But when they are longer term decisions, things such as buying a car, which might be, let's say, four or five years to pay it off, or it might be a few years on a lease, or when you're deciding on a home, that could be a much longer time of purchase. What I want you to consider is how often you're going to use that extra thing.

 

So, for example, the person that says, I want that fifth bedroom or the extra guest room, that sounds great, and it's awesome. As somebody who works from home, that's something that can be very helpful. And yet right around the corner for me, there's a coworking space where I can get a place, an office if I wanted to, or just simply a place to work for a few hundred Bucks a month. And if we don't have guests at our house all the time, then that extra guest room, if it's just sitting there, it's not only just collecting dust, it's something else to clean. It's something else to keep either warm or cool, depending on where you live in the world.

 

So I encourage you to get really clear about what your expenses are, what you need to live, the lifestyle you most desire. Make sure you can afford those expenses. And then as you grow your income, you can make things more luxurious. You can take more trips. Again, do you want the bigger house or do you want the ability to go on a trip when you want to take a cruise or whatever it might be.

 

So I'm going to encourage you that time, freedom and freedom of travel, freedom of experience are going to be things that you value very much and things that you want to keep in mind when you're making your financial decisions. And then of course make sure you're able to still pay your taxes. Save 10% to 20% for your future whether you plan on retiring or not, you want to be able to afford to retire even if you never decide to make that decision. So I hope you find this helpful. If you have additional questions you'd like input on or feedback, just let me know if you go to three day weekend Entrepreneur.com the website there's a place on the right where you can leave a question in audio format or you can just type it and send it to me.

 

Happy to answer it here and as always I look forward to helping you impact more people and make more money in less time. Do what you do best so you can better enjoy your family, your friends and your life. Thanks for listening.