Financial expert reveals the fatal flaw in how most people think about wealth.
Transcript:
CAROLINE WOODS: You’ve actually said that more money doesn’t necessarily lead to more happiness. So how can someone recognize when they have enough? And as someone in the New York City area, is that even possible?
CARL RICHARDS: Yeah, it’s such an, I mean, look, that’s a really good question. I think just to the first part of your question, as the market’s running to new highs or the market’s coming off new lows, you and I both know like it’s really hard to know what’s going to happen obviously next. And so we’re not exactly sure what’s going to happen, but the idea of getting clear about what enough is to you, right? And enough I’m going to argue, Caroline, that you can’t, enough cannot be a number, right? If enough is a number and you see this more than I do, if enough is a number, there will never be enough, right? Enough has got to be something else, right? Something like what? Based on my values, my goals, the relationships I have, the things I want to see in my life, right? Do I have enough for those things? Because if enough, if enough is a number, as soon as I get there, I’ll need just a little bit more, right? Always just a little bit more.
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