Section 17: Keep Your Lifestyle Within What You Are Currently Paid

Overview

Max was not one to flaunt his status but he did enjoy his position and the regular raises. Over a number of years, he and his family acquired a beautiful home, nice cars, televisions in every room, and all the other things that come with American life in the twenty-first century.

As he aged, he started to feel locked in by his own possessions and lifestyle. He felt guilty about not really saving enough for a great retirement, which now seemed ever closer. And he felt hemmed in by the payments on his house and the amount of spending his family enjoyed. He wanted to explore other careers that potentially brought less income but he worried it would let his family down if he pursued them.

He finally had to face this conflict when his company eliminated his position. Working with a financial counselor and his family, they examined their lifestyle and eliminated a significant amount of expense. Not just for the short term, but for the rest of their lives. The family was surprised to find that this helped refocus them on being with one another rather than chasing the never-ending goal of consumerism.

This secret is a tough one for people in our culture. Money underlies a great number of family problems. Max has made significant progress but he has not totally eliminated this conflict.

We tend to measure success in the United States by looking at money: your salary, your net worth, or the value of all your acquisitions. The appearance of wealth draws people to expensive cars and houses, and rampant consumerism.

It does not have to be that way: we have the ability to choose what we will make important in our lives. If your goal is to be a multi-millionaire, great. People can find many ways to become wealthy in the twenty-first century. Just realize this is your choice. and no one is forcing you in that direction. Understand whether it is your true life goal, or if you are just using money to keep comfortable and isolated from your deeper life mission.

It might be useful to examine your current income, expenses, and savings for future happiness. Many financial planning resources are available to help. Distinguish what expenses are truly necessary, such as adequate food, housing, and transportation from everything else you spend.

Then, study these extra expenses with a critical eye. We view many things as necessary when, in fact, they are not. What was your lifestyle as a student? How would you live if we were plunged into a deep recession or world war? What are the critical things you would save if your house was burning down?

Some people become so clear on this they go even further, such as looking at the lifestyle of living in another country or state, or perhaps downsizing their house to something considerably more modest.

Living within your means, despite the difficulty of resisting social pressures, frees you to make decisions that are based on your needs and values more than on just money. It means you might be able to turn down a promotion because you would not be happy in the job. You may not have to wonder when the next pay raise might come. You might be able to take some time when you are unemployed to really find the ideal job.

You may find that the things that are most important to you do not depend on the size of your paycheck.

Wealth is not of necessity a curse, nor poverty a blessing. Wholesome and easy abundance is better than either extreme; better for our manhood that we have enough for daily comfort; enough for culture, for hospitality, for charity. More than this may or may not be a blessing. Certainly it can be a blessing only by being accepted as a trust.

—Roswell D. Hitchcock