NOTABLE
» A single working adult in the 11 most expensive states needs an annual income of more than $100,000 to live comfortably.
Here’s a cool chart that shows the average annual income needed to live comfortably for each state (Massachusetts is the highest at $116,000 per year, while West Virginia and Arkansas are the lowest at $79,000 per year).
QUOTABLE
» Winning Words
What difference does it make how much you have? What you do not have amounts to much more.
– SENECA
as attributed by Aulus Gellius
Who is wise? He that learns from every one. Who is powerful? He that governs his Passions. Who is rich? He that is content. Who is that? Nobody.
– BENJAMIN FRANKLIN
Poor Richard’s Almanack (1755)
DOABLE
» 3 Key Plays
1. Have a good budget and stick to it
The researchers defined comfortable as “the annual income required to cover a 50/30/20 budget” that allocates “50% of earnings to necessities, 30% to discretionary spending, and 20% to savings.” Too many people, however, skip the “savings” part and use credit to spend well over 100% of their earnings.
2. Add giving to your budget
It sounds contradictory to suggest that giving more money away will help you live more comfortably. Indeed, it might cause some discomfort, but it will be good discomfort that leads to the joy that comes from helping others. And in my experience, what we give always comes back to us, often with interest.
3. Be content with whatever you have
Contentment isn’t circumstantial. It is something we can have in good times or bad, in prosperity or poverty. It doesn’t erase pain or suffering, but it offers a sense of peace in whatever situation we face.
» What do you require to live “comfortably”?
