Amit, a 28-year-old software developer from Bangalore, recently hit a milestone. He bought his dream car. He was absolutely thrilled and told all his friends about it. But, two months later, the excitement waned, and the financial pressure set in. With a car loan to pay off, Amit found himself working even longer hours, forgoing family time and hobbies. It got him thinking, how much wealth is enough?
The chase for wealth: A necessary journey?
For many young Indians, wealth feels like the ultimate goal. It’s no wonder, considering how much society has glorified financial success. From influencer lifestyles to financial advice YouTubers talking about becoming crorepatis by 30, the pressure to amass wealth is at an all-time high. And rightfully so.
Whether it’s the comfort of financial security, the freedom to pursue dreams, or simply having the resources to cope with life’s unpredictable curveballs, money plays a vital role. According to a study by the OECD, only 27% of Indians have access to social safety nets, making personal wealth crucial for things like medical emergencies or education.
Furthermore, the pursuit of financial security can provide opportunities. You could quit your job to start your own business or take a sabbatical to explore the world. Being in a strong financial position is like having a safety net that makes these bold moves possible.
But what happens when the chase doesn’t end?
While the benefits of wealth are real, so are the downsides of an endless pursuit. After a certain point, the chase for more wealth starts to take a toll on other aspects of life.
Take the phenomenon of "The Rat Race"—a constant loop where you're working longer hours, saving aggressively, and investing in search of more, but never feeling satisfied.
When does wealth stop adding value?
Wealth's diminishing returns are evident in various parts of life. For instance, the more you work to earn more, the less time you may have for personal relationships. Imagine missing family dinners, losing friendships, or compromising your health—all for the sake of making more money. Is it worth it?
Additionally, social media exacerbates the problem. Instagram and YouTube make it easy to fall into the comparison trap, constantly measuring your success against others. Someone will always have a more luxurious vacation, a bigger house, or a flashier car. And in chasing after that, it's easy to lose sight of what truly matters.
Here is a famous Jim Carrey quote that is fitting this discussion:
Dont get us wrong, we are not saying having less wealth is the solution either.
India remains a developing country, and for many, financial independence is still a distant dream. Data shows that 70% of Indians have less than ₹50,000 in savings . It's hard to argue against wealth creation when so many struggle to meet basic needs.
This is why the conversation shouldn't be about rejecting wealth. It’s about finding balance.
Figuring out how much is enough to live comfortably without sacrificing your well-being.
In fact, a modest level of financial stability provides freedom from stress. According to the World Happiness Report, individuals who feel financially secure are more likely to report higher life satisfaction. The key lies in defining "enough" and not letting societal pressure push you into an endless spiral of chasing more.
Finding your wealth 'Sweet Spot'
So, how do you strike that balance? The first step is defining your version of enough. Is it having a house of your own? Is it about being debt-free by 35? Or maybe, it’s about saving enough to retire comfortably while still traveling every year.
It’s important to realize that your wealth goals don’t have to mirror anyone else’s. Maybe someone else’s version of success is owning multiple properties, while yours could be about financial independence through being able to travel.
Another important factor is knowing your why. Why are you striving for the things that you are?
If it is simply because it is someone else dream and looks cool, you won't feel satisfied when you actually get it since you simply did it looking at others.
Success beyond money.
Another major shift in mindset is recognizing that success isn't just financial. It’s about relationships, hobbies, and health. Consider this: would you rather have a large sum of money in the bank and no personal relationships, or a comfortable amount and a life full of meaningful connections?
Success can come in many forms—spending quality time with loved ones, pursuing hobbies, or contributing to causes you believe in. These are all valid indicators of a life well-lived, even if they don’t show up on your bank statement.
Steps to building wealth without the burnout
A balanced financial plan is the foundation of sustainable wealth building.
Here are a few steps to follow:
1. Set Realistic Financial Goals: Understand your income potential and structure goals around
it. This could mean paying off loans or saving for a down payment on a house.
2. Budget for Experiences: Allocate money not just for savings but also for experiences. Life is happening now, not just after you hit your financial targets.
3. Invest for the Future, But Live for Today: Diversify your investments but also remember to enjoy the present. After all, the future isn’t guaranteed, and neither is infinite wealth.
4. Switching mindset: We are all well versed with the famous dialogue from 3 idiots:
This translates to "Don't chase success, rather, pursue excellence. Success will automatically come to you”.
Sometimes we get caught up in chasing material success. However, success for the most part is a by-product of great work. And while it may be difficult to practically implement this on a daily basis, it is important to not loose sight of what you actually want to achieve. Excellence.
Final Thoughts: Wealth as a Means, Not the End Ultimately, wealth is a tool, not the ultimate goal. Building financial stability is crucial, but the real aim of life should be to live it fully. Reflect on what makes you truly happy. If more zeros in your bank account aren’t improving your well-being, it’s time to reconsider what you’re chasing.
Strive to explore different things, find what you love to do, work hard towards it, and do it well.
There is no pre-defined age for success. Do not give up.
FAQs on how to balance financial success with true fulfillment:
1. How do we find the balance between working towards financial security and ensuring we don’t compromise on our mental and physical well-being?
- The key lies in setting clear personal goals that don’t only revolve around accumulating wealth. Prioritizing time for relationships, hobbies, and health while pursuing financial goals ensures a more balanced and fulfilling life.
2. At what point does the pursuit of wealth start to take a toll on personal happiness and relationships?
- The chase for more wealth often leads to longer work hours and less time for family and friends. It’s important to recognize when financial success starts affecting personal connections and overall happiness.
3. How can one determine their own version of 'enough' wealth without getting influenced by societal pressures?
- Defining "enough" requires self-reflection on personal values, needs, and goals. Avoiding comparison with others and focusing on what truly makes you happy is essential for achieving a satisfying balance between financial success and personal fulfillment.
4. Can social media's portrayal of wealth and success distort our perception of what truly matters?
- Social media often glorifies material success, making it easy to fall into the comparison trap.
Understanding that happiness comes from non-monetary achievements, such as personal relationships and health, can help avoid this distortion.
5. Is there a way to pursue financial success without falling into the ‘rat race’ mentality?
- Yes, by setting realistic financial goals and focusing on efficiency rather than constantly working longer hours. Balancing ambition with self-care and well-being helps avoid burnout while still building wealth.
6. How can we shift our mindset to see wealth as a tool rather than an end goal?
- By recognizing that money can provide opportunities and security, but it isn’t the sole measure of success. Redirecting focus to meaningful experiences, personal growth, and relationships helps maintain perspective on the role of wealth.
7. Why is it important to find fulfillment beyond financial success, and how can non-monetary achievements bring lasting happiness?
- Financial success can only provide temporary satisfaction. Non-monetary achievements such as nurturing relationships, personal development, and pursuing passions contribute to lasting happiness and a more meaningful life.