how much money do you really need to feel rich?

About this video

• Video Title: how much money do you really need to feel rich?
• Channel: Dr. Kaylee Wonder
• Speakers: Dr. Kaylee Wonder
• Duration: 00:06:20

Overview

This video explains that feeling "rich" is not solely about a large sum of money, but rather about achieving financial milestones that provide security, choice, and confidence in the future. Dr. Kaylee Wonder outlines three key money milestones: security money, choice money, and future money, suggesting that these can be attained much sooner than many people believe, leading to a richer feeling without needing millions.

Key takeaways

• The definition of "rich" is subjective: People often have a specific number in mind for when they'll feel rich, but the true feeling of richness comes from the security, freedom, and confidence money provides, not just the raw amount.
• Milestone 1: Security Money: This involves having 3 to 6 months of living expenses saved in an easily accessible account. This buffer prevents panic during unexpected events like job loss or medical emergencies, providing a sense of stability.
• Milestone 2: Choice Money: This is the money that allows you to make discretionary purchases and experiences without guilt, such as dining out, traveling, or buying gifts. It's about having the freedom to say "yes" to life's enjoyable moments.
• Milestone 3: Future Money: This involves money working for you, such as through retirement contributions, investments, or paying down high-interest debt. This provides confidence by securing your future and shifts your identity from a "survivor" to a "builder."
• Achievability: The video emphasizes that these milestones are often more attainable than people think, and achieving the first two can significantly contribute to feeling rich much earlier in life.