Ep. 222 – Paul Fenner – Are you Rich Yet? Why Families Still Struggle to Feel Wealthy
I came across a Wall Street Journal article about families making over $250,000, putting them in the top 10% of all household incomes in the country, who still don't feel wealthy. One family earning $350,000 (in the top 4%) owns two homes, has three kids in club sports, and can't shake the feeling that they're struggling.
In this episode, I explore why modern life makes it so hard to feel like you have enough. How our standards of living have improved dramatically, but we've just created different problems. Why kids' activities drain families more than almost anything else. And how the real challenge, as Morgan Housel says, is getting the goalpost to stop moving.
This week: Look back at where you started instead of comparing yourself to some moving horizon ahead. Check your household income against national percentiles. You might be surprised how far you've come.
ADDITIONAL RESOURCES YOU MAY LIKE
1 Big Idea to Think About
Achieving a higher income or greater material comfort doesn’t automatically translate into feeling “rich”—the real challenge is learning to stop moving the goalposts and recognize the progress we’ve already made, rather than always comparing ourselves to ever-rising standards.
1 Way You Can Apply This
To gain a clearer sense of financial well-being and appreciate your progress, try regularly reflecting on how far you've come rather than fixating on ever-moving future goals. For example, review your past financial situation or compare your current lifestyle with earlier stages—this perspective shift can foster gratitude, reduce stress, and help you feel more “rich” by recognizing growth rather than constantly chasing the next milestone.
1 Question to Ask
Am I measuring my progress and sense of financial success by looking at how far I've come, or am I constantly moving the goalpost and focusing only on what I haven't achieved yet?
Resources Featured in This Episode:
They're in the Top 10% of Earners. They Still Don't Feel Rich.