How much money is enough?

How much money is enough?Gene Simmons needs to meet with a Certified Financial Planner.

This is the only conclusion I can reach after reading reports this week that the rock star never wants to stop making money.

The 65 year old known as The Demon in rock band Kiss has told reporters he is like a great white shark when it comes to making money.

Despite his estimated £200m personal fortune, Simmons said:

“Life is business, and I approach life the way sharks approach life – they must keep moving or else they will drown.

“I’ll never stop hunting more money, I’ll never have enough.”

Simmons went on to say:

“I’m like Warren Buffett – he gets up every day and goes to work even though he doesn’t need the money.

“I live to make more money. People who say that money is the root of all evil are morons, a lack of money is the root of all evil.”

An important part of the Financial Planning process is working out how much money is enough.

Once you know this number, it’s possible to make important decisions about continuing to work or pursuing other passions in life.

In our role as Financial Planners, we are often able to show people that they have enough money to do the things they really want in their lives, rather than continuing working in full-time employment or managing businesses, simply to earn more.

We would never suggest that doing nothing is an attractive or even healthy way to spend you time, but once you know you have enough money, it becomes possible to pursue your passions; world travel, volunteering, mastering a hobby, writing that novel or spending more time with your family.

Personally, I’m a bit of a workaholic like Gene Simmons (although I’m sure any similarities end right there) but I also know how much money is enough for me to satisfy my goals in life.

This doesn’t necessarily mean I will stop working when I get there, but the nature of my work is likely to change once that goal is reached, allowing me to develop my other interests.

My clients will be pleased, I hope, to hear that reaching this goal is something very unlikely to happen for many, many years, leaving aside the possibility of a major entrepreneurial success or extremely unlikely lottery win!

When you look at your personal goals, do you know how much money is enough?


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About Martin Bamford

Martin Bamford is a Chartered Financial Planner, Certified Financial Planner (CFP) professional and published personal finance author. He works with elderly clients to provide advice on funding residential care fees, hosts the Informed Choice Podcast and is a keen ultra runner.
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