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Simply Living Simply

Written on July 14, 2009 by George Krueger & Mary-Lynn Foster in Money

simple_house Bigg success is life on your own terms. Today we’ll focus on money, one of the five elements of bigg success. There’s a tendency to define bigg success as having more money.

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But is it possible to have too much money?

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george I remember Donald Trump being asked about the difference between $70 million and $700 million. He said, “A bigger boat.”

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marylynn
Some people don’t need a bigger boat. Other people don’t need a boat at all!

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george That reminds me of something one of my mentors once said, “There are two good days in the life of a boat owner. The day you buy it and the day you sell it!”

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marylynn Toys are the fun side of money. It’s the side we usually think about. But more money also means more responsibilities – more legal issues, more accounting hassles, more management headaches even if it’s just managing your portfolio.

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A lot of people think you can just hire someone to do those things for you, but you have to be careful how much you delegate. No one will look out for your money like you will.

A simple choice

While our society often seems to equate bigg success with bigg money, it’s important to determine what you want. Bigg success is life on your own terms. Live the life that makes you the happiest.

For some people, there is such a thing as too much money. They choose a different path to bigg success.

We can reduce this to a simple choice:

adjust your lifestyle to your wealth or …

… accumulate enough wealth to support your lifestyle.

Now don’t think it’s a rags or riches mentality. You don’t have to live like a pauper if you choose to adjust your lifestyle.

Many people are perfectly content simply living simply, but comfortably. They have a nice house, drive nice cars, and take nice vacations. Of course, you get to define nice.

Simply pick your number

Let’s look at the difference between these two choices. First, let’s say you can live life on your own terms with an income of $100,000 a year. Financial planners tell us we can draw down our portfolio at the rate of 4% a year when we retire. So that means you would need $2.5 million of assets to support your lifestyle.

Now, what would it take if you wanted to live large? We hear a $250,000 a year income is now considered “rich” here in the States. So let’s use that as the magic number.

Then you would need a portfolio of $6.25 million.

Quite a difference, huh? You don’t have to stress about accumulating such a large portfolio if you adjust your lifestyle to your wealth.

Some people enjoy a higher quality of life by choosing to simply live simply yet comfortably.

They worry about money less because they have less money.

It’s life on your own terms. You pick the path that makes you the happiest. That’s bigg success!

What about you? Are you happy living simply or do you want to accumulate wealth?

Share that with us by leaving a comment below, calling us at 888.455.BIGG (2444) or e-mailing us at bigginfo@biggsuccess.com.

Thanks so much for simply spending your time with us today!

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Please join us next time when we’ll talk about the one-minute layoff. Until then, here’s to your bigg success!

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Live Like a King on Less

6 Paths to Financial Freedom

Save Now Without Depriving Yourself

(Image in today's post by ba1969)

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When Your Definition of Success Changes

Written on April 15, 2009 by George Krueger & Mary-Lynn Foster in Personal Growth

Bigg success is life on your own terms. That’s how we define it. We were talking a few days ago …

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Hear George & Mary-Lynn discuss today's topic on The Bigg Success Show! To listen while you read, click the purple player: Play Now | Play in Popup | Download

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marylynn I said that we should make something clear about life on your own terms. I could be going through a mid-life crisis. Does life on my own terms mean getting a fancy new sports car, spending money like crazy, going clubbing, shirking my responsibilities, and walking away from relationships, all in an attempt to get my youth back?

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Life on your own terms is not a license for poor behavior

In fact, it’s quite the opposite. It should be an ideal that we strive to live up to. It’s about finding our purpose for being here and then deploying all of our resources to live up to that promise.

Because of that, it’s not a selfish thing. We can’t reach bigg success without the help of others. In this age of interdependence, we are able to live our lives on our own terms by helping others live their lives on their own terms.

Life on your own terms is also not a passing fancy

It’s a direction, not a point. It’s very emotional because it is so personal, but it’s not based on one’s feelings at this moment.

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george I may feel depressed right now. Does that mean life on my own terms means being depressed? Of course not.

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marylynn Feeling down from time to time is something we all experience, but we have to respond to it, not just accept it or give in to it. Going to the mid-life crisis example, maybe I’m not feeling as young as I used to. Is the answer really to blow a bunch of money and waste a lot of time?

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george Bigg goal-getters accept that there are some things that we can’t change. No amount of money is going to make me any younger physically. We recognize the realities of our situation and respond positively to keep moving toward our bigg goals – where we want to go, what we want to achieve, who we want to be known as.

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Each day we write another page of our autobiography. We show the world who we are by how we live our lives.

Life on your own terms is dynamic, not static

While it’s not a passing fancy, it does evolve over time as we discover more about ourselves and the world around us.

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george I remember when I was in my early twenties – life on my own terms then meant being in the Forbes 400. I wanted to get rich in my own business. Then I heard Donald Trump asked about the difference between $70 million and $700 million. He said, “A bigger boat.” I realized then that I didn’t need a bigger boat!

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marylynn
So how did that change your terms?

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george I decided it wasn’t worth my time to work that hard to make the extra money. If all I was going to get out of it was a bigger boat, I wasn’t interested. Don’t get me wrong; money still helps! But life on my own terms evolved to building quality relationships and sharing experiences.

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marylynn
Your desire to own your own business didn’t change?

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george
Oh no, that desire definitely stayed the same.

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marylynn So life on your own terms changed as a result of this new information. You realized there were more important things to you than the money you thought you wanted. But you still wanted to be in business for yourself.

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george You may decide that less is more like I did. Or you may realize that you’ve been selling yourself short and you want more.

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It’s life on your own terms. It’s not a license for poor behavior. It’s not a passing fancy. But it is dynamic; it may change over time as you gain knowledge about yourself and your environment.