Define "enough" before you need it
Name the point past which more money no longer buys you anything you value.
Why it works
Without a defined "enough", the goalpost moves with whatever you compare yourself to, so no amount ever feels sufficient. Pre-committing to a number and a reason converts an infinite, envy-driven race into a finite, satisfiable target — removing the trap where people risk what they have and need for what they don’t have and don’t need.
How to do it
- Write what "enough" looks like concretely — the life, not the number first, then the number.
- Decide it before a windfall or a hot streak, when you’re not anchored to a comparison.
- Name what you would risk losing by chasing more, and whether it’s worth it.
Evidence
Connects to social-comparison theory and research on the hedonic treadmill: satisfaction is relative to a moving reference point, so undefined goals stay perpetually unmet. (observational)
That comparison erodes satisfaction is well established; the specific practice of writing an "enough" number is practitioner advice built on top of that mechanism.
Sources
- Festinger (1954), social comparison theory; Brickman & Campbell, the hedonic-treadmill concept
Common mistake
Setting "enough" as a number with no life attached, so it silently ratchets upward every time someone around you has more.
Practice this with IX Coach
More practices for The Psychology of Money, Made Practical
- Treat money as a behavior problem, not a knowledge problem
How you behave under stress beats how much finance you know.
- Build room for error (margin of safety)
Plan so that being wrong is survivable, not catastrophic.
- Let compounding do the work (patience)
The biggest results come from time in, not intensity — if you don’t interrupt it.
- Choose reasonable over rational
A plan you can stick with beats an optimal plan you’ll abandon.
- Remember wealth is what you don’t see
Spending signals income; wealth is the money you chose not to spend.
- Save without needing a reason
Saving for "flexibility and options" is reason enough — it doesn’t need a goal attached.