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.
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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.