46 - Wednesday, February 20, 1991 - North Shore News BUS! NESS The bottom lne-more than a number DO YOU envy the rich and famous for their lifestyles? If you answer ‘‘no,’’ might you envy a neighbor, friend, col- league or somebody you read about in the paper who is more successful and has more money than you? If we are honest with ourselves, at least once in a while all of us envy others who appear to be bet- ter off. Even if we don’t admit to envy, at least we wonder why other people have more than we do. When people come to see me for financial advice, they often say: **I/we know people who have a fancier car and a bigger home. They take more exotic holidays more often, have a summer place — yet our incomes are probably about the same. ‘Am I (are we) doing some- thing wrong?”’ Probably not. If two people/ families earn similar incomes yet one spends more, the big spenders might have won or inherited the extra money. In many cases, they simply borrowed more. In other cases, they might have invested successfully: most wealthy people have put their money to work for them. While you probably can’t win or inherit funds on demand, you can chrose to borrow (rarely a good idea if that money goes toward depreciating assets) and you can certainly choose to put time and effort into an investment program. Take a closer look at the non- financial side of the person or family whose situation you are comparing to yours. A successful entrepreneur or investor, for ex- ample, usually devotes consider- able time and effort to managing his or her money. While you might spend an even- ing reading a good book, going to a ball game, watching TV, visiting friends, being with family or sim- ply snoozing, your wealthier counterpart could be spending those same hours reading financial reports, running ‘‘what if? com- puter projections, researching tax-saving strategies, driving around with a real estate agent to look at properties, and so on. There’s no right or wrong way to live. But if you want more money, you have to work for it. Michael Grenby | DOLLARS AND SENSE If you choose not to invest the time and effort, then realize (and accept) the personal, non-financial return you receive from reading, watching TV, being with family or friends. That can be worth just as much as a higher bank balance. Many people are worse off fi- nancially than you and many people are better’ off. In most cases, that will always be the sicu- ation. While you probably easiiy admit you could never be a Nobel- prize-winning scientist, sports hero, rock star or billionaire businessperson, you might still wonder why you couldn’t be like the person you met or heard about who: © Regularly makes a killing in the stock market or simply has a large stock portfolio; Owns revenue property — houses, an apartment building and/or commercial and industria! property. Has (or had) a_ successful business, which he or she didn’t inherii. Won-isring is fine. But unfor- tunately some people envy others rather than either work or im- prove their own finances or accept and be happy with what they do nave. “There is a saying, ‘The poor spend their time counting the rich person’s money,’ ’’ says Melvyn Kinder in his book Going Nowhere Fast: Step Off Life’s Treadmills and Find Peace of Mind (Prentice-Hall, $24.95). “Feeling painful resentment for those who have more is a key emotion for those on the money treadmill.’” Envy is a natural emotion, but “it can lead to obsessional periods when the desire to possess what others have dominates your wak- ing hours,’’ says Kinder. “Envy requires keeping your eyes off yourself and focused on others.’’ Kinder cited a 40-year-old doc- tor who was happily married but Rather than being house-rich and cash- poor, seniors can now benefit from: their bome equity, enjoying the things they've always wanted to do, and having them affordable. Call Zlotnik Lamb. resented others who earned more than he did. “fn the course of therapy, Richard had to deal with letting go of a Perfect Self composed of matching the income level of his friends,’’ Kinder said. “He had to ‘allow’ them to have their rewards without letting that diminish his sense of worth. This was difficult for him at first and involved a genuine period of mourning.”” Kinder said the doctor (it could have been another professional or even any income-earner) eventual- ly was able to find living in the present more rewarding than fan- tasizing about the future and all the material possessions he wanted — although didn’t really need. “‘Few people ever feel they have enough money,’’ said Kinder. “But shculd you wish to get off the money treadmill, you must believe that needs, unlike wants, are finite.” If you’re a homeowner, aged 55 or more, Zlotnik, Lamb’s Home Equity Plan specialists can show you how to dramatically increase your retirement income right now. 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