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Last week I went on TikTok and asked a silly question — When you were a kid, what was one thing you thought made someone “wealthy”?

My answer was a TV cable package that included ALL the channels. We mostly stuck with basic cable. I didn’t watch HBO until college!

Other answers I received were hilarious and all too relatable. In-ground pools. A two-car garage. Buying any snack at the grocery store. An island in the kitchen. A mini-fridge in your room. A finished basement. A big screen TV. Absolutely incredible answers.

When you’re a child, particularly one that grows up middle class or below, small luxuries leave a lasting impression on us.

It also got me thinking about how our perception of wealth continues to change throughout our life. The goal posts of wealth are always moving. Unfortunately, this evolution makes wealth building and retirement planning extremely difficult. What is enough? When do the goal posts become stationary?

As our income grows over our lifetime we naturally and incrementally redefine wealth. My ten year old self would be in disbelief over all the streaming options we have now. Way more than 100 channels! However, I would be disappointed TRL doesn’t exist anymore. Carson Daly is just a less cool middle aged man on The Today Show now. Sad.

My lifestyle presently is a lot more expensive than it was 10-15 years ago. I own a home, have two children, save for retirement, and enjoy a vacation every now and again. It’s not extravagant or luxurious in my 38 year old eyes, but my early 20s self would’ve thought “oh, she’s rich!”

Ultimately, I hope my life at 50 is about the same or even slightly better. But at what point do I stop increasing my lifestyle? At what level of wealth do I say, “this is good enough”?

This is the hardest part of financial planning. Deciding on “your number” (a.k.a. your final goal post).

I have a number in my head. It seems like a lot right now, but with inflation, 30 years from now it’ll buy about half of what it does today. Our number might fluctuate slightly, but it’s more based on what we want our lifestyle to look like in our 60s and beyond.

To combat the always moving wealth targets, don’t think in terms of numbers, think about your ideal life and be as crystal clear about it as possible. Paint the picture in your head. At what age would you like to be work optional? How often do you want to eat out? Travel? Downsize or upgrade a home? What does your daily life look like in this idealized version of you? How are you spending your waking hours? Clarity in this vision is THE most important part of this exercise. From here you can calculate what this ideal life will cost annually in today’s dollars. Then we can make an assumption, like 3% annual inflation and 7% annual returns in our portfolio until age XX. This gets you to your “number”. Of course you can make adjustments, but this will help slow or stop the idea that your perception of wealth always needs to change.

It’s not healthy for us to constantly chase the wealth carrot. In fact, I think it’s quite detrimental to our mental health. Figure out what’s enough for you and the life you want, and come to peace with that. There’s more to life than the hamster wheel of work and finances.

I really got a kick out of asking people what they thought “wealth” looked like in their childhood. It was a great moment of nostalgia and longing for a simpler time!

Y’all, it is time for…

Congratulations to our inaugural honoree - MIKE SHANNON! A little bit more about Mike…

Mike is the CEO and Founder of Impruve. He’s an entrepreneur, a Shark Tank alum, and author of the new book Sweaty Equity: A Ball Boy, A Billionaire, and the Bonkers Startup Tale You’ve Never Heard. Mark Cuban called it “…a wildly entertaining story!”

I wanted to feature Mike as our Parent of the Week because his career path is super cool and unique, but most importantly he’s the proud dad to two young kids. Mike’s wisdom and ambition are inspiring (to me and his kids!). Here’s a bit from my interview with Mike:

If you could go back and give one piece of advice to yourself on your first day as a parent, what would it be?

Enjoy the moments! (even in the chaos).

What’s one piece of advice you hope your kid(s) keep with them forever?

Appreciate the journey, and develop a love for the process.

What’s your favorite thing about being a parent?

The incredible growth curve that kids have as they explore & learn.

What’s one thing you spend money on that improves the quality of your life?

I recently spent a bit of money on a backyard project that has increased the amount of time my kids and I spend playing and practicing together. Instant ROI!

Congratulations, Mike, on being our first Parent of the Week and on the new book! If you know an awesome parent/caregiver who deserves a silly little Cents of Humor recognition, please fill out this form!