What makes a ‘rich’ life?

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While money might not make you happy, we all know we need it to live comfortably and well. We hosted a Thai banquet feast at Long Chim in Sydney’s CBD where we facilitated a discussion around what makes a ‘rich’ life, how priorities and lifestyles change and ways to increase your wealth while not working full time.

We were joined by a couple of guests who brought related expertise to the table:

  • Melinda Livingstone, founder of IncomeConnection, a wealth of knowledge in know uncover opportunities to make it easy for you to earn an income doing what you want to do in the on-demand sharing economy.
  • Brendan Ryan, founder of Later Life Advice, a Certified Financial Planner who helps people make better financial decisions around aged care for their future selves, spouses or parents.

We loved the stories that our guests shared - it felt like we only scratched the surface!

Here's a few of our highlights:

How do you kickstart a late career transition?

One guest shared how an unexpected but attractive long term offer to rent out her house on Airbnb has kicked off some of her transition plans.

How much money do we need to be happy? 
Rainer has been looking at the research and understands it to be about $100,000. Here's an article on the topic. 

What makes a comfortable life? 
Really it is the freedom to be able to make choices, like one guest who has left his IT job to explore career options and projects that he is more passionate about.

Why are side gigs beneficial?
Sometimes it’s for the extra money. Other times it is to pursue a passion project. Other times it's to feel like one is contributing and is valued by others.

If we do something we enjoy, such as creating and selling things that in itself is rewarding. When others appreciate us sharing our passion with them, that connection with them is also mutually rewarding.

We talked about repetitious work and how hard that can be to cope with, it exists even in senior roles. That’s why we often crave something else.

How do you generate an incremental income?
Melinda highlighted that many aspects of our expertise and our assets can now be monetised in the sharing economy. She shared some stories of the people she has helped in her business including one client who had built a 'side gig' training people on how to appreciate olive oil.

Ultimately we all want our family and future selves to be living comfortably and with dignity. How do we make sure we can do this even in our 40s and 50s?
Brendan discussed the difficult choices people need to make as their parents or family members age and need a greater level of care. Often they need to develop a great amount of knowledge quite quickly on what the options are and how much it will cost. This isn't easy as it's a complicated web of government and private practice with regulations changing all the time. 

Getting the most up-to-date information in the changing area of aged care is key to alleviating a lot of stress as people go through a lot of emotional turmoil. It provides peace of mind at a difficult time and can help when other family members think they know better.

If you would like to join us for great conversation over fabulous food and connect with our community, check out our upcoming events.

Natalie Yan-Chatonsky