In his book Factfulness, Hans Rosling makes the point that for people in Level 1 of extreme poverty (living on less than $1 per day) a dollar, an increase in income is life changing, noting that a $1 increase income per day would make little difference to people in Level 3 and 4, the upper half. However, he did comment that a doubling of income for people in these level's would also be life changing.
His comment got me thinking that maybe I need to revise my financial goals to doubling my income over a specific time, say every 10 years on average. So after 30 years, I would have 8 times my starting income.
This approach may cause me to rethink our investment strategies.
For more on Ideas You Can Use, check back every Tuesday for a new segment.
This is not financial or investment advice. Please consult a professional advisor.
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