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How to spend your money for maximum happiness
Money And Happiness
The debate about how material belongings can get in the way of our happiness dates back hundreds of years:
- The Buddha talked about a balance between asceticism and pleasure.
- Early Christian monasticism preached spiritual transformation through simple living.
- Philosopher Lao Tzu warned that if you chase after money, “your heart will never unclench.”
Today, the question of whether money can bring us happiness remains a subject of intense debate.
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3
Key Ideas
Adaptation and happiness
Adaptation is the enemy of happiness.
We buy things to make us happy. And they do, but only for a while. New things are exciting to us at first, but then we adapt to them.
Experiences vs. Objects
Objects fade and become part of the new normal. So you’ll get more happiness spending money on experiences like going to art exhibits, doing outdoor activities, learning a new skill, or traveling.
Experiences really are part of ourselves. We are the sum total of our experiences.
Shared experiences
They connect us more than shared consumption.
Even if someone wasn’t with you when you had a particular experience, you’re much more likely to bond over both having hiked the Appalachian Trail or seeing the same show than you are over both owning Fitbits.
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Key Ideas
The Rush of Motivation
During the first week of the new year, there is a rush of motivated people who want to achieve their respective self-improvement goals. But then all this rush always tapers off, with only about 8 %...
Procrastinating
Procrastination, or the way we let pending tasks linger on, just avoiding them, is one of the main reasons our goals don't materialize.
The longer any work is avoided the harder it becomes to eventually do it.
Like dishes piling up in the kitchen sink, they get harder and harder to do as the load increases.
Fear as the Cause of Inaction
Fear causes us to procrastinate. It can be:
- Fear of change
- Fear of leaving our comfort zone
- Fear of the unknown
- Fear of failure
- Fear of what other people would think of us
We justify these fears by imaginary different reasons, but the root cause is not related to our invented reasons, it is our inherent fear.
5
Key Ideas
Money: a store of productive time
We're commonly told that money is a "store of value," meaning a storehouse of past effort to use for future purchases. Really, money is a store of (productive...
Wealth: an abundance of time
When we notice the relationship between money and time, we realise that wealth isn't necessarily an abundance of money, but an abundance of time. When you gather a lot of money, you collect a large store of time which you can use as you want.
Financial independence is then geared to having saved enough, so you're no longer required to work for money. Yet, many people spend so much time gathering stuff but don't set aside anything for the future.
Material things and the value of time
An irony of modern society is that many people work more to have more money to buy more stuff, but because they have so much stuff, they need more money, which means they have to work more, which means they have less time. To escape this vicious cycle:
- Deliberately reduce your spending below the level needed to maintain your lifestyle.
- Spending less helps fund your future. Living with a lesser lifestyle means you don't need to save as much for retirement.