Time Famine - Deepstash

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How to spend your money for maximum happiness

Time Famine

Time famine is something experienced by people across all income levels.

People who feel time-constrained are more stressed, less likely to spend time helping others, and less active. This is also one of the main reasons people give to explain why they’re not exercising regularly or eating well.

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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.

Financial Personalities

There are five different types of financial personalities, each of them having their own set of values and outlook towards money:

  • The Big Spenders: The ones who place a high val...
Saving Tips For All Types

After you have figured out your financial personality, here are a few tips to save money:

  • Big Spenders need to consider fun alternatives to the high-purchases with things that cost little but bring real quality and happiness and lead to savings.
  • Savers need to start living their lives, and not live in misery in the present, just for some future security.
  • Shoppers need to recognise the emotions and value in saving money for their future, like a dream home.
  • Debtors need to put some money in automatic saving funds to build their savings.
  • Investors would do great in future, but can also make do with some purchases in the present, striking a balance.
Be Busy, But Not Rushed

Being “rushed” puts you on the fast track to being miserable.

Live a productive life at a comfortable pace. Learn to say no to busywork.

Have 5 Close Relationships
National surveys find that when someone claims to have 5 or more friends with whom they can discuss important problems, they are 60 percent more likely to say that they are ‘very happy’.
Excerpt from the book Finding Flow.

True friends really are worth their weight in gold. Check in regularly with close friends (around every two weeks).

Happiness And External Events

Self-esteem is good for confidence, but self-esteem that is bound to external success can be quite fickle. 

Think of yourself less and avoid the trap of tying your self-worth to external signals.