Buying Time - Deepstash

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How to spend your money for maximum happiness

Buying Time

Buying time can increase our sense of control and, ultimately, our feelings of well-being. For example: hiring someone to clean the house for us, ordering takeout instead of cooking, or paying extra for a direct flight.

But we are less likely to benefit from buying time when we focus on its economic value (something we’re more likely to do if we have less money to spend).

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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.

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.

Money: a store of productive time
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.