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How to spend your money for maximum happiness
Treat Time As A Commodity
People who think of their time as a limited resource are more likely to derive joy from life’s simple pleasures (talking to a friend for example).
Also, if you’re spending money on a time-saving purchase, use those extra minutes to do something that lifts your mood.
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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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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.
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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.