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What Is a Minimally Good Life?

psyche.co

121–130 of 162 posts

Re: What Is a Minimally Good Life?

#121
post #83

As someone very poor, for me good life means having money to the point where my choices are not based around it.

Imho every time you access the next step of the ladder you'll have a few months of happiness and fall right back to where you were. Money is important if you either don't have enough to meet your basic needs or have so much that you don't have to worry about it 1 second in your life (99.9% of people won't reach that state). Every steps in between is the same with extra distractions that won't do much, if anything at…

This is because there is the tendency to reduce stress by throwing money at the problem. Car unreliable? Got a raise? Buy a new car that won't break down at random. Now you are stuck in car payments for the next 5 - 7 years.

There's things other than lifestyle creep. For example, many families tend to increase their income as they get older. But the expenses also go up. Having one kid, vs 2 - 3 later on, or kid expenses when they are young vs. teenage years (where you now have to worry about increased car insurance, getting them vehicles, etc). And upgrading housing as the family grows. The effect is that your income constantly seems to be outpaced by increasing and recurring expenses.

So what happens is parents get into the mindset of doing without, so their kids can thrive. And when problems come up, they will sacrifice so that additional money can be thrown at fixing those problems. This doesn't let up until the kids are grown, and then you can sell the house and downsize. All of a sudden, your cars are paid off, the kids are doing good on their own (or you've disowned them), your housing costs is lower because you moved to a smaller house, which means utility bills are smaller too. This is now the point where people hit midlife crisis, they have surplus money and have pent up demand to "treat themselves" so go out and buy something expensive (sports car, motor home, boat, etc). And the tightened budget stress starts all over again.

Re: What Is a Minimally Good Life?

#122
post #98
post #83

As someone very poor, for me good life means having money to the point where my choices are not based around it.

I think everyone's choices are based around money (wealthy or not). I think the crux of what you're getting at is that the opportunity cost of choices when you're not wealthy is inherently stressful. If the choice is between going out with friends and buying groceries, both options will cause stress due to lack of the other. I'm at a point in my life where I can essentially go on autopilot when shopping for groceries…

Many people choose to do without a car, and/or curb their consumption, even though they could affort it.

Re: What Is a Minimally Good Life?

#123
post #98
post #83

As someone very poor, for me good life means having money to the point where my choices are not based around it.

I think everyone's choices are based around money (wealthy or not). I think the crux of what you're getting at is that the opportunity cost of choices when you're not wealthy is inherently stressful. If the choice is between going out with friends and buying groceries, both options will cause stress due to lack of the other. I'm at a point in my life where I can essentially go on autopilot when shopping for groceries…

> So there's some minimum income that everyone needs (and it's different between people) where they can "forget" about living expenses and still have a relatively stress-free life. I'd wager somewhere around 1.5x - 2x the cost of living.

I take into account volatility of future income in order to be stress free. Hence my goal was to own businesses where my labor wasn’t needed to keep the income flowing in case I get injured.

Dual income household where each person earns enough to cover expenses can serve a similar purpose.

Re: What Is a Minimally Good Life?

#124

What is needed minimally? - a loved and loving partner, a sane and fulfilling sexuality - enough income to not have any substantial worries about the future - absence of other justifiable existential worries and anxiety about the future such as cataclysms, threats, oppressive social, political and work environments, political instability, etc. - a decent amount of recognition in work or private life (one of them suff…

And here I am, a single-by-choice hermit, with enough money to get by from a below-average-salary-for-my-position job, and no real achievements to be recognized for (which doesn't bother me, since I don't care what others think of me), and no real worries until I have something to worry about and deal with it then. And yet I feel perfectly content with my life in general, and happy 99% of the time.

If I was single with no dependents, I would also be happy with very little security. But with kids and a family, I now feel obliged to make sure I’m doing all I can to ensure their security, at least until they are adults.

Re: What Is a Minimally Good Life?

#125

How children are parented makes more difference than anything else. Having 'good' parents vs. 'bad' determines not just what is needed to have a good life, but in many cases, whether one even has the emotional capacity for feeling good for an ongoing period.

o/

I'd go even further and weight-in the whole lineage.

I believe my grand parents on both side were damaged, leading to damaged parents, producing a very dysfunctional me.

It's like driving with the brakes on.. I speculate that the efficiency of not having to fight toxicity constantly leads to a thick rain of happy.

To the point that if I have children, I'd be sure to regularly send them away so they can see the world outside my sphere of influence.

Re: What Is a Minimally Good Life?

#128

Earlier quoted context omitted.

Imho every time you access the next step of the ladder you'll have a few months of happiness and fall right back to where you were. Money is important if you either don't have enough to meet your basic needs or have so much that you don't have to worry about it 1 second in your life (99.9% of people won't reach that state). Every steps in between is the same with extra distractions that won't do much, if anything at…

This isn't true. There's definitely a baseline of happiness, but my life turned around dramatically once I had basic control over my finances and I didn't have to worry anymore about my financial future, the baseline increased and isn't coming down.

Definitely this. There is having money, and there is being poor/broke.

Where you might not get to go to the doctor no matter how you feel daily, and you might have to walk to work because you can't afford a tire. I'm still happy to have hot water simply because I couldn't afford it for some years.

Life is so much less stressful when you have money leftover at the end of the month - enough to cover small emergencies and keep a $25 expense from ballooning into having electricity disconnected.

Granted, I think they've proven that after a certain point, money has diminishing effects on happiness, but I think it is mostly that you simply that it consumes your life less and less and gives you the means to think about other, more positive things than how to afford new shoes.

Re: What Is a Minimally Good Life?

#129
post #83

As someone very poor, for me good life means having money to the point where my choices are not based around it.

I'm not rich, but I'm comfortable. Most of my choices, and certainly all of my major life choices (like where to live, what car to drive, what job to take) are still based around money. Edit: good points in the responses. I don't worry about eating out, what to order, what brand of sundry to buy. I do try to optimize but as others have said, that's more of a desire than a requirement. Having said that, I think the on…

Kids have to worry about money up to a point. I heard "we can't afford it" a lot growing up.

Re: What Is a Minimally Good Life?

#130

Earlier quoted context omitted.

I'm not rich, but I'm comfortable. Most of my choices, and certainly all of my major life choices (like where to live, what car to drive, what job to take) are still based around money. Edit: good points in the responses. I don't worry about eating out, what to order, what brand of sundry to buy. I do try to optimize but as others have said, that's more of a desire than a requirement. Having said that, I think the on…

The poor stand in the paper products aisle calculating the relative value of one multi-pack of toilet paper versus another. While a person with money might look and decide one is too expensive, it's not an optimization problem. There's not pressure to get it right. The cost of a mistake is rounding error not a meal.

Or buy the 4-pack because they literally can't afford 12 rolls - even though they know it is more expensive.
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