These 2 put out a book on the subject as well. It's worth a read if you found this paper helpful.
http://books.simonandschuster.com/Happy-Money/Elizabeth-Dunn...
If money doesn't make you happy, you probably aren't spending it right (2010) [pdf]
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Re: If money doesn't make you happy, you probably aren't spending it right (2010) [pdf]
#52Ah, yes. "If you can't spend dough, what [are] you hustlin' for?"
Re: If money doesn't make you happy, you probably aren't spending it right (2010) [pdf]
#53Earlier quoted context omitted.
I agree with most of your decisions but: > Completely forget about the price tag when buying small-ticket things: a taxi ride, asking for an extra plate, an occasional flight, paying a round of drinks Needs a little asterisk, you're changing your lifestyle to one that you probably can not yet afford, be careful with that, these 'little things' really add up over time. Other than that: Congratulations :)
True :) that probably deserves clarification: I made a clear separation between "spending money" (rent, travels, food, leisure) and "investment money". Anything spent is either an investment, where I try to keep returns over 5% yearly, or just everyday stuff. I've found that everyday stuff ends up not being very different than my previous spending levels. EDIT: I also live outside the Bay Area, which definitely helps…
Explains how you can buy so much property with just $1m.
Re: If money doesn't make you happy, you probably aren't spending it right (2010) [pdf]
#54Last year I sold some stock from my last startup, a little over $1m after taxes, and I can say it's definitely changed things for the better. In this period of time, I have been able to: - Quit my founder position at that startup (thus avoiding potentially being tied to vesting or retention clauses, in case of an acquisition) - Own my house, and invest in a few other apartments, which turned into a little side busine…
I have often thought about how much happier I would be if I had enough money to not really balk paying for a mid-level sushi restaurant every week or so. Though ultimately I'm not sure how much more money I'd have to make before having that comfort. It would be nice though.
It is interesting. 99% of the time you don't even think about it, or write it off with half a thought as you are busy and want to eat healthy, quality food but occasionally it occurs to you "You know, I don't even have to think about this." and remember a time when you did. Progress is a great feeling.
Re: If money doesn't make you happy, you probably aren't spending it right (2010) [pdf]
#55The generalizations in this paper based on cherry-picked studies aren't very convincing. How people react in contrived situations, and how people live their life are quite a bit different. The word "suggest" appears 17 times in this article, where the author extrapolates from the findings of a single research experiment. It reads more like an opinion piece than anything scientific, and I'm certainly not going to change my habits from what's written in it.
Re: If money doesn't make you happy, you probably aren't spending it right (2010) [pdf]
#56Money is the most tricky thing men will ever face. Not talking about extreme poverty here, the following is what I've learned: More money leads in almost all people to artificial value, short term superficial happiness, degradation of the soul. On the outside it looks great and shiny, but on the inside the soul starves and craves true happiness. Unfortunately, most rich people react unconsciously by spending more and…
>More money leads in almost all people to artificial value, short term superficial happiness, degradation of the soul.
I could not disagree more. In the vast majority of cases, money leads to less misery. Then you just lead your life without the obsessive material thoughts so many struggle with.
I do agree with your last point, though, that once you reach a certain level of stability, you should focus on either reducing other people's misery if you have the power to do so or creating things (either yourself or by proxy) that wouldn't exist in the world without your help.
Re: If money doesn't make you happy, you probably aren't spending it right (2010) [pdf]
#57Money is the most tricky thing men will ever face. Not talking about extreme poverty here, the following is what I've learned: More money leads in almost all people to artificial value, short term superficial happiness, degradation of the soul. On the outside it looks great and shiny, but on the inside the soul starves and craves true happiness. Unfortunately, most rich people react unconsciously by spending more and…
>More money leads in almost all people to artificial value, short term superficial happiness, degradation of the soul. I could not disagree more. In the vast majority of cases, money leads to less misery. Then you just lead your life without the obsessive material thoughts so many struggle with. I do agree with your last point, though, that once you reach a certain level of stability, you should focus on either reduc…
Eh I definitely would agree with his point, everyone I know who has a net worth > 100 million USD is absolutely miserable. At that point I've noticed what those people want is a real human connection, which is impossible if others are aware of your wealth.
Re: If money doesn't make you happy, you probably aren't spending it right (2010) [pdf]
#58I was happiest 15 years ago working as a raft guide and traveling the world. I had very little money then, but I was very happy. I got to do what I loved every day. I usually made two large purchases per year (the opposite of what this article suggests) - a kayak and a return ticket to my next destination. I now sit in front of a computer. Earn OK money but not enough to retire on anytime soon (I am in Spain just now…
We were all happier in our youth. Not a lot to do with money or position; had to do with being in your 20's?
Re: If money doesn't make you happy, you probably aren't spending it right (2010) [pdf]
#59I was happiest 15 years ago working as a raft guide and traveling the world. I had very little money then, but I was very happy. I got to do what I loved every day. I usually made two large purchases per year (the opposite of what this article suggests) - a kayak and a return ticket to my next destination. I now sit in front of a computer. Earn OK money but not enough to retire on anytime soon (I am in Spain just now…
We were all happier in our youth. Not a lot to do with money or position; had to do with being in your 20's?
My parents tell me they're way happier now, in their 50s, than they were in their 20s. I'm in 25 now and I'm not feeling that good. It's become all right, but I wouldn't want it to get worse, that's for sure.
Re: If money doesn't make you happy, you probably aren't spending it right (2010) [pdf]
#60Last year I sold some stock from my last startup, a little over $1m after taxes, and I can say it's definitely changed things for the better. In this period of time, I have been able to: - Quit my founder position at that startup (thus avoiding potentially being tied to vesting or retention clauses, in case of an acquisition) - Own my house, and invest in a few other apartments, which turned into a little side busine…
Kind of same here. And if you are not in the US or in Europe you can actually not even look at the price and just think "What do I want to do?", "What do I want to eat?", ... it's so reliving