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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]

#81

Post by lucidrains »

clavalle wrote: post #67
cearl wrote: post #57

Earlier quoted context omitted.

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.

It's tricky, no doubt about that (I am not worth nearly that much but members of my family and some friends are fairly far north of that). Family first. No matter what, your lasting real human connections are your family. If you have a clear policy for when and how you will help people out, this can go a lot smoother. My grandparents, for example; They will help with education and medical expenses directly -- which i…

Family first... unless if your family is that wealthy, materialistic, dysfunctional, and soulless like mine (and yes, they were unhappy, for those curious, not that anyone would change anyone's stance towards money anyways).

After growing up in that environment, I knew money wasn't the answer. Instead, I placed my happiness in learning, helping others, and doing what I believed in. Couldn't be happier now!

Re: If money doesn't make you happy, you probably aren't spending it right (2010) [pdf]

#82

Post by beachstartup »

jacquesm wrote: post #35
michokest wrote: post #26

Last 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 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 :)

i completely disagree - he has a small but successful real estate business and has presumably close to or over $1M in assets. he definitely can afford a tax ride, an extra appetizer, or a flight somewhere without thinking about the implications of the cost. if not this guy, then who? do you have to be a billionaire before you can order an appetizer without guilt?

i'll describe the lifestyle you probably can't afford - $20k vacations, $500 dinners, $100k cars, and $1M houses. not appetizers and taxi rides. appetizers and taxi rides are normal things that normal people buy. even normal people who don't have a successful exit under their belt and don't have a successful new business as an investor.

this irrational overemphasis on frugality i always see on hn just seems like a different form of elitism / pedantry to me. since most of us have money, it's just a covert way of signaling an extra level of self-control and discipline (which are usually required to make money, but since so many of us make money, we've got to find novel ways to signal that extra status).

Re: If money doesn't make you happy, you probably aren't spending it right (2010) [pdf]

#83

Post by sgt101 »

unknownBits wrote: post #32

Money 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…

hmmm - you're not married are you?

Re: If money doesn't make you happy, you probably aren't spending it right (2010) [pdf]

#84

Post by lmm »

collyw wrote: post #2

I 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…

If you were happier back then, why don't you go back to doing that?

Re: If money doesn't make you happy, you probably aren't spending it right (2010) [pdf]

#85

Post by penguindev »

unknownBits wrote: post #32

Money 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…

>If I ever again have quite some money to spend

Sounds like voice of experience from both sides... ?

Re: If money doesn't make you happy, you probably aren't spending it right (2010) [pdf]

#86

Post by cylinder »

msrpotus wrote: post #53
michokest wrote: post #40

Earlier quoted context omitted.

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.

Leverage.

Re: If money doesn't make you happy, you probably aren't spending it right (2010) [pdf]

#87

Post by SnacksOnAPlane »

rasengan wrote: post #71

Coming from the hood, I wanted to say that I could not disagree with this article more. Life is fair. Just like the late poet said, "More money, more problems." Life always finds a way of balancing itself out.

People who say "life is fair" are usually the ones who have an easy life. It's a way to blame people for their problems.

Re: If money doesn't make you happy, you probably aren't spending it right (2010) [pdf]

#88

Post by angersock »

jmagoon wrote: post #79
clavalle wrote: post #56

Earlier quoted context omitted.

>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…

It's strange to me that people think having or not having money is directly tied to obsessing over money. These are two separate things that aren't actually connected--the number in your bank account and the state of your mind. You can have $1bn and be totally miserable and miserly, you can have .15 and be generous and happy, and vice versa.

When you're starving, the difference between $1bn and .15 is pretty fucking acute. Just sayin'.

Re: If money doesn't make you happy, you probably aren't spending it right (2010) [pdf]

#89

Post by downandout »

jmagoon wrote: post #79
clavalle wrote: post #56

Earlier quoted context omitted.

>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…

It's strange to me that people think having or not having money is directly tied to obsessing over money. These are two separate things that aren't actually connected--the number in your bank account and the state of your mind. You can have $1bn and be totally miserable and miserly, you can have .15 and be generous and happy, and vice versa.

>you can have .15 and be generous and happy

On what planet? You aren't going to be happy begging for food, walking everywhere you go, having no place to shower or sleep, not having clothes, etc. Certainly, each extra dollar gives you less marginal happiness as you move up the net worth scale into the tens and hundreds of millions of dollars. But if you aren't able to meet a certain reasonable minimum standard of living, you will be absolutely miserable.

Re: If money doesn't make you happy, you probably aren't spending it right (2010) [pdf]

#90

Post by softdev12 »

For anyone who is interested in a shorter version of this journal article, Wall Street Journal reporter Andrew Blackman posted an article today titled "Can Money Buy Happiness? Here's What the Science Says." It's behind a paywall, which is why the harvard journal article is listed here (I'm assuming).

But if you have a subscription, the link is at http://online.wsj.com/articles/can-money-buy-happiness-heres...

The main points seem to be:

1) at the margin, it's better to spend money on fleeting experiences over material goods 2) money buys happiness up to a point (i.e. $75K per year, then there's diminishing returns) 3) don't get into debt or you're in for sadness

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