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A Harvard professor asked millionaires how much *more* money they'd need to be 10 on the happiness scale.
Here's how each group answered:
$1 mm: Double
$2 mm: Double
$3 mm: Double
$5 mm: Double
$10 mm: Double
Folks, the hedonic treadmill is real
Mr Beast tells aspiring YouTubers to make 100 videos and he'll give them feedback and advice.
2 things happen.
98% never get close and give up.
The 2% who do, no longer need his help.
What's the lesson here?
Leaving Wall Street cost me $900,000.
Yup, the "Golden Handcuffs" are real.
Bonuses are deferred.
By definition you ALWAYS leave money on the table.
At 35, I said f** it.
I want to own my time, surf every day & watch my kids grow up.
8 years later, I'm still standing:
I
Guys, I I screwed up.
I left Wall Street at 35 without a plan. I was constantly told:
"You're throwing away your Peak Earning years."
The haters were right.
I'm now 43 and my net worth is exactly the same as it was at 35.
I screwed up my retirement.
And that's great news.
The beachfront homes in our neighborhood rent for $50,000 a month. Kimmel, Cuban have homes there.
My 9 year old asked if that's attainable for us.
I said:
"For us to even have a shot at it, you'd barely see me as I'd be working all the time."
Her answer:
"You should do it!"
So to recap this memento mori:
1. It becomes harder to buy experiences with age
2. Over-saving is a sub-optimal life strategy
3. Many risks can be insured away
4. If you lower what you’ll leave behind, you can work less
The opposite is true for someone in their 20s.
$500 for a guys’ trip can create a lifelong memory.
Paying for a gap year can shift a child’s perspective of the world.
A Harvard researcher asked retirees what they liked most about retirement.
They said:
- No meetings
- No commute
- The ability to pursue a hobby
That sounds like "remote work with a reasonable boss."
Folks, let’s not wait until retirement to start living.
1. Not all dollars are created equal
If I gave my 90 year old grandma $10,000 there’s nothing she could do with it.
As you get older, your ability to “buy experiences” goes to zero.