“Money can't buy happiness because once you get that boat and car, you just think ‘onto the next thing’. But something that money can buy that people don't realize is freedom and time. And I think that is true happiness. Because then you can do whatever you want with your life.”
Matt Stead, George Liakakis, and Mike Callahan, continue their discussion ofThe Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel.
The Psychology of Money explores the age-old saying, “Money can’t buy happiness. Housel posits wealth goes beyond having the fancy car, and can better be defined as the freedom to do whatever you want with your life. For example, if you're working two full-time jobs to make ends meet, more money could mean a happier life. However, studies show that at around an income of $70,000, you stop getting the same happiness return for every extra dollar you make. The path to becoming rich takes critical thinking about what makes an individual happy, and it's not necessarily a dollar amount.
Morgan Housel argues that wealth is achieved through the intangibles versus the tangibles. In order to not only gain wealth, but to keep it, you have to have a clear understanding of what you want and “pair cautious optimism with paranoia” in your financial planning.
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