It’s Not all About Your Net Worth
According to the World Happiness Report, moving to a richer country won’t make you happier. Look at the big man Warren Buffett worth 87.8 billion, he agrees that owning more isn’t the key to happiness. He admitted to enjoying days where he had a small fraction of his current net worth.
The first lesson of money, finances, and purpose is to realize this key fact. It is only wise to listen to the most successful businessman in the world. The first lesson you need to learn is detachment from money, as well as detachment of outcome. I am writing this piece to the younger readers of our audience who have ambitions of grandeur.
“I wasn’t unhappy when I had $10,000 when I got out of school,” Buffett recently said during an interview, “I was having a lot of fun.” What an ironic statement, since his whole life has been about money and investing. Once a person gets to own a certain amount of resources, they are not attracted by having more of it. As old as he is, I bet Buffett would gladly give up a billion dollars for 6 months of time. Manage time like money, but more importantly thrive and enjoy leisure as well.
Buffett states that people imagine that a bigger income will make them happier. For example: If you have $100,000 and you’re an unhappy person and you think “$1 million is going to make you happy, it is not going to happen.”
And Research shows: according to a new study by Princeton University, an income of 75,000 dollars is about the threshold where there are diminishing returns of happiness per dollar. In reality, in terms of happiness, time is really what is important.
You Can Earn More Money, but You Can’t Earn More Time.
Yes, Money = Time, but the inverse is not true. Time does not always equal to Money. With Time, you can grow a business, with Money you can as well. But with Time, your business will be able to mature and your ideas will be fleshed out.
If you only throw Money at a problem, your business, product, or idea will be implemented incorrectly. You will lose in the long term. In the Engineering industry, this is known as technical debt.
I am saying to you, don’t build “Technical Debt” in your life. If you only hustle for Money, the things that are important to you, family, friends, kids, relationships, and experiences will pass by, while you look in a different direction. When time comes, and years have passed when the most enjoyable time to enjoy the most enjoyable experiences has faded away, and you will need to work extra hard to obtain these experiences. So yes, manage time, but also go on vacations, do the unexpected, and never say no to new experiences. DONT HAVE REGRETS. Its better to get into trouble than it is to lie in your deathbed wishing you had.
For example, a 50 year old man cannot enjoy the nightclub filled with 20 year olds.
A 35 year old business hustler who never stepped out of the office cannot enjoy his/her first time at a bar. But a 21 year old can.
A 50 year old woman with a newborn will have a significantly higher risk and worry than a mid-twenties woman conceiving. At 80 and near death, this woman will barely experience the joy of playing with her grandchildren.
A drive across the country as a 30 year old is incomparable to a road trip experience of a teenager. It will be ten times harder than an office hustler to get office friends to go on a trip, than it is with your buddies from college / school.
While Money is needed to buy certain experiences and prestige is attractive, I am not saying that you shouldn’t hustle for Money, start a business, get a P.h.d, or climb whatever ladder.
The lesson is this: wisely sacrifice your time for Money, and Money for time. Manage time wisely.
Lastly, Manage time with as much rigor as you would budget your money, and vice versa.
Keep your third eye open to the experiences, and opportunities that you are sacrificing while toiling in work which is right in front of you.