The Episode: How to Use Money to Buy a Better Life
Today’s episode is something a little bit different. While Jonathan is away, OTS shares a recording he made of his favorite essay on money. Why is this important? Making money can often cost you in terms of stress and overall well-being. Yet, you need money to live. In this essay, Jonathan shares some hard truths about what money means. Will more of it really make you that much happier? He breaks down the definitions of money vs wealth so you can better understand your life’s principles. Finally, he shares some honest advice about living a life of joy and meaning. This is a special episode that shouldn’t be missed.
In This Episode
- Why money is a taboo subject in our society [0:33]
- What is money good for, and what isn’t it good for? [1:07]
- The Notorious B.I.G. famously said, “Mo’ money, mo’ problems,” and research suggests he wasn’t wrong [2:01]
- Why you should focus on doing work that’s important and energizing [3:57]
- How to improve your life with the money you already have [6:04]
- Do you suffer from “hedonic adaptation”? [7:35]
- Advice for increasing the length and quality of your life [9:44]
“Dysfunctional attitudes toward money—from overspending to false economies and scarcity thinking—don’t just hurt business growth. They detract from happiness.” – Jonathan Goodman
Money can’t buy happiness
Studies show that past a certain threshold, money doesn’t make you that much happier. Why? Consider what $10,000 means to a rich person versus what it means to a poor person. Then consider the tradeoff of working harder to make more money versus learning to be happy with the money you already have.
Money is meant to be used
You wouldn’t buy a hammer and never use it, right? Consider money as a tool. Stop comparing yourself to others and figure out your life’s guiding principles. Then spend money there.
Remove yourself from the “hedonic treadmill”
Jonathan shares the Five Principles of Joy and explains how he applies them to his own life. When you enjoy what you’re doing in the present, rather than constantly thinking about what’s next, you free yourself from the feeling that you need to make more money.
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