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6 min read
On a Friday afternoon, I’ve come across this amazing list from author and financial advisor, Ben Carlson.
It discussed some of his thoughts on money—not only was it was very interesting, but also thought-provoking since so much of his advice is applicable to our own lives.
I loved it so much I compiled 9 ideas from his article:
9 HOT TAKES ON MONEY
1. Freedom is overrated as a financial goal.
There are plenty of billionaires who can do whatever they want, whenever they want and spend as much money as they want. Many of these people still seem miserable or don’t take advantage of their perceived freedom.
Financial contentment is a better goal than financial freedom.
2. ‘Money can’t buy happiness’ is something only rich people say.
It is true that money can’t buy happiness but it can provide comfort which is probably more important than happiness for most people struggling to make ends meet.
3. Outsourcing is money well spent.
Time is a finite resource. Outsourcing services to people or businesses that have more expertise or resources than you is a good investment if it saves you time or stress.
4. True money contentment comes from accepting people dumber than you will be richer than you.
In investing it’s important to remember there will always be people who are smarter than you.
It’s also important to remember there will always be people who are dumber or luckier than you who are also richer than you are.
Warren Buffett once said the reason for financial bubbles is:
People see neighbors dumber than they are getting rich
Sometimes life isn’t fair. Get used to it.
5. You should tip more the wealthier you get.
Lots of people complain about tipping for everything these days. I get it but my feelings about tips for service professionals changed during the pandemic.
If you have the means you should tip more and stop complaining.
6. No one has a number.
The goalposts are constantly moving because you feel differently about money as you age and your goals change. This is true of income and the size of your portfolio and everything else money-related.
The bad news is few people are ever content with how much money they have.
The good news is these feelings keep you moving forward to improve your station in life.
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7. The best perspective about money comes from past versions of yourself.
It’s impossible to keep up with all of the Joneses because the more wealth you accumulate, the more wealthy people you’re exposed to.
Carlson notes he finds it helpful to look back at his past to find gratitude when it comes to his financial picture.
My first salary out of school was bupkis. I didn’t start saving-saving until my late-20s. I didn’t start maxing out my 401k until my 30s.
It’s much easier to appreciate what you have when you’re able to look back at where you’ve been.
8. Enjoying your job is a form of wealth. I can’t quantify this, but I know it’s true — there are more wealthy people in America than those who love what they do for work.
I know plenty of rich people who constantly complain about their jobs. The hours. The responsibilities. The stress. Their boss.
It’s hard to put a price on an enjoyable work environment.
9. People who act like they have it all figured out are lying.
No one has it all figured out when it comes to money. Most of us are making it up as we go.
The full list can be found here: article
(and while I don’t agree with all of his ideas, I still think it’s worth a read)