Myth Buster35:30
Wealthy people spend far less than you think
“wealthy people actually don't spend as much money as you think they do”
“am I am I riching correctly am I supposed to be spending more money”
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Deca-Millionaires09 May 2024
Does Money Buy Happiness? A Conversation with Deca-Millionaires
3Frameworks
15Insights
Frameworks in this episode
Insights & moments
The myth-busts, hot takes, explainers, and tools worth keeping.
Myth Buster· 1
Hot Take· 1
Hot Take12:30
Wealth is not a replacement for purpose
“wealth is not a replacement for purpose and often times people look at it as a replacement for purpose”
“I think that wealth isn't a replacement for purpose is a really really important thing to keep in mind”
Explainer· 4
Explainer05:30
Wealth amplifies the tendencies you already have, good and bad
“wealth actually manifested or or kind of like made the extremes worse”
“for me I thought oh instantly I have money now I'm going to be healthy right and it's like no that's that's that's not how…”
Explainer09:00
Baseline financial security is the first step almost nobody plans for
“having a thoughtful plan whether you do what's in you know Tim Tim Ferris is book uh for our work week Tony robins's a book…”
“if you're if you're at the point where you worried about paying your bills then obviously getting more money is going to make you way…”
Explainer10:30
Wealth changes you at the level of your insecurity
“wealth impacts you to the level of your insecurity that's really where it comes from”
“objectively the number does not need to be going up they're not purchasing anything that would need the number to go up”
Explainer39:30
Lifestyle creep can trap someone earning $10 million a year
“it's amazing how much lifestyle creep uh that you can see even after enormous well”
“he feels like he can't leave because uh the money he would leave on the table by leaving lifestyle creep has gotten to the point…”
Story· 4
Story04:30
The wire hits for tens and hundreds of millions — and they feel nothing
“this is not a satisfying answer I felt nothing”
“I was still the same person my mental like my relationship with myself did not get changed by that external event”
Story13:30
Patrick asked 30 founders if they'd sell again — half said no
“I asked them would you sell again 15 of them said yeah absolutely it was the best decision get the bag Etc the other 15…”
“they had all this money and then they were sitting there and they're like they had lost their purpose”
Story22:30
The Oxford philosopher who caps himself at 30k a year
“he has made a public pledge to basically donate all of his money Beyond 30k a year”
“he's engineered his life around social contact and connection and impact and stuff and genuinely comes across as a really really happy guy”
Story25:30
DHH's 'The day I became a millionaire' and the euphoria that faded in a week
“one of the most impactful blog posts I've ever read is from dhh called the day I became a millionaire”
“for about a day he felt like euphoric for about a week he felt like this glow of like contentment and then it went straight…”
Q&A· 1
Q&A43:00
How do you avoid spoiling your kids? It isn't the money, it's the parents
“I think kids pay attention to your actions way more than your words”
“there's this preconceived notion that like money ruins kids and it's like to a certain extent that might be true but it's not the money…”
Tool· 1
Tool40:30
Die With Zero, and couples therapy as the best-ROI purchase
“I spent some time with uh Bill Perkins who wrote the book die with zero and I asked him like what's his best Roi purchase…”
“I've only got like four four or five Summers left with them before they're like all out of the house”
Takeaway· 3
Takeaway37:00
A north star value as a decision filter
“we kind of landed on figuring out my my sort of north star core value which was something to the effect of the freedom to…”
“any decision that takes me towards that I have found historically has been a good decision”
Takeaway37:30
Obligation is the one category of spending that reduces happiness
“anything out of obligation not only from a purchase perspective but from a just activity perspective typically reduces happiness”
“I have to donate certain money like you might think oh that'll actually increase happiness but if it's out of obligation um it doesn't”
Takeaway48:30
Find your point of enough, get to it, then forget about money
“get to your point of enough as soon as you can and then forget about money and do something better with your life like poetry”
“find your point of enough get to it for him admittedly it's like 30 million but it doesn't need to be 30 million”