Money has the unique ability to move economic value through time; money made from work done today can be used to fund spending in the future. Time and money are both finite resources that we have to make allocation decisions about on a daily basis. There is no objectively optimal way to allocate time and money, but I am going to argue that for human investors these decisions should be anchored in the objective of living a happy life, so we need to know where happiness comes from.
Timestamps:
0:00 How much is enough?
1:03 What is Happiness?
4:04 PERMA and Well-Being
6:22 Time, money, and happiness
9:48 Spending money for happiness
11:42 The Four Cs
13:13 Setting anti-goals and the Five Factors of Well-Being
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Sources in order of mention
Functional imaging of neural responses to expectancy and experience of monetary gains and losses https://pubmed.ncbi.nlm.nih.gov/11395019/
The Happiness Hypothesis: Finding Modern Truth in Ancient Wisdom https://www.happinesshypothesis.com/
Positive Psychology: The Science of Well-Being https://uk.sagepub.com/en-gb/eur/positive-psychology/book243503
PERMA™ Theory of Well-Beinghttps://ppc.sas.upenn.edu/learn-more/perma-theory-well-being-and-perma-workshops
Thinking Fast and Slow https://us.macmillan.com/books/9780374533557
Happiness, income satiation and turning points around the world https://www.nature.com/articles/s41562-017-0277-0
Time Smart https://www.awhillans.com/new-book-ndash-time-smart.html
If Money Doesn’t Make You Happy Then You Probably Aren’t Spending It Right https://scholar.harvard.edu/files/danielgilbert/files/if-money-doesnt-make-you-happy.nov-12-20101.pdf
The Geometry of Wealth https://www.harriman-house.com/geometry-of-wealth
The End of History Illusion https://science.sciencemag.org/content/339/6115/96
Rational Reminder Podcast episodes mentioned:
https://rationalreminder.ca/podcast/102
https://rationalreminder.ca/podcast/143
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——————
source
@BenFelixCSI
Timestamps:
0:00 How much is enough?
1:03 What is Happiness?
4:04 PERMA and Well-Being
6:22 Time, money, and happiness
9:48 Spending money for happiness
11:42 The Four Cs
13:13 Setting anti-goals and the Five Factors of Well-Being
@Aktof
I really enjoy your videos — thank you for making them.
@kyahgirl1360
Thanks for another insightful video. I have been working my way through Kyle Prevost’s retirement planning course, reading books on the subject (Milevsky’s is the most fun), and talking to people I know who already retired. Very few focus on the money. It’s all the social,health and personal satisfaction components that make or break a person’s enjoyment of their retirement. What you talk about here is a critical part of the process of living a rich, full life!
@Pedozzi
Hi ben, do you make the animations for the videos yourself? What software is being used? Thank you.
@realruppert351
'The best things in life are free, or at least they're not luxury good.'
Capitalism : hold my beer, i'm on it
@oriolrodriguezigonzalez5634
I think this video should deserve +100M views. It depicts life’s rules in 10min
@gaurichess
This is absolute gold
@3vecesminombre
This is a EXTREMELY WELL CRAFTED video! Thanks 🙏🏻
@Swarm_
This was a great video, didn't think i'd find this in a finance channel. Thanks
@ignaciocabreragordillo4479
I hope this guy spoke more frequently about other topics than finance. His videos and research are unvaluable. Thank you for your work Ben!
@jimc9516
this is very information-dense. no fluff or excessive metaphors. love it!
@downtimefun
came here from coffeezilla, great video! thank you
@ShockingRotom
I have been binging your stuff during work in the background and this is by far my favourite video from you. Made me realize a lot of things about myself. Most notably, my current relationship with money is an unhealthy one. I just got interested in personal finance and investing this year but this video has helped me take a step back.
Ps this has been added to my watch later and I WILL be rewatching this going forward
@wpouser
now that was a good video, with a lot of stuff to read after watching, thanks a ton.
@spinnetti
I used to have passions, goals and know what I want. Now I don't really want anything and there's no joy without some kind of goal for me. Unlike for most I have the luxury that neither work or money is an issue or constraint. Dunno what to do.
@Buffalo_Soldier
Money gives ability to be happier. But it doesn't equal to happiness.
@timonpasslick
I think the study that says there's a 60k limit to happiness from income did a lot of harm, and it has been refuted. For most people, the wealth utility function does not plateau on a log scale.
But this is interesting, I didn't know about most of these studies.
@mishabar
"The best things in life really are free." Something to engrave in the brains of every get-rich-obsessed person.
@themachine300
Money. Time. Health. These, I would argue, are the fundamental and indivisible factors of life and unhappiness. Everything in our life can ultimately be distilled down to one of these three and without them life and happiness cannot exist.
@nat.serrano
Great video man. Almost philosophical
@w00tn33s
Just found your videos and WOW they are so well done. This is one of the BEST ones i've seen yet. THANK YOU.
@HansPeter-gx9ew
again a bla bla video. To be able to live in a nature , calm enviroment you need money, bc such places are either extremely pricey or they don't offer any jobs; to be able to afford hobbies you need to feed yourself first which got extremely hard even in the most developed countries like Germany. How to enjoy your job if your life hangs on doing it right.
How to not invest everthing into saving if pension and other stuff is not enough?
@HankTheTank23
This was a really interesting and thoughtful video. Thanks for taking the time to research it. The one thing I would challenge a bit is your suggestion that things and experiences are mutually exclusive options. In reality, I think things can lead to experiences and vice versa. For me personally, I love guns and shooting. I enjoy the experience of buying a gun (experience -> thing), but I enjoy the experience of shooting it even more (thing -> experience).
@mikkihintikka7273
Obtaining more money is actually beneficial for you and thats why humans are evolving/thriving. We get dopamine when we make steps to success
@xDarknessCrusherx
Wow
I expected this video to be about something like "save vs spend" tradeoffs.
Instead got an amazing lecture on happiness with facts and references.
I'm gonna rewatch and take some notes
This is a quality, man
@AdamEgret
What?? A tall, good looking guy who's got it all figured out? How am I supposed to compete?
At least he's bald and doesn't have a full thick head of healthy flowing hair for me to compete with. Thank God.
@mihai.13
I've been watching your videos on and off and only now stumbled upon this one. It's definitely my favourite one yet!
@ChickFilA_Sauce
Great video thank you for this! I’ve been thinking about this exact thing a lot lately
@stephen9546
So I’m 25 now and I worked non stop since I was 18 on my business and I put all my money into the markets which have compounded by around 20% yearly.
There were multiple instances where I burned out and completely ghosted all of my responsibilities and I’ve noticed I lost my flame until I started to travel and put money into the things that originally motivated me to become successful in the first place
@ashishlivein
I love this. I have actually taken notes from this video. I am glad to have stumbled on this video outside of regular investment strategies
@ishaankapoor933
Took me 3 hours to take notes of this video.
@RalphdontGAF
Invest in happiness? I'm not falling for that one. It was only last year that a guy on the street convinced me to invest my life savings in "canned hope." Turns out it was "canned air."
@aristoi
What an incredibly valuable video.
@MK-ur7mw
This was one of the best videos ive seen on money and happiness. Very philosophical
@matteotagliaferri5599
Great great video
@pocok5000
Happiness is useless
@paulbutler4188
This guy is just so informed about finance and its inter related aspects. Thousands of dollars of free therapy in this one. Well done Ben. Awesome work and such great advice
@Anthony-tw9bw
I wished I found this video earlier.
@h.l.4798
thank you
@Valencia-d6g
Greed. It's called greed. It is what causes rich people to be parasites.
@stangosolutions8995
You'd think it's mostly common sense, yet centuries were spent trying to perfect the art of "balancing" life. You took what for the japanese I believe is the concept of Ikigai, and gave it academic background. Congratulations! Very well explained, no wonder people trust You with 2 billion+ 😂😊
@cristianmarinescu3053
Am I the only one who sees a pattern here – these guys really good at investments are also somehow good philosophers and able to think deeply about the meaning and purpose of life? I see something similar with Munger, Buffett, Taleb, Soros etc.
@meltedsnowman9637
Maybe the most important video you’ve made.
@Jakkaribik1
While people believe this is Investing, they get a needed explanation of psychology!!
@thatvidwasweet
Years later and I still watch this every few months, just to ground myself. It's so easy to get caught up in the minutiae that I have to remind myself that going out to eat and getting a coffee isn't a bad thing – they're small joys that bring me pleasure, and that's okay.
@CrimzinEclipse2010
A good way I like to think about work and happiness is the quote “production is the basis of morale”.
When people live a life of total leisure, no purpose, and no goals that they’re working towards, they very quickly fall into a state of depression, stagnation and listlessness.
Rather than thinking about financial freedom as “I no longer have to work”, it might help to think of it as “now I can be productive in the things that I choose to be productive in.”