Highlights

Why do people care so much about money? Throughout human evolution, we lived in tribes with hierarchies. In our present day society, some people see wealth as a way of demonstrating how important they are. To other people, wealth is a way of paying for basics needs and experiences.

To some, having more money makes them more important and makes them feel more likely to pass on their genes.

Is money the only way to measure status? You can gain status from virtue signaling, i.e. I am someone who volunteers, recycles, gives back to society. Or you can gain it from showing power or your status outwardly. Think expensive car and big house.

The dark side of status is that it involves comparing yourself to other people. Without comparison there is no hierarchy. And comparing yourself to others is one of the fastest ways to become miserable.

Values and clarity are very important. Clarity creates simple decisions. Money is often assumed to solve problems, can often create more than it solves.

We have this tendency to think… I’ll be happy when… I’ll be happy when I have a new job, a new car, a new partner, a new house. But a major source of happiness comes from appreciating what we already have and focusing on growth.

“That man is richest whose pleasures are the cheapest.” - Henry David Thoreau. Enjoy the little things in life.

Happiness is free. Often times it’s family and friends (human connection) that bring us the greatest joy.

The moment you start comparing yourself to other people, you start to lose sight of simple pleasure. Don’t look down on anyone, but also, be careful who you look up to.

Tony shares his experience of getting caught up in the startup experience. How looking up to people can harm your standards and expectations.

We discuss how humans are the only animals that suffer from dwelling on the past and worrying about the future. We talk about the insights from “Why Zebras Don’t Get Ulcers” by Robert Sapolsky. We are the only animals that can have conversations with ourselves and that has benefits and consequences.

Humans have so much control over their minds and their trajectories. Our thoughts create pathways in our brains. The more we think about something the more we engrain that pathway. So the more you think happy thoughts, the more you’ll think happy thoughts. The same is true about negative thoughts.

Make sure you are living in line with your values. Money exacerbates what you already are. If you’re a kind person, more money will most likely make you more kind. If you’re a greedy and selfish person, money will make you more greedy and selfish.

Why do you want the money in the first place? What would you do and who would you be if you had $10 Mil right now?Asking yourself questions like this are an important way to align your goals with your values and core desires in life.

Lottery winners are usually less happy than they were. It resets their level of what they feel they need to be happiness and can disrupt their dopamine network. Then when they inevitably spend all their money they become miserable because they can’t live the life they’ve become accustomed to.

How do you get to the feeling that you have enough? Gratitude is one of the simplest ways.

You can live your dream life for significantly less than you probably suspect. It’s your dream to own a private jet? Why not just focus on renting one? You can have the same experience for much less and there is no upkeep maintaining, storing, staffing, and insuring it.

In the information age there are plenty of tools to reach your goal. Set a goal and work backwards. Clarity is your friend.

What does the science say about happiness and money? We talk about why having more money doesn’t guarantee more happiness.

Think creatively about your monetary variables. Do you want to or need to live where you live? Do you need to own a house or could you rent? Opening your mind can help you test out how to live the life you want to live with the money that you have.

Where you live not only has a weather climate, but other climates like personality. In the US, living in a major city on the east coast might be fast paced, while on the west coast may be slower. Pick the places and things that make sense for the life you want to live.

What’s the one thing you purchased recently for under $10-20 that has brought you happiness? Let us know!

Timestamps

0:41 Why do people care so much about money?

5:49 Want to be wealthy? Ask yourself, “Why do you want it in the first place?”

8:16 What you really need to be happy in your life

10:27 How comparison robs you of your happiness

13:43 How one bad idea can change your life forever

16:45 Why lottery winners are miserable and what would you do if you had a million dollars?

19:20 The Billionaire party and having enough

21:32 The difference between money and wealth

26:27 How to live like a millionaire without a million dollars

30:10 Are people with more money actually happier? What the science says

33:26 How to think more creatively about making enough money

36:12 What will make you feel like a millionaire?