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Does money buy you happiness? Does money buy you happiness?
by Joseph Gatt
2020-10-04 09:29:00
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Money can't buy a lot of things. Money can't buy you talents. You could hire an expensive coach to guide you through learning a talent, but there's no guarantee you'll be skilled or talented.

Money doesn't buy knowledge. You could buy books or other access to information, but in the end, money won't buy you the patience and concentration you need to absorb the knowledge.

Money won't buy you love. Maybe you'll fall in love with someone who won't reciprocate the feelings, no matter how rich.

hap0003_400Money does give you peace of mind when it comes to paying bills and not worrying about having to pay bills. Money can also buy you a comfortable life when it comes to consuming.

Now I've had rich friends in the past. Some of them are no longer rich. What happened?

-They either spent it all (and shopping items just kept piling up in their houses). If they spent it all, they sometimes borrowed money to purchase luxury items like boats and yachts and jets and what not, but their income could not keep up, the yacht and boat and jet value declined, they couldn't sell their assets to cover their liabilities, and they went broke. They also bought houses that lost 80% of their value. You get the idea.  

-Or they invested it all (they spent all their money in investments that flopped). Now for these guys, investing is like a reflex, an addiction. The minute they make money, the need to reinvest the money. Why? Because if they save the money some of it is going to belong to shareholders or banks, so they could rather control their money by investing all of it. And then, they lose of all it during recessions and for other reasons (like investing in areas where “trusts” are the norm and you can't beat those trusts.)

-Or they gambled it all. I know some guys who, the minute they make a dime or two, bet it at the casino.

-Or they gave it all. These guys exist. They just can't resist the temptation of showing that they have money by signing generous cheques to family, friends, charities and other organizations.

So you see right here that money doesn't always buy happiness. Being rich can be a source of anxiety if you are addicted to spending it all, the investing it all, to gambling it all or to giving it all away!

So how does money buy happiness?

There's no perfect answer.

There are three ways to become rich:

-Luck (winning the lottery or inheritance).

-Talent (being really good at a skill like music or sports where big money can be made).

-Hard work (setting up a business that's in demand, and keeping customers satisfied).

So how do rich people stay rich?

I have friends who are very rich, and stayed rich for the last 20, 30 or more years. How do they do it?

Truth is, folks, those rich friends who stay rich live like they are poor. Not like they're really poor. But they dress modestly, they live in decent, but modest homes, they drive modest cars, they travel in economy class... and, when you chat with them, they discuss simple things like food or travel or the kind of entertainment everyone else watches.

What about those rich people who lose it all?

I have those friends as well.

All they talk about is cigars, diamonds, golf, a night out with a prostitute or a porn star, luxury whisky, fur coats, leopard skin, and having deer meat or kangaroo for dinner and stuff like that.

These are the guys who spend it all, invest it all, give it all and gamble it all away.

Now these guys are kind of lucky, because they have a network of people that tends to let them stay afloat by paying them generous sums for services, usually involving being the middle man at deals and things like that.

So they're not completely broke, and in some cases, they learn their lessons, and rebuild their fortunes with that extra cash made after they went broke.

In sum, does money buy happiness? No. The only thing it does is relieve the anxiety that not-so-rich people have when it comes to figuring out ways to pay the bills.

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