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Episode 3348:
Leif challenges the conventional link between income and happiness by highlighting how mindful spending and intentional living can lead to greater freedom, satisfaction, and emotional well-being. Drawing on research, personal experience, and the FIRE movement, he illustrates how spending less, while counterintuitive in a consumer-driven culture, can actually unlock more time, autonomy, and joy.
Read along with the original article(s) here: https://www.physicianonfire.com/spend-less-live-more/
Quotes to ponder:
"High income buys life satisfaction but not happiness."
"The things you own end up owning you. It’s only after you lose everything that you’re free to do anything."
"A dollar spent is a dollar not saved or invested."
Episode references:
High income improves evaluation of life but not emotional well-being (Kahneman & Deaton, 2010): https://www.pnas.org/doi/10.1073/pnas.1011492107
You Need a Budget (YNAB): https://www.youneedabudget.com/
Scott’s Cheap Flights (now Going): https://www.going.com/
Personal Capital (now Empower): https://www.empower.com/
Mint: https://mint.intuit.com/
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