Have you ever found yourself caught up in the pursuit of material possessions, believing they will bring you happiness? Or perhaps you've been lured into working excessively, thinking that the more you earn, the happier you'll be? In this conversation, we expand on the concepts covered in the previous episode and dive deep into money-happiness traps and how they lead to unexpected consequences, like mounting debt, burnout, and even strained relationships. We discuss the power of social comparison and how it can affect our financial decisions and overall well-being, and unpack seminal research to help you understand the complex relationship between money and happiness. We also explore the balance between work and personal life, aligning spending with your core values, and thought-provoking questions to reflect on your financial journey and happiness goals. Join us as we navigate the complex relationship between money and happiness and uncover the path to reaching your financial goals!
Key Points From This Episode:
(0:01:06) Temptations that distract people from their financial goals.
(0:03:48) The two sides of the money-happiness trap: spending and earning bait.
(0:08:11) Why more money doesn't always lead to more happiness.
(0:16:18) Insights into the social comparison trap and its impact on well-being.
(0:20:29) Key takeaways and actionable steps for achieving your financial goals.
(0:23:17) Self-reflection on values, purchases, regrets, identity, and life purpose.
Links From Today’s Episode:
Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/
Benjamin on X — https://twitter.com/benjaminwfelix
Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/
PWL Capital - https://www.pwlcapital.com/
Dr. Mark Soth (The Loonie Doctor) — https://www.looniedoctor.ca/
Dr. Mark on X — https://twitter.com/LoonieDoctor
Money Scope - https://moneyscope.ca/
’High income improves evaluation of life but not emotional well-being’ — https://pubmed.ncbi.nlm.nih.gov/20823223/
‘World Happiness Report 2018’ — https://s3.amazonaws.com/happiness-report/2018/WHR_web.pdf
‘Experienced well-being rises with income, even above $75,000 per year’ — https://wpa.wharton.upenn.edu/wp-content/uploads/2021/01/Experienced-Well-Being-Rises-with-Income-January-2021.pdf
The Money Scope Podcast