Masters in Business
At the Money: How Much Money Is Too Much?
Nov 22, 2023
Author Brian Portnoy joins Barry Ritholtz to explore the relationship between money and happiness. They discuss the impact of money on day-to-day mood, the influence of status and tribal instincts on our perception of wealth, and the effects of envy and greed on financial well-being and investing. They also emphasize the importance of setting clear investment goals and the correlation between money and happiness.
12:47
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Quick takeaways
- Having more money does not necessarily lead to increased happiness or a better mood, and the relationship between money and happiness is complex and depends on individual disposition and goals.
- People often value relative wealth and prefer to have more than others, even if the absolute amount of money is lower, highlighting the human inclination to compare oneself to others and assess their relative success and status.
Deep dives
The Impact of Money on Happiness
Money's most powerful impact on our emotional lives is the elimination of misery and the provision of basic needs like shelter and food. However, studies show that once the basics are met, having more money does not necessarily lead to increased happiness or a better mood. The relationship between money and happiness is complex and depends on individual disposition and goals. When money is spent wisely on experiences and relationships, it can contribute to a deeper sense of contentment and meaning in life.
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