In this book, Elizabeth Dunn and Michael Norton explain how money can buy happiness if spent according to five core principles. These principles include buying experiences over material goods, making purchases a treat, buying time, paying now and consuming later, and investing in others. The authors draw on cutting-edge research in behavioral science to show how these principles can be applied by individuals and companies to create happier employees and customers. They also highlight how companies like Google, Pepsi, and Charmin have implemented these ideas successfully.
In 'The Psychology of Money,' Morgan Housel delves into the psychological and emotional aspects of financial decisions. The book consists of 19 short stories that illustrate how personal history, worldview, emotions, and biases influence financial outcomes. Housel emphasizes the importance of behavior over knowledge in managing money, highlighting the power of compounding, the dangers of greed, and the pursuit of happiness beyond mere wealth accumulation. He advocates for a frugal lifestyle, long-term perspective, and a balanced approach to investing, stressing that financial success is more about mindset and discipline than about technical financial knowledge[2][3][4].
#199: Sharing my top 10 takeaways from a retreat for high-net-worth individuals hosted by Long Angle. Today, Tad Fallows and I discuss how money shapes our decisions—impacting everything from your mindset and family choices to overall happiness. We dive into the power of resilience over perfection, the importance of staying flexible in uncertain times, practical insights for raising financially responsible kids, and more.
Tad Fallows is the co-founder of Long Angle, a community for high net worth and ultra-high net worth investors. He previously co-founded iLab Solutions, a global leader in cloud-based lab management software, which was acquired by Agilent Technologies.
Link to Full Show Notes: https://chrishutchins.com/10-money-lessons-happiness-family-purpose
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Resources Mentioned
Tad Fallows: LinkedIn
Long Angle: Join a free private community for high net worth investors
Chris + Amy AMA: Submit Questions
Happy Money: The Science of Happier Spending
ATH Podcast Episodes:
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Full Show Notes
(00:00) Introduction
(02:48) Wealth Can Amplify the Good or Bad
(05:56) There Is No One Right Way to Invest
(09:39) Understanding Trade-Offs Can Unlock Hidden Opportunities
(12:16) How One-Third of the Economy Operates Outside Public Markets
(15:32) Building Resilience Is More Valuable Than Chasing Perfection
(21:24) With the Future Being Uncertain, Flexibility Becomes Key
(24:01) Estate Planning: Why You Should Have Flexibility Over Court Decisions
(27:14) Everyone Can Benefit from Seeking Advice
(30:26) Recognize That You're Not at the End of History
(33:07) The Key to Happiness: Finding Purpose Beyond Accumulating Wealth
(39:19) Two Curves of Happiness
(40:26) There's No Perfect Answer When It Comes to Money and Kids
(42:32) Should You Be Transparent About Finances with Your Kids?
(48:18) Why It’s Important to Have a Minimum Wage Job
(49:47) Optimizing Isn’t a Binary Game
(52:31) How Chris Optimizes Points & Miles
(55:58) Ways to Optimize Your Travel Experiences
(58:51) All Decisions Are Personal, So There Isn’t a Universal Right Answer
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