I liked this article. Happiness does not come from having money, but not having it is the source of a lot of unhappiness. Which is why I like the idea of a point of satiation. A mentor I had over the years advised me to save or invest every extra dollar above what I needed to be happy. He said “you do that from your early twenties and by the time you are forty, you can retire and focus on what you like to do, rather than what you have to do”.
There's an old Chinese saying that if you compare yourself with those who have more, you won't be satisfied, but if you compare yourself with those will have less, you will be. Couple that with Buffet's comment “if you aren’t happy having $50,000 or $100,000 dollars, you’re not going to be happier if you have $50 million…" there has to be something there.
More brilliant perspective on what really matters from @warrenbuffett #financialgrownup
I disagree with Munger. The value of delayed gratification is something a person can learn, especially through experience. Of course, there are some people who will never change, but there are others—who when presented with a compelling argument—will adapt accordingly. It’s probably important to instill that value, though, at a young age. Delayed gratification is a habit and it must be cultivated.
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