Robert Broadley
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Oct 19, 2020 · Unsurprisingly, most people focus too much on working and making money, and not enough on having more time. But shifting your mindset to prioritize time over money can have several...
Mar 22, 2023 · “It is important to remember that having too much money does not make someone intrinsically unhappy,” he said. Instead, it’s how you choose to use your wealth that can affect your mental health and well-being, either positively or negatively.
- Casey Bond
- Dealing with impostor syndrome. The first stop on our tour bus is a big one. People underestimate the prevalence of impostor syndrome. Impostor syndrome is the failure to accept any accomplishments because you feel as if you don’t deserve it.
- Authenticity of relationships. Celebrities complain about this a lot, we’ve heard it before. People have enough trust issues already before adding money into the equation.
- Money buys comfort…& that’s it. There’s a baseline for happiness and research shows people don’t move beyond that. Money can provide comforts that make life easier and offer more attractive options, but beyond that, you are stuck with yourself.
- Becoming too competitive. Do you know what’s really cool? I’ll let you in on a secret: Rockstar Finance has a page that tracks the net worth of 400+ personal finance bloggers.
- Opportunity cost neglect. In a world of scarcity, choosing one thing means giving up something else. When we spend money on one thing, it’s money that we cannot spend on something else, now or later.
- The curse of mental accounting. Mental accounting involves dividing your money into separate mental accounts, such as accounts for food, clothes, rent, school supplies, indulgence, and the like (Thaler & Sunstein, 2008).
- Special occasion. We tend to overspend on “special occasions” (birthdays or Christmas), because we don't keep track of just how many of them we have. Consequently, we end up spending over our normal budget (Sussman, & Alter, 2012).
- Present bias. Present bias occurs when individuals place extra weight on more immediate rewards than those in the future. For example, my future self may want to buy a home, but my present self wants to splurge on a tropical vacation.
Jul 17, 2024 · (Bloomberg) -- When it comes to money buying happiness, more is better. That’s according to new research from a senior fellow at the Wharton School who has argued that the correlation between wealth and well-being does not plateau once incomes reach a certain point.
Sep 14, 2020 · How often have you willingly sacrificed your free time to make more money? You’re not alone. But new research suggests that prioritizing money over time may actually undermine our happiness.
Feb 8, 2018 · Here are seven things you should know about the psychology of money and wealth. More money, less empathy? Several studies have shown that wealth may be at odds with empathy and compassion.
