It is an oft repeated axiom that money cannot buy happiness. While
this is certainly true, poverty will not buy happiness either. Some
people become very wealthy, yet struggle to enjoy their lives. On the
other hand, others manage to go through life with very few money
problems simply because they are able to make the most of what they
have.
Ideally you should try to combine both prosperity and happiness. To do this I recommend the following steps:
1. Learn to Value Simplicity
The aim of life should not be to accumulate as many possessions and
as much wealth as possible. We should learn to be content with what we
have and appreciate the benefits of simplicity. For example, if we clear
out our unnecessary clutter we will achieve a greater feeling of space
and freedom.
If you feel happiness is directly related to material possessions,
you are making a mistake. Happiness can be gained just through being
content with a small amount of possessions. Our inner wealth is not just
about what we have, but what we are content to live without.
2. Do Not Be Attached to Your Money
Does it pain you to spend your own money – even if it is for
something useful? Even someone like Bill Gates can feel uncomfortable
spending his billions; it is said he used to always travel economy class
because he didn’t see the need to spend more money on first class. The
problem with this, however, is that if we are always reluctant to spend
money we miss the whole point of earning it.
A good attitude is to see money as a circular flow – that is,
spending money enables more to come into our lives. It is not like a big
dam where we just try to hold onto it all. We need to let the money out
by spending on useful and necessary things. It is no good having a
stockpile of water unless we use it to generate power; similarly it is
no use accumulating large savings if we we feel miserable spending it.
3. Minimize Money Worries
We will be happiest if we can make money a small part of our lives,
and think about money issues as little as possible. To be able to do
this we need to avoid creating situations of debt as getting out of debt
can be difficult and stressful. Learn to live within your means by
avoiding impulsive overspending. If you do need to go into debt, plan
ahead and find a loan which is clear and manageable to repay.
Try to avoid complicated and risky investment plans; these give you
the potential to gain more, but you will also have the potential to lose
a lot more. Good financial planning should be simple and well balanced;
this means your nerves will not be affected by worrying about the
outcome of your investment. It is better to invest and save in something
secure so you can forget about it and not worry endlessly.
4. Avoid Jealousy
No matter how much money you have, do you still envy people who have
more? A recent survey asked people whether they would prefer to have a
salary above the national average. Alternatively, they could choose to
have a higher salary, but this higher salary would be lower than the
average. A surprising amount of people chose to have a lower salary as
long as it meant they were relatively better off than the rest of the
population.
To me this makes no sense. If other people become wealthier than you,
that is no reason to be unhappy. If other people are prosperous that is
good; don’t feel miserable just because you cannot keep up with the
Joneses.
5. Don’t Live to Work.
Do you find yourself working overtime in the evenings and at the
weekend? If you spend all your time working, you will have no
opportunity to spend your earnings. Don’t feel guilty for turning extra
work down; it is important to give leisure time as high a priority as
work. It is good if we can gain satisfaction from work, but if we only
spend time working then our life lacks a proper balance.
6. Understand Why Are Some People Always Poor
I’m sure most people will have good friends who always seems to have
money concerns. No matter what happens they always seem to be short of
money and they frequently share tales of financial woe. The lack of
money makes them unhappy, but they don’t know how to change the
situation. Giving them money doesn’t solve the problem because they
continue to make bad financial decisions.
Part of the problem lies in their mindset. It is easy to become
accustomed to being poor and then half expecting the poverty to
continue. With this mindset, it becomes difficult to attract money into
our lives and easy to develop feelings of self pity and regret. However,
while we might be unfortunate it won’t do anything to resolve the
situation. The secret is to try and change our habits and approach to
money. Also, be wary about trying to convert others to better financial
habits – it is almost guaranteed to fail.
7. Ignorance is Not Bliss
Another attitude to money is to try and avoid thinking about it. We
ignore the true extent of our debts, spending and leaving unpaid bills.
We frequently miss out on moving to better financial deals and make late
payments which harm our credit rating. By ignoring money like this, we
merely create more serious problems for the future.
Also, when we put off dealing with financial problems we carry the
problem in the back of our mind. We can get no peace of mind because we
permanently have a long list of things to deal with. It is better in
these circumstances to promptly deal with things like paying bills and
sorting out your accounts – then we can forget about them.
8. Develop A New Perspective
The following are some money related questions you should ask yourself:
- Am I happy with my financial situation?
- Would more money make my life better?
- Do I always have financial problems hanging over my head?
- Is money the most important thing in my life?
- Is the pursuit of money making me miserable?
- Would I sacrifice principles to make more money?
Even just answering these questions honestly may encourage a new perspective towards money.
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