Value for Money - Quareness Series 122nd "Lecture".
As we move through this life most of us have need of some advice on how to optimise our behavioural and financial wellbeing. In this context here's a few pointers which may "come in handy" sometime:
- It's not wise to underestimate the role of chance in this life. The circumstances we are born into and those we happen to meet along the way all play a bigger role in our outcomes than most of us care to admit. Hard work (despite its value and reward) is not the cause of all success nor is all poverty due to laziness...something important to keep in mind when forming opinions.
- The highest money pay-off is the ability to control time. The thrill of acquiring/owning possessions quickly wears off. Being able to do what we want, when we want, where we want, with who we want and for as long as we want is a more likely key to a lasting level of happiness. Achieving independence is an ultimate goal for many of us where every dollar/euro etc. saved is like owning a slice of our future that might otherwise be managed by someone else, based on their priorities.
- It's not wise to count on being spoiled. It's nigh impossible to grasp the value of money without experiencing its scarcity. Learning that we can't have everything we want is an effective way to understand needs versus desires and teaches us the value of what we already have. Knowing how to be frugal is an essential/vital skill, given life's inevitable ups and downs.
- Big actions don't always lead to success. We don't have to do amazing things to end up in a good state over time...we just have to be consistent in not messing up for long periods. Avoiding catastrophic mistakes (e.g.
drowning in debt) is far more powerful than fancy financial tips.
- It is wise to live below our means. This is a powerful financial lever giving us more control. Anyone making say €50,000 per year but needing only €49,000 to be happy will be richer than someone making €150,00 but needing €151,000. How much we make does not determine how much we have and how much we have does not determine how much we need.
- Changing one's mind is okay. Admitting our values and goals have evolved is okay. Indeed it's empowering to forgive ourselves for changing our minds.
- Everything worthwhile comes with a price and a lot of those prices are hidden...sometimes worth paying but we should never ignore their true costs e.g. time away, uncertainty, volatility, over-sheltered life, etc. Accepting this we can start to view relationships, time, autonomy and creativity as currencies just as valuable as cash.
- Money is not the greatest measure of success. Love overwhelmingly comes from how we treat people, rather than our level of net worth. No amount of money/possessions can compensate for a lack of character, honesty and genuine empathy towards others.
- It's not wise to blindly accept any advice we're given. No two people are exactly the same and no one has all the right answers. It is wise never to take on board any advice without placing it in the context of one's own values, goals and circumstances.
Final word - regarding the "background" idea here of the central importance of our individual mindset, it may best fit our life's purpose to accept that the most appropriate perceptual framework for a social interaction at the
familial and the community level is to view each individual as unique and sovereign.
Sean.
Dean of Quareness.
July, 2020.