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Old 02-16-2021, 07:01 PM   #61
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The excitement of young love has nothing to do with money, correct?
At this point in your lives how would you feel if you were in that same financial situation of 43 years ago ?
I believe as you grow older money provides comfort which contributes a lot to happiness, but that is me.
It is nice to not have to worry about money.
I agree it's a different time and place. I'm just looking for a way to move ahead. BTW DW is on board. We actually spend very little time in the rearview mirror. Being well off helps. I appreciate your perspective.
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Old 02-16-2021, 07:08 PM   #62
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Old 02-16-2021, 07:21 PM   #63
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More money does lead to increased happiness. And there is no ceiling...[/url]
Obviously. Exhibit A: this forum.
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Old 02-16-2021, 08:27 PM   #64
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Not having enough money is very stressful. Even with my income cut in half by my recent divorce I will be fine because I have savings/investments, a 300 mortgage, paid for car and a reliable pension.
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Old 02-17-2021, 02:10 AM   #65
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"Does Money Buy Happiness?" is a very complicated subject.

My father worked in management at our regional power company. He used his job to promote skilled professions and job training--providing very good futures for young men willing to work with their hands. God placed him in his job to build young families.

On the other hand, he had many friends that were very successful--many PhD's and very learned people. Many times, his friends told him they wished they had his peace of mind and simpler way of life. Life was so complicated the more money they made.

We are just so thankful for the quality of life we have, the roof over our heads and the modest investments we've accumulated. And we're especially thankful for great friends and the ability to travel widely as a hobby. We still enjoy a nice day on the lake, and our trips to our RV in the mountains.

My sister on the other hand leads a charmed existence which includes a family LearJet and friends that are really, really wealthy. We're amazed at how many of my sister and brother in law's high income friends are dying in their early 70's. The last two smokers we knew died last year of lung cancer. Another died of pancreatic cancer. My brother in law's original partner's lungs essentially quit working. Three others died of liver and bladder cancers--alcoholics.

Money doesn't buy happiness, and it can come with a lifestyle that shortens the time on earth. We'll just keep our lifestyle simpler and pray that we can live a long, long time.
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Old 02-17-2021, 05:48 AM   #66
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Being financially secure makes me happy. Funny...there were so many things I thought I would buy or do when we finally had money. We buy less now than when we were in the accumulation phase. We do splurge more now when dining out or traveling. It’s so nice not worrying about spending the $.
Being FI makes me happy as well.

Happiness being proportional to log(income) is an equation I can accept, that to double happiness might take 10X the $.

In the first year of RE, we spent about what we did the few years before. Now we are spending rather more, on travel and upgrading the house. During accumulation, I saved about 30% of my income. Now, the income is about the same, but we are spending it all. The strong market helps that a good bit.
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Old 02-17-2021, 09:43 AM   #67
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The things that bring me the most joy are my kids, good friends and my doggies. All are priceless.
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Old 02-17-2021, 09:51 AM   #68
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"If money couldn't buy happiness, it could buy the most remarkable substitutes"
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Old 02-17-2021, 12:57 PM   #69
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I find myself agreeing with both results. Maybe there is a way to reconcile the two findings. Perhaps the relationship between income and happiness is fairly linear, up to the aforementioned ~$75k threshold, after which the relationship changes to a logarithmic scale? I like the airplane ticket/charter example posted earlier. It's a great practical example of an exponential increase in the cost of what is essentially the same service.

I think there's also a lot to be said for the relationship of income versus wealth and how total wealth can influence happiness. I will experience a $100k drop in annual income when I retire, but my total wealth will be unchanged as will my standard of living. Yet I'm hopeful that my happiness will go up!

I have two things that I look forward to having enough dough to blow on in the future:
1. Luxury travel. Better airplane seats. Better hotels/apartments. Better food. Less standing in lines.
2. Concierge medical care. "Hey Doc, come on over and drain this cyst today."
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Old 02-17-2021, 08:37 PM   #70
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Once I got above $50,000/yr income, my happiness didn't change that much. I was happiest when I made much less. And now I make six figures.

I feel pretty happy having money for the future and knowing I'll be able to support myself when I retire, but I'm not really happy spending money.
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Old 02-18-2021, 02:18 AM   #71
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Old 02-18-2021, 03:07 AM   #72
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Being FI makes me happy as well.

Happiness being proportional to log(income) is an equation I can accept, that to double happiness might take 10X the $.

In the first year of RE, we spent about what we did the few years before. Now we are spending rather more, on travel and upgrading the house. During accumulation, I saved about 30% of my income. Now, the income is about the same, but we are spending it all. The strong market helps that a good bit.
I'm wondering if that's a natural log (base e) rather than base 10. I can't even imagine having 10 times what I have now. I even wonder if I had that much if I would't be LESS happy because I'd have more to worry about (who's trying to take advantage of me, etc.?) YMMV
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Old 02-18-2021, 07:42 AM   #73
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I pity the rich kids in the new startups who got rich easily before they understood about struggle.
So true. I worry about this for my own kids. How would they learn about the "true" value of money?
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Old 02-18-2021, 10:35 AM   #74
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Sometimes, happiness is not for sale!

People without electricity, water, heating gas, gasoline in Texas cannot buy these commodities now despite having money.
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Old 02-18-2021, 02:53 PM   #75
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So true. I worry about this for my own kids. How would they learn about the "true" value of money?
We usually made our kids work for what they "wanted" (not what they needed.) I know it caused some resentment as some of their peers had "everything." I like to think, now that the kids are all successful, we played our part in setting them on the right path and especially helping them with orienting their priorities. I guess we'll never know for certain, but one thing is certain. The kids turned out independent and none of them was ever actually deprived (though they probably thought so.) YMMV
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Old 02-18-2021, 03:36 PM   #76
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We usually made our kids work for what they "wanted" (not what they needed.)
Good job! I never had kids, but know that if I'd been handed everything I wanted, I'd have ended up failing as a productive member of society, rather than being here, and 11 days to FIRE.
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Old 02-18-2021, 04:09 PM   #77
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Sometimes, happiness is not for sale!

People without electricity, water, heating gas, gasoline in Texas cannot buy these commodities now despite having money.
Just got power and water back. Gas lines are/were 5 blocks long as were the lines for propane (lots of RVs down here).
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Old 02-18-2021, 05:37 PM   #78
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Clearly everyone is unique. For me, it's primarily about simplifying my life, about living in a beautiful, high quality setting with vastly reduced complexity, minimal stress and fewer "moving parts" that I would otherwise worry (stress) about.
Fortunately I (believe) I have saved enough to fund this happy, modest lifestyle, and while that's generally good enough, I will continue to pursue opportunities to increase my wealth, to raise the quality level, without adding complexity or stress. For example, I have lost the desire to own a vacation home or even a bigger primary home, even though I could... I simply don't want the added responsibility. But I have to be honest; additional wealth (while not absolutely necessary) could always find a place in raising my standard of living, even in my "humble & content" universe.
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Old 02-19-2021, 08:19 PM   #79
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We have been "Blowing the dough" for 18 months, and we like it!

Our prior SWR was under 2% and some of our "friends" resent it but we need to live our own lives before it is too late.

New luxury condo, new to us Mercedes. Still buy bargain wines but sometimes splurge.
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Old 02-20-2021, 12:25 PM   #80
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Like so much today everything is over analyzed. This 75,000 figure is more of that.
Money is a tool. If you misuse it by your choice of lifestyle do not blame it on the tool. If you use the tool properly, it can be incredibly useful and comforting.
As a society we look to find excuses for our failings or unhappiness.
“If I hadn’t made that million in stock options I would never had done.........”
Fill in the blank. Do not blame it on the money.
“That million I made in stock options allowed me to buy my parents a house,pay to send my kids to a great college and allowed all of us to go on a couple fantastic vacations .”
I believe the above would bring more happiness to most people. Did they have to have that to be happy? No. Did it increase their happiness....well yes for most people.
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