A Few Life Lessons

•  Money Can’t Make You Happy, But Lack of Money Can Make You Unhappy. They say, “money can’t make you happy.” But that’s false. Researchers have examined the link between money and happiness — and guess what? Money can make you happy, to an extent. Multiple studies found a significant correlation between money and happiness among people in low-to-middle income brackets. More money = more happiness, up to a certain level. That’s not surprising. If you used to earn $30,000 per year, and now you earn $50,000 per year, this additional money makes a huge impact. You’re not as stressed. The wealthier a household becomes, the more this effect diminishes. Each additional dollar in household income produces a smaller incremental boost in happiness.
  
  What’s the tipping point? That’s up for debate. One famous study says there’s a huge correlation between money and happiness up to the first $75,000 in household income, after which it plateaus. Other studies claim that marginal gains start dropping off between $80,000 and $100,000, while yet other studies put the number closer to $160,000.
  
  Of course, “enough” depends on your family size and location. Earning $100,000 as a single person in Des Moines is different than $100,000 for a family of six in San Francisco. It’s oversimplified to discuss dollars in a vacuum. But the takeaway is that while money can’t make you happy, a lack of money can make you unhappy.
  
  You know that cliche, “I’d rather be happy than rich?” That’s B.S. The effect is either positive or neutral. There’s zero research that shows an inverse correlation.
  
  
• Experiences Make Us Happier Than Things. About a decade ago, the University of Colorado psychology and neuroscience professor Dr. Leaf van Boven decided to unlock the key to happiness. He surveyed hundreds of people about recent purchases they’d made, classifying these as either “experiential” or “material.” Then he asked about their self-reported happiness levels. Can you guess the results? If you want to be happy, spend money on experiences, not things.
  
  Here’s a run-on sentence from Dr. van Boven’s report:
  
  “Preliminary research suggests three reasons why experiential purchases make people happier than material purchases: (a) experiences are more open to positive reinterpretation, (b) experiences are less prone to disadvantageous comparisons, and (c) experiences are more likely to foster successful social relationships.”
  
  
• Never Delay Gratification. This may sound counterintuitive--isn’t money management supposed to be the practice of delaying gratification? Aren’t we supposed to have a sucky “right now” for the sake of an awesome future? Nope. Here’s a framework shift: Don’t delay gratification; reframe gratification. Find gratification in watching your net worth grow. Find gratification in home-cooked meals, driving a reliable used car, and not getting brainwashed by fancy labels. Find gratification in the fact that you can spend your Tuesday taking a random hike because you’ve designed your life accordingly.
  
  
• Simplify Everything. Find the simplest way to do whatever you’re doing. Don’t attempt everything. Pick one niche and one strategy. Focus there. Let the rest go. Find the 80/20 solution to every project. What activities give you the biggest return on your time, energy, and attention? Ask yourself, “what’s the ONE thing I can do [for my health, money, relationships, etc.] such that by doing it, everything else becomes easier or unnecessary?” Find a routine that works for you and ignore the urge for shiny-object-syndrome when it comes to the latest workout fad.
  
  
• Curate. Own fewer but better things. Jean Chatzky, the financial editor of the Today Show, said during a podcast that she only buys items at full price. Wait, what? She only buys at full price Yep. She realized that when she saw a sale, she would pick up “extra” things — items that she didn’t need, or that she bought impulsively — simply because they were on sale.
  
  “I wasn’t planning on buying a candle, but it’s on sale for $5…”
  "I don’t need this table, but it’s on Craigslist for $15…”
  By only buying items at full price, she owns fewer but better things. Her home is less cluttered because she’s placed more thought into each purchase.

--Adapted from affordanything.com

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Coach Yourself: A Motivational Guide For Coaches And Leaders

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Coach Yourself is a unique book, compiled exclusively for coaches to provide you with physical, mental, and spiritual motivation throughout the season. In his follow-up to A Season In Words, veteran coach Dan Spainhour arms you with quotes and motivational ideas to help you achieve peace of mind throughout the season from how to stay motivated to handling critics.

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