Money can buy a lot of things, but to have a lot of money in your bank account should never be the main objective in your life. Once you have covered your basic needs of food and shelter, your most important objective should be to be happy. So how do you get the most happiness out of your money?
Here is what I have learned through reading and personal experiences.
Buy experiences, not things
I am a member of a club called McGill Toastmasters. It is a club devoted to learning speaking and leadership skills. We meet for two hours once per week and it costs me $12.50 per month ($1.56 per hour). In exchange I get a fantastic learning experience, I get lots of entertainment, and I get to network with many interesting people who have become close friends. The $12.50 I spend every month is one of the best purchases of happiness in my life.
I met my friend Cheryl about 10 years ago (2006). At that moment I discovered that she had been going to the same coffee shop every morning for many years. At that time I was reading The Automatic Millionaire. David Bach, the author, writes about “the latte factor.” He explains that if we save the amount that we spend on lattes, we can all become millionaires. When I explained this concept to Cheryl and suggested that she stop going to the coffee shop she was taken aback. She explained to me that it was not about the coffee, but about the experience of having a coffee in a place that provides so much happiness. For Cheryl, this is one of the most precious moments of her day. She is investing in an experience and she is getting a great return for her money.
You don’t have to spend much money to buy a beautiful experience. You can spend time with friends at the park, at the bar or at a restaurant. It’s those memories with your friends which will bring a smile to your face, not the latest gadget nor the latest clothing item.
Buy time
The glorification of “busy” is over. At one time I used to admire people who were always busy, now I admire friends who take time for themselves and for their friends. Many of my friends have packed agendas from the moment they wake up until they go to sleep. Many of these friends have high paying jobs. It is interesting to see how they have so many things but they don’t have time. Time to go to the gym, time to have a beer with a friend, time to sit down and watch a sunset.
At one time I was a workaholic. I used to work 10 hours a day, seven days a week. I had money but I didn’t have time. Now, I work part-time. I read books at the park, I meet with friends on weekends or weekdays. For me, time is more valuable than money.
If you have kids or a spouse that you love, the most valuable thing you can do for them and for you is to spend time together. Go out for a walk, to the park, to the beach, to a dance event. In short, give up some of your working hours to spend time with the people you love.
Give
When my ex-wife and I got divorced, I invited her to celebrate by going to Cuba. When my daughter got into a fight with her boyfriend, I invited her to Cancun. Giving to the people you love, is one of the most valuable sources of happiness. Don’t give because it’s Christmas or their birthday, give because giving is pleasurable.
Close your eyes, think about someone you love, or think about a cause worth giving to and show your generosity. You will thank yourself.
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