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If your things don’t make you happy, you aren’t getting the right things. You can read all about it in my next book, “Soulful Materialism.”
– Jerry Seinfeld
The age-old question: Can money buy happiness? Some say that money is the root of all evil while others think it’s a case of “sour grapes” when people who aren’t millionaires claim that money isn’t everything. It’s both a philosophical and social question, and one study found a solution that met both approaches halfway – It claimed that more money means more happiness, up to a point, but after that, it doesn’t. The number at which happiness seems to plateau was thought of as $75,000, based on a study by Angus Deaton and Daniel Kahneman.
But now it seems like that study had many flaws: For one, inflation has made that number much higher, and it means different things depending on your family situation and location. And then there’s the question of what happiness really means – Does it mean laughing more on a daily basis, or a reduction in long-term stress? How you define the problem makes a big difference in the results. And finally, it seems like the study was proven wrong… Because more money did seem to make people happier, according to a newer study.
But there are some things that you can’t measure through a survey. Money solves money problems but not all problems. This is especially true if your lifestyle changes overnight. If you’re a celebrity or win the lottery, your problems are not only hard but unique. You might get ambushed by the paparazzi when you go out for a movie or get desperate letters asking for money, and nobody can even relate to your situation.
That’s why it was so interesting to watch this lottery winner talk about the problems he faced, the first thing he bought, advice for you on what to do and what not to do if you make some big money very fast, and more – 24 years after winning his lottery prize! It’s an interesting perspective. Check it out:
How did your life or the life of someone you know change in unexpected ways due to windfall income like a lottery? Let me know in the comments below.
Punished for good credit
The numbers are in, and it’s official – Median home prices have fallen by 3.3% Year-over-Year, making it the worst decline since 2012. And to solve this, a new policy is being discussed that has everyone scratching their heads… People with good credit are supposedly going to be punished while people with poor credit are going to get a reprieve. Now, before that flares you up, hold on a second – because that’s not the whole picture, though it does leave me baffled. Here’s everything you need to know about the mortgage tumble and the impending debt ceiling crisis:
Dangerous games
When you’re a citizen watching to see which way the economy is going, the last thing you want to see is your fate decided by a game of chicken between two parties. But that’s what seems to be happening, as First Republic Bank is on the brink of falling apart. The government is hoping that other banks will step in (for a second time) and iron out a takeover, while banks are waiting to see if the government will lend a helping hand. What happens here might set a precedent for many more banks in the coming days, so you need to know exactly what’s going on here:
The Graham Stephan Show
Apart from the lottery video, we had a couple of other fun ones. This video by UK Investment Banker Nischa on the 9 habits that are keeping people poor seems to have tapped into the emotions of viewers, because it’s racked up 6.5 Million views over the last few months! I went into it with an open mind, and a lot of it is solid common-sense advice that I agree with myself:
When Caleb Hammer starts your interview with “You are actively helping so many Americans by being here, because it’s something they can relate with”, that’s putting a positive spin on opening your life choices to criticism for the 200,000+ people who are watching. In this video, Caleb talks to a man with 8 maxed-out credit cards and rips him apart. But I have to say, kudos to the guy for the guts to do this, and it’s good instruction for everyone else in what not to do and avoid such a situation.
From broke to millionaire
When a set of principles totally turns around your life, it’s hard to not have total conviction in it. George Kamel is an important part of the Dave Ramsey team, and in this video, we sat down and talked about why he believes so strongly in the work he does – and how it has helped millions of people set their finances in shape. We also have very different approaches to debt, and we had a complete debate at the end, no holds barred. If you’re thinking about the pros and cons of debt yourself, this is a must-watch!
Bonus: After hours
Occasionally, I put out some vlog videos on my After Hours channel. This week, I was in town for Creators Clash 2 and watch some of my favorite creators fight it out in the boxing ring. But here’s an exclusive, uncensored behind-the-scenes video on what goes on backstage in the Creators Clash arena:
So that’s it for my Sunday round-up. For the new folks here, in this newsletter, I give a quick recap of whatever you may have missed over the week on Sunday over all my different channels, and on Wednesday, I will be doing my deep-dive article on one of these topics. We now have a premium plan that gets you exclusive extra content every week and priority engagement – check it out.
See you next week with another bunch of exciting videos!
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I definitely think there's something to be said about having inherited wealth through random chance vs. working hard to gain it. Somebody in the first situation may not have built up the financial skills that are prerequisites to handling large amounts of money, and may face some issues not feeling worthy of the money. Makes sense when you look at parallels with lottery winners, suddenly famous popstars, etc.