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A billionaire is not likely to be any happier than you are.


Andrew

This is re posted.


Andrew Keller

Every morning Larry and I dig into a form or idea that has caught our eye. Our hope is that our chat inspires you to never stop thinking and possibly challenges you in a new way. If you'd like to help support the show, please visit patreon.com slash reposted. Thank you for stopping by.


Larry

Miss Keller, I like to start today with a simple question. Yes or no for you? Would you be happier tomorrow? If you became a billionaire tomorrow? Would you be how you would? Yes. Dammit, you're ruining my my show here. interesting idea from today comes from an article in The Atlantic titled How to buy happiness. Quote, in 2010, two Nobel laureates in economics published a paper that show that people believe the quality of their lives will increase as they earn more money, but and that their feelings do improve with additional money at low income levels. But the well being they experience flattens out around $75,000, which is $92,000. In today's money, the lesson remains the same. Once you earn a solid living, a billionaire is not likely to be any happier than you are. Do you believe that?


Andrew Keller

Yeah, I think so. I mean, to be fair, I don't make very much money. So if I became a billionaire, I would be, I would be happier. I mean, I agree with this. When I was working a nine to five job I kept climbing being like, Oh, can you make this I need to make this and I got to a certain point. And I was like, This isn't better. And I became a lot happier when I quit my job and made significantly less money. So I've actually lived it. And I think it is true. Mo Money Mo Mo Problems.


Larry

That's so true. I interviewed the guy the pursuit of happiness, the guy Will Smith played in that movie once. Yeah, the real guy. And he was saying he said that quote, I said, Come on, man ever, ever all rich guys say that he goes, You know what happened, I got a lot of money. My sister sued me. And he was like making this point. Once you get more money, you truly do have more problems. We'll get to the point of this article in a second. But I would like to say this. There's all sorts of studies that show people who win the lottery. So become millionaires overnight, end up blowing all of that money, like 80% of people who went $100 million or more end up blowing the money. So who you are, is essentially who you are, regardless of the amount of money you have.


Andrew Keller

Yeah, I think that lottery thing though, most people that play the lottery consistently, probably don't have much financial awareness. And so yes, self selecting sample, but it is something I heard an analogy, one of my friends, I don't think you know, him from San Francisco work, he worked in private equity. Anyway, he made a lot of money. And now


Larry

we get to read Evan,


Andrew Keller

not only to have, okay, sir, he works in construction. One of his boss told him early on is like you have a wheel, and you keep on feeding the wheel. And like, you have to keep making money to like, keep feeding it. And so it's like, Okay, I got a raise. Now I'm gonna buy a house in Tahoe. And now I'm gonna get a $200,000 car and like, you keep on having these payments. And all of a sudden, you can't get off the wheel, because you're not so big that you have to be able to pay however much


Larry

per month. And so it's like, you might have all this stuff, but like, you have to maintain it and you have no you kind of get trapped and whatever world you're in, or you can feel that people refer that as to your monthly nut. This is how much you have to pay out every month. And the more money you get, the bigger your nut gets, the bigger you have to contribute back to the nut. Here's the other thing. People I think, think if they were famous, their life would be better. I certainly was one of those people. I feel like I've said this a lot. I read an article this year from Tim Ferriss. It was the famous four hour week guy, and he basically, what do you say to me? Well, to me, Tim, you know, as well as I do. I don't know. He was saying being famous is horrible as well, because he remembers the first time he got famous and someone showed up at his house and threatened to kill him. So being famous is almost like Oh, if I just a famous I'd have a great life. By not billion dollars, I'd have a great life. not always the case.


Andrew Keller

Yeah, I think the thing of being famous is you generally will lose your autonomy like Tom Cruise can't go anywhere he wants like, he's super famous. Do what you want to be is the person that pays Tom Cruise. That's that's the sweet spot to be in.


Larry

Well, here's one thing I want in Tom Cruise's defense. It seems as if he really likes doing what he does. Like he loves making movies. Like he didn't make movies become famous. He like really likes making movies.


Andrew Keller

I don't know if I would go that far. I mean, I think he does really like making movies. But I think there is something in his personality. I mean, Rob Lowe always talks about if there's a camera there, I'm going to show up. So I mean, there are some people that are more Yeah, built towards Yeah,


Larry

so this article goes on to say research shows that the wealthier among who spend their money, how they spend their money makes all the difference for their well being specifically spending money to have experiences buying time and giving money away to help others. The crux of it is that spending money on experiences with other people is what makes us happy? Well,


Andrew Keller

this isn't probably something you thought about, but do you think maybe you would be happier and like something more of a socialist society like Sweden or something where you like, you'll just, you're gonna kind of be guaranteed that you're gonna make this amount of money, but there's no, there's no way to go above it. Like, what if we all made $150,000 a year, but you had no room to grow?


Larry

Yeah, you know, I'm really right in the middle of the socialist capitalist thing. Like, I truly believe in life, if we don't have bad, you can't have good. If we all had $150,000. I feel like in some sense, we'd all become robots, and have the same lives part of struggling to earn a good living is the struggling to have a good good living because of the experiences that you have.


Andrew Keller

Yeah, and I think there's also something about like, earning your money versus like you said, the lottery being gifted it, I read something this week that said, 79%, of millionaires were not born a millionaire. But I think it's kind of interesting. Just all that to say that, like you appreciate things when you actually earn them versus when they're handed to you. And they don't mean like, you hear a lot about celebrities being like, Audi is going to give you an R eight, which is one of their really expensive cars, and we just want people to see you driving that car around, they're gonna treat that differently than if they saved for five years, and bought their dream car. So yeah,


Larry

you know, I have this friend, I'm not big time in here. But he worked at Tesla. And he's met Mr. Musk a couple of times. And he said, Ilan is not a happy dude. I mean, he's probably either his or one of the top richest people in the world, if you sit with him, he does is not content, or is that I read a recent article that says Mark Zuckerberg, also one of the richest, most powerful people, whatever, wakes up literally in the morning, thinking about how we can reach the other half of the people that aren't on Facebook yet. So there's, you know, this idea of money power isn't necessarily bringing you contentment,


Andrew Keller

right. I mean, on the other side of that I have a brother, I'm not going to name drop who it is. But what he's met Sir Richard Branson, billionaire and seems to be very happy. So he's got


Larry

his own island, I hear


Andrew Keller

he has his own island, he just kind of, he just has a he's, I have resting bitchface, he has resting, happy. Everything's gone, right?


Larry

If I own my own island, regardless of the amount of money I had, I think I'd be a happy person. I think the idea here, though, is kind of what you mentioned, if you're earning a steady living, and you get to a spot, can you jump up the hamster wheel at a certain comfortable spot of money, and be like, you know what, I want to spend it with people as opposed to keeping the work hard to make more money to have more things. Because if you work really hard, lots of people do. You don't have the time to hang out with people, that's just the case.


Andrew Keller

I mean, this for me, this boils down to do you make enough money where you don't have to worry about where your rent or your mortgage is gonna come from, or where your next meal is gonna come from. Like, if you don't have to worry about being able to afford groceries. I think that's kind of where where you can find it.


Larry

You know, my circle of friends here in San Francisco. And we have a little Monday night meeting, which you were part of for a year before you left, he took Jimmy's place. And I feel like one of the common denominators of this crew of 10 people is there's not a workaholic in the mix. Because to build good relationships to be a part of our crew, you have to be there a lot and build the relationships. A couple of times people have come in someone who was part owner of the 40, Niners for a little bit, went on to do Facebook and some other stuff. He literally took one look at the crew and then he jacked It was like, Yo, man, I'm gonna go work. I'm not gonna hang out and smoke cigars or drink with you guys. So it's not for everybody. Some people want to avoid relationships, so they work all the time. I'm not gonna name drop that name. I know you're fascinated. I'm not gonna I'm not gonna do it. Not gonna.


Andrew Keller

I'm not fascinated. Well, if you want to look at Larry and tell him what's wrong with him, please reach out. You can find us at reposted podcast on Facebook, Twitter, Instagram. If you liked this show, share it with a friend. I'm Andrew Keller for Elon Musk. Stopping by


#podcast #inspiration #money

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