Welcome to reThinkable: a weekly newsletter where I share actionable ideas to uplevel your finances, personal growth, and productivity.

Today, we’ll cover:

How I wasn’t happy even though I achieved my dream

Developing an “investors mindset” to other parts of your life

How to spend money to maximize your happiness

Estimated read time: 2 minutes and 42 seconds

“I’m earning more money than ever before, but I’m still miserable”

Growing up, I dreamed of a landing a great job that would allow me to afford things I never had.

That dream came true after college. I was earning six-figures on Wall Street but… I wasn’t happy.

Many people reach their financial goals only to end up feeling empty—I was one of them.

Although I approached my finances with an ‘investor’s mindset’ to optimize my money, I realized I needed to approach my happiness with the same mindset.

Today, I want to share three strategies that helped me spend my money to maximize my happiness.

Buy Your Time Back

Studies show people who spent money on time-saving services felt greater happiness and less stress compared to those who used the same amount for material purchases.

60% of U.S. adults say they often feel too busy to fully enjoy their lives so what if you could reclaim some of that time?

Take grocery shopping, for example. If your weekly trip takes 2 hours and 30 minutes:

1 hour traveling to and from the store

1 hour shopping and paying for items

30 minutes putting groceries away at home

You can use a grocery delivery service to easily save 2 of those hours.

Although there’s a service fee, ask yourself: Do you value those 2 hours more than the extra cost?

Consider where you might buy back time in your life like with laundry, cleaning, and yard maintenance. Small changes like these can be one of the best ways to maximize your happiness.

Spend on Specific Experiences

The day I realized I had to pivot how I approached my happiness was right after I bought a couple new video games. I’d been excited to play it for weeks, but the thrill quickly faded after a few hours.

Material purchases bring short-term happiness, but you often need to buy more to keep feeling good, and they can feel lonely since they’re usually enjoyed alone.

On the other hand, spending on experiences builds friendships, creates lasting memories, and boosts well-being over time.

If I had spent that $200 on a weekend trip to visit a friend from college, I would have made memories and strengthened our friendship instead of feeling alone in my apartment.

If you do spend on material things, find ways to share them.

For instance, those $200 video games could bring more happiness if you played with friends, making it a shared experience instead of a solitary one.

Align Spending with Your Goals

Having more free time and prioritizing experiences is important for happiness—but these changes will only matter if they align with what’s important to you.

People are driven by two types of motivation: intrinsic and extrinsic.

Intrinsic motivation is when you do something because you enjoy it (the desire comes from within).

Extrinsic motivation is when you do something for a reward or to avoid punishment (the desire comes from how the outside world reacts).

Imagine you have $500 to spend. You could either:

Go on a bachelor trip with people you’re not close to, just to avoid feeling left out, or

Take the oil painting class you’ve wanted for a long time, purely because you like it.

Taking the oil painting class is motivated by what you truly enjoy (intrinsic motivation), so it will make you happier than going on a trip just to keep up appearances (extrinsic motivation).

For me, creating content was a big goal. The money I spent on courses and networking events was worth it because it brought me closer to that goal and improved my well-being by helping me learn things that mattered to me.

Trying to keep up with others will likely make you miserable and broke. Instead, focus on spending your time and money on things you enjoy and that align with your goals—that’s how you’ll get the greatest return on happiness.

reThink More

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Bad news… the wealth gap is widening… It’s more important than ever to take your finances seriously

reThinkable Quiz

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