Is it Hot in here or is it just a Matter of Opinion?

I try to be open-minded. It’s a big, complex, diverse world of ideas out there and even though everyone else is not as correct as me, they might have something interesting to share.

I did make the mistake of reading the op-ed page of the Wall Street Journal. I opened it because I do respect the general journalistic approach of the paper – compared with what passes for journalism these days – and because I was lured in by the article on, what else? basketball. I mused over the opinion piece by Pfizer’s CEO that it’s disadvantageous for them to be prevented from merging in order to shelter profits offshore from US taxes. I was confused by the blurb that seemed to urge people with gluten allergies to be tested, since it ended by saying the gluten free paranoia would turn out to be fake, just like the fear of fat.  The piece that really got me was on climate change.

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The Key to Wealth & Happiness: Ignore Other People (and other Paradoxes)

I’ve always had a beef with that societal notion of Happiness, and when reading the book Flow on what makes people enjoy life, I realized why. “Happy people” in the media always seem to be rich, thin, beautiful, lucky, brilliant, or talented – all unattainable notions to me or the average Jane. In the book Flow, an analysis of what makes people truly happy, it turns out none of those things drive Happiness at all. And in a recent update to the influential book The Millionaire Next Door, on how ordinary people achieve financial security, the message is similar. Ignore external messages; ignore social media; ignore commercials. Or as a folk singer once said, “it’s an inside job.”

I will note at the outset that this is a somewhat paradoxical entry. I’m telling you to read my explanation and advice on how to improve your life by ignoring other people. This reminds me a little of the Steve Martin bit where he would say, “Now, repeat after me, ‘I will not say things that other people tell me to say’…all together now….’”

But bear with me. The keys to discovering wealth and happiness are not avoiding other people’s advice or ignoring your friends and family, but rather learning when to react to cues from society and the environment and when to ignore them.

The Millionaire Next Door by Thomas Stanley and William Danko

millionairecoverLet’s tackle wealth first; it’s easier. The Millionaire made a very strong impression on me when I first read it 15 years ago. Since many have asked me how I have figured out how to leave the corporate world early, I would point to these principles. The book was based on large scale studies of affluent families and found that people accumulating wealth would probably not be recognized as such. They drive older cars, spend on few luxuries, and save the fruits of their hard-earned labor. They don’t tend to play the lottery but do understand the “miracle of compound interest.” They do take financial risk in keeping with appropriate rewards – save money, leverage money, but don’t gamble money.   A key theme is to ignore “keeping up with the Joneses”: affluent people don’t purchase things because their neighbor has them.

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