In his book, The Four-Hour Work Week, Tim Ferris asks a question we should all ask ourselves as we work.
The question goes something like this. “Would you rather earn $50,000 a year, but set your own hours, and have plenty of free time? Or. would you rather work 80 hours a week, but earn a very high income?”
Easy. I know what I would say. Give me $50,000 a year and time to hang out with my kids, or time on my mountain bike.
Jared Dillan, who writes for Mauldin Economics, really asks the same question, but in a different way. Take a look…
Are you happy?
Take a quiz.
Let’s do a quick 10-question quiz to see if you are happy with your financial situation and whether you have a healthy relationship with money.
- Do I have enough cash on hand to cover any emergencies?
- Do I have enough for a reasonable standard of living in retirement?
- Can I easily afford small luxuries?
- Can I give 2% of my income to charity (excluding church) without trepidation?
- Is my marriage free from fights over money?
- Do my friends think I am a generous person?
- Do I wear clothes I want to wear?
- Do I derive pleasure from using the money I earn to buy material things?
- Am I debt-free, or close to it?
- Do I invest in tax-advantaged retirement accounts to the best of my ability?
I could actually go on, but you get the picture. If you can answer “yes” to most or all of these questions, then money is your friend. It works for you—you don’t work for money.
This is a much better yardstick of success than being a millionaire.
The full article is here: https://www.mauldineconomics.com/the-10th-man/yes-the-personal-finance-industry-is-a-scam#