💡Wisdom and money

When I was a doctoral student in philosophy, I never really thought about money from a philosophical point of view.

Years have passed, and I have moved away from my academic career. Now I’m less concerned with thinking for its own sake and more interested in philosophy of life.

The impact of money on how we experience our lives is indisputable.

And that’s probably especially evident to you if you’re in your 20s or 30s.

According to a survey by Deloitte, nearly half of Gen Zs (48%) and millennials (46%) report not feeling financially secure. Greater than 50% of respondents in these generations live paycheck to paycheck.

📖 TAKEAWAYS

Reading The Psychology of Money

Morgan Housel’s book, The Psychology of Money, provides practical wisdom that helps us understand how our behaviors and attitudes shape our financial lives.

In the book, Housel writes:

The message here:

• True wealth is living below your means, not flaunting riches

• Financial security comes from saving, not unnecessary spending for appearances

• Prioritize value and purpose over impressing others with material goods.

Many people these days use social media as a way to show off what they purchase. This can exert pressure on others to increase their spending to keep up and avoid “missing out.” It’s not a good situation.

🌟 PHILOSOPHY IN LIFE

Start simplifying

What can you do to start thinking more philosophically about money?

Here is a quick summary of Exercise 5 from Wealth and Wisdom: 50 Exercises to Spend, Save and Live with Greater Purpose:

To complete this exercise, dedicate 30 minutes in a quiet space with a notebook. Reflect on your possessions, routines, digital habits, and personal priorities by categorizing and evaluating each area. Ask yourself key questions, such as what items or habits no longer serve you and how to simplify responsibly. Write down three actionable steps for each category, commit to implementing one from each this week, and track your progress. After two weeks, revisit your actions to assess your growth and identify further opportunities for simplification, fostering clarity and deeper purpose in your life.

💭 THOUGHTS

What has importance in life

Money is important in life, but attaining great wealth is ultimately not that important.

Trying to become rich just because you want to keep up with your peers or neighbors is a sure path to an anxious existence.

🌱 PRACTICAL HAPPINESS

Tackling stress

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🌍 ABOUT

I’m Bradley, founder of PhilosophiesOfLife.org.