3097: Money Does Not Buy Better Habits AND Scared to Death of Death: The Important Things We Postpone by Joshua Fields Millburn

[00:00:00] Have you ever noticed how a calm mind can really set the stage for a good night's sleep? That's the idea behind our new podcast, Good Sleep. Greg, our host from Optimal Relationships Daily, is here to help ease you into a peaceful night's rest with some positive affirmations. And these affirmations aren't just comforting. They can help ease anxiety and nurture positive thoughts, setting you up for true good sleep.

[00:00:25] So press play on Good Sleep Tonight, because a good tomorrow starts with a good night's sleep. Just search for Good Sleep in your podcast app and be sure to pick the one from Optimal Living Daily. This is Optimal Finance Daily. Money Does Not Buy Better Habits by Joshua Fields Millburn of TheMinimalist.com.

[00:00:51] I'm not averse to earning money. That would be silly. I am, however, much more concerned with outcome than income. A common mistake we tend to make is that we often assign money as our primary driver of happiness. If I made X, then I'll be happy. Once this happens, though, once we earn X dollars, we quickly discover that the equation is broken. There is, after all, a real problem.

[00:01:19] There is a reason why most lottery winners end up broke. Bad habits. Besides, there are plenty of miserable millionaires and countless happy poor folks. A much better conductor of individual contentment, then, has little to do with money. Our daily habits. Said another way, the outcome of better habits is more rewarding than your income will ever be.

[00:01:46] You see, we have a much better chance of radically improving our happiness by just changing our habits, by forming new, empowering daily rituals. And we needn't earn exorbitant amounts of cash to do so. High income or no, we must avoid passivity in favor of active, engaged, deliberate tasks.

[00:02:09] We must acknowledge our mistakes, make the right direction-changing decisions, and then take incremental actions each day. Over time, as we move farther in the right direction, we'll be able to wave at our bad habits in the rear view, happy and content, driving toward a more meaningful horizon. This is all, of course, not as easy as it sounds. But then again, it's simpler than you may think.

[00:02:42] Scared to death of death. The important things we postpone. By Joshua Fields Milburn of TheMinimalist.com No one wants to discuss death, and yet we're all going to die, obviously. Which makes for an irksome paradox. What's worse is we often refuse to discuss important topics surrounding death, such as burial plans, cremation, living wills, and the like.

[00:03:10] The younger we are, the more we pretend the inevitable isn't inevitable. And so we live our daily lives with these worries in the back of our minds, uncertain what will happen if we get sick, if we die unexpectedly, if we become unconscious and can no longer make decisions for ourselves. But that could never happen to me, we think, knowing full well it could, and it might.

[00:03:35] Young or old, we're all one brief moment away from a disaster. We needn't be afraid, though. Just prepared. I was unprepared for many, many years. Recently, though, I took worry by the hand and faced the fact that at any time, I'm a moment away from death. So I decided to plan accordingly by obtaining or updating the following. Living will.

[00:04:03] A living will, also known as an advanced healthcare directive or advanced medical directive, is a legal document that provides your family, doctors, and caregivers with information about what life-saving measures you wish to be taken should there come a time when you're unable to communicate your wishes. Last will and testament.

[00:04:26] A last will and testament is a legal document that dictates what happens to your estate once you pass away. If you have a complicated estate, it's best to have an attorney help you write your last will and testament so you can ensure your estate is settled appropriately. If your situation is relatively straightforward, you can draft your own last will and testament, which will save you attorney fees.

[00:04:53] It's best to learn about the components of a last will and testament and how to ensure yours is legally viable. Power of attorney. As an independent adult, it's important for you to have a will, but you must also consider a power of attorney. This document legally allows a person you select to be in charge of your financial matters, such as conducting bank transactions and investing money.

[00:05:20] Property matters, such as management of a property, and other legal situations, such as operating a small business. A power of attorney is not only used in cases of disability and illness, but also in cases where you can't be somewhere to sign a legal document. Although I want to live for a long time, my deathbed ducks are now in a row. Even better, I'm free of the worry regarding those plans.

[00:05:47] There are other documents and considerations to consider, but the ones listed in this article are a great start towards calm waters and a calm mind. I used LegalZoom for some of the previously mentioned documents, as well as for the other basic legal documents. There are also free online resources, like WikiHow, that can point you in the right direction. For more complex tax or legal matters, I seek the counsel of my CPA or attorney.

[00:06:21] You just listened to the post titled, Money Does Not Buy Better Habits, and Scared to Death of Death, The Important Things We Postpone. Both by Joshua Fields Milburn of TheMinimalist.com. And now, a word from our sponsors at Betterment. When investing your money starts to feel like a second job, Betterment steps in with a little work-life balance. They're an automated investing and savings app, which means they do the work.

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[00:07:20] Get started at Betterment.com. That's B-E-T-T-E-R-M-E-N-T dot com. Investing involves risk. Performance not guaranteed. I think establishing healthier habits is more rewarding than earning more money because for the most part, your finances are a circumstance. Happiness and contentment are largely driven by the intentional ways you spend your time.

[00:07:49] Whether you earn a little or a lot, you can still make the decision to take care of your body and meditate and surround yourself with positive people. I'll tell you that currently, I'm earning less money than I did when I graduated college, and yet I'm the happiest I've ever been. And I think it's because I've set up my life in a way that I have full autonomy over my time, and I can be really intentional on how I spend it.

[00:08:16] I'm much more focused on getting to a hot yoga class three times per week and cooking healthy food than I am about increasing my income. And this has done wonders for my peace of mind. So if you think more money will solve your problems, I'd encourage you to experiment with a focus on personal development instead. And since you need to have healthy habits surrounding your money as well, I wanted to point out that earning more money doesn't automatically make you financially

[00:08:46] literate. It will benefit you greatly to learn how to manage money and equip yourself with money habits that will help you navigate your finances regardless of your income. That'll do it for today. Thank you for listening. Have a great rest of your day, and I'll be back for tomorrow's show, where your optimal life awaits.