3241: My Philosophy on Money by Mr. 1500 of 1500 Days on Personal Growth & Self Improvement

[00:00:00] This is Optimal Living Daily Episode 3241. My Philosophy on Money by Mr. 1500 of 1500 Days.com and I'm Justin Malik. Welcome back, this is the Sunday bonus episode where I share an extra episode from the Optimal Living Daily Network and today's comes from Optimal Finance Daily.

[00:00:46] Please do subscribe to or follow Optimal Finance Daily wherever you're listening to this show to keep all of this going, it really helps a lot. But for now let's get right to the bonus episode and Diana's commentary as we optimize your life.

[00:01:04] My Philosophy on Money by Mr. 1500 of 1500 Days.com Someone asked me this recently, what is your philosophy on money? Oh that's easy I said and then it wasn't so easy. I thought about the question for a while and couldn't come up with anything.

[00:01:24] No big deal, sometimes it takes me a while to arrive at a good answer. I went for a walk which is usually helpful, but my brain wasn't cooperating. After a week, still nothing. Then I had an epiphany, the question was wrong. Invert. Quote Invert, always invert.

[00:01:46] Carl Jacobi Jacobi's quote is one of my favorites. He realized that some problems must be solved by thinking about the solution and working backwards. The philosophy of money question didn't sit well with me because money isn't really the goal. Money is just a facilitator.

[00:02:06] If money isn't the goal though, what is? Some of my goals. Number one, keep my body in optimum form because without health nothing else matters. Number two, surround myself with the best people I can.

[00:02:20] I want to be around people who challenge me and make me a better person. Number three, raise my children to be good and hardworking people with strong values. Number four, live in a place with a great sense of community, access to outdoor pursuits and good resources. Hello library!

[00:02:40] Number five, explore the world. Number six, increase my knowledge every day by reading, thinking and solving problems. And number seven, give back by volunteering. There is a common thread in most of these goals and it's this, they don't involve money. Nitpickers will say that everything costs something.

[00:03:03] Traveling isn't free, I'll need to buy a plane ticket and maybe a hotel room or two if I don't have friends in the area. My fancy bike set me back $1,000. However, these expenses are minuscule when taken in the context of a lifetime of spending. Time baby, time.

[00:03:22] There is another common and much more important thread that all of these activities have in common. They all require lots of time. And time is so precious. A 24 year old may scoff at the suggestion, but I'll bet any octogenarian would have a drastically different viewpoint.

[00:03:44] So working backwards, time is the most valuable asset. How does one make more time? Not easy. You could keep yourself in top health so that you live longer. This is a great idea, but even if you live to be 100, how many activities will you be

[00:04:00] able to enjoy at an advanced age? Or you could sleep less, bad idea. Or my favorite, minimize the time that you need to work for money. Now we're getting somewhere, but there's something I have to make clear about that last statement. I didn't say work less.

[00:04:19] I said, minimize the time that you need to work for money. Financial independence shouldn't be about living a life of leisure in front of the TV eating potato chips. Remember that retirement is an amplification of your current free time.

[00:04:36] If your weekends are spent watching reruns and eating unhealthy food, stay at work. Retirement isn't for you no matter what your age. What is the question then? At the start of the post, I stated that this is the wrong question. What is your philosophy on money?

[00:04:53] The right question is, what is your philosophy on life? Here's mine. Life is a journey of growth and discovery. I want to live in a way where I can go to bed at night content because I'm a better person than I was when I woke up.

[00:05:08] At the end of life, when it's time to die, I want to have lived in a way that was a net positive for my children and the world. I have big plans and working till 60 or even 50 would get in the way of them.

[00:05:21] Again, working backwards, I finally arrive at my philosophy on money. I want to live in such a way that I minimize the number of years that I have to work for money. I'll have a modest house, car, and lifestyle and will never spend more just because I earn

[00:05:38] more. I'll invest any surplus so that I can live on my own terms sooner than later. Blank canvas. I've had a great life. I'm extremely fortunate to have been born in a place where hard work is rewarded.

[00:05:53] I'm also thankful each and every day that I found a job that I enjoy. I've worked with great people who recognized my hard work and thanked me for it. On some days, I feel like I live in a fairy tale.

[00:06:05] However, work is only one part of my life. I want to live in a way where each day is a blank canvas to fill as I choose. There are so many wonderful ways to live and such little time.

[00:06:18] Life won't be long enough to fit it all in, but I'll die trying. You just listened to the post titled, My Philosophy on Money by Mr1500 of 1500days.com. Mr 1500 reminded me today of my favorite Ayn Rand quote. She said, money is only a tool.

[00:06:41] It'll take you wherever you wish, but it will not replace you as the driver. End quote. When we get overly fixated on financial goals or reaching our fi number, it's easy to lose sight of why we're pursuing fi in the first place.

[00:06:56] My big why of fi has always been to have full autonomy over my time. Like Mr 1500, I realized that time is way more valuable than money. And by learning to enjoy a simple lifestyle that is easily funded, I'm buying myself more autonomy over my time.

[00:07:15] Financial freedom can create the space and resources we need for the stuff that really makes us happy, like fulfilling relationships and the ability to create what we want to see in the world.

[00:07:25] But when the tool starts to look like the end goal, things can get a bit confusing. Many of us feel that more money would lead us to feel more happy and successful, but that isn't necessarily the case.

[00:07:38] I think regardless of our financial situation, we still have to figure out what makes us tick and financial stability simply allows us to open up the space for us to do that work. This is why personal finance is so personal, because you are really the only person that

[00:07:56] can make a determination on your values and what makes you happy. And that's something that's constantly evolving over the course of your life. And that's a wrap for another Monday show. Have a great start to your week and month, and I'll be back tomorrow where your optimal

[00:08:11] life awaits.