More money is not better. More Money More Problems. Mo Money Mo Problems. David Jaffee with BestStockStrategy.com and in this
video we're going to discuss why you should not strive to make more money. The
fact is that once you reach a certain level of wealth the incremental dollar
amount is not going to significantly impact your happiness. As a result I
believe that people should strive for more freedom. Freedom, in my opinion, is
defined as being able to do whatever you want whenever you want with the caveat
that your actions do not
negatively impose others and do not harm other people. So again I believe it is extremely
important that instead of striving for money that people strive for more
freedom and by doing so they have the ability to do whatever they want
whenever they want as long as it does not impose and harm other people a good
example of this is when I worked as an investment banker I graduated from an
Ivy League University and all of my friends and colleagues were going into
Investment Banking, private equity and hedge funds. I was hired by Morgan
Stanley, CIBC World Markets and also Petsky Prunier and I hated my experience
as an investment banker. I felt compelled to continue because I had invested so
much time and effort into becoming an investment banker and also I felt that
outside of that financial bubble people felt that I was extremely lucky that I
was doing really well what they didn't realize is that internally I was
suffering because there is so much stress that is inherent in the
investment banking environment that myself as well as virtually every single
one of my colleagues were completely miserable and that's why so many people
leave Investment Banking the reason why I'm telling you this story is that it is
extremely important to not strive to make as much money as possible and
it is also extremely important to not make your happiness contingent upon you
hitting a certain annual income or you achieving a certain amount of wealth
accumulation many people believe and myself when I was in my early 20s
believe that I will stop when I reached X amount of dollars the problem with
that level of thinking is that once you reach that level of wealth or that goal
you are going to convince yourself that you set your goal too low so for myself
when I was in my early 20s I told myself that even though I hated my job that I
would then quit once I reached a certain level of wealth accumulation once I hit
that level and degree of wealth accumulation
I then chastised myself for setting my goal too low and then I 10x to my goal
and I continued working in that very harmful and negative environment as a
result I think it's extremely important to take care of yourself both your
physical well-being to eat right your spiritual well-being to be
psychologically sound and I definitely believe that if I had an option I would
always choose to make less money as long as I had more freedom when I worked as
an investment banker I remember walking home from the office at about 10:00 p.m.
and I would be so scared because if I received one email from my director I
would immediately have to walk back into the office and that one email could keep
me in the office until 2 or 3 o'clock in the morning it was a constant feeling of
dread and trepidation and fear and that is something that I would not wish on
anyone so I know that if I was in my early 20s and I was watching this video
I would probably disagree with everything that I'm saying right now
however I strongly encourage you to build legitimate skills and to work
towards something that provides you with freedom that also provides you with a
sense of accomplishment and that your passionate about even if you start out
making less money but you're working in something that you're passionate about I
highly recommend that you pursue that as opposed to trying to take the money and
work in something that you are just going to quit after two or three years
because when you quit you will have to start over again and you will never be
able to get that time back no amount of money ever bought back even one second
of time as a result I think that it is incumbent upon you to pursue your
passions and while I definitely believe that money is important I believe that
individuals should pursue their long-term goals and that as long as they
add value and focus on building and acquiring legitimate skills that the
money will take care of itself I also believe that it's not important to do
things specifically for money there are things that I can do in my current
business that would add substantial revenue such as adding webinars but I
just view webinars as very sleazy and is just not something that I want to get
involved with because I have no motivation to do it so do not be
motivated by money I definitely believe that it is important to use money to
mitigate and reduce your stress so then you can live a happier life by
mitigating and reducing your stress you will live a more fulfilling life you
will live a more able life you will live a longer life and also you will be more
pleasant around the people around you now I am NOT saying that you should
tolerate foolish people or negative people so if you come in contact with
someone who is bringing down your mood or is just simply not taking care of
themselves so they are self-destructive then I wholeheartedly encourage you to
cut those people off but at the same time if you surround yourself with good
people and you have enough money and you are able to mitigate your stress while
also taking care of your health both psychologically spiritually and
physically those are the pillars and are strong foundational components to living
a very happy life David Jaffee with BestStockStrategy.com you can visit
BestStockStrategy.com and enter in your email address to receive
over $400 of valuable free options trading content if you have a comment
leave it below I respond to everyone's comments let me know your thoughts on
whether you believe people should strive to make even more money even at the
expense of increasing their stress beyond tolerable levels because
everything is always on a spectrum there's no way that you can do something
and amass wealth and accomplish things without incurring a certain amount of
stress but at the same time stress tends to have a certain hormetic effect where
a little bit is beneficial but too much of it is extremely deleterious so I'm
not saying that you should pursue one at the complete expense of the other but at
the same time I believe that when you're forced into a negative environment you
can incur too much stress on the opposite end of the spectrum where it
becomes extremely harmful and those are the type of environments that I strongly
believe that one should remove themselves from so leave a comment below
and let me know whether you agree or not and I appreciate your attention