LOK 📖

    We Need To Set Limits To Our Monetary Ambitions

    Satisfaction vs ambition: Do not move the goal too fast

    • When a financial objective is achieved, progressively more ambitious goals are placed.
    • This is dangerous because ambition can move faster than the satisfaction of achieving goals, making you miserable.
    • Enough does not mean too little
      • Having ambition is good and you have to define objectives that do not limit it.

    High ambition can result in destructive outcomes

    • There are things that aren’t worth risking for money
      • Independence and liberty
      • Family and friends
      • Reputation

    Too much ambition can lead towards envy and resentment

    • You will compare yourself to other people generating envy
    • You should compare yourself to the level of money that you consider sufficient

    LOK: 4. Management
    RL: Psychology of money
    IDEAS: Personal finance