The Greatest Overall 'Expense' of Your Life (& How to Minimize it)

Given just a moment to think about it, what do you believe is the greatest financial expense of your life? 

At the root, especially with regard to money and personal finance, your overall expenses may be simply broken down into discretionary and non-discretionary -- to what you really don't need and what you really do need, respectively.  The former may be associated with your lifestyle expenses, or as wanting more; and the latter with the basics, such as food, shelter and clothing.

"We tend to forget that happiness doesn't come as a result of getting something we don't have, but rather of recognizing and appreciating what we do have." ~ Frederick Keonig

The greatest overall expense of your life is the pursuit of happiness; and the greatest antidote to this expense, and hence the greatest means of reducing it (and simultaneously achieving true wealth), is to reduce your desire for more and to make a conscious and consistent effort to prevent your happiness from stretching beyond what it is now -- in other words, you must master the art of contentment.

"I love to go and see all the things I am happy without." ~ Socrates

First, try taking a moment to measure what you are (or could be) happy without.

Think of things, such as an iPod (and the seemingly annual upgrades), Cable TV, Blackberry, subscriptions to periodicals, lattes at Starbucks, and the Wii game console (and numerous games to support it).

How many thousands of dollars (and thousands of hours) do these items represent?  What do all of these items have in common?  They all provide temporary states of happiness, which are all eventually consumed, leaving you hungry for more, all of which you may have been just as happy (or happier) without...

"We often say of others who claim to be happy despite circumstances that we believe should preclude it that "they only think they're happy because they don't know what they're missing." Okay, sure, but that's the point.  Not knowing what we're missing can mean that we are truly happy under circumstances that would not allow us to be happy once we have experienced the missing thing.  It does not mean that those who don't know what they're missing are less happy than those who have it..." ~ Daniel Gilbert, Stumbling on Happiness

We've discussed happiness stretching before.  We've also discussed the difference between a state and a trait before.

Of course, there is quite a good argument that some discretionary expenses bring some level of satisfaction, in the form of entertainment or education, that may be well-worth the monetary (and time) expenditures.

This consumption, however, is a personal decision; and for every discretionary expense, there is an alternative choice that may reduce or even remove the price (both monetary and otherwise) completely.  This discretion (or choice), of course, is yours... and the opportunity cost -- the cost of foregoing an alternative choice -- must be considered.

"Happiness is your nature.  It is not wrong to desire it.  What is wrong is seeking it outside when it is inside." ~ Ramana Maharishi

What if, for example, rather than playing on the Wii for one hour per day, you read a book, learned how to play a musical instrument, had an engaging conversation with a loved one, planned to start that business you always dreamed of, or you simply took a nap?

"Why are philosophers intent on forcing others to believe things?  Is that a nice way to behave towards someone?" ~ Robert Nozick

This post is not intended to be judgmental; however, I will humbly say that any person sincerely intending to help another, will poke and prod at their being until that person has given some thought as to the way they have acted and how they will act from this point forward. To put it bluntly, a good teacher will, at times, appear to be an asshole.

"If thou wilt make a man happy, add not unto his riches but take away from his desires." ~ Epicurus

Now go and make a list of items that you can live without and you may enable the life that you have already wished to lead!

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Related Page: Quotes on Contentment

Recommended Reading: Stumbling on Happiness

Comments

[Ronald Boyd]

Another excellant post. Very impressive!

[Kent @ The Financial Philosopher]

Thanks, Ronald! It's nice to know that my efforts are appreciated!

Writing, for me, is actually therapeutic and helps me to make more sense of things; therefore, the efforts are not completely selfless!

Thanks again...

Kent

[Yogesh Malik]

Great post. Just after reading this post, i delayed some purchase and now i canceled it.

Writing, for me is laxative, brings me more clarity about my thoughts and feelings.