Money’s Diminishing Returns
Money is a particular problem when trying to set appropriate goals. Wealth is an obvious objective but perspective is required. In Living the 80/20 Way (2005) entrepreneur Richard Koch writes that most people overestimate the return they will receive from earning more. Studies show that poverty makes us unhappy, writes Koch, but once we’re moderately well off, adding even more money doesn’t make us happier and can even add stresses that get in the way of happiness.
Money-based goals also bring other problems – not dissimilar to those faced on Everest. If your goal is to be a millionaire by the time you are 30, what price are you prepared to pay to achieve it? Perhaps you’ll sacrifice a social life and put off any relationship ...
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