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Very little money, but entertainment was cheap.
And, no real thoughts about the future.
No mortgage, spouse, kid.
For many years my wife and I never took any expensive vacations. We basically just kept our heads down in our jobs and put money away in our IRA’s/401K/investments. One year, a coworker took his wife and daughter to England in the middle of the winter. I didn’t realize at the time that flights and hotels were so much more reasonable in January and February. I told my wife, “Next year we are going”. We booked a super cheap flight roundtrip through New York to London England. We got a deal on a week’s stay at a hotel near Kensington in west London and we learned to ride the London Underground.
I was absolutely flabbergasted that here in a few square miles were all the pieces of history that I had read so much about. Buckingham Palace, 10 Downing Street, The Elgin Marbles and the Rosetta stone in the British Museum, the Tate art gallery and on and on. I even liked the Newcastle Brown Ale and fish & chips!
That simple trip opened up a lifetime of travel. We started watching Rick Steve’s on PBS and reading his books. What a joy our vacations became. We were young enough and healthy enough to go anywhere including China. Travel brought us a quality of life and enjoyment that made our lives ten times more happy.
Grad school. I had no money, but I was the most intellectually stimulated I’d ever been, and had the opportunity to scrap enough money together (along with scholarships and sponsorships) to take a trip with my cohort to China. It was an experience of a lifetime, and I was able to stay on and traverse throughout the country with only flashcards as my translation. The experience was worth its weight in gold.
Since I retired in 2010. There were plenty of memorable times when the kids (and my wife and I) were young, But retirement with sufficient income and the time to enjoy it and help the family with no work stress is great.
The Reagan years when President Reagan and Fed Chairman Paul Volcker began their successful attack on inflation and stagflation. I very much fear that 60’s & 70’s style inflation and economic malaise are beginning to develop again. My personal opinion is that J Powell is vastly underestimating the runaway-train that inflation can become, and that J Yellin is complicit in the new ‘big Government ‘ spending mantra.
I fear that history will repeat and the younger generations will have their own stagflation epidemic to battle.
Here’s an interesting opinion piece on the potential threat of runaway inflation.
It’s difficult to pick one particular moment when I was happiest, but my guess would be when I went on vacation with friends or family. Money obviously played a huge role in allowing me to do this. Without money, I wouldn’t have been able to take time off from school/work or afford travel expenses.
A relevant quote from Morgan Housel: “Aligning money towards a life that lets you do what you want, when you want, with who you want, where you want, for as long as you want, has incredible return.“
I believe it is true that experiences bring happy memories, much more so than possessions. The role money played is that many, but not all of these experiences cost money. Touch football games in college, weekend ski trips, outdoor concerts on a beautiful summer night, or a week at a cabin by the lake for the past 16 years have been when I felt happiest. I have been fortunate to have had the money to experience all these things.
Now. My time with my wife is better all the time, I love my current job – more than any of my previous jobs, and I can meet all my commitments. My salary is currently the highest it’s ever been, which means I have no money stress. I’m not ready to retire yet but I’m on an easy trajectory to get there.
You are the envy of the world, Pete.
“Thank you, I’ve worked hard to become so.” – Wesley (in The Princess Bride)
My 4 years of undergrad. Had very little money to spare, but that had nothing to do with the fun. Extra money merely meant better booze :).
Over the years, I’ve found practically zero correlation between my tax bracket and my happiness. I wouldn’t go as far as to say there’s been a negative correlation, though.
Law school. I had no money.
I feel the same way about my time at university — it was so much fun, but there was precious little money in my pocket.
Christmas as a kid and now Christmas with my kids; going to Spring Training with my grandfather and taking my kids to sporting events; playing football in front of my dad and now watching my kids’ soccer games.
The happiest times in my life had very little to do with money, though I acknowledge that without any money, those times wouldn’t have been as happy (or perhaps possible). Some level of financial well being was necessary, which is further anecdotal support for studies that state the same.
But as any reader of what I’ve written will note, family was far more important to me and my level of happiness than money.