This is article is such an eye opener. Although I consider myself a good financial manager, I still learned loads from this piece.
Momon says this is just the same-old wants vs needs concept, but I beg to disagree. I think what Martha Beck shows here is that wants and needs do not need to compete, and that there are ways we can still get want we want even if we do not need them. I also like how it helps us determine how much part of our income can we allot for each quadrant in the matrix.
Now, let me see how I applied the matrix into my wedding stuff, and how Momon and I can apply this to our finances as a couple. Please do read on.
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The Surefire Way to Convert Money Into Happiness
By Martha Beck
O, The Oprah Magazine | July 15, 2010
Long ago, so long ago that I was practically still a gill-breather, I noticed a magazine ad that claimed the average person earns $700,000 over an entire lifetime. I have no idea how they came to that number, but I never forgot the words splashed in big, bold letters across the page:
WHAT WILL YOU DO WITH YOUR $700,000?
I was lucky to encounter this question so early on, because it's lurked in my mind ever since, reminding me that I want to spend my life's earnings creating the most satisfying experiences I can. That might mean buying and using certain objects, paying someone for life-enhancing services, or donating to good causes.
This is a type of wealth management, but the wealth isn't money; it's happiness. And to reap as much of it as possible, I've come up with a little system to maximize the joy dividend in all my money decisions. This strategy may sound odd to actual financial advisers, but when I've ignored it—even to make what appear to be fiscally sound choices—my joie de vivre has declined. I've learned that sticking to my rules makes things turn out far better, and I'm hoping that if you adopt this system, it will work for you, too.
