Can Money Buy You Happiness?
In today’s episode, Alex and Mimi talk about a very controversial, yet so essential and important topic – Can money buy you happiness? Coming from experience of having nothing and now being able to live in abundance, Mimi and Alex reflect on their life journey, questioning how money has played a part in their happiness.
As one study has showed, money can buy you happiness up to a certain degree of an income – let’s say, 75.000 USD/year –, but what happens after that? Does money really affect your happiness? Does it make a difference to your wellbeing, life, mindset, personality? Tune in now and you’ll find out that and so much more life wisdom in this very deep episode.
Both Mimi and Alex have come from very humble beginnings, growing up with a concept that money will solve all the problems and buy them happiness. Years later, after starting Luxy Hair business that brought them 1 million US dollar revenue in the first year and made them financially free, Mimi and Alex understood – paradoxically, money couldn’t buy them happiness.
“Being more comfortable with spending and realising how to properly spend money and not just blow it, mindlessly spending it on material goods, I realize that money can in a way amplify your happiness. I don’t know if it can buy you happiness, but it can definitely add to your experiences and bring you joy” – Mimi
After years of reflection about themselves and observation of what really brings them joy, Alex and Mimi discovered that happiness comes from buying experiences – not material things, and not only for yourself, but most importantly, for people you love and care about. And here’s the lesson the Ikonns family want you to take away: ultimately, the whole meaning of life is about creating, giving and sharing unique and beautiful experiences with your community.
Have you ever wondered why people pay premium to go and watch live events, music festivals, sports games? Why? Because of the desire to share the experience, “because there is something very tribal in our DNA about doing that and having that tribe experience”, Alex explains.
So, going back to the question does money buy you happiness – it doesn’t, but if you spend it on establishing new relationships, building your community, creating, giving and amplifying experiences, then it makes you feel happier.
“The most important thing to ask yourself is: What brings me the most happiness? And I’m really grateful for being able to design my life in a way where I choose to live, work and commute” – Alex
The mindset Mimi and Alex have is always asking themselves what really makes them happy, so that they spend money accordingly. They spend a lot of money on experiences for themselves, their family, friends, people they love, travelling, good food, rent. For them, the material possessions are the last on the list.
Obviously, there is nothing wrong with possessing lovely material things. It’s important to understand that the whole concept of how money can bring you happiness is highly specialised for each person. The decisions Alex and Mimi make come from a personal understanding of what makes them happy and how they want to live their life day to day.
Here is some practical advice that can help you feel happier:
Know yourself and discover what activities and things really bring you joy and happiness.
Figure out if the place/city you are living in really makes you happy.
Use your money to build social relationships.
Create experiences for people you love, create wonderful moments together. And remember, by planning an experience you actually live an anticipation of happiness.
Audit your spendings of the last year and see what brought you more happiness: material things or experiences.
And just a kind reminder: Mimi and Alex are not here to judge, they are here to help you create awareness of what can help you bring closer to happiness and your dream life. Going through these conversations, thoughts, exercises and being honest with yourself, you are able to know yourself better and understand what is really important to you.
Here is what else we talk about in this episode:
Difference between how money can bring you happiness if you are an extrovert or an introvert
How sharing experiences with other people can intensify your happiness
Why so many people gravitate towards the idea to be in a community
How your lifestyle impacts your level of happiness
Does material things bring you joy
Sustainable aspect of consumerism
Difference between high quality timeless products vs. fast fashion trends
How the concept Pay Per Use will help you justify your purchases
How to audit yourself, your spendings and your level of happiness.
Books and resources from this episode:
The Edge – The Power to Change Your Life Now
Abundance – The Future Is Better Than You Think
Your Relationship With Money – Episode No. 28
Designed to inspire you to live your own dream life.