Finance & Fury Podcast

Pay yourself first! Keep your own money – why work for others, then have nothing left to show for it? You earn more over your lifetime with this strategy – you save more and get rich right? Income earners can be wealthy Where does money go? Hedonic Treadmill (or, hedonic adaptation) - The tendency of humans to return to a relatively stable level of happiness despite major positive or negative events or life changes. Money/goals - despite a change in fortune or the achievement of major goals. As a person makes more money, expectations and desires rise in tandem, which results in no permanent gain in happiness. To feel happier, we then need to spend more. MC Hammer – paid his entourage first…didn’t work so well. Hold up, we already do this in the form of super. Government legislates that your employer must contribute 9.50% of your salary into your super account on your behalf. But, is it enough? $1M in super at the end of your working life (in 30 years, for example) Drawing 5% = $50,000 income $50,000