Fix it Friday Ep. 3 - Why Money Can’t Buy Happiness
Welcome to Fusion Fix-It Fridays, hosted by Jonathan Blau, CEO of Fusion Family Wealth. In today's episode, Jonathan dives into the timeless question: Can money buy happiness? While many may believe wealth leads to fulfillment, Jonathan challenges this idea by exploring how our brains are wired for the fleeting pleasure of material gain and why true happiness lies in far deeper sources of meaning. He’ll share insights from the 1700s by French philosopher Montesquieu, discuss the concept of “enough,” as illustrated by Joseph Heller, and offer advice on assessing your happiness beyond the pursuit of wealth. Tune in for a thought-provoking conversation that may change your thoughts about success and contentment.
IN THIS EPISODE:
- [1:14] Jonathan explores the dopamine rush that comes with buying
- [2:22] Montesquieu’s timeless insights on happiness and comparison
- [4:00] Jonathan’s formula for assessing your happiness
- [4:35] A thought-provoking example from Morgan Housel and Joseph Heller on the concept of ‘enough’
- [6:24] Jonathan offers final advice on why money can’t buy true happiness
KEY TAKEAWAYS:
- Money can't buy lasting happiness because our brains are driven by the dopamine rush from anticipating new possessions, not from the items themselves. This creates a cycle of constant desire for more, similar to an addiction, where the excitement of acquiring something new fades quickly, and we're left craving the next big thing. True happiness isn't found in material wealth but in deeper, more meaningful sources of fulfillment.
- Montesquieu's insight from the 1700s still rings true today: our desire for happiness is often less about achieving personal joy and more about being happier than others. Social media, particularly Facebook, amplifies this by showing only the highlights of others' lives, creating an illusion of greater happiness. We measure our success and happiness in relative terms, constantly comparing ourselves to others rather than finding absolute satisfaction or what truly brings us fulfillment.
- The principle of "enough" highlights that true happiness and contentment come from recognizing when we have reached a point of fulfillment rather than constantly striving for more. Joseph Heller's response to the billionaire hedge fund manager—emphasizing that he had "enough"—shows that contentment isn't measured by wealth or material success but by the ability to acknowledge and appreciate what we already have. Without this sense of enough, we will always move the goalposts, and money alone will never bring lasting happiness.
ABOUT THE HOST: Jonathan is the President and CEO of Fusion Family Wealth, founded in 2013 to focus on behavioral finance and guide clients toward rational financial decisions. A sought-after speaker in wealth management, Jonathan previously held senior roles in tax and estate planning at Arthur Andersen. He has a BS in Finance, an MS in Taxation, and an MBA in Accounting. Based on Long Island, Jonathan is active in the local business community, supports causes like the Middle Market Alliance and Sunrise Day Camp, and enjoys boating with his family.
RESOURCE LINKS
Fusion Family Wealth - Website
Please Note: No individual has been provided nor promised any direct or indirect economic benefit for sharing Fusion podcasts/articles/opinions. No post should be construed as any assurance that a reader will find the podcast/article/opinion beneficial.
Please click below for important disclosure information.
https://www.fusionfamilywealth.com/disclosures
Transcript
At the end of this podcast, a copy of fusion's current written disclosure brochure, discussing our advisory [00:00:15] services and fees is available upon request or www. fusionfamilywealth. com.
Whether you're just starting [:And more to share fresh perspectives on making sound decisions that maximize your wealth. And now here's your host.
ck, everybody. Thank you for [:Everybody's kind of always [00:01:15] heard that some people may believe it or not believe it, but I'm going to try and attack that that issue from a behavioral perspective. So In, in general one of the things that's interesting is when we watch people aspiring to, [00:01:30] to, to have more wealth or more material objects when we look, oftentimes, when one looks at those people, they think, oh, they must be really happy to have the great big car, the great big house.
res to have the new Ferrari, [:bigger, whatever it is. And so therefore, we can never satisfy happiness with things and more money because it's the dopamine rush, which is like any other addiction. It's, it, it, it, it just wants more and more. So [00:02:15] that's one of the, the, the, the reasons that, that money can't buy happiness. Another reason is as the French philosopher from the 1700s hundreds Montesquieu, put it so, I think so well is that, If all we wanted [00:02:30] was to be happy, that would be easily accomplished.
actually are. And there's no [:You go on Facebook and you can wonder why is everyone just [00:03:00] have this great life that I don't have. They go on any great vacations. They do think these great celebrations for their birthdays and anniversaries. It's because that's all anybody is showing. Right? So, so, so that, that's a great example of what I call the immutability [00:03:15] immutability.
happiness and success in re [:Generally, there's also an equation that I like to share. That's, that's a good measure of wealth and happiness. And that equation is simple. It just simply looks at what do we have [00:04:00] materially, financially, and subtract out what we want. If that equation doesn't lead to a positive number as the result, then Then we're not really happy because we keep moving the goalposts that tends to be something that is is a human [00:04:15] nature of action because of wanting to kind of keep up with the Joneses.
y many unhappy billionaires. [:He, he, he talks about the man in the car paradox. And that's where [00:04:45] there was a, a, a young man who was valet parking cars in California. And he saw someone drive up in the Ferrari. Now he's looking at the person in the Ferrari. We all think that, wow, I must look cool. The guy's looking at me and my Ferrari.
nobody cares more about our [:The other the other thing I like to point out is there's a story. Okay. Of there's this [00:05:30] party in Shelter Island that a billionaire hedge fund manager's through. And Kurt Vonnegut was there with, with Heller, who, who wrote the book Catch 22. And he says to Joseph Heller, he says, listen, this guy, this hedge fund manager, [00:05:45] made more money In a single day and you've made in all of the books that you've sold all of all of the catch 22 books that you've sold in your lifetime.
something He'll never have. [:[00:06:15] If, if we don't have enough, then, then we'll always be moving the goalposts and money certainly will never be able to buy us happiness. So what I always leave you with is what I always tell my the new investors who are interviewing us, always try to walk away from this meeting [00:06:30] saying to myself, whoever I see in the world that has a lot more material things and money than me.
hat sign off I thank you for [:com. You can go to FusionFamilyWealth. com, our website, and you can also listen on your favorite [00:07:00] venues, everything from Apple to Spotify to iHeartRadio and, and all of the popular venues. Thank everybody so much for tuning in and we look forward to having you join us. On the next episode.[00:07:15]
thypodcast. com. Until then, [:The previous podcast by Fusion Family Wealth LLC Fusion was intended for general information purposes only. No portion of the podcast serves as the receipt of, or as a substitute for, personalized investment advice from [00:07:45] Fusion or any other investment professional of your choosing. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy, or any non investment related or planning services, discussion, or content will be profitable, be suitable for your portfolio or individual situation.
prior experience or success, [:No portion of the video content should be construed by a client or prospective client as a guarantee that he or she will experience a certain level of results if Fusion is engaged or [00:08:15] continues to be engaged to provide investment advisory services. A copy of Fusion's current written disclosure brochure discussing our advisory services and fees is available upon request or at www.
fusionfamilywealth. com.
