What caught my eye this week.<\/em><\/p>\n I<\/span> enjoyed Life After The Daily Grind\u2019s<\/em> article<\/a> asking whether money and miserableness go together. It was sharply written and thought-provoking.<\/p>\n But I didn\u2019t really agree with the main premise.<\/p>\n Over the last decade or so several of my friends have \u2018made it\u2019. From wealthy enough to eschew the commute forever, all the way up to properly rich.<\/p>\n And honestly, besides a bit of a psychic dislocation for the first year or so, they don\u2019t change very much.<\/p>\n You wouldn\u2019t be able to tell the most understated and modest of my financially very successful friends from how he was 20 years ago, unless you were lucky enough to visit his gorgeous house in the country.<\/p>\n Meanwhile the one who took many of his best friends with him on his entrepreneurial adventure would have done much the same I think if he\u2019d convinced them to eschew the rat race to decamp to Thailand.<\/p>\n As for the banker, yes it was hard to pin him down when he was working 100-plus hours a week in his 20s. But even nowadays when he mostly points underlings to the treadmill or works from home \u2013 or on the slopes \u2013 a few days a week, he\u2019s still just as hard to get hold of. (It\u2019s not just me\u2026is it, N.<\/em>?)<\/p>\n True, the friend I\u2019m closest to remains restless and unsatisfied despite his eight figures. He still worries about money, and frets over whether he\u2019s investing it right.<\/p>\n And he just can\u2019t quit the game.<\/p>\n I guess this is the bit where I\u2019m supposed to say I feel sorry for him.<\/p>\n But I don\u2019t.<\/p>\n You see, he was restless and hungry when I met him \u2013 and it was part of what attracted me to him. His energy and drive is infectious.<\/p>\n I feel a bit guilty saying this, but if he now spent his days drinking sundowners and spending an hour meditating on the beach before an afternoon nap, I wonder if I\u2019d be disappointed?<\/p>\n In contrast, if my co-blogger The Accumulator<\/em> was living a materially richer life that was still abundant with quiet moments, I\u2019d be thrilled for him.<\/p>\n That\u2019s his lane<\/a>, rich or poor.<\/p>\n The bottom line: money doesn\u2019t seem to transform anyone very much \u2013 or at least not once you\u2019re off the bottom rung. Mostly just the scenery and props.<\/p>\n However I am largely with\u00a0L.A.T.D.G.<\/em> when they make this observation:<\/p>\n All the high achievers I\u2019ve worked with over the years are disciplined, organised, and highly driven by material gain. While the people I know who strike me as the happiest don\u2019t have these attributes and although not successful in the monetary sense \u2014 they are happy and find enjoyment in simple things, like a sunny day, a walk in the park, or the smell of freshly ground coffee first thing in the morning.<\/p>\n<\/blockquote>\n Substitute \u2018material gain\u2019 in that first sentence for \u2018winning\u2019 \u2013 or add it as a second or alternative motivation \u2013 and I\u2019d agree 100%.<\/p>\n None of my friends stumbled into being rich. They went for it. They didn\u2019t have much of a work-life balance. Or rather they did because work and life was one and the same, so there wasn\u2019t much to topple over anyway.<\/p>\n Many of you will probably find this a bit dispiriting, and are likelier to agree with the bits in the article about how there\u2019s more to life than money.<\/p>\n Of course there is! Much more<\/a>.<\/p>\n I\u2019m just saying the people I know who got a lot of it first wanted to get a lot of it. Right or wrong, and whatever else they were after in life.<\/p>\n They weren\u2019t necessarily happy or miserable before \u2013 nor more so afterwards.<\/p>\n All that said, this thought experiment is perceptive:<\/p>\n If the health trackers we wear on our wrists that track our activity and sleep could somehow accurately tell us a happiness score out of 100, and in addition, we could compare that score with friends and celebrities then we would obsess over that number. It would be used to elevate our status as money is today. We\u2019d all want to improve our score and make it into the top 1% of the population\u2019s happy people.<\/p>\n We\u2019re fixated on wealth because it\u2019s measurable whereas happiness is hidden, but if that curtain was unveiled and our happiness became public knowledge then it would have a seismic effect on how we live our lives.<\/p>\n<\/blockquote>\n Food for thought.<\/p>\n Go read the rest of the article<\/a>. And have a great weekend!<\/p>\n Asset allocation quilt: winners and losers of the past ten years \u2013 Monevator<\/a><\/p>\n Wanted: dead not alive \u2013 Monevator<\/a> [Moguls members<\/a>]<\/em><\/p>\n From the archive-ator: Passive investing and stock market crashes \u2013 Monevator<\/a><\/p>\n Note: Some links are Google search results \u2013 in PC\/desktop view click through to read the article. Try privacy\/incognito mode to avoid cookies. Consider subscribing to sites you visit a lot.<\/em><\/p>\n As Trump tariffs near, world braces for stock market spillover \u2013 Bloomberg via Yahoo<\/a><\/p>\n Two hundred UK companies sign up for permanent four-day work week\u2026 \u2013 Independent<\/a><\/p>\n \u2026with staff reportedly rejuvenated by the shorter week, says one firm \u2013 BBC<\/a><\/p>\n Shoplifting hits all-time high in England and Wales \u2013 Independent via Yahoo<\/a><\/p>\n New homes fall again in government\u2019s first six months \u2013 BBC<\/a><\/p>\n Ticking stamp duty timebomb sees house sales rise 12%\u2026 \u2013 This Is Money<\/a><\/p>\n \u2026but price momentum is stalling out \u2013 Nationwide<\/a><\/p>\n [\u2018Under fire\u2019]<\/em> St James\u2019s Place hits record \u00a3190bn in assets \u2013 FT Adviser<\/a><\/p>\n British \u2018industrial aristocracy\u2019 Dowlais joins exodus from London market \u2013 Standard<\/a><\/p>\n Five key impacts of Brexit five years on\u2026 \u2013 BBC<\/a><\/p>\n \u2026but the individual stories like this one all add up, too \u2013 BBC<\/a><\/p>\n Norway\u2019s wealth fund hits $300K per citizen [Whereas we got a house price boom<\/a>]<\/em> \u2013 Sherwood<\/a><\/p>\n Better late than never? Reeves talking a big game on housebuilding\u2026 \u2013 Guardian<\/a><\/p>\n \u2026and boosting economic growth by unshackling pension schemes\u2026 \u2013 BBC<\/a><\/p>\n \u2026and a third runway at Heathrow\u2026 \u2013 Sky News<\/a><\/p>\n \u2026oh, and apparently adding \u00a378bn to economy through Oxbridge links \u2013 BBC<\/a><\/p>\n \u2026but will this deflect comparisons to 1976? [Podcast]<\/em> \u2013 Long Time In Finance<\/a><\/p>\n Here\u2019s why Vanguard isn\u2019t getting into Bitcoin ETFs \u2013 Vanguard<\/a><\/p>\n Five things a mortgage expert would never do \u2013 Which<\/a><\/p>\n Should you fix your cash savings rate ahead of cuts? \u2013 This Is Money<\/a><\/p>\n You can get up to \u00a33,000 cashback when you transfer your pension to Interactive Investor<\/a>. Terms and fees apply. \u2013 Interactive Investor<\/a><\/p>\n \u2018Barbell\u2019 effect helps fixed income newbies usurp traditional bond funds \u2013 FT<\/a><\/p>\n Should you buy breakdown insurance with your car insurance? \u2013 Which<\/a><\/p>\n Big banks ignoring ISA rules on opening multiple accounts \u2013 This Is Money<\/a><\/p>\n How to work out the best UK gym membership deals \u2013 Guardian<\/a><\/p>\n Open an account with low-cost platform InvestEngine via our link<\/a> and get up to \u00a3100 when you invest at least \u00a3100 (T&Cs apply. Capital at risk) \u2013 InvestEngine<\/a><\/p>\n Lloyds in climbdown over Saba-related platform voting \u2013 This Is Money<\/a><\/p>\n Why an inter-rail trip across Europe should be your next holiday \u2013 Standard<\/a><\/p>\n Homes for sale with fabulous kitchens, in pictures \u2013 Guardian<\/a><\/p>\n What explains the gulf between the US and the rest? \u2013 Verdad<\/a> and Goldman Sachs<\/a><\/p>\n Would you leave your children out of your will? [Search result]<\/em> \u2013 FT<\/a><\/p>\n The benefits of tracking safe withdrawal rate changes over time \u2013 Morningstar<\/a><\/p>\n Bill Gross: lessons from an investing career \u2013 FT<\/a><\/p>\n What makes a good index fund?\u00a0[US but relevant]<\/em> \u2013 Morningstar<\/a><\/p>\n Master and Commander \u2013 3652 Days<\/a><\/p>\n Coffee badging: working or shirking? \u2013 Guardian<\/a><\/p>\n ETFs increase the efficiency of markets, new study shows \u2013 FT<\/a><\/p>\n News you can\u2019t use \u2013 The Joint Account<\/a><\/p>\n How, when, and why to talk to your kids about money \u2013 Tim Maurer<\/a><\/p>\n Margin of too much safety \u2013 A Wealth of Common Sense<\/a><\/p>\n Small businesses can transform your wealth \u2013 Next Big Idea Club<\/a><\/p>\n Despite volatile borrowing costs, UK pensions see \u2018nice opportunity\u2019 \u2013 CNBC<\/a><\/p>\n Active fund managers also enjoying the higher gilt yields\u2026 \u2013 Interactive Investor<\/a><\/p>\n \u2026though they could add \u00a32,800 a year to new mortgage bills \u2013 This Is Money<\/a><\/p>\n Tom Slater: manager of Scottish Mortgage trust [Podcast]<\/em> \u2013 B.T.B.S. via Apple<\/a><\/p>\n Is Wall Street ready to stay up all night? \u2013 FT<\/a><\/p>\n Pitting the dividend hero trusts against inflation \u2013 Interactive Investor<\/a><\/p>\n Wait, past performance predicts future fund returns? \u2013 Basis Pointing<\/a><\/p>\n Another look at the Microstrategy Bitcoin biz model \u2013 Forbes<\/a><\/p>\n Should you buy, hold, or fold Fundsmith Equity? \u2013 Trustnet<\/a><\/p>\n Saving Time<\/em>\u00a0by Jenny Odell \u2013\u00a0\u00a30.99 on Kindle<\/a><\/p>\n The Black Swan<\/em>\u00a0by Nassim Taleb \u2013\u00a0\u00a30.99 on Kindle<\/a><\/p>\n Good With Money<\/em>\u00a0by Emma Edwards \u2013\u00a0\u00a30.99 on Kindle<\/a><\/p>\n Number Go Up: Inside Crypto\u2026<\/em>\u00a0by Zeke Faux \u2013\u00a0\u00a30.99 on Kindle<\/a><\/p>\n China passes 2030 renewables target six years early \u2013 Semafor<\/a><\/p>\n Can London\u2019s rivers be swimmable within ten years? \u2013 BBC<\/a><\/p>\n The rise of plant poaching [Search result]<\/em> \u2013 FT<\/a><\/p>\n California\u2019s electricity conundrum \u2013 Klement on Investing<\/a><\/p>\n Mission to save willow tit from extinction \u2013 BBC<\/a><\/p>\n Thousands of trees planted in Devon to start creation of Celtic rainforest \u2013 Guardian<\/a><\/p>\n A DeepSeek FAQ \u2013 Stratechery<\/a><\/p>\n And everything else you need to know \u2013 Exponential View<\/a><\/p>\n Deep Impact\u2026 \u2013 Where\u2019s Your Ed At<\/a><\/p>\n \u2026versus the most important moment in history is now \u2013 Uncharted Territories<\/a><\/p>\n DeepSeek punctures US big tech\u2019s bubble: analysts respond \u2013 Tech Crunch<\/a><\/p>\n The real DeepSeek revelation: the market doesn\u2019t understand AI \u2013 Semafor<\/a><\/p>\n OpenAI cries foul \u2013 Gary Marcus<\/a><\/p>\n The Vatican has something to say about AI too \u2013 Vatican<\/a><\/p>\n We will have to learn to live with machines that can think [Search result]<\/em> \u2013 FT<\/a><\/p>\n AI haters build tarpits to trap AI scrapers that ignore robots.txt \u2013 Ars Technica<\/a><\/p>\n Former OpenAI safety researcher brands rate of change \u2018terrifying\u2019 \u2013 Guardian<\/a><\/p>\n How to feel bad and be wrong \u2013 Experimental History<\/a><\/p>\n Why the architecture world hates The Brutalist<\/em> \u2013 Guardian<\/a><\/p>\n Microsoft should call time on the Xbox \u2013 Sherwood<\/a><\/p>\n How come the future hasn\u2019t arrived yet<\/a>? [Podcast]<\/em> \u2013 Faster, Please<\/a><\/p>\n Food companies plan to make a fortune from weight-loss drugs \u2013 Sherwood<\/a><\/p>\n How to fall asleep fast and stay that way \u2013 GQ<\/a><\/p>\n \u201cI don\u2019t want to buy a \u00a34 coffee just so I can use the loo\u201d<\/em> \u2013 BBC<\/a><\/p>\n Fix three broken things \u2013 Raptitude<\/a><\/p>\n \u201cTo make money, you must first survive.\u201d Like these links? Subscribe<\/a> to get them every Friday. Note this article includes affiliate links, such as from Amazon<\/a> and Interactive Investor<\/a>.<\/em><\/p>\nRich pickings<\/h3>\n
Money, money, money<\/h3>\n
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Shiny and\/or happy people<\/h3>\n
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From Monevator<\/h3>\n
News<\/h3>\n
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<\/a><\/p>\nRachel Reeves going for growth (allegedly) mini-special<\/h3>\n
Products and services<\/h3>\n
Comment and opinion<\/h3>\n
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<\/a><\/p>\nHigher gilt yields mini-special<\/h3>\n
Naughty corner: Active antics<\/h3>\n
Kindle book bargains<\/h3>\n
Environmental factors<\/h3>\n
Robot overlord roundup: brought to you by DeepSeek<\/h3>\n
Off our beat<\/h3>\n
And finally\u2026<\/h3>\n
\u2013 Nassim Nicholas Taleb, Skin in the Game<\/em><\/a><\/p>\n