i think this make sense once you've climbed up a certain amount on the maslow heirarchy of needs. then you can start to make choices about luxuries and must-haves.
for me, it's internet access, a warm bed, 3 nice meals, hot running water and peace and quiet (not living with noisy neighbours).
Good mental model, but I feel its intended audience is people who have their basic needs met. You need at least X calories a day (ideally, healthy ones), you need a roof over your head, etc.
Keeping that context in mind, recognizing that many of our "needs" are actually "wants" (or at least on a spectrum), and that they are more under our control than income, is a superpower. Especially as your income grows, you adapt to the hedonic treadill and/or are under pressure to keep up with the Joneses.
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[ 6.0 ms ] story [ 18.3 ms ] threadRich is not he who has a lot, but he who needs little.
for me, it's internet access, a warm bed, 3 nice meals, hot running water and peace and quiet (not living with noisy neighbours).
those are my needs. assuming good health.
Keeping that context in mind, recognizing that many of our "needs" are actually "wants" (or at least on a spectrum), and that they are more under our control than income, is a superpower. Especially as your income grows, you adapt to the hedonic treadill and/or are under pressure to keep up with the Joneses.