It’s no secret I love listening to podcasts. While listening to “I Will Teach You To Be Rich,” I heard the story of a couple, Rachel and Jack, who had over $5 million in savings, but struggled to spend money on vacation.
I know it’s a rare problem to have, but some people can’t bring themselves to spend their hard-earned, carefully saved money. For example, Rachel said they were in New York City, and she considered waiting in the “Last Minute Ticket” line in Times Square to get cheap Hamilton tickets before show.
I didn’t necessarily see anything wrong with trying to save some cash (that’s how they got rich in the first place, after all), but the host of the podcast made an interesting observation. “You can afford to pay full price for tickets, right? Lots of people can’t. So when you buy those last-minute tickets, that means some poor family that brought their kid to New York for the first time won’t be able to get those tickets now.” He went on to say that having money isn’t worth much if you can’t (or won’t) use it when you’re able.
The rich subsidize the arts. It has always been this way–and it’s a privilege to be able to do so.
Ramit Sethi
He went on to say that when you spend money at a nice hotel or pay full price for a show, you’re making it possible for others to enjoy that place at a reduced cost. More than that, you’re paying the salaries of the people who work in those places — front desk, janitors, ushers, and yes, helping cover the cost for people who can’t quite foot the whole bill.
In other words, it’s not ostentatious to spend some money on things you value–it benefits society in a very direct and practical way.
I know what many of you are thinking: “But what if I’m not rich?”
Funny story…you are.
I’m sure some of you out there have a solid income, plenty of savings, and maybe even some lucrative investments.
But I don’t just mean that.
Some of you are intellectually rich–well read, insightful, experienced, articulate. Not everybody has that wealth of knowledge.
Some of you are socially advantaged–you have loads of friends, a natural talent to connect with people, charisma, a great sense of humor. Lots of us would kill for those gifts.
Some of you are blessed with a family, with musical talent, with good health or athletic excellence or the simple ability to keep cool under pressure.
Whatever gifts you have, your best life involves sharing them. These are your riches, and the world becomes a better place when you enrich other people’s lives with your kindness, your talents, your passions.
So accept that you–yes, even you–are rich, right now.
Make an effort to share your wealth with others.
Then, I predict, an amazing thing will happen: that investment will pay off in greater ways than you could imagine, and you’ll feel even richer than before.
M. J. Lau 