The speaker talks about how they spent around $115,000 on material things in the past, but now prefers to only spend money on experiences and earning things they desire. They also try to mentally limit themselves to the amount in their bank account, but acknowledge they have other assets to fall back on if needed.
The experience of living paycheck to paycheck is stressful and makes it difficult to treat yourself or spend money on anything enjoyable. It can make you feel unworthy of self-care.
The speaker shares about his personal finance strategy of having 20 times more assets than his yearly minimal expenses and the importance of having slack time to do deep work and enjoy life.
The philanthropist has been feeding about two million people each year for the last 37 years through his foundation, and he will be feeding 55 million people this year to make up for the government's cut in food stamps.
The best investment is in increasing your earning capacity and using that money to invest in skills that make you more money than they cost, and gaining access to communities of people who are making more money allows for learning intangibles and new perspectives. It is important to be emotionally and psychologically prepared for money to avoid potential challenges and develop healthy beliefs about finances.