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People talk a lot about passive income. This is not a thing. Look, there's two ways
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to get wealthier and passive income is not part of that equation, but what's really important for people is how we
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should spend money. Cuz I've written about money and finance and investing for 20 years. And I can tell you the
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correlation between how much you spend and how happy you are. It can exist, but it is not as simple as you think. Like
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if you're unhappy with your life, it is a very easy assumption to make that if you had more money, a bigger house, a
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better car, whatever it might be, things would be better. And it's a lie we tell
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ourselves, of course, because here's the truth. So much of spending is a psychological itch that you're trying to
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scratch. And that manifests in so many different ways. For example, life is a competition. It doesn't matter how well
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I'm doing. It matters how well I'm doing relative to you. And the most tangible way to do that is the material stuff.
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I was reading some funny stats. They say that if you win the lottery, the probability of your neighbor going
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bankrupt increases. It's an amazing statistic. So be careful who you socialize with because you're
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going to anchor to them as a baseline level of success and happiness. So is it wrong to buy a Rolex?
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Absolutely not. But when it's controlling your personality, it's no different than any other addiction where
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it's forcing you to do things that you otherwise don't want to do. What about people who don't seem to
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spend anything? It's just as dangerous. Like there's something called post-traumatic broke
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syndrome and I'll talk about that. But I guarantee you that everyone can spend money in a way that's going to make them
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happier. So if I wanted to make a framework to know how to spend my money, where do I
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start? But also based on everything you know about money, if I want to get complete financial freedom, what's the
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five things that I should be thinking about?