Money Can Buy ‘Inconvenience Buffer’: Financial Educator

Money May Not Be Able to Buy You Happiness, But it Can Make Life a Lot Easier.

That’s the view of Simran Kaur, A Financial Educator and Investor Who Hosts the “Friends That Invest” Podcast.

In an episode this weeke, spoke About Money “Myths,” Including the Notion that Money Can’t Buy Happiness.

Having more Money DOESN’T NECESARILY EMOTIONAL WELL-BEING OR HAPPINESS, SEID, IT JUST HELPS TO SOLVE INCONVENIENCES.

“I find that wealthy People have what I like to call this inconvenience buffer, and the most wealth you have up to that Certain point, the Large your inconvenience buffer,” Kaur Said.

As People Become Wealthier, Their Financial Position Creates More of A Cushion for Wen something Goes Wrong, She Added.

“When I was a student, I didn’t have much of an inconvenience buffer at all kidn’t have extra Money,” she Said.

“If I Missed A Flight or If I Lost $ 50 or IF I JUST DID Something, My Car, You Know, Got Crashed or Had a Dental Emergency, Those Really affected my Day-to-Day Life,” She Continued.

Kaur Said that these setbacks were so stressful they could “ruin” her weeke or month. Wealthy People have a Financial Buffer that Makes This Easier, Said.

Kaur said that as she grew richer from Investing, she realized that, “if i missed a Flight, it was embarrassing and annoying, but a wealthy person Cananeo up and go, ‘hey, can you reboem a fly for me?’”

“You find that life’s problems do not cause you as much stress and harm,” Kaur Added.

She ciped a 2010 research Paper by princeton professors angus deaton and daniel Kahneman, who said an increes in income, Such as a pay rise, can improve only temporalily, as itn the then reaturns to previous levels.

Are you an investor who’s built a personal fortune and ha a story, lessons, or takeaways to share? CONTACT NORA REDMOND VIE EMAIL AT [email protected].