by Scott Pape - April 29th 2006
This week I went shopping for the secrets of wealth and found no shortage of spruikers wanting to sell me their seductive message of unlimited riches and happiness – for a price.
I was amazed at just how many of these characters are still flogging their wares. I mistakenly presumed that the corporate cops would have rounded them up and driven them out of town long ago. Not so.
Beware the slick sales pitch
The modus operandi of these guys is all pretty much the same – a slick sales pitch taps into and manipulates our emotional triggers.
Take a look at an example I grabbed from one “life coach”: “WARNING: Read this or risk going broke like 97 per cent (according to the ABS) of people at age 65.
“Discover the wealth-building secrets that not 1 in 100 people know (let alone use) – this is privileged information normally only shared among the rich. I can also help you generate an extra $4000 to $5000 a month for less than five minutes’ work.”
People get sucked into these seminars for different reasons. Sure there’s an element of old-fashioned money-grubbing greed, but people paying (in this case) $4000 to learn the secrets of wealth are really chasing an expensive aphrodisiac promising happiness and approval from others.
They relate wealth to success and success to happiness, and so long as they exchange it for hard currency the spruikers are happy to perpetuate this illusionary dream.
Unfortunately, it’s a flawed philosophy.
Does money equal happiness?
According to a report released by the Treasury last week, each of us is now worth a whopping $305,000 – that’s double the level of wealth we had nine years ago. Australians have never been richer.
If the assumption that wealth equals wellbeing held true our Indonesian neighbours should be banging on our door telling us to quieten down because all the laughter and fun we’re having is keeping them awake at night.
The argument goes that in a country with historically low unemployment, a “miracle economy”, and being one of the wealthiest nations on earth, our happiness should be rising on par with our good fortune.
But according to beyond blue, more than one million Australians live with depression each year and suicide remains a major problem.
How much is enough?
In today’s consumerist consumption society, the holy grail of happiness for many people is to be rich – the inference being that if we can spend until our heart’s content we won’t have a worry in the world.
There are three problems with this. Firstly, unless you’re Bill Gates there will always be products and services that you can’t afford; secondly, most people’s definition of “rich” is someone with more money than them. Take the example of a millionaire who feels inferior because he can’t afford a Gulfstream jet, and has to fly first class commercial.
Finally, marketing focuses on appealing to your emotions – manufacturing a desire so you will buy stuff you don’t need. Marketing messages aren’t designed to be a guide map to the good life – they’re more likely to be structured as the quickest detour to your wallet.
In Affluenza, author Clive Hamilton points out studies showing that most people would prefer to earn $50,000 if the average income is $40,000, rather than $70,000 if the average is $100,000.
“Most people believe they need more money than they have, no matter how wealthy they already are,” says Hamilton.
The evidence is clear
For hard facts on the happiness hypothesis, let’s look at the research.
Earlier this year, Deakin University’s latest WellBeing Index found that nine out of Australia’s 10 happiest electorates are in regional areas. Other research has found that some of our most unhappy citizens live in Sydney’s western suburbs.
One contributing factor to these results is that country people have proportionately lower debt levels than their suburban brothers and sisters who are servicing massive mortgages.
With Australians topping the charts with some of the most indebted consumers in the world, many of us know first-hand the stress of owing money – debt really is the worst kind of poverty.
Research from Griffith University has revealed that we’re working longer hours than ever, leaving less time for family and relationships.
Yet debt levels are only part of the answer. Country people in general have a stronger sense of community. They spend less time in traffic and more time with people they care about and hobbies away from work.
The real secret that seminar spruikers and marketers don’t want you to know is what I call the “economics of enough”.
Most of us reach a point where we have enough money to comfortably keep a roof over our heads, food in our stomachs, and clothes on our backs.
After achieving this, much of our economic stress and angst is eliminated. Each dollar thereafter is a sliding scale of diminishing returns, which no amount of “stuff” can fill.
Labels or life?
Status symbols are really just another way to flaunt our material wealth. To the trained observer, however, they say more about a need for approval than they do about the buyer’s character.
After all, in today’s credit-mad society anyone can buy labels – but the real joy is in living a life.
Money is only one way to measure wealth. Devoting time to your family and loved ones, and fostering relationships with friends are all major factors that the WellBeing survey shows contribute to our overall happiness. So, too, is a strong sense of community.
When you look over the things that make you happy – the things that make you feel really good about yourself, like being someone who selflessly supports a charity, or being a good parent or friend, these are much more fulfilling than being admired for the car you drive or the suburb you live in.
US writer Christopher Morley had it right when he said: “There is only one success – to be able to spend your life in your own way.”
Soul food is wonderful for your personal wealth, happiness and peace of mind – and best of all it costs nothing, and helps the people and places you care most about.
That’s a return that will definitely last a lot longer than your new designer digs.
Tread your own path!
Photo: http://www.flickr.com/photos/rebeca_falc/4173887365/
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4 comments
This is great stuff Scott and its great to be reminded of what really matters in life. It seems that everywhere you look these days you get bombard messages about all the material items you need to be happy ie on TV, radio, magazines, billboards. In someways you can feel quite isolated because you’re not keeping up with the Jones but the research you’ve cited (eg Griffith University) speaks volumes. We need to learn to be content with less and live within our means. Thanks for this.
Hi Scott,
great stuff,wish I had access to you 50 years ago,but all is not lost,am introducing you to my children so as they can take advantage.
What a timely and wise message…you go Scott…just wonder do you practice this yourself? ie do you have a BMW and an inner city pad yet???? lol
Hey Catherine,
I can vouch for Scott that he still drives around in a ugly white ute – and has not fallen into the luxury car trap.
Thanks for posting – Barefoot Ben