The Way of the Wall Street Warrior

CHAPTER 27Money Can Buy Happiness: Duh!

Whoever said “Money can't buy happiness” must be rich as hell because I can tell you the opposite is definitely true: no money, no happiness. At the very least, money can sure buy a helluva good time, and unless you live on a commune and barter your way to prosperity, here are a few things to consider if you do have money.

Don't Be a Creep

Money equates to freedom, so accumulating wealth should be your objective unless you want to be a slave to your job for the rest of your life. It's hard to build wealth on W-2 income, but at least you have a fighting chance as a Wall Streeter. Why? Their cut is so much larger than the rest of America's.¹ But no matter how much you make, the trap most fall into is spending more than you actually have. If I make $1 million, I'm a millionaire, right? Wrong! First, you may keep half after Uncle Sam's pizzo.² Second, you'll have less because you're a spendthrift. People who make $100,000 often spend like they make $150,000, those who make $1 million spend like they make $1.5 million, and so on. So if you think of money as your ticket to freedom, which you should, spend wisely or it doesn't matter how much you make. If you spend more than you make, you're officially broke.

Understand that the pay will not last. Let that marinate in your brain. At some point in the future—likely sooner than you think—the compensation will dry up. Every run comes to an end and so will the salad days of your career. Don't ...