Why Are Outdoor Sports Fans So Bad With Money?
Many people often wonder why outdoor sports enthusiasts are so bad with money. It’s a fascinating question. Is that all the equipment? Does money fly in the wind? What is happening here? Well, let’s talk about it.
One of the reasons for the bizarre inability of people on the outside to manage their money properly stems from some of the ideals that people on the outside hold dear. Many people on the outside choose this lifestyle because they want to seek happiness. It is proven that material success does not, in the long run, contribute to happiness. For example, research has shown that winning the lottery does not contribute to the overall happiness of lottery winners although it may contribute to their financial satisfaction in life. This doesn’t mean that money has no effect on happiness.
According to economists Betsy Stevenson and Justin Wolfers, the more money a person has, the happier they are. They came to this conclusion after examining World Bank data from more than 150 countries. However, the happiness that comes with money is not dramatic happiness. According to 8000hours.org, every doubling in a person’s income correlates with an increase in life satisfaction of 0.5 on a scale of 1 to 10. Simply put, if you doubled your income today, you won’t. would be 5% happier than you. normally are. Nobel Laureate Economist Angus Deaton has found that an increase in happiness resulting from having more money is only really possible after a certain point. Deaton discovered that in the United States, $ 75,000 per year is the income threshold in the analysis of the relationship between income and happiness. Below $ 75,000, having more money makes you happier. Above $ 75,000, however, the increase in happiness starts to decrease and it starts to matter less and less if you have more money. What makes $ 75,000 so special? Well, this is the number that researchers say meets the basic needs of every individual. Abraham Maslow’s Hierarchy of Needs suggests that the most important needs of the people are their basic needs such as food, clothing, shelter and health care, while other needs are not so important. You could say that it is a negative or preventive view of happiness. In other words, $ 75,000 protects you from the lack of these basic needs and from the psychological and physical pressures that you feel when you cannot meet those needs. Raising your income to $ 75,000 avoids the destructive emotions that arise when basic needs are not met. At some point, the relationship between money and happiness evaporates. Some rich people are unhappy, some rich people are unbelievably happy. The truth is, poverty impoverishes in ways deeper than many realize. In reality, a study found that wealthier people were less likely to have positive experiences, compared to their less wealthy counterparts. When you can buy whatever you want, you risk losing the ability to enjoy the simple things in life, like the setting sun, the smell of grass …
Many on the outside seem to have at least a naive understanding that money is not as important to happiness as most of us would like to think. I have met some outdoors people who roll their eyes at the thought of investing. They don’t want to be rich. They have an allergy to wealth. Give them a fortune and they would give it away or find a way to throw it to the four winds. They don’t want to hear about index funds, diversification, retirement accounts, buying a home, or the like. If they own a property, it is the property that helps them lead this alternative lifestyle. Many can, even late in life, barely own anything.
But as research shows, you do need a certain amount of money to avoid the impoverished emotions that poverty leads to. And many outdoor enthusiasts don’t earn $ 75,000 a year, nor are they free to worry about their basic needs. A survey carried out in 2017 found that 78% of Americans live from paycheck to paycheck. In 2019, Bankrate found that 60% of Americans couldn’t cover a $ 1,000 emergency with savings. Perhaps then we can see the people on the outside as part of a larger American crisis rather than as exceptions. The difference being that many people in the great outdoors spend their youth outdoors, traveling, climbing mountains, swimming in lakes, and doing a lot of other things, and then find themselves reaching their 40s with no assets whatsoever. real strictly speaking. There is nothing wrong with this if you are a monk and have sworn a life of poverty. Certainly many monks are extremely happy people, but most importantly, they don’t have to worry about housing, rent or food. Again, we come back to the need to ensure sufficient income to meet the basic needs of life. According to a Mind over Money survey According to Capital One and the Decision Lab, 77% of Americans worry about their finances, 58% think finances are in control of their lives, and 52% say they are unable to control their worries about money.
Part of the reason people who love the outdoors are so bad with money is because of their free spirits. Sadly, the American workplace is largely incompatible with freedom of mind. Why is freedom of mind so decisive? Well, people save and invest because they have some anxiety about the future, a need to reduce the pain that they anticipate in the future. Free-spirited people tend to be free from such anxieties. They live for now.
Many outdoor enthusiasts are not only allergic to wealth, they have negative associations with wealth. For them, money is dirty, unspiritual, unlit. They believe in lifestyles without money. They think the rich are bad, that it is impossible to be rich and good. They believe in experiences rather than things and love to live a minimalist life. It’s hard to hate money and be good with it. Unfortunately, as we have said, because they lack the capacity to meet their basic needs, many suffer from the same anxieties and worries as the majority of Americans. Money may not buy happiness, but it can close the door to the impoverishing power of poverty. This is why in This site we encourage you to manage your finances wisely and plan for the future.