I’ve noticed this significant difference between me and other people. I view life as a race to hit certain guarantees. Other people view it more as, “Consumption is happiness, so I should consume as much as possible right now and maybe do the minimum for my future self, but maybe not.”
As a result, they have much more trouble growing over time. They have trouble growing their knowledge b/c they don’t want to sacrifice immediate pleasure for the pain of learning. They have trouble growing their net worth b/c they’re spending it all and increasing their spending when they get a raise.
A good example of this difference is housing. My first home purchase was a race to guarantee stable housing. For other people, it’s an opportunity to build a suburban pleasure palace with no need to pay off early.
Since housing is such a big deal for wealth building, this difference in mentality is going to cause me problems when I’m trying to help people grow their net worth. The gap between the two mindsets is very substantial. A person speaking from my mindset may not even be speaking the same language. People think they will be miserable living in cheaper housing. They overestimate the long term happiness it provides, and then attribute my wealth to my income rather than my lack of willingness to spend it, which I guess brings up an interesting point — does money make a person happy if they aren’t actually spending it on consumption? How much happiness is in savings?