You and I, we’re not very good at figuring out what will make us happy in the long run. If we were, all the stuff we once pined for—that we’ve now got—would have done the trick, right?
Thankfully, science has an answer for us. Repeated studies have shown that, beyond a basic level of income (around $70,000 a year), there’s no discernible link between a high income, or a large bank balance, and happiness.
Yet there is a ‘hack’ to happiness.
There’s one thing that researchers from Harvard to Princeton have repeatedly found does have a measurable impact on your happiness: savings.
That’s because savings equals freedom. When you’ve got money in the bank, you’re free to live life on your own terms. You have the power. You call the shots.
The feeling of security that comes with having more than enough money never leaves you. It never wears off. It becomes part of who you are, and colours your entire view of what’s possible.
It’s what gives you your Mojo.
You’re going to boost your Mojo Bucket to three months of living expenses in case of an emergency (and an emergency isn’t a trip to Bali because Jetstar is having a sale).
Okay, but how much is that?
Simple. It’s whatever you’re putting into your Blow Bucket each month—times three.
With three months of Mojo you’re telling the world — telling your family — that you’re putting them ahead of your ego. You’re buying them safety and security. Very few people ever consciously make that decision.
To learn more, check out my new book, The Barefoot Investor: The Only Money Guide You’ll Ever Need. Order your copy here.