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July 17, 2011

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FMF...Hopefully you'll be removing James Moylan's spam soon!

This was an interesting post. I've had a tough time balancing the importance of having/saving money while not being obsessed with it.

I'm 41 now, but I think age 35 (2005) was a turning point for me on this subject.
I had some tough experiences (not directly related to money) that made me realize that my preoccupation for achieving financial independence had become a substitute for God in my life and was being used to fill other voids in my life as well. The 2008 bear market pretty well broke me of that preoccupation completely. I still save, but I don't have much faith in our financial system. The lack of integrity in the financial system is so blatant it's impossible to ignore. That said, having some savings can still buy you some time/advantages in the short to medium term. I personally think the financial system is going to collapse, but if it doesn't I'll be pleasantly surprised. As long as you can meet your basic needs and have a little fun along the way, there's no downside to having savings.

PS...The discipline of saving has a way of spilling into other areas of your life. Psychologists are finding that simple actions of discipline in one area of your life will spill over into other areas. (The study I read mentioned about people paying attention to their posture).

Pychologists are also finding that people with a lot of self discipline are also happier than average. So having savings can be one method of increasing discipline in your life that will spill into others. Of course, it's possible to get obessed with it as I did, but I think most people aren't in danger of that.

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