The Ted Talk about choice is a bit puzzling initially; he leads off with a strong argument for choice. More choice leads to freedom; more freedom leads to more welfare. At this point, I was convinced he would lean 100% into the choice concept, but he threw me for a loop when he said more choice is excellent, but too many options can create uncertainty. If the doctor gave us a choice of which medical procedure to perform, is having complete autonomy such a good choice? You might be making the wrong decision if you aren’t a trained medical professional. Is that a gamble you will take to have choices and options? I see this so often regarding my personal experience with children. What do you want to eat, McDonald’s, Wendy’s, Burger King, or Popeyes? They usually reply I don’t know, with a long pause, contemplating. They decide after a long thought process, and when they get what they choose, they often don’t want what they order. On the contrary, when you give just two options, they choose one quickly and enjoy it. He concludes that too many choices will not create more welfare. It causes societal paralysis. Instead of people choosing from all those options, they tend not to be able to choose. He presented a study on 401k investing for employees that showed that the rate of people participating went down when employers gave more options for multiple retirement funds. Even though the employers matched that 401k, the employees were willing to leave money on the table because they couldn’t choose.
Money doesn’t guarantee happiness. I don’t think money can ensure satisfaction because money is just a form of currency until the owner puts it to use that can make them happy. In the article, you try to line on 500k in New York; the things these people spent money on were ridiculous; most of these things are to maintain status in specific neighborhoods and socialite groups. They make so much money to keep this lifestyle but end at zero at the end of the year, just like a person who would make significantly less due to spending it all to maintain that life. Also, what is the level of work you have to perform to keep that money going? Are they happy or stuck with the job, making that much to keep that lifestyle going? I believe in using the money and not buying things or spending it to keep up with the Joneses, who you don’t even like anyway or don’t like you. Going out to dinner with friends, taking your wife on a surprise trip, taking your children to an amusement park, or even buying your parents their dream car will put a smile on your face and joy in your heart. I say money cannot buy happiness but experiences, not things.
