The First Slice is the Best!

On my flight yesterday, I had a front-row seat to a little family struggle. Here's how it played out. Mom, Dad, and 12ish-year-old son sit down right in front of me. They had to hurry from one flight to the next, but they were able to grab some food and bring it onto the plane. After the plane took off, the mother distributed the food. Side note: it looked absolutely delicious. A while later, the son decided he was full after eating about 2/3 of the meal. He looked satisfied and content. The mother, clearly annoyed, chewed him out and said it was wrong for him to waste food. She made him eat the remaining 1/3, after which he seemed stuffed and miserable. 

As I'm writing this, I keep oddly thinking about pumpkin pie. Maybe it's the fact fall is in the air, but I couldn't be more excited to slam some pumpkin pie soon. The correct whip cream-to-pie ratio is 1:1, by the way. Anyway, the holidays are quickly approaching, and soon, that pie will be mine! Eating that first slice of pie is going to be outstanding. That second slice won't be as amazing, but I'll also enjoy the heck out of it. The third slice? That one will start to feel iffy. And the rest of the pie? If I were to put down the rest of it, you'd have to carry me to the hospital.

How can the first slice of pie sound so amazing, but the eighth slice sound absolutely unbearable? It's called the law of diminishing returns. The more we have of something, the less satisfying it becomes. That's where we get the saying, "Too much of a good thing." Whether it's the young guy on the plane or me slamming Thanksgiving pumpkin pie, we're all impacted by this phenomenon. Everyone over the age of 12 intuitively understands this concept, especially when it comes to food. 

However, we have a blind spot. It's called materialism. 

• When we get our first iPhone, it revolutionizes how we engage with people and access information! However, when the newest model comes out next year, and we spend our hard-earned money to upgrade, we're barely getting anything for the money.

• When we take that long-awaited vacation with our family, it's an amazing, creating lifelong memories experience. However, when we take our 6th vacation of the year, it becomes just another trip. 

• When we finally build up an adequate emergency fund to protect our family from a serious life situation, it's a tremendously relieving feeling. However, when we endeavor to double or triple that number, we feel only slightly more secure. 

Without realizing it, we work our way into too much of a good thing. Everywhere we look, the law of diminishing returns is knocking on the door. We can ignore it and keep falling for the trap, or we can open the door, admit we're prone to these psychological influences, and make more intentional choices. 

Now, where's that pumpkin pie?

Jumping Off the Treadmill

I experienced a very profound moment in my life around 2015. It was a few years after paying off our $236,000 of debt. Sarah and I were still in the midst of our fertility battle, but optimistic about possibly adopting a child soon. My career was thriving. And I was making many multiples of income from what I previously made. Reflecting on how blessed my life was, I couldn't help but feel it wasn't enough. It was all just, well, normal. 

This is the season of life where I started pondering what would eventually become Meaning Over Money and my new career. It's also when I started digging deep into the behavioral science of money, work, and happiness. 

The Hedonic Treadmill. I talk about this concept in my keynote, but it also leaks out in many other areas of my work. You may have heard it on the podcast, read it here, or caught it during an interview I gave. The topic comes up often, as it plays a critical role in our lives. In short, the Hedonic Treadmill is a phenomenon by which anything that happens to us, good or bad, becomes normal. We experience up-front pain or euphoria, but in a matter of weeks, we're back to being normal (albeit a new version of normal).

I've experienced the Hedonic Treadmill many times in life. Also, I watch many clients work through it in their own lives. What's interesting is how people interact with it differently IF they recognize it's happening. 

This leads me to a few recent observations:

• I was meeting with a young couple who make around $75,000 combined. Through the course of the conversation, they reveal their desire to get that number to $100,000. Why? Because that's the number that will allow them to feel confident financially.

• I was having a drink with a friend. He mentioned he makes around $120,000 per year, but it feels tight. In his opinion, if he could get it closer to $150,000, they would be set. 

• I spent some time with another couple who frustratingly vented that their $200,000 income wasn't enough anymore. They didn't know the appropriate number, but it's definitely more than $200,000.

• One of my friends proclaimed a family can't survive in this town with an income of only $335,000. 

Several studies have been done over the years around the question of "What is enough?" Well, what is enough? In the overwhelming majority of cases, it's more than whatever their current situation looks like. It's the Hedonic Treadmill in action! 

Back to that profound moment I experienced in 2015. One of the revelations I had during that season was this. Despite making many multiples of my younger self's income, I didn't feel any happier. My younger self wouldn't have believed what older Travis was making, yet it was just "normal" for me as I was living it. The Hedonic Treadmill was kicking my butt.

I had to jump off the treadmill. Do you, too?

A Bad Mow Is Better Than No Mow

As I got home yesterday afternoon, something drew my eye to my backyard. What I saw wasn't pretty. The grass was short and gray, but the weeds were tall and green. It looked like an absolute disaster. I'd show you a picture, but not even I'm willing to incriminate myself that badly. To sum it up, the state of my yard was a perfect combination of traveling for 8 of the last 12 weeks, long stretches of brutal heat, and a significant lack of available time on my part. I'm not proud of it, but realize how I got here.

Truth is, I've had some windows to make progress on the yard and similar projects. However, these windows would not have allowed me to do it well. So instead of choosing done, I decided to wait for perfect.....which never came. Last night, though, Pax and I mowed the yard together. He had a blast and worked hard, but he's a terrible mower, just like his brother. It doesn't look great today, but it looks WAY better than before we mowed it. A bad mow is better than no mow.

It reminds me of the wise words of my business partner, Cole. "Done is better than perfect." It's a motto he lives by. I also try to implement it in my life, but in cases like my recent yard debacle, I whiffed. This concept applies to many areas of life. 80% is always better than a future (but not likely) 100%.

Budgeting is much the same. Even if we screw up a few categories, we're way better off than had we thrown caution to the wind. It's better to miss the target by a measurable margin than to throw our hands in the air and dismiss the mission altogether.

If we have a few dozen financial transactions to categorize, even knocking down a portion of them is better than waiting until we can do them all. In the meantime, more transactions will stack up, making completing the task progressively harder and more intimidating. Next thing we know, we're so far behind that we just give up. In an effort to get it perfect, we self-sabotage and fail to get it done at all. This is a common problem encountered by clients. As a solution, I suggest they find small 5-minute blocks throughout the week and knock out small pieces. It doesn't lead to a perfect outcome, but they make steady progress along the way, allowing for the possibility of being done. This can be a massive win.

Insert whatever financial topic you want here. Budgeting, investing, saving, or giving. Or insert whatever non-financial topic you want here. Writing that book, the house projects, the old friend you've been meaning to reconnect with, or the fun hobby you're excited to crush. We can wait until the perfect time (which probably won't come), or make imperfect progress. I've learned this lesson the hard way enough times.....I'm ready to just be done.