The Coin Chronicles – Introduction

Photo by Марьян Блан | @marjanblan on Unsplash

We all want it if we’re honest with ourselves: Enough money to not have to worry anymore. Proper personal finance is a topic that interests so many of us. For a good reason.

If we take over responsibility for our own financial situation it means that we are willing to take over responsibility for an important part of our lives.

If we take over responsibility for our lives and realize we’re shaping our futures ourselves then that means we are taking over the steering wheel and direct life where we want it to go.

After all, if we don’t then it’s just going to be the other way round.

Let’s all start off on the same page:

Money does not make you happy.

If your intention is to learn about financial education because you think that money will buy you your way to happiness then you are fooling yourself and couldn’t be farther from the truth.

Science has proven in several studies, that the perceived happiness of a population does not increase with its income over the long-term. This is what’s called the Easterlin-Paradox.

“[…] at a point in time both among and within nations, happiness varies directly with income, but over time, happiness does not increase when a country’s income increases.” — Richard A. Easterlin

Studies also found that — once you have reached a certain threshold — a further increase in income will not make you happier over the long term.

In the graphics below you can clearly see that the perceived happiness (blue line) does not increase with the amount of money, people earn (red).

Source: orld Database of Happiness, Erasmus University Rotterdam, St. Louis Fed.
Happiness data unavailable for years 49–51, 53–55, 58–62, 67–69, 78–79, and 2007 — hence inconsistency in scale of x-axis.

Thus if you thought that you will be happier if you make a million dollars a year than you are when you are earning 100,000$, well, science says you’re wrong.

Yes, admittedly, winning the lottery will make you happy. But it’s only for a short while.

The perceived happiness of lottery winners increases dramatically in the beginning. After a while though, they report the same overall perceived happiness than before.

So say it with me:

Having said that…

Let’s go get it.

I have spent a lot of time in the past years reading books and articles on the topic of financial intelligence and financial education. Doing that I have come across some recurring ideas that run through all of them like a common thread.

I wanted to create this series to sum them up, write them down as a helping guide, if you so will, to teach others what I have learned and which has helped me further on the path of financial freedom.

We’re at the beginning of 2020 now. If you adopt these ideas for yourself and put them to work for you, I am pretty sure that this year you will have saved a lot more than in 2019 and the foundation has been laid for a wealthier life.

This is going to be the complete guide of everything I’ve learned. I will start to put out the first Chapter within the next days and hope I can help you to learn something new and inspire you to join me in walking the path of financial education.

Some of these articles are going to be shorter, some are going to be longer. Some will be applicable to everybody and some will probably be rather specific. As long as somebody out there finds value in my writing then I have achieved what I wanted to achieve.

I would also love this to be a cooperation of everyone. If you think that I missed something and you want to add some more information, something you’ve learned or experienced yourself, then I would be deeply grateful if you shared your thoughts in the comments.

The more people share their knowledge, the more we can all learn from each other and grow together. After all, I am nothing but a student on the path to financial wisdom. We all are. Nobody knows everything and those who think they do are fooling themselves.

So I invite you to join me on this path. Let’s all work together, learn from one another and lay the foundation for a wealthier life.


  1. Pingback: The Coin Chronicles, Chapter 1: Defining “Enough” | Financial Wisdom

  2. Suryanarayana Tata

    I have just retired from my job recently.Your article gave me a new perspective to life.
    The actual meaning of „RETIREMENT“ is to stop working.Can a person ever stop working may be paid or not paid.
    I plan to see your other articles/writings in the next couple of days.
    Thanks a lot for the nice and thought provoking article

    1. Arthur

      Hey Sury
      Thanks for your kind words. I think the best way to approach it is finding something you truly love doing every single day. If you do that, there’s probably no need to retire at all. The ultimate goal would be having earned enough money to be able to retire safely and without worry but just enjoying what you do enough to keep doing it and staying engaged and happy with it until a high age.
      I am happy to hear that you have made it to retirement and I’m sure you’ve worked hard for it. What are your plans for the future now? 🙂
      Cheers, Arthur

  3. Pingback: The Coin Chronicles, Chapter 4: "Pay Yourself First" | The Money Mindset

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