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The Daily Stoic
Your Hunger For Money Is Starving You
Ep. 59
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William MacAskill is a fascinating guy. He is the youngest Associate Professor in Philosophy at the University of Oxford. He’s one of the founders of the Effective Altruism movement. He’s written a great book called Doing Good Better - Effective Altruism and a Radical New Way to Make a Difference and given a popular TED talk. Will also happens to donate every dollar he earns over $30,000 each year to charities of careful choosing. That was a commitment Will made to himself in 2009. He estimates that will be a lifetime sum well into the millions of dollars.
In our interview with him for DailyStoic.com, we asked Will whether there are philosophical benefits to living so cheaply, in addition to the fact that it means he can use those savings to help other people. After all, the Stoics talk a great deal about being indifferent to wealth and the finer things in life for entirely selfish reasons--as in it makes your life better. Will’s response is great.
I’m sympathetic to that Stoic idea. "Mo money mo problems" has some truth to it: the more things you possess, the more things there are to worry about, or feel sad about if they're damaged or lost. And they take attention away from the things that really are important to making your life go well — your relationships with friends, family, and romantic partners, finding work that you can excel in, staying fit and healthy. This isn't just my anecdotal experience either: there's a ton of evidence from the psychological literature that, above around $30,000 per year, additional income doesn't do much to increase happiness.
Will certainly would agree with what Marcus Aurelius wrote, “The only wealth which you will keep forever is the wealth you have given away.” It’s not about getting more. It’s about getting enough and then helping others get there too. That’s our job, that’s the job of being a human being.
Check out our full interview with Will, check out his book Doing Good Better - Effective Altruism and a Radical New Way to Make a Difference, and watch his TED talk. And see what changes you might be able to make in your life to help other people.
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