Ray Dalio (Part 2): Principles of Happiness, Grief, and What Money Can’t Buy
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What are the principles of happiness according to Ray Dalio?
I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab. If you caught the first part of my conversation with the one, the only Ray Dalio, you know we went deep into the economy, inflation, debt cycles, and how to brace your portfolio for whatever comes next. It was classic Dalio. Big ideas, tons of data, all grounded in decades of market experience. But in part two, we get versatile. Ray may have built the world's biggest hedge fund and coined concepts like the all-weather portfolio, but today we go beyond the balance sheet. We talk about life, about happiness, about what money can and can't buy. He shares what he calls the worst moment of his life, and it has nothing to do with money. For the first time in an interview, he opens up about the death of his oldest son in 2020. Ray also opens up about what he wants his legacy to be, how he hopes the next generation thinks about success, failure, and meaning.
These are the kinds of conversations that don't show up in earnings reports, but they matter just as much, if not more. And I have to say, this is one of those rare interviews, and I even have chills as I'm saying this, that has stayed with me and will stay with me long after we stopped recording. Let's get into it. And you have all the money in the world or access to all of the money in the world. We can agree on that. But you haven't been immune from pain. You and your family haven't been immune.
That's right. Every painful experience is a learning lesson. Yes.
And so that brings us to the age-old question, does money bring you happiness?
There's an amount of money that is good. What's that amount? Look, why money? Why money has to do with, is money something that brings your family security? It's freedom, freedom of choice. It's power to do the things you want to. You can have a dream and you can build it out. Money brings you all of that. It can bring you health. It can bring you many, many wonderful things, okay? As it starts to be status or showing things off, insecurity, feeding it, that's not healthy. I believe that's not healthy. And I think people can get hung up on that. In my view, I think people really have to make sure it's not a reflection of an unhealthy state of mind or an unhealthy pursuit as much as it is the security, the freedom, and then the ability to savor things.
That's my own view about money. I'm into philanthropy. It gives me the power to be able to help and do things. These are wonderful things. So I'm not knocking money. It's a great, great, great thing. OK, but really, what is most fundamental? If you look at surveys done across countries of well-being, happiness. The happiest societies are not the rich societies. Pass the basic level of income so that you don't have poverty and all the pain that comes from absence of money. The greatest source of happiness in life across societies is community. Do you have a sense of community? People care about you, you care about them, you have fun together. These are the sources of well-being. They're even the source of health.
So that's what it looks like from my perspective of having the benefit of having no money and then having an enormous amount of money. And I fortunately did it in the right order from nothing up rather than from up down. But I've had the whole range. And I really believe that what I'm saying is true. And I've gotten to meet all different kinds of people around the world. That's my perspective on money, which is also a perspective of success. So for me, success is having meaningful work and meaningful relationships that are truthful.
Do you track how much money or net worth you have at this point or it doesn't matter i kind of know what it is i don't but not often yeah Once a quarter.
Well, as an investment manager, I'm playing my game. Let's say it's how many chips do you have at the poker table? And I'm playing that and so on.
How does Ray Dalio define success?
I think money can buy you five things, right? Money can buy you stuff, which doesn't bring happiness. It can buy you experiences, which does. It can buy your time back. It can buy you charity and the ability to give to charity, which probably does contribute to happiness. And it also gives you the ability to save, which I think people...
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Chapters
8 chapters
1
What are the principles of happiness according to Ray Dalio?
0:02–4:44
2
How does Ray Dalio define success?
4:44–6:03
3
What is the impact of money on happiness?
6:03–9:32
4
How can grief shape our understanding of life?
9:32–11:49
5
What lessons did Ray learn from losing his son?
11:49–17:00
6
How can we support those dealing with loss?
17:00
7
What is the significance of community in happiness?
13:53
8
What are Ray Dalio's thoughts on meaningful relationships?
7:16–22:36
Speakers
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