Joseph Campbell discussion group discussion
Do All Mythological Stories Follow The Monomyth?
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Since the hero is the exceptional person, his or her story is more likely to entertain, enlighten and/or inspire someone, rather than be used as a template for living. But these stories can, of course, help you get through and live a better life--even if your adventures are mostly vicarious ones...However, the opportunity to be a hero is always there, provided that you have the courage; the ability to sacrifice, and the willingness to endure suffering...As for me, I'd rather see than be one.

However, in literary terms, I think Monomyth is a useful concept for categorization and templating a story.
As it applies to 'life' - I think myth is hugely important in that it can provide social context and a cosmology and therefore: direction.
Many of the challenges of 'modern man' (Jung) is the lack of context. As a result, many walk around myth-less with no sense of up or down, right or wrong, what the future should hold, how they should live their lives. I think that possessing a sense of one's own personal myth can provide this.
It's no surprise that children are more drawn to Star Wars than established religion - because Star Wars is a myth that better fits our current state of being.

How relevant is this template in real life?