If Money Doesn't Make You Happy Then You Probably Aren't Spending It Right
Money and happiness are explored through eight principles - experiences over things, prosocial spending, small pleasures, less insurance, delayed consumption, considering the overlooked, caution in comparison, and social influences.
scholar.harvard.eduIt’s not a matter of having more wealth; even a queen gets used to her riches. Instead, it’s about consciously spending your money in ways that will increase personal happiness. The study’s first recommendation is to buy more experiences and fewer things.
Have realistic views about what money does, and doesn’t do, to our happiness? I’ve seen no compelling evidence. Most of the reason why, I believe, is that we think about and are taught about money in ways that are too much like physics (with rules and laws) and not enough like psychology (with emotions and nuance).
People want to become wealthier to make them happier. Happiness is a complicated subject because everyone’s different. But if there’s a common denominator in happiness—a universal fuel of joy—it’s that people want to control their lives.
people to think back to a time when they spent more than a hundred dollars with the intention of increasing their happiness and enjoyment. One group of subjects was asked to pick a material possession; the other was asked to pick an experience or activity they had paid for. After describing their purchases, subjects were asked to fill out a questio
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DKD added
According to happiness research, money makes us happy – but only to a degree. If we’re poor, cash will add to our sense of happiness, but if we’re already well off, more of it won’t make us happier. A lagom amount of money is enough; beyond that, our happiness levels depend on other factors.
Douglas Woods added
Money buys happiness in the same way drugs bring pleasure: incredible if done right, dangerous if used to mask a weakness, and disastrous when no amount is enough.
there’s an emerging body of research showing that spending money on experiences—like travel—tends to boost happiness more than spending money on possessions. A 2010 study conducted by academics at the University of Wisconsin and University of Chicago, for instance, found that of nine major categories of spending, the only one positively related to
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