When Money Can Buy Happiness, Ep #47
Surveys have shown that money cannot buy happiness; however, certain types of spending can increase happiness. In this episode of the One for the Money podcast, I talk about ways to increase happiness, not through increased spending, but by improving the way money is spent.
In this episode...
Life, liberty, and the pursuit of happiness [01:05]
Money does not guarantee happiness [02:06]
Spending money on others [04:03]
Opportunities to anticipate [07:47]
Pursuing happiness
America’s purpose aligns perfectly with human purpose: life, liberty, and the pursuit of happiness. Pursuing happiness has been a recurring theme in this podcast, and I regularly encourage clients and listeners to seek the things that ultimately lead to happiness. Those things are only sometimes directly influenced by money. Happiness is derived through positive emotion, engagement, relationships, meaning, and accomplishment.
Money neither buys nor guarantees happiness. I have met both wealthy and poor people who are equally unhappy. When I visited India years ago, I walked past a squatters’ camp on my way to see a temple. The makeshift shelters were built of worn blue tarps and cardboard boxes. Despite their difficult living conditions, these people had joyful countenances that still impact me today.
Using money for what matters
While money can’t buy or guarantee one’s happiness, there are instances where money via spending CAN make you happier. Spending money on others rather than ourselves has proven to lead to more happiness for the spender. Spending money to buy ourselves more time might seem simple, but it goes a long way. Sometimes, I spend a little money to have more time with my family. That extra time is priceless.
With more time, you can do other things like exercise, volunteer work, or other activities linked to increased happiness. Connecting with friends, attending an event, and learning new things are all great ways to spend your time positively. Important to note is the critical issue of how people consume this extra time. Spending all your free time binge-watching shows, playing games, or scrolling through social media is quite different from doing something meaningful, engaging, or growth-promoting.
Experiences
Research suggests that happiness is more often derived from experiences rather than material possessions. However, it’s important to remember that material things can also bring us joy if we use them to create experiences like going on a picnic or visiting a national park or museum. Simple, low-cost activities can provide small but meaningful boosts to happiness in the short term that accumulate one step at a time to significantly impact happiness in the long term.
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