The Truth About Money and Happiness

Money and HappinessWe have all heard the saying regarding money and its inability to buy happiness, right? There have even been clinical studies performed by several groups, including Princeton University, that have found an increase in annual income doesn’t directly correlate with happiness. However, to some degree, many can argue that money can’t bring happiness but that it can bring an increased satisfaction with life.

Take a look at some of the ways your annual income can bring you satisfaction with life.

  • Share Your Money – In a Chicago Booth School of Business conducted study, it was found that those who come into money tend to show increased happiness when it is spent on other individuals. This might include charities and non-profit organization donations. However, another study found that the most happiness from money can be derived from sharing it with someone on an experience rather than a donation.
  • Attain Peace of Mind – Troubles and worries have been found to be one of the main reasons why individuals are unhappy. Whether you stay up worrying for the security of your family, the risks associated with being a homeowner or cost of potential medical bills, these all affect your happiness. Many people will purchase insurance as a means to protect their property, their car, or future vacation (with traveler’s insurance), and this is said to give them peace of mind.
  • Make Outings Special – Doing something too often can cause it to feel like a routine and take away the luster of it. So, it is important to make your outings special and unique rather than making them routine, this is where spending money can help to make outings that much more amazing.
  • Focus on Stress-Free Experiences – Research has found that having great experiences can actually bring more happiness more so than material items to individuals. However, this doesn’t mean that you should extend the duration of a vacation necessarily. Instead you should focus on having a stress-free, relaxing time that can provide quality experiences. Small stresses, such as tipping a bellhop rather than hauling your suitcase, can cut back on your stress and increase happiness.
  • Purchase Time – Perhaps the best way that money can help to bring you satisfaction and happiness is when it can buy you time. Whether it is by hiring a nanny so you can have an afternoon alone, buying a car to get home faster than the train can take you or having someone do your laundry for you. These are all ways that everyday tasks can steal your precious time.

images (7)So, when you have extra revenue, freeing up your time from these tasks can help to make a significant impact on your happiness, family life and even your health. So, while you might be thinking that money can only buy you material means of happiness, which is true. There are some other ways in which money can help satisfy your life and perhaps there is some truth to the correlation of money and the happiness that it can bring.

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2 Responses to The Truth About Money and Happiness

  1. Lucy December 7, 2013 at 11:19 am #

    I think its not all about money. If one lives simply and prioritize other things other than material wealth, then they can be happy. Just for instance, being a giver especially of your time to others can give happiness to you.

  2. Nonan December 8, 2013 at 11:20 am #

    People nowadays, are focused on working hard to earn money without realizing that its not solely the money that can give you true happiness in life. I guess people who are genuinely happy inside are very blessed.

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