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I’ve been reading The Happiness Project off and on over the last couple of months.
I’ve finally gotten to the chapter where author, Gretchen Rubin, tries to buy happiness with material items. While my impression is that she is rather unsuccessful at this, her findings can be summed up as follows:
- Buying items that increase your quality of life make you happy
- Shopping can make you happy while in the act, but can also make you remorseful or filled with guilt afterward
- One man’s fortune is another man’s misfortune
- People are happier to be a middle class income earner and live on a street with people who make around the same amount of money as they do, rather than to be a high income earner but to be surrounded with people who earn more than they do
Since I find the correlation between money and happiness intriguing here are more interesting notes regarding money and happiness.
The Lack of Money Can Make You Miserable
Having a surplus of money may or may not make you happy. But it’s hard to deny the fact that the lack of money will make you miserable.
When your finances are in order money isn’t on your mind all that often. However, for those living paycheck to paycheck money is a major source of unhappiness.
When you’re able to meet your basic needs money has less of an impact on your happiness.
Self-Discipline in Regards to Money Can Make You Happy
Working toward a financial goal can in fact increase your happiness.
When you have to work long term for a financial goal by sticking with a budget, pinching pennies, and waiting for your money to accumulate, you can produce happiness. The happiness isn’t always the end result of reaching your financial goal, though, it comes from the journey itself.
Buying New Items Only Temporarily Increases Happiness
I can only half way relate to this one, primarily because I’m cheap and don’t like to spend money.
But for those of you who like to shop then I’m sure at one point or another you’ve felt a temporary happiness from purchasing an item you love. The problem with this, though, is that one you get used to the new item it no longer brings you the happiness it once did and you have to shop again to replicate the feeling.
This can be a vicious cycle.
Career Growth Can Bring Happiness
In The Happiness Project Rubin referred to a study in which several people were offered two different salary amounts for a job over a three year period.
The group was to choose between the following: Working for a company for three years and earning $30,000 the first year, $40,000 the second year, and $50,000 the third year. The second options was to earn $60,000 the first year, $50,000 the second year, and $40,000 the third year.
Even though the second option grossed more money over the three year period ($150,000 vs. $120,000), the majority of the study participants chose the first option because with it came growth.
Money is a Tool
Buying material items doesn’t necessarily make you happier over the long term but having money can in fact make you a happier person.
When money is used as a tool to take you the places you want to go and buy the items that increase your quality of life money can make you a happier person.
Do you think money contributes to your level of happiness?
Great post. I think that the most important thing to remember here is that a lack of financial security can make us miserable. We can have all of the money in the world, but if we spend it all, have no savings and have a ton of debt, life is not fun, as we no longer have choices about how to manage other parts of our life. You pointed that out, of course, but I just wanted to reiterate. :-)