Can money really buy happiness?

by | Nov 1, 2015 | Mindset | 0 comments

You’ve heard people say “Money can’t buy happiness.” “Money is the root of all evil.” “Money isn’t everything.”

These phrases resonate with a lot of people. Most have heard them before in religious texts or self-help books. I want to talk about money and happiness. The truth is that we spend a lot of time thinking about them. Why is this? We’re trying to think of ways to increase them or earn them.

The fact of the matter is that the phrase “money can’t buy happiness” is wrong. Spending your money the right way can buy happiness. Look at your current spending habits: are you spending your money the right way? Wouldn’t you be happier if you spent it differently to achieve the happiness you’ve been seeking?

How can you change your spending habits to increase both your money and your happiness? Let’s take a look at regular money habits.

Take, for example, a person who has won the lottery. You’d think that they would be happy and content with all the money they’ve won, right? Most lottery winners end up spending their winnings within the first year and going into debt. Their family and friends are constantly hounding them for money, and their relationships suffer because of this. Now they have no money, a lot of debt, and they’ve alienated the ones they love.

Maybe the reason money doesn’t make us happy is because we spend it the wrong way. We spend it on ourselves rather than on the people around us. We are antisocial with our money; we need to be prosocial.

Now let’s compare the happiness of people who spend the money on themselves and those who spend it on others. A survey was taken using two groups: selfish spending and social spending. The members of the group were each given the same amount of money. Those who spent the money on themselves felt moderately happy, while those who spent the money on others, such as a charity or shelter, felt a greater sense of happiness and had a more positive image of themselves.

Compared to spending such as giving gifts to family members or friends, giving money to charity brought a greater sense of happiness. How you spend your money matters when it comes to being happy. Polls were taken and surveys conducted. How happy are you in general? Did you recently donate money to a charity? The polls suggested that those who give money to charity were happier than the rest.

Even in business, companies that are more prosocial do better than those who spend money more selfishly on personal incentives. This connection between money and happiness works in all aspects of your life, both personal and professional. It has been seen that spending your money on others means a bigger return than if you had spent the money on yourself. You’ll find more benefit when you are unselfish in your giving to others. That’s how money can buy happiness.

Pin It on Pinterest