Can Money Buy Happiness?
Researchers are continually looking for ways to prove whether or not money can buy happiness. We recently came across an article by Kira M. Newman that argues that it is possible for money to bring you happiness and reflects our belief that “It’s about the size of your life, not the size of your wallet®”. The ideas in the article are supported by a study that focuses on factors that bring and sustain happiness and suggest that spending money in more fulfilling ways to bring you closer to other people can, indeed, increase your happiness.
We share Newman’s suggested six ways to get more happiness for your money below. As you read through these suggestions, we encourage you to reflect on how they relate to the Live Big® life you’ve defined and how you may increase your happiness this year and beyond.
1) Spend Money on Experiences
- Studies have shown that experiences impart greater and longer lasting happiness.
2) Better Yet, Spend Money on Experience You Share with Others
- Experiences shared with others, whether in real time or in the retelling, have been show to impart greater happiness.
3) Spend Money on Other People
- Spending money on others in a way that fosters a social connection has been shown to be one of the most internally fulfilling ways to give financially.
4) Spend Money on the Right People
- It is embedded in our DNA to want to take care of those with whom we have strong relationships – our family and friends.
5) Express Your Identity Through Spending
- Spending your money on experiences or goods that match your personal preferences has been reported to give people more satisfaction with their life.
6) Think Less About Spending
- When you earn your money, you also earn the right do with it what you want! Give yourself the freedom to explore life and spend your money in ways that matter most to you.