So many of us work long, hard hours to provide for our families and
children-often long hours away from home, hoping to make our lives richer
financially–working harder at the expense of sleeping and taking good
care of ourselves in order to have extra money. It seems so many of us
just aren’t content with what we have now. But is there a point at which
striving to earn or acquire extra money can be counterproductive? Or,
in other words, when having extra money just doesn’t make us “happy”
anymore?
There certainly is a relationship between your salary and happiness; people who earn a good living are often happier than people who live in poverty. Having extra money can certainly enhance our lives by providing extra food, objects and creature comforts in our homes.
But the irony is that earning additional income will actually not lead to extra happiness, once you have already attained a “comfortable standard” where you have what you need to function and be content. Researchers at Princeton examined Gallup poll data from nearly 500,000 US households and found that higher family incomes were related to better moods on a day to day basis. However, the positive effects of money had no effect on people’s happiness and moods after a level of $ 75,000.00 was attained.
The issue then arises why we work so hard after we have reached an income level that is able to make us happy. Beyond a strong work ethic engrained by family values, or the desire to excel and compete with others, it appears that our ideas about money and happiness have gone awry.
However the true take-away from all of these mental exercises with money and happiness is that what we do with our money is more important than the money we earn. The thought that making more money can allow us to have bigger houses and fancier cars to nicer digital televisions-more for ourselves- is ultimately ineffective at turning money into happiness. Research has demonstrated that if you are going to spend money on yourself, you may want to switch from buying material objects (TVs or cars) to buying experiences (trips and special events). Based on additional research by Dunn and Norton, while buying more “experiences”, you will be better off by just buying less in general and instead buy for others.
A more extreme but scientifically proven means of increasing the happiness you derive from your money is a bit more radical-not spending it on yourself. It turns out that people who spend money on others rather than themselves are actually happier in the long run. They derive a greater feeling of reward and satisfaction and this helps to enrich their inner feelings of sharing and contentment.
So instead of buying that extra watch or TV the next time you have some new found money, consider the alternative: indulging less and offering others the opportunity to share in your wealth.
Does having extra money or income make one happy?
There certainly is a relationship between your salary and happiness; people who earn a good living are often happier than people who live in poverty. Having extra money can certainly enhance our lives by providing extra food, objects and creature comforts in our homes.
But the irony is that earning additional income will actually not lead to extra happiness, once you have already attained a “comfortable standard” where you have what you need to function and be content. Researchers at Princeton examined Gallup poll data from nearly 500,000 US households and found that higher family incomes were related to better moods on a day to day basis. However, the positive effects of money had no effect on people’s happiness and moods after a level of $ 75,000.00 was attained.
The issue then arises why we work so hard after we have reached an income level that is able to make us happy. Beyond a strong work ethic engrained by family values, or the desire to excel and compete with others, it appears that our ideas about money and happiness have gone awry.
However the true take-away from all of these mental exercises with money and happiness is that what we do with our money is more important than the money we earn. The thought that making more money can allow us to have bigger houses and fancier cars to nicer digital televisions-more for ourselves- is ultimately ineffective at turning money into happiness. Research has demonstrated that if you are going to spend money on yourself, you may want to switch from buying material objects (TVs or cars) to buying experiences (trips and special events). Based on additional research by Dunn and Norton, while buying more “experiences”, you will be better off by just buying less in general and instead buy for others.
A more extreme but scientifically proven means of increasing the happiness you derive from your money is a bit more radical-not spending it on yourself. It turns out that people who spend money on others rather than themselves are actually happier in the long run. They derive a greater feeling of reward and satisfaction and this helps to enrich their inner feelings of sharing and contentment.
So instead of buying that extra watch or TV the next time you have some new found money, consider the alternative: indulging less and offering others the opportunity to share in your wealth.
Does having extra money or income make one happy?
Helping others contributes significantly to your level of happiness. This info should be made available to the rich in Nigeria who are usually more inclined to be selfish with their wealth.
ReplyDeleteI think the bottom line is "contentment",itsnot easy to acquire,u keep lusting for more moneyand more,hoping it will make u happy when u have more money.
ReplyDelete