Money and Happiness

[downzy]

Read this article and it got me thinking.

Money can’t buy happiness—at least not the way you’re spending it

http://qz.com/194381/money-cant-buy-happiness-at-least-not-the-way-youre-spending-it/

When considering how to spend your money, you’re likely to consider material purchases more valuable than experiences you have to pay for, such as a nice dinner out. But new research (paywall) shows that, after the fact, you’re more likely to value the experiences more highly than objects you purchased on just about any measure.

When asked to consider their happiness, study participants said they’d spend money on experiences like vacations. But they still thought it was more financially sound to buy a gadget or new clothes.

When ranking purchases they’d already made, however, those surveyed recalled experiences as both making them happier and being a better use of their money. “We naturally associate economic value with stuff,” study author Ryan Howell said. “I bought this car, it’s worth $8,000. We have a harder time estimating the economic value we would place on our memories…There was just huge underestimates in how much value people expected to get from their purchase.”

Sometimes the best experience is the act of buying something for someone else. Several researchers have noted a connection between altruistic spending and happiness. Giving up all of your new electronics in favor of trips to the beach and charitable acts might not seem fun or sensible. But if you’re lucky enough to choose between indulging in an object or in a memorable experience, the latter might leave you more content in the end.

Looking back, there have been a few purchase that have made me happy (my car, my iMac, my camera equipment, my RIAA Gold Award for Appetite for Destruction), but on the whole, I would say that the money I spent traveling the world or nights out with friends probably made me happier.

Thoughts and feelings???

Edited April 2, 2014 by downzy

[Guest Len B'stard]

Im already happy, money is about security not happiness. Security and fun, looking for happiness in money is ridiculous, its like that old 'enlightenment' hustle again.

As the great philosopher Derek Trotter rightly said money aint everything but it sure takes the sting out of being poor

Edited April 2, 2014 by sugaraylen

[Dazey]

Having money won't make you happy but not having money sure can make you miserable.

[wasted]

I'm already secure so money and happiness get replaced by booze and gambling.

[Crash Diet]

Having money won't make you happy but not having money sure can make you miserable.

[netcat]

depends on what you call happiness. for me money is more about freedom/having more options. happiness is kind of more complex than that

[Thin White Duke]

@Previous posters (except netcat): You haven't read the article. Probably you haven't even read the OP's post. Still reply. Like a boss.

That said, I think it's relative; it's a matter of taste or hobbies, isn't it? Some people are more quiet and love to stay at home, others love to travel and to try new things... What makes a person happy probably means nothing for others. I, for instance, couldn't care less for fancy clothes or fancy items and I love wild camping instead, so I would agree with the article, but I'm sure some people disagree. Well, actually no. Thinking about it, probably it's more true than we are willing to admit. I see lots of people with the most trendy stuff thinking that's the way to be happy, but then it happens that there are more cases of depression and unhappy people than in poorer regions, so yes, I see the point.

What I'm sure is that money, spent in one thing or another, can't buy happiness, but it can buy you ways to try to find that happiness.

[downzy]

Yeah, we all know the cliche money can't buy you happiness. But the article got me thinking about the ways in which money can facilitate happiness. I'm having a birthday dinner in a week and a half with 24 people and it will likely set me back a lot of money. But if I were to think about what I could be spending that money on if I didn't have the party, I don't think it would make me as happy. I'd love to buy a new lens for my camera or a new Xbox One or PS4, but if I think about it I'd probably enjoy the evening with my friends.

The article brings up an interesting way to think about money and happiness that I had never thought about it. Thought others might find it interesting. I know I might start giving more thought as to how I'm spending my money as a result of it.

Edited April 2, 2014 by downzy

[netcat]

well if you look at Forbes Happiest/Saddest Countries 2013 list, you will definitely get the idea that money is happiness.

but then you know it's Forbes, what else can you expect from them

http://www.forbes.com/sites/christopherhelman/2013/10/29/the-worlds-happiest-and-saddest-countries-2013/

[Thin White Duke]

well if you look at Forbes Happiest/Saddest Countries 2013 list, you will definitely get the idea that money is happiness.

but then you know it's Forbes, what else can you expect from them

http://www.forbes.com/sites/christopherhelman/2013/10/29/the-worlds-happiest-and-saddest-countries-2013/

This paragraph led me to rate this Forbes article as bullshit:

"Does this sound like a happy, prosperous world?

And yet, says the London-based Legatum Institute, “despite the tumultuous events of the past five years, global prosperity is actually still on the rise.”And yet, says the London-based Legatum Institute, “despite the tumultuous events of the past five years, global prosperity is actually still on the rise.”

Forbes is having a hard time trying to figure out how someone can be slightly happy without appearing in their millionaires list.

Obviously, one can't be very happy when there is a civil war that is risking the life of your beloved ones (if it hasn't already killed any), or in extreme poverty where you don't know how to feed your kids tomorrow. But when we are talking of PERSONAL or INDIVIDUAL happiness, it goes beyond those things. Tell all the people who commited suicide last year in Norway how happy their country is. We live in Prozac nations, it's obvious money can buy you the ways to find happiness, but happiness is not only money.

Edited April 2, 2014 by Thin White Duke

[netcat]

this is what you get when you are trying to define happiness on the basis of rational expressions. the problem is that happiness has a lot to do with emotions and they are highly irrational

[alfierose]

Money buys choice and opportunity, it's those things that make a difference to a persons day to day happiness. Obviously there are some things in life that can cause misery regardless of wealth.

I read a study recently where participants were given a significant sum of money, it was reported that those who shared it or donated to charity overall felt more positive about the experience than those who spent it on themselves.

[Redhead74]

I derive genuine joy from many of my purchases. I love shoes, bags and clothes and have certain items that I bought several years ago that I still really appreciate their quality, their design, their functionality. I collect silk scarves and every single one that I own is a little treasure for me. I also collect pieces by Italian designer Emilio Pucci and again, every single piece is a little work of art and they give me great joy. It's what I'm passionate about and so therefore happiness is present in my owning those items.

Having said that I believe travelling is probably the best use of money, next to buying a house. Not because it gives you happiness though. More because of the experience it gives you in seeing how other people live, learning about culture and what it means to live in this world. Visiting places you don't like or which made you feel incredibly uncomfortable (for whatever reason) are just as important and valuable as going to places you loved, but they didn't bring you 'happiness'. They give you valuable insight into the world and that's more important than any pair of shoes IMO. (But don't get me wrong, shoes are important. .VERY important. )

[bran]

as long as i have enough money to pay the bills, have food and have the ability to go out and have some beers with my friends or just go to the movies, im happy

Edited April 2, 2014 by bran

[downzy]

Looking back, there have been a few purchase that have made me happy (my car, my iMac, my camera equipment, my RIAA Gold Award for Appetite for Destruction), but on the whole, I would say that the money I spent traveling the world or nights out with friends probably made me happier.

Thoughts and feelings???

Completely agree. I think it comes down to how materialistic the person might be. If they are a lot materialistic, then they get an initial thrill with every purchase ... only to eventually put it in a closet or on top of furniture to collect dust or they simply throw it out after replacing it with an even more recent purchase.

Me, I like to spend my money on travel/events/occasions. My greatest memories come from places I've been, concerts & games I've attended, amusement parks I've visited etc. The memories and enjoyment I get from doing those things, especially with people I care about, will last far longer than most of the crap that I've bought. And I always take plenty of pics/video to help keep those memories fresh in my mind.

I think there are a few exceptions however. But even then, those exceptions are likely tied to experiences one has had with important people in one's life.

An example is when I bought my car in 2005. It was a 4 year old, barely driven Audi TT Roadster convertible. I still own it and still love it. Makes me happy every time I get in it. And I think a lot of that has to do with my Godfather driving me around in his convertible when I was very young. So I would say that there are certain material purchases that could bring just as much happiness as expenses that relate to experiences, but even then such purchases are likely tied to associations or experiences we have with those that matter.

[Val22]

Money can cut down on your worries so I say yes it can make you happy.

If you have enough money to replace things that break, buy a new car when the one you have breaks or anything else you need, then yeah, I'll take the money.

Most middle class people worry about money because we don't have enough of it to live or pay our mortgages or our bills.

I think having a lot of money will make you happy because you don't have to stress over everyday stuff because you'll have the money to replace anything you want to.

[Orsys]

When I am at peace I am happy. Security gives me peace. So money is needed for that, though I don't do much with it. Just let it sit there knowing I have it.

Donating gives me peace, money required for that.

And travel makes me happy. So more money for that.

But laughing with my friends makes me very happy, and it doesn't cost a dime.