Lets attempt to answer the age old question: can money actually buy you happiness? Because, according to research – it can. Enjoy! Add me on Instagram: GPStephan
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Princeton University conducted a survey throughout 450,000 people in 2010. They found that the positive effects of money began diminishing by the time a person begins making about $75,000 per year.
https://www.princeton.edu/~deaton/downloads/deaton_kahneman_high_income_improves_evaluation_August2010.pdf
In 2018, Purdue University took a survey sample of more than 1.7 million people throughout 164 countries, and found that the $75,000 figure was ideal for emotional well being, meaning a persons every day level of satisfaction…but $95,000 was ideal for what they call “life evaluation,” which measures how a person thinks and acts on their long term goals and aspirations.
Although, here’s where things take a slightly DIFFERENT turn…The Journey of Consumer Psychology found that money DOES buy happiness, if you just know how to properly spend it…and here’s where things get interesting, because according to them, here’s what CAN make you happy:
First, spend money on experiences – not things.
It was found that the effects of buying material items quickly begin to fade once we get used to them – but experiences are something that our mind continues to look back on, bringing us more positive emotion.
Secondly, spend more WITH people.
Studies were conducted in which people were given money, and then tracked how they spent it – either on themselves, or with others. The group that spent the money with others reported a much higher level of enjoyment than the group who spent it on themselves. Anything we do to improve our connections with others tends to improve our happiness as well—and that includes spending money.
Third, spend money frequently on SMALL things – rather than infrequently on LARGE things
Our minds ability to adapt and get used to even the BEST purchases that money can buy is inevitable…so given that, it was found that our minds are less likely to adapt to a variety of smaller purchases – than we are ONE very large one.
Fourth, spend LESS money on insurance
Purchasing extended warranties or other forms of purchase protection was associated with the likelihood that someone would regret their purchase, and that many people view a purchase with their FUTURE REGRET in mind.
Fifth, pay for things upfront – enjoy them later
People can derive an INCREDIBLE amount of enjoyment and happiness from ANTICIPATING an event, sometimes even MORE so than the actual event itself.
Sixth, think about what you’re NOT thinking about
It was found that the farther out an event was to happen, the more fondly we tend to look at It. But as the event gets closer, we begin to think of all the intricacies that were previously overlooked…By more thoroughly thinking through EVERY part of that purchase, a person is more reasonably able to match their expectation with happiness in terms of what they buy.
Seventh, comparison is the thief of joy
Research shows that people change their opinions about what they want to purchase, by showing them larger, but LESS DESIRABLE comparisons that they could get, instead.
And eighth, follow the heard – not your head
Studies have found that the best indicator of whether or not WE will enjoy something, is whether or not OTHER people have enjoyed it, as well.
The good news, is that you don’t need to be a multi-millionaire to be just as happy as one…because they’re no more happier than anyone else. And by seeing the positives in a situation, appreciating what you have, and by spending your money strategically on the things that matter the most – statistically, you’re the most likely to be happy and hit the like button.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
