Most people don’t know the basic scientific facts about happiness—about what brings it and what sustains it—and so they don’t know how to use their money to acquire it. It is not surprising when wealthy people who know nothing about wine end up with cellars that aren’t that much better stocked than their neighbors’, and it should not be surprising when wealthy people who know nothing about happiness end up with lives that aren’t that much happier than anyone else’s. Money is an opportunity for happiness, but it is an opportunity that people routinely squander because the things they think will make them happy often don’t.
Interesting article, thanks. Reposting the abstract here:
The relationship between money and happiness is surprisingly weak, which may stem in part from the way people spend it. Drawing on empirical research, we propose eight principles designed to help consumers get more happiness for their money. Specifically, we suggest that consumers should (1) buy more experiences and fewer material goods; (2) use their money to benefit others rather than themselves; (3) buy many small pleasures rather than fewer large ones; (4) eschew extended warranties and other forms of overpriced insurance; (5) delay consumption; (6) consider how peripheral features of their purchases may affect their day-to-day lives; (7) beware of comparison shopping; and (8) pay close attention to the happiness of others.
From “If money doesn’t make you happy, then you probably aren’t spending it right” by Elizabeth W. Dunn, Daniel T. Gilbert, Timothy D. Wilson in the Journal of Consumer Psychology. (http://dunn.psych.ubc.ca/files/2011/04/Journal-of-consumer-psychology.pdf)
The title of the book is a good candidate for a December quote, in and of itself.
(article)
Interesting article, thanks. Reposting the abstract here:
Is the article useful to someone having money and seeking to spend it right?
It’s more general, but I still think it has practical guidelines for spending. Read it and see for yourself: http://dunn.psych.ubc.ca/files/2011/04/Journal-of-consumer-psychology.pdf
Thank you, reading.
I suggest including that link in the original comment. I had assumed the article was paywalled, as most academic publications are.
Edited!