2 Ways Money Can Buy You happiness
If your money is not making you happy you’re not buying the right stuff
Conventional wisdom that money can’t buy happiness is partly because when we do get money we spend an inordinate amount of it on possessions for ourselves. Unfortunately, we soon come to find that those things don’t make us truly happy.
Humans are highly adaptable creatures and we get used to our stuff pretty quickly and begin to take them for granted, especially those things that do not change. So after a while the thrill we used to get from our shiny new acquisitions fades because they no longer hold the same allure.
“Possessions naturally lead to comparisons because there is always someone with something newer, shinier, bigger…”
And when the thrill is gone some of us, unfortunately, reach the wrong conclusion that it is because there was something wrong with our initial choice of stuff. So we go for newer stuff but sadly, the cycle merely repeats itself.
This is not to say that your possessions will necessarily you unhappy. It’s just that after a while they may not make you really happy either. So it is easy to see how these experiences lead to the belief that money doesn’t buy happiness.
“One of the enemies of happiness is adaptation.” -Thomas Gilovich, Psychology Professor Cornell University
So if splurging on new stuff for yourself isn't going to make you happy, what will?
Buying stuff for yourself is not a bad thing. However, for spending money to make you happy in a way mere possessions will not, the secret lies in what else you spend it on. When money is spent in certain ways there will be a significant effect on the long-term satisfaction and happiness you experience in your life.
2 ways money can buy you longer-lasting happiness:
- Spend it on others rather than yourself. The acts of spending on other people like giving gifts, taking a friend or loved one out, or giving to charities are associated with happiness.
Why?
Relationships are the source of happiness and the stronger our relationships the happier we are. We are the most social beings on the planet and anything we do to improve those connections to others tends to only make us happier. To corroborate, studies show that people are consistently happier when they spend and when reflect on the times they were spending money on other people.
- Spend money on experiences instead. People who spend money on experiences (even brief ones) usually find that the joy and the memories deliver stronger feelings of satisfaction.
Why?
The reasons why spending on experiences tends to pay off more in terms of lasting happiness are not far-fetched. Experiences are long-lasting and they tend to blossom with each recollection. Hence just recalling the memories alone continues to titillate us.
Also, although there are experiences that can be solitary, many experiences involve other people like attending a sporting event or dining out, and the fact that they are shared with others only contributes to our happiness.
“…for spending money to make you happy in a way mere possessions will not, the secret lies in what else you spend it on.”
Takeaways:
- It’s the way you spend money that determines how it will impact your happiness;
- When you buy a whole bunch of stuff you get used to them pretty quickly and begin to take them for granted;
- Buying newer stuff doesn’t help because you just get used to them too and the cycle merely repeats itself;
- While possessions are prone to diminishing by comparison, experiences are as unique as the people having them, and just recalling the memories of our experiences continually provides delight;
- Spending on others can strengthen our social connections and these stronger connections, in turn, make us happier; and
- Spending on others and buying experiences can maximize your happiness in many more ways than just merely acquiring possessions.
To become a member and enjoy access to unlimited stories? Please sign up to join Medium using this link. Your membership fee will directly support me and all the other writers you read.