According to a new report by the Psychological Science Journal, how much you are respected by
those around you contributes more to your overall happiness than the contents of your bank
account. The researchers believe that money may not necessarily buy you happiness because we
adjust to new levels of wealth, making happiness derived from money, transient. They concluded
that lottery winners ended up no happier because they will eventually adjust back to a baseline level
of happiness – the “hedonic treadmill” which states that when a person makes more money,
expectations and desires increase in tandem which results in no permanent gain in happiness.
Most people disagree on the above conclusion. Although money does not guarantee you lasting
happiness, money can lift your spirits as long as we are responsibly spending it to add value to our
own lives or the lives of others. Some examples are:
- Buy more time. A study by the University of Zurich found that all other things being equal,
those who commute long hours daily to work reported lower happiness. So, instead of
buying a fancy car, you’ll be happier buying a place closer to work so that the misery of that
two hour daily commuting is greatly lessened. - Get a good bed. If our average night’s sleep is 8 hours per day, we spend approximately 25
years sleeping throughout our entire lives assuming we live till 75 years old. A good bed
provides a good night sleep which reduces fatigue and thereby, increasing your happy index. - Buy experiences. Are you one of those who shop till you drop when you are overseas? Look
back at your purchases – these material goods only provide a brief thrill which we eventually
take for granted. What’s more lasting are experiences which often give us a greater a sense
of identity and connection. An experiential trip rather than a shopping spree one will surely
tip your happiness scale. - Invest in good books. It pays to read as much as you can because reading engages your
mind, promotes analytical thinking and widens your knowledge. - Treat someone. A study has found that those who spent money on others are happier than
those who only treated themselves. You will feel happier knowing that you have blessed
someone with the little or much that you have.
