“Money Can’t buy happiness”
is a lovely popular quote that is most certainly wrong says Dan Gilbert, Harvard Psychologist and author of ‘Stumbling on Happiness’.
Money provides an “opportunity for happiness,” the authors say, since moneyed people can live longer and healthier lives, enjoy financial security, have leisure time, and control what they do every day.
Dan Gilbert in the paper titled,
‘If money doesn’t make you happy then you probably aren’t spending it right.’ – talks about the right way to spend money to optimize happiness. So how do we do it?
(1) Buy Experiences instead of things
The best memories I have of my childhood were those I was on vacation with my family. The best memories of my adult life were also in obscure mountains and long road trips. However, I don’t think our trip around the could have been any better if we had travelled in a sedan over a hatchback. We like experiences more because we anticipate and remember them, the research says, and we appreciate them longer.
(2) Spend money to help others instead of yourself.
The money we willingly spend on others gives us a greater joy over those that we spend on ourselves. Look around you and see who you can help out. The pandemic has given us all a opportunity to do that to those unfortunate around us.
(3) Buy many small pleasures instead of few big ones.
Random gifting of a single rose and love notes multiple times during the year would bring net more happiness to your spouse than an elaborate exquisite dinner in Taj and a DeBeers Diamond Necklace during anniversary.
(4) Buy less insurance for “GOODS”
Extended warranties, replacement guarantee for the LED display, generous return policies may actually under mine happiness as we get used to good and bad things equally fast.
(5) Pay now, consume later
We are in the culture of use now, pay later, but it is the delayed gratification of desires that gives the most amount of happiness for most of the happiness is in the anticipation more than it is possession itself. Planning a vacation was fun, saving for it monthly gives you the anticipation that prolongs it, rather than putting it on your credit card and having to pay for it later.
(6) Think about what it’s really like to own the thing you want to buy
The cabin in the woods would have mosquitoes, your swimming pool will need to be cleaned, your beach house will be dirty with sand the furniture will get spoiled faster with salty air. Owning things in actuality are not as good as they show in ads. So give it a long hard thought !!
(7) Stop the comparison shopping
What is otherwise known as keeping up with the Jones. Too many people end up with bigger than necessary houses, Tv’s, Car’s because they are trying to impress somebody like parents, spouse, Ex’s, colleagues etc. If you let your buying decisions be determined by the matching or bettering what someone else has- that my friend is a bottom less pit.
(8) Ask your friends.
Your friends know you better than you know yourself. Your friends can tell with better accuracy who you should date, which of your relationship is likely to work out for you. You are too invested and bit to blind to see those things for yourself. So next time do ‘ask a friend’
It’s not the toys that makes the child happy but the play. It’s the same with you too. Rather than adding bigger, faster and fancier gadgets (toys), spend your money well and buy happiness.
Based on : “If money doesn’t make you happy then you probably aren’t spending it right.” by Dan Gilbert
