Money CAN Buy You Happiness
Money
can lead to happiness.
With
money, you have more options. You have more choice in what you can do with your
time and energy. When you are out for
dinner, you can decide to go to the super-expensive restaurant and pick the most
expensive meal without feeling guilty. When you are buying a new car, you are
able to get the one that you have always dreamed of – brand new, in black and
with all the bells and whistles you have ever dreamed of. When you need a
break, why not go on that holiday to Fiji, Trinidad and Tobago, France, or tour
the USA as you have always been dreaming? You can as well host your next party
on space, You have the money.
Spending
money on more expensive items now is simply a form of short-term, instant
gratification. Longer-term, delayed gratification can result in greater
happiness.
Although
I am 28 and do not have any children yet, I prefer not to spend my days blowing
my cash, having expensive nights out and going on exhaustive long holidays as
many others my age like to do. You’re probably asking ‘why’ as normally
I talk about doing what you love and doing it more often. That is true, however
I also talk a lot about having a plan in place and delayed
gratification to create sustained happiness.
What
makes me happy is actually knowing that I am building a life where I can
support my wife and my children in the future. What makes me happy is knowing
that I will be able to retire, financially sound so I can spend my old-age
worry-free and enjoying the experience of watching my grandchildren grow.
It’s
perceived by many that more money can help in creating this life. However,
there is interesting research that has showed otherwise.
The Evidence that More Money Does NOT Lead to Increased
Happiness.
Known
as the world’s most influential living psychologist, Daniel Kahneman during his
TED talk in 2010 makes note of studies that have shown that earning less than
$60,000USD per year can have a significant effect on your happiness levels.
Simply put (and apologies if this offends anyone), the less you earn under
this, the more unhappy you will be. However, when it comes to earning more than
$60,000USD per year, Daniel Kahneman notes that it is the flattest line he has
ever seen. There is absolutely no correlation between more income and more happiness.
This is obviously a very generalised example, but it helps to
convey the message. I highly recommend that you watch Daniel Kahneman’s TED talk. It has
been viewed 1.3 million times at the time of writing this and explains some
amazing concepts around experiences versus memories and its effect on our
happiness.
Simply
put, money can’t buy happiness. So why do we all strive for higher incomes when
psychological studies have proven that income has little effect on happiness
levels? We all have that perception that ‘I will be happier if I just had that
little bit more’.
Let’s
flip this concept around on its head.
How Happiness Can Help You Generate More Money
Money
can’t buy you happiness… but happiness can get you more money!
Here,
I will share with you the Happiness Model.
Quite
simply, happiness leads to greater performance which can eventuate it greater
rewards. Let’s take a look at what the Happiness Model looks like.
Psychological studies have shown that greater happiness, wellbeing
and positivity can lead to greater performance. This is through having a more
optimistic and positive outlook as well as thinking with ‘clarity’.
In
whatever activity you are undertaking, you are more likely to be successful
when you are in this state of happiness and performing at a higher level. What
does this bring? This then brings the rewards that you are after. This can be
both monetary and non-monetary. Perhaps it is simple recognition from your
manager at work and getting a pat on the back. Alternatively, it might lead to
hitting your sales targets and achieving your bonus, or a greater prospect of
getting a promotion.
The
more sustained and consistent your happiness and positive outlook the greater
performance and the more successful you will be in your pursuits.
In
my role, I am responsible for the processes of developing and motivating the
talent (people) in our workforce to ensure greater performance, productivity
and overall bottom-line results. This is done through a number of methods such
as:
- Providing a competitive salary
- Providing stretch targets linked to a bonus
- Creating a supportive and positive culture
- Providing a suite of benefits that cater to the individual needs of different employees
- But most importantly, providing meaningful work.
If
you’re coming to work engaged and excited each day then you’re going to be more
productive and more successful in what it is that you’re doing.
This
is no different in your personal life.
What
do you spend your time doing? What
are your hobbies and your interests? What excites you?
More
often than not, the things that interest and excite you are the things that you
are generally better at. This is not by chance. This is due to the fact that
you’re in a more positive state of mind when you’re undertaking these
activities.
In Summary
To
summarise the points above, if you do what you love, you will generally perform
better and you will reap the rewards. Not only will you be more wealthy both in
monetary and non-monetary forms, you will also be living a more fulfilling and happy life.
You
have to love what you do.
Get
out into the world and enjoy what’s around… there is a world of opportunity!
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