Money and Happiness
I read a stat a couple of weeks ago that really stood out for me: happiness caps at $75,000 a year. It really put in perspective for me the constant drive to further personal financial success, and to “get to that point” where happiness lies, somewhere in the future. When do we actually get to that point in our lives?In her book, All the Money in the World: What the Happiest People Know About Getting and Spending, author Laura Vanderkam states that one way to measure happiness is to see your life overall, and gauge how it’s going.She says that a positive outlook keeps rising for respondents up to $160,000 a year, but that when asked “how happy are you right now?”, and what your current mood is, that hits a limit of $75,000 a year.
By that point, most of the day-to-day worries are solved, and happiness levels don’t rise anymore past that point.We spend so much time in pursuit of happiness via money,especially in this day and age when economic woes still hover overhead, and families are needing to work harder to have the same lifestyles as before. But, for some, we lose sight of the things that life’s joys actually produce.Happiness also comes from identifying what you’re unhappy about concerning money, and how it blocks you from actual happiness. For years, the self-help industry has profited from books based on seeking happiness, but has left plenty of people happiness-impoverished.
It’s not as attractive, but looking at the things that continue to cause pain, anger and unhappiness will ultimately help you unblock towards freedom and happiness in the long run. What negative beliefs about money (e.g. "not having enough" or "not making enough") keep you unhappy? How can you adjust those beliefs?When talking about money, look at old, looming belief structures you’ve inherited from your parents, and see how they guide your behavior. Do you fall into deprivation thinking, and obsessively save more than you need to? Or, do you spend liberally, not worrying about the future because you’re living “carpe diem?” Do your values line up with your actual behaviors? For many, they don’t, so identifying what you truly value is critical to money happiness, and if you’re spending/saving money towards those things, you're spending or savings is in alignment with your values.
Research also supports the idea that humans are wired for giving and altruism, and it’s another secret to happiness. In a 2008 study, social psychologst Elizabeth Dunn of the University of British Columbia found that the effects of spending on others produces effects similar to those of exercise, and can have immediate and long term effects on those who spend on others. Another researcher found that “happiness correlated with the amount of money people spent on other rather than the absolute amount of the bonus or income,” referring to employees of a Boston-based company who received bonuses of various sizes (ScienceNow magazine).Experiences also trump materialism and “stuff acquisition.” Taking a meaningful trip with your spouse, or engaging in a hobby or pasttime that brings happiness has longer lasting effects of happiness than buying actual stuff.
But, make sure that you’re not spending money on activities or events because you want to impress others, because why you buy is as important as what you buy, according to researchers at San Francisco State University in the Journal of Happiness Studies.
They even set up a website called Beyond the Purchase with a bunch of surveys you can take to gauge your happiness based on your spending habits.Money can bring happiness, certainly, but only to a limit. If you know what makes you happy, and you’re spending your money on those things - past the basic expenses - that are lined up with what truly makes you happy, you’re probably living well.
If you’re interested in learning more about the Men’s counseling , or if counseling might be right for you, please feel free to contact me directly or visit our Men’s counseling page for detail.
