Money Can’t Buy You Happiness? Think Again!
Money Can’t Buy You Happiness? Think Again!
Harvard Expert Says This Is Wrong, And Shares How You Can Do Just That!
While it’s commonly accepted that money can’t purchase happiness, what if it possessed the potential to do so after all?
Arthur C. Brooks, a Harvard professor and social scientist, presents a thought-provoking viewpoint on the correlation between money and happiness in his complimentary Harvard Happiness Course.
In his article “How to Buy Happiness” for The Atlantic, Arthur C. Brooks makes a simple point: money can make you happier, but only up to a certain point. Once you have enough for a comfortable life, having even more, like a billionaire, doesn’t guarantee more happiness. Brooks challenges the idea that endless wealth equals endless happiness, suggesting that beyond a certain level, additional money might not bring much more joy. It’s a thought-provoking perspective that questions the common belief that more money always means more happiness.
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However, Brooks adds a positive twist, asserting that regardless of our position on the income scale, anyone can enhance their happiness with a bit of knowledge and practice in how they use money. According to him, there’s potential for everyone, regardless of income level, to harness the power of money to bring more joy into their lives.
Brooks emphasizes that while money on its own may not guarantee happiness, it can certainly have a positive impact on your well-being if you use it wisely. Here are some suggestions he offers for maximizing happiness through your finances.
According to a happiness expert, there are three methods you can employ to “Purchase Happiness.”
- Purchase Time: Brooks suggests that by outsourcing time-consuming tasks you dislike, such as mowing your lawn, and ensuring you use the time saved for enjoyable activities rather than engaging in negative behaviors like endless scrolling on social media, you can experience a happiness boost when you invest those additional hours in social interactions.
- Purchase Experiences: Allocate your money towards delightful experiences that you are confident will bring you happiness, whether it’s attending a concert to see your favorite artist or organizing a vacation to a destination you’ve always dreamed of visiting.
- Purchase Help For Others: Contributing your money to support a meaningful cause or assisting another person can trigger an increase in “feel-good” chemicals such as serotonin, dopamine, and oxytocin, as highlighted in the Cleveland Clinic’s health blog.
In The Atlantic, Brooks emphasizes that the common thread among all these approaches is the involvement of other people. Whether you invest in an experience like a vacation or a simple dinner out, the key to elevating your happiness lies in sharing that experience with someone you love.
Individuals who come into possession of money can invest in a measure of happiness and engage in personal development. Even if our resources are limited, any additional funds can be directed towards alleviating some of the stressors in our day-to-day lives.
Invest in Happyness, Like an Investment Portfolio
According to Brooks, achieving happiness is a bit like managing an investment portfolio. He believes that focusing on four key areas, similar to how we diversify investments, is crucial for our well-being. These areas include:
Faith, Life, and Philosophy: Brooks recommends discovering what aids in making sense of the world. Whether it’s through a religious belief, a spiritual practice, or any other guiding principle, finding something that provides meaning to one’s life is essential, according to him.
Family: According to Brooks, it’s crucial to reinforce your connections with family, as these are the relationships that you may not necessarily choose but can always rely on. Strengthening these familial bonds contributes significantly to overall well-being and happiness.
Friends And Community: Brooks advises developing strong friendships because they often represent your most intimate relationships. Unlike family, friendships are bonds that you actively choose, and they can significantly influence your happiness. Investing in and nurturing these chosen relationships can have a positive impact on your overall well-being.
Meaningful work: Brooks suggests prioritizing work that brings you a sense of fulfillment. Success, according to him, isn’t solely measured by a high-paying job; you can find purpose and serve others without making a significant income. The key is to engage in work that resonates with your values and provides a sense of meaning and satisfaction.
Brooks emphasizes that beyond financial portfolios, other factors have a more significant impact on your happiness. In his perspective, elements such as relationships, personal fulfillment, and meaningful experiences play crucial roles in determining overall well-being.
Brooks points out that a substantial portion of your happiness may not be within your direct control. He notes, “Approximately 50% of your happiness is inherited, and another significant portion is influenced by your circumstances at any given moment.” This perspective underscores the idea that while certain factors may be beyond our immediate influence, there are still aspects of our lives and choices that can contribute to overall happiness.
While the happiness investment portfolio might only account for approximately 25% of your overall happiness, Brooks emphasizes that it remains worthwhile to prioritize. According to him, dedicating equal effort to each aspect of the portfolio has the potential to enhance your overall well-being and positively influence how you feel. This underscores the idea that intentional investments in various life domains can contribute significantly to one’s happiness.
Brooks emphasizes during the course that none of these elements can independently create happiness. Instead, he notes, “They complement each other and exist in harmony.” The idea is that these various aspects of life, such as relationships, personal fulfillment, and meaningful experiences, work together synergistically to contribute to an overall sense of happiness and well-being.
Speaking of Happiness…
Research consistently indicates that individuals generally experience heightened levels of happiness when working with investment advisors and portfolio managers. Various studies underscore the positive impact of professional guidance in financial matters, including investment decisions. Collaborating with these professionals not only instills a sense of confidence but also grants access to specialized knowledge and a structured approach to managing one’s financial portfolio. The guidance and support provided by investment advisors and portfolio managers help contribute not only to improved financial outcomes but also to a general reduction in stress and uncertainties related to investment strategies. Overall, these studies emphasize the valuable role that professional advice plays in fostering happiness and satisfaction in navigating the complexities of financial decision-making.
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Investment Advisor, Portfolio Manager
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