Jonathan Clements at the Wall Street Journal on Sunday pointed out that academic studies suggest that having more stuff doesn’t equate to a permanent increase in happiness (while we may get a temporary boost from acquiring something new, the boost generally doesn’t last). Based on his review of some studies, he suggests the following nine tips for investing in happiness:
- Make time for friends. According to a 2006 report by the Pew Research Center in Washington, 43% of married people say they are “very happy,” versus 24% for those who aren’t. Seeing good friends regularly can also increase happiness.
- Foget the pay raise. “Soon enough, you are taking the extra money for granted and you’re feeling dissatisfied again. Experts refer to this as ‘hedonic adaptation’ or the ‘hedonic treadmill.’” Now, I don’t think he means that you should turn down any pay raises you’re offered, just that you shouldn’t focus on the extra money as a source of happiness.
- Don’t trade up. If you move to a neighborhood where those around you are wealthier than you, you’ll be reminded of your relative financial standing. Being around those who have more makes us less happy with what we have.
- Keep your commute short. In addition to being unpleasureable, a long commute can also be unpredictable, making it harder to adapt to the hardship. It also gives us less time for leisure.
- Count your blessings. “Instead of obsessing over your neighbors’ riches, try focusing on the riches you have — and that will likely make you feel happier.”
- Enjoy a good meal. Eating a good meal is one of those activities that brings us pleasure.
- Challenge yourself. Be more active, maybe starting an exercise routine, instead of vegging in front of the TV.
- Volunteer. Not only does volunteering make you feel good, it also helps to be around others who do good.
- Give it time. Surveys have shown that we tend to get unhappier as we approach our 40’s but then rebound from there.
I think these tips for investing in happiness can have just as much of an impact on whether we have enough than tips on investing in stocks, bonds, etc. Since in some sense what we really want out of money is the happiness it gives us, by being happier without spending more, we increase our wealth.
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Welcome to this week’s edition of the Festival of Frugality. Before I begin, I want to say that I received several entries that I felt were not appropriate for this carnival. Here are what the festival’s guidelines say about posts…
“Don’t trade up.”
This is not necessarily the best answer. Suppose someone lives in a neighborhood of poverty, crime- and they keep on earning a higher salary. There does come a point where safety and common sense need to take hold. If you are seen as a have in a neighborhood of have nots- there will be many MANY problems. And why would you not want to improve your station in a situation like this? Why would you subject your kids to a neighborhood where it wouldn’t be safe in their own backyard. SOmetimes it makes perfect sense to “trade up.”
We lived in the cheapest section of town- and dealt with being somewhat of the “haves”- until we had children. But by then we had saved enough to afford a better neighborhood.
I’ll agree with Diva Jean, that it’s not always a bad idea to move up, especially when taking into account children, schools, etc. I think the main point though is that trading up to a neighborhood with wealthier neighbors tends to decrease our relative happiness when we compare our standing compared to those of our wealthier counterparts.
Free Money Finance presents a concise Festival ……
Free Money Finance has a concise presentation of 20 useful articles on Frugality in the Festival Of Frugality #44. Our post Frugal Tip - Free Entertainment Savers Guide from SBC has been published at this festival. We are honored and thrilled. Its a …..
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