If your salary doubled, would you be twice as happy?
Would making twice as much money make you twice as happy? Probably not, according to the authors of the forthcoming book Happy Money: The Science of Spending.
Most people anticipated that they would feel twice as happy if their salaries more than doubled.
But when researchers polled participants at two different income levels, they found that those making more than twice as much were only 9% happier than those making the original threshold amount.
The study’s authors, Michael Norton and Elizabeth Dunn, found that when it comes to spending and happiness, doing with a little less is the key.
If you indulge yourself sparingly—thereby lowering your baseline spending, and increasing your potential pleaure each time you buy—you'll feel happier overall, they suggest.
At the same time, invest in experiences rather than things. In other words, it’s better to cut back on clothes or electronics and save up for a vacation or spa day with friends. That’s because the money you spend will be more meaningful to you.
Or you could simply spend less: “Another scientifically validated means of increasing the happiness you get from your money is even more radical: not using it on yourself at all,” the authors say.
When their study participants were given $20 to keep or give away, the ones who gave it away felt much happier, a response that was fairly constant around the world and among different ages.
By Gordon Powers, MSN Money
Posted by: Mr. Negative | Jul 30, 2021 9:11:48 AM
I don't think these stats are true. Most people would be very happy to make more money. Plain and simple. I think the stats reflect the actual question - which is make believe. If you actually handed someone double their salary - i think almost every last person would take it. After all, we are talking about real life. I think this is one of those articles that try to manipulate the average persons thoughts. You know.....positioning of the mind kind of articles.
Posted by: Frank | Jul 31, 2021 3:01:18 PM
I positively agree with Mr. Negative :-). Double my income? Hell ya! I'd take it and be happier than a pig in you-know-what!
Posted by: Dana | Jul 31, 2021 5:23:00 PM
You'd be happy the day you got...and maybe a while longer. But once you start living a normal life again, that increase in money will begin to feel normal as well. Not as big a deal as it did initially. At that point, you need to find something else to make you happy.
Posted by: Renee | Aug 1, 2021 12:09:50 AM
I actually agree, within a limit with the article. With the exception of serious poverty, or if you end up getting millions of dollars more which would end up giving you a whole different world to live in. I think that money does not make people happy. I have had a great deal of money at certain points in my life, and I can tell you that it did not make me happy. Being extremely poor would also not lead to my happiness either. But being average, and not super wealthy, but having quality friendships and other joyous life experiences would probably make me more happier than being able to go to a $100 dinner versus a $15 one.
Posted by: Renee | Aug 1, 2021 12:12:35 AM
Sorry I just read my remark above and my English was abysmal. I think it is because I am so tired and my mind and fingers are not working as they should.
Posted by: Richard | Aug 1, 2021 7:08:13 AM
Happiness is directly related to **feeling passionate** about something you do in your life, eg, your work, your recreation, or raising a family. It's about focusing your heart and mind on something deeply meaningful to you. Happiness is a long-term state of mind.
Doubling your wealth may give you a boost of joy for a while, but it's not really "happiness". Your mind will adapt to the new set point and you'll be looking for something else to give you a boost. (Unless you have true happiness as described above.)
That's why even rich people are often unhappy, chasing after thrills such as drugs, sex, spending sprees, etc.
But it's difficult to find happiness if you're constantly struggling for survival, which is why there is a financial threshold that must be achieved first. If your finances are stable, then you're golden. Look for that meaningful passion in your life...
Posted by: Frank | Aug 4, 2021 12:10:13 PM
It's a really dumb question. Everyone these days equates happiness to money because they spend more then they make, accomplish nothing and end up with loads of debt that induces a catatonic depressed state of mind. The thought of a doubling of income allows them to hypothetically pay off the debt. The old habit has not been cured so given time they are back in the same position.
Time for allot of people to get some exercise, read a book, cut up the credit cards and smell the coffee!!!
Posted by: Mr. Negative | Aug 7, 2021 1:28:38 AM
The funny thing is.......all the people who believe that money doesn't make you happy, would probably still take the doubled salary! Just to clarify..............if money doesn't make people happy, why are the lottery jack pots so damn high?
Everyone has a dream, and it is to be free of the system. The financial system. Money itself won't make you happy, however, it can take away a lot of stress to ease the pain.