There’s a lot of press on the misery that comes from winning the lottery and a lot of research showing that having more money doesn’t make you happier (if you can afford necessities like food and shelter). Along comes happiness researcher Sonja Lyubomirsky who maintains that money CAN buy happiness. It turns out it is all in how you spend it. There is also a catch.
How money CAN make you happier*
1. Develop yourself; pay to get a new skill, or to master an old skill or ability.
2. Connect with others; celebrate achievements of friends and family or take some one on a trip.
3. Buy things that relate to mastery or goals; buy new musical instruments, sports gear or software to advance a project.
4. Donate to worthy causes.
5. Buy time with your money; relieve yourself from long work hours or chores that consume your time.
Here’s the catch:
Money spent on other people brings the most happiness. A study by Elizabeth Dunn and others at U of British Columbia found a bonus raised happiness to the degree it was spent on others.
Spending your money on OTHER PEOPLE instead of on yourself gets you the most happiness for the buck.
*“The Myths of Happiness”by Sonja Lyubomirsky