Money, time, and happiness are three of the five concepts people constantly think about (the other two being success and sexuality). We devote a large part of our mental energy to these concepts and believe that if we obtain them, we will be happy. In the flow of life, we have two basic resources for fulfilling our desires. These are “time” and “money.” However, since most of us do not know how to use them, we end up being more unhappy.
Money
People think that if they have more money, they will be happier. This is true when moving from a low-income group to a middle-income group. However, a plateau begins at the middle-income level, and more money does not bring more happiness. Money pushes people to think more about themselves. Winners of large lottery prizes immediately start thinking about how to spend the money, and often think, “If only the prize had been a little bigger…” However, research conducted at the University of British Columbia has shown that people who spend money on others are happier (1).
Michael Norton, a professor at Harvard Business School and marketing expert, has conducted numerous studies on how money is used and the feelings it evokes in people, compiling his work in the book Happy Money (2).
In one of Norton’s studies, students were given envelopes containing $25 in the morning; one group was told to spend the money “for themselves,” while the other group was told to spend it “for others.” At the end of the day…
Students participating in a study conducted by Norton were given envelopes containing $25 in the morning; one group was told to spend the money “for themselves,” while the other group was told to spend it “for others.” At the end of the day, the students’ satisfaction levels were assessed in the research laboratory. It was found that those who spent the money “for others” experienced significantly more kindness and satisfaction and were happier.
In scientific circles, this study has been criticized for being conducted in wealthy countries such as the US and Canada, and therefore