You would be surprised that earning more money have a less effect on happiness. Studies have shown that earning more income does not necessarily mean greater happiness in the long run.
Here is some interesting facts
There was a study from Princeton University from two professors, Alan B. Krueger an economist and psychologist Daniel Kahneman, that collaborated along with other colleagues from other universities that published a study on June 30 of Science. They were measuring on the well being of people’s actual experiences versus the effects of judgements on their whole life.
Researchers have claimed the belief of higher income with a better mood is widespread, but highly an illusion.
The researchers have developed a tool to measure people’s quality of daily life known as the Day Reconstruction Method (DRM), which creates an “enjoyment scale” by requiring people to record the previous day’s activities in a short diary form and describe their feelings about the experiences. Their 2004 study using this method, which surveyed 909 employed women in Texas, provided evidence that higher income played a relatively small role in people’s daily happiness.
Another study by Authors Elizabeth Dunn and Michael Norton discuss evidence for this in their new book, Happy Money: The Science of Smarter Spending. These behavioral scientists show that you can get more out of your money by following several principles — like spending money on others rather than yourself. Moreover, they demonstrate that these principles can be used not only by individuals, but also by companies seeking to create happier employees and more satisfying products.
The Biggest Take Away From This
- Keep in mind that money does not always bring happiness
- Money can be spent for necessities of life
- The love of money is the root of evil
- Practice Giving, you’ll be surprised what you get back in return
What did you get out of this article? Do you agree that money can’t buy happiness? Leave a comment below to tell me your opinions. I’ll be happy to respond.