XY Planning Network published an article this week titled Can Money Buy Happiness? Maybe Says Elizabeth Dunn which made me think of a couple of similar conversations that I had this week. One of those conversations was with a friend who is my age and one was with a gentleman at the gym who I talk to most days of the week and who is about my father’s age.
What Dr. Dunn means by “maybe money can buy you happiness” is that there are certain things that you can do with your money that could make you happier, according to studies. None of those is to make more of it.
The 5 key ways that the article identifies as ways that you can use your money to impact your happiness are:
1. Buy experiences (not “stuff”)
2. Make it a treat
3. Buy time
4. Buy now, enjoy later
5. Spend on others
I recommend reading the article to gain a more in-depth understanding of what each of these points mean.
The friend that I mentioned who is my age said that he finds it frustrating that he sees his friends going into debt to, what seems like to him, just keep up with a certain lifestyle that they see their friends portraying over social media.
The gentleman who I was speaking with in the gym told me about the financial situation of some of his friends. They’re anxious about money and having a hard time getting by on their income. The gentleman who I was speaking with attributed their struggles to, “they spend too much money on ‘stuff'”.
Do you remember that outfit that you just had to have a couple of years ago or the granite counter tops that you couldn’t live without? What about that trip that you went on with your family or that concert that you went to? I’m willing to bet that you have better memories of the trip or concert than you do the outfit or the countertops.
Don’t let “stuff” be the reason that you don’t feel financially secure.
