Lets attempt to answer the age old question: can money actually buy you happiness? Because, according to research - it can. Enjoy! Add me on Instagram: GPStephan
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Princeton University conducted a survey throughout 450,000 people in 2010. They found that the positive effects of money began diminishing by the time a person begins making about $75,000 per year.
https://www.princeton.edu/~deaton/downloads/deaton_kahneman_high_income_improves_evaluation_August2010.pdf
In 2018, Purdue University took a survey sample of more than 1.7 million people throughout 164 countries, and found that the $75,000 figure was ideal for emotional well being, meaning a persons every day level of satisfaction…but $95,000 was ideal for what they call “life evaluation,” which measures how a person thinks and acts on their long term goals and aspirations.
Although, here’s where things take a slightly DIFFERENT turn…The Journey of Consumer Psychology found that money DOES buy happiness, if you just know how to properly spend it…and here’s where things get interesting, because according to them, here’s what CAN make you happy:
First, spend money on experiences - not things.
It was found that the effects of buying material items quickly begin to fade once we get used to them - but experiences are something that our mind continues to look back on, bringing us more positive emotion.
Secondly, spend more WITH people.
Studies were conducted in which people were given money, and then tracked how they spent it - either on themselves, or with others. The group that spent the money with others reported a much higher level of enjoyment than the group who spent it on themselves. Anything we do to improve our connections with others tends to improve our happiness as well—and that includes spending money.
Third, spend money frequently on SMALL things - rather than infrequently on LARGE things
Our minds ability to adapt and get used to even the BEST purchases that money can buy is inevitable…so given that, it was found that our minds are less likely to adapt to a variety of smaller purchases - than we are ONE very large one.
Fourth, spend LESS money on insurance
Purchasing extended warranties or other forms of purchase protection was associated with the likelihood that someone would regret their purchase, and that many people view a purchase with their FUTURE REGRET in mind.
Fifth, pay for things upfront - enjoy them later
People can derive an INCREDIBLE amount of enjoyment and happiness from ANTICIPATING an event, sometimes even MORE so than the actual event itself.
Sixth, think about what you’re NOT thinking about
It was found that the farther out an event was to happen, the more fondly we tend to look at It. But as the event gets closer, we begin to think of all the intricacies that were previously overlooked…By more thoroughly thinking through EVERY part of that purchase, a person is more reasonably able to match their expectation with happiness in terms of what they buy.
Seventh, comparison is the thief of joy
Research shows that people change their opinions about what they want to purchase, by showing them larger, but LESS DESIRABLE comparisons that they could get, instead.
And eighth, follow the heard - not your head
Studies have found that the best indicator of whether or not WE will enjoy something, is whether or not OTHER people have enjoyed it, as well.
The good news, is that you don’t need to be a multi-millionaire to be just as happy as one…because they’re no more happier than anyone else. And by seeing the positives in a situation, appreciating what you have, and by spending your money strategically on the things that matter the most - statistically, you’re the most likely to be happy and hit the like button.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://bit.ly/2STxofv $100 OFF WITH CODE 100OFF
Get a Free Stock on WeBull when you deposit $100 (Valued up to $1000): https://act.webull.com/k/Vowbik9Tm5he/main
Merch: http://www.GrahamStephanStore.com/
Graham Stephan Discord: https://discord.gg/pazcWtR
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
Princeton University conducted a survey throughout 450,000 people in 2010. They found that the positive effects of money began diminishing by the time a person begins making about $75,000 per year.
https://www.princeton.edu/~deaton/downloads/deaton_kahneman_high_income_improves_evaluation_August2010.pdf
In 2018, Purdue University took a survey sample of more than 1.7 million people throughout 164 countries, and found that the $75,000 figure was ideal for emotional well being, meaning a persons every day level of satisfaction…but $95,000 was ideal for what they call “life evaluation,” which measures how a person thinks and acts on their long term goals and aspirations.
Although, here’s where things take a slightly DIFFERENT turn…The Journey of Consumer Psychology found that money DOES buy happiness, if you just know how to properly spend it…and here’s where things get interesting, because according to them, here’s what CAN make you happy:
First, spend money on experiences - not things.
It was found that the effects of buying material items quickly begin to fade once we get used to them - but experiences are something that our mind continues to look back on, bringing us more positive emotion.
Secondly, spend more WITH people.
Studies were conducted in which people were given money, and then tracked how they spent it - either on themselves, or with others. The group that spent the money with others reported a much higher level of enjoyment than the group who spent it on themselves. Anything we do to improve our connections with others tends to improve our happiness as well—and that includes spending money.
Third, spend money frequently on SMALL things - rather than infrequently on LARGE things
Our minds ability to adapt and get used to even the BEST purchases that money can buy is inevitable…so given that, it was found that our minds are less likely to adapt to a variety of smaller purchases - than we are ONE very large one.
Fourth, spend LESS money on insurance
Purchasing extended warranties or other forms of purchase protection was associated with the likelihood that someone would regret their purchase, and that many people view a purchase with their FUTURE REGRET in mind.
Fifth, pay for things upfront - enjoy them later
People can derive an INCREDIBLE amount of enjoyment and happiness from ANTICIPATING an event, sometimes even MORE so than the actual event itself.
Sixth, think about what you’re NOT thinking about
It was found that the farther out an event was to happen, the more fondly we tend to look at It. But as the event gets closer, we begin to think of all the intricacies that were previously overlooked…By more thoroughly thinking through EVERY part of that purchase, a person is more reasonably able to match their expectation with happiness in terms of what they buy.
Seventh, comparison is the thief of joy
Research shows that people change their opinions about what they want to purchase, by showing them larger, but LESS DESIRABLE comparisons that they could get, instead.
And eighth, follow the heard - not your head
Studies have found that the best indicator of whether or not WE will enjoy something, is whether or not OTHER people have enjoyed it, as well.
The good news, is that you don’t need to be a multi-millionaire to be just as happy as one…because they’re no more happier than anyone else. And by seeing the positives in a situation, appreciating what you have, and by spending your money strategically on the things that matter the most - statistically, you’re the most likely to be happy and hit the like button.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
My bluetooth speaker really brings me happiness though
Pre or post tax dollars?
I read in a sales book that car sales people need to ask what your friends think of the car you bought and not what you personally think about the car. People will justify what their friends think over what they actually think when it comes to a big purchase.
The thought of buying something brings me a lot more happiness than the thought of spending the money. I cringe at spending money.
I make over $100,000 a year but I live in Ventura County on the coast of California. I am thinking that it takes $200,000 a year in my area to make me happy.
If you have a problem that money can fix and you have money, then you don't have a problem.
Good summary of the book "Happy Money: The Science of Smarter Spending" by Elizabeth Dunn and Michael Norton. The problem with this video is there's no credit given to this book and there's no original content from Graham. Plagiarism.
I had 200 once I felt in control but emotionally I felt drained I started feeling the worlds air smells and taste felt better
They say money doesn't buy happiness, but poverty doesn't buy anything. It might not directly buy true happiness, but it provides the resource for which you can pursue it. Exotic cars, motorcycles, not worrying how to pay rent/mortgage, incredible vacations and restaurants… even the means to influence other peoples lives for the better.
It’s about freedom not money
I lived with a rich person for like a month I guess u can say that's my first experience "being rich" and I was way happier "being rich" than not
I am poor. Wasted ten years going to school for a bachelor's. I graduated in December 2018. Did an amazing Summer internship at Pixar in 2019. I came back to the boring location I don't want to be in and did a short contract at a local studio. Now I have been searching for jobs since 2019. I have no job and not making any money, and I am running out of what little money I had. Coronavirus apocalypse began and it made everything worse. Money can bring many good things in anyone's life because of how this demonic system is designed today. Without it, you can't afford anything you would like, and in worst case scenarios, humans become homeless with no food. I lived in the beautiful Bay Area and I wish I was still there. However, I also saw the many homeless people on every street I walked on. You think those homeless don't need money? This adage of "money doesn't bring joy" is false phrase that needs to disappear. The current system on this planet is about money and greed. Without money, humans can hardly survive and are looked down upon in relation to status and wealth.
So buy experience not things ok…
I'll love to experience driving an v12 every weekend
That $105k before or after taxes?
If you think money doesn’t buy happiness then you must have an extra chromosome
“So if money can't buy happiness
I guess I'll have to rent it”- Weird Al from This is the Life
money can't buy happiness
but have no money is like a hell🤣
I prefer rich and sad, than poor and sad
The only thing money can do is buy. Happiness can only be bought by money. Keyword is the buying. Doesn’t mean that happiness can’t be obtained without buying.
satisfaction maybe but not happiness. In order to make the money it requires alot of your time unless you are doing it illegally time is more important then money all day long. So yeah money might make things easier but does it give you happiness nope. Really the happiness comes from the journey of getting the money. Its not the ticket to get the golden goose. you are way off base
It doesn't buy love
Money is basically God
Dude money can people who say it cant ill just happy laugh at you with my big pokemon deck
I’ve never seen such a consensus among so many thousands across the internet
Money is everthing.
Without money you're nothing.
It’s funny how rich people say money can’t buy happiness but will never trade their riches for others poverty
👏🏽🇬🇧
The comment about experiencing what you have now actually hit home for me lol
Graham, your sleeve, i cant take my eyes off it haha
The real thing to understand is this that happiness or misery always comes from within,always,so whether you are content,blissful or miserable it has all to do with you perceptions,attitude,understanding,self esteem,experiences and how to handle things in life,I mean you can make your life the most interesting also you can make your own life hell.
Money doesntt have a direct role in this but it is more satisfactory or content to be getting money,regularly,no matter even if you are the richest man you want to be getting that more and more so basically human minf wants and hankers for more,and the one who learns the art to make the right balance and make life invigorating and cherish,harbor,embrace and harness the things that you get or have instead of any comparison or asking for more,becomes tge happiest person
So I AM UNDOUBTEDLY THE HAPPIEST PERSON ON PLANET,WHEN I FEEL IT,NOTHING ELSE MATTERS,I KID YOU NOT.
Not gonna lie I would be pretty unhappy without money 💵