Can Money Buy Happiness?

Can Money Buy Happiness?

Ansony Kim, Reporter

People say that money can’t buy enjoyment, but research shows that money can make us ecstatic. According to authors Elizabeth Dunn and Michael Norton, the key lies in adhering to five key principles:

1.     Buy Experiences (research shows that material purchases are less satisfying than vacations or concerts);

2.     Make it a Treat (limiting access to our favorite things will make us keep appreciating them);

3.     Buy Time (focusing on time over money yields wiser purchases);

4.     Pay Now, Consume Later (delayed consumption leads to increased enjoyment);

5.     Invest in Others (spending money on other people makes us happier than spending it on ourselves).

Of course buying a new purse, game, shoes, phone, or even clothes will make you smile, but won’t make you happy forever. Studies show that the act of buying makes you more cheerful, than acquiring the products. “One of the most common things people do with their money is get stuff,” explains Norton, an associate professor of marketing at Harvard BusinessSchool. “But we have shown…in research that stuff isn’t good for you. It doesn’t make you down, but it doesn’t make you glad. However, one thing that does make us overjoyed is an experience.”

Mr. Norton is stating when purchasing something new, tell all your friends and then it will be forgotten. When experiencing something it’s more likely you’ll remember it forever and have stories to tell your friends, parents, cousins, and maybe your future kids.