Three researchers recommend ways of spending money to make one happy
By Goh Eng Yeow, The Straits Times, 6 Jan 2013
Most of us spend our time trying to make more money - whether by chasing the next promotion or business deal, or devising a sure-fire investment strategy.
But one question I've pondered over the years, after writing countless articles advising readers on how to invest profitably, is that old chestnut of whether more money makes a person happier.
Certainly, some of the happiest moments in my life have not revolved around money.
Some have been simple experiences like doing taiji in East Coast Park early in the morning, with the gentle sea breeze caressing my face, or a spectacular sunset I saw once at Hangzhou's West Lake, as the sinking sun lit the water a golden glow.
It leads to another question: Why doesn't having a whole lot more money make us a whole lot happier?
In a thought-provoking article, three researchers - University of British Columbia's Elizabeth Dunn, Harvard University's Daniel Gilbert, and University of Virginia's Timothy Wilson - offer an explanation after spending decades studying the subject.
Their conclusion: "If money doesn't make you happy, you are probably not spending it right."
They note that people fail to realise that having more money allows them to live longer and healthier lives, buffer themselves against worry and harm, have more leisure time to spend with their friends and family as well as control the nature of their daily activities. These are sources of happiness which tend to be taken for granted.



