REAL MONEY, REAL FAMILIES
Insights on happiness and money By Luke Erickson
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In other words, once a person has some ith the holidays that come this fairly reasonable needs and wants covered, time of year we’re reminded the only thing extra money will do is increase of many of the things that expectations that offset any increases in bring happiness to our lives, income. such as candy, turkey, and presents. If only When choosing careers, we might visualize happiness were so simple, right? an “importance-of-money spectrum.” On one Happiness is an elusive thing. Yes, food end of this spectrum are those who strongly and gifts can provide small, temporary paths believe that the more money they earn, the to a little happiness, but research indicates happier they will be. This belief drives many that sustained happiness involves things like people into careers that they do not really gratitude, life-purpose, relationships with enjoy, but which are fairly effective at filling others, etc. bank accounts. On the other end of the And where does money fit into the Luke Erickson spectrum are those who believe that money has equation?! very little value in determining one’s career, life pursuits, and First of all some quick spending tips. Research has been ultimate happiness. These folks can sometimes find deep and pretty consistent in showing that dollar for dollar, money lasting meaning in their careers, but can also be left wanting spent on experiences, time-saving options (like a house in certain basic financial goals, which can ultimately subtract cleaner), and connecting with others (dinner out with friends) somewhat from the happiness level the meaning in their jobs tend to produce more happiness than material goods of the gives them. same price. It would seem that the key to But what about earning more money and happiness is in finding money? Since money spent on a balance in the middle of the certain things like experiences can spectrum, or, in other words, in boost happiness, shouldn’t more finding that career path where you money and more spending result in can pursue both meaning AND a even more happiness? fairly generous paycheck. Easier It’s common to see articles said than done, right? In a 2018 listing the highest earning actors, survey by BetterUp labs, 9 out most successful rock stars, richest of 10 people said they would give up about 25 percent of billionaires, etc., but how often do you see those same kinds their income for a job that was more personally meaningful, of lists for happiness? What if we could actually measure meaning that most people do not find much meaning in their happiness like we can dollars? Who would be the happiest chosen careers. person on earth? Would the list of happiest people line So many of us feel stuck because we don’t know where up with the same folks on the billionaire list? We know to find such jobs, or, heck we don’t even know what our instinctively that that is probably not the case, yet it is so strengths are and what will actually give our jobs meaning. easy, and we’re so often pushed by the pop media, to equate One way to find out is to explore and increase your personal money with happiness. This is a sentiment echoed by a quote strengths at viacharacter.org. Or, just try jotting down a I came across a while back, “Money can’t buy happiness, but few of your values until some patterns emerge that might it can buy a pretty close imitation.” translate into a career adjustment that you may find to be How close do money and happiness align? A well-known more fulfilling. study in 2010 by Princeton professors Daniel Kahneman Now, let’s say that somehow you are able to become one and Agnus Deaton found that a person’s happiness level will of the few who have managed to find that perfect balance of generally rise as they make more money, but only up to a meaning and pay in your career. Is your happiness level (as it point. That point, according to their estimation, was about relates to money) set? Nope! That would be far too easy. We $75,000 a year per person. A later study out of Purdue also have to avoid the tendency to compare ourselves to others. published in 2018 put that number more around $95,000 per Comparison is one of the quickest paths to unhappiness person per year. But the evidence suggested that anything with money, and yet we all do it. Even if we may be better over roughly $100,000 per year did not correlate much with off than 90 percent of our neighbors, we will tend to focus increased happiness.
The good news is that one of the best tools for combating this tendency is pretty simple and straightforward. It’s gratitude.
6 OCT/NOV/DEC 2020 | Idaho Family Magazine
www.idahofamilymagazine.com
