Are you one of those who still believe the old sayings, money doesn’t buy happiness, and people on their deatbed never wished they’d spent more time in the office?
If you do – too bad. Money indeed does buy happiness.
According to research done by two economists from the University of Pennsylvania conclude money does indeed bring happiness, even if it doesn’t guarantee it. Interestingly, their findings contradict a widely-cited 1974 happiness study whic become known as the Easterlin paradox theory.
The study found gains in income, which provided more than basic necessities, didn’t make people happier — it just re-set the bar for them wanting more.
“To put it in today’s terms, owning an iPod doesn’t make you happier, because you then want an iPod Touch,” the piece says.
Actually, while an iPod might not be the ticket to happiness for everyone, the economists found that life satisfaction is the highest in richest countries.
It’s the same for the wealthy within the United States, where about 90 percent of people in households making at least $250,000 a year called themselves “very happy” in a recent Gallup Poll.
In households with income below $30,000, only 42 percent of people gave that answer.
“The central message,” says Betsey Stevenson, one of the economists, “is that income does matter.”
There are another factors that the research also found can make people happier.
These include short commutes, time spent with friends — have little to do with higher incomes, the article points out money can facilitate such things.
It can allow trips to see relatives not seen in years or places never visited.
Rich peoples can the article says, can decide to work less — and spend more time with your friends and families.
Don’t you envy Bill Gates, Buffet – for having all the money in the world to buy anything they want?