Believe it or not, researchers have conducted studies on whether money can buy happiness?and the answer is yes. Studies show unequivocally that having enough money is crucial to happiness. The key word here, of course, is ?enough.? Just how much is enough?
Ann Kearney-Cooke, Ph.D., co-author of The Life You Want, explained in the book that ?enough money? means having a little left over?typically three to six months of your income in savings?after all your basic needs (food, shelter and safety) are met. More is not necessarily better. Research shows that extra material wealth over and above this amount has little to no effect on life satisfaction or happiness. In fact, a study published in the Journal of Personality and Social Psychology found that people who won the lottery were no happier and took less pleasure in mundane events than a group of people who didn?t experience the same windfall.
More recent studies, including one from the University of Li?ge in Belgium, confirm this finding. The more money people have, the harder it is for them to appreciate positive experiences in their lives, possibly because their expectations are raised. They can afford the finer things, so the simple pleasures, like catching up with a long-lost friend or going for a walk on the beach, don?t seem to provide them with the same hit of happiness as they would someone who wasn?t wealthy.
There is also some pressure associated with wealth: How to keep or increase it and how to spend it. Statistics show that the vast majority of people who win the lottery either face significant emotional challenges afterward or end up losing all or most of their money. Through my personal observation of people who have accumulated excess wealth, I can say most have magnified issues related to their money or to the obsession and demands that go along with acquiring it.
The happiest people I know balance their lives by investing their time, energy and emotions in all areas of their lives. While having enough financial freedom is very high on their list, it does not consume their lives.
To make sure your life is in balance and that you?re devoting your attention to the areas that need it most, I encourage you to try the Circle of Life exercise. Already done it? Refer back on occasion to check in on your progress and reevaluate your current circumstances.
What?s your view on money and happiness?
Pin ItAbout Bob Greene, Best Life Founder
Bob is an exercise physiologist and certified personal trainer specializing in fitness, metabolism and weight loss and the driving force behind The Best Life. He holds a master?s degree from the University of Arizona and is a member of the American College of Sports Medicine and the American Council on Exercise. For 30 years, he has worked with clients and consulted on the design and management of fitness, spa, and sports medicine programs.
Bob has been working as a personal trainer to Oprah Winfrey for more than 15 years. He has since become a contributing editor for O, The Oprah magazine, and writes articles on health and fitness for Oprah.com. He is also the bestselling author of The Best Life Diet Cookbook, The Best Life Diet, The Best Life Diet Daily Journal, Bob Greene's Total Body Makeover, Get with the Program!, The Get with the Program! Daily Journal, The Get with the Program! Guide to Good Eating, Make the Connection and Keep the Connection.
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