8 ways to buy happiness: rethinking how we spend our money
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It is good to be back, Owen, and we're talking about a topic that has really taken my fancy recently.
What is this?
How you can use your money to buy happiness.
Okay. Can you do it?
Well, we did it yesterday. We actually paid to do a fun run. I mean, you can run for free, you can run anywhere you want for free, but we actually paid to be part of a group fun run situation.
But that was also a lot of pain. Well, for you, because you wore the wrong runners. Yeah, brand new runners. Tip to anyone. If you're running 19Ks, don't wear brand new runners. I knew this, but I did it anyway. And it doesn't work. So you don't go faster. In fact, you go a lot more painfully.
Wow. He hobbled to the finish line at the very end. Yep. And we got there.
Actually, you know what? My fastest kilometer was my last one. Because I was like, end of the run. Leave nothing in the tank. Well, you knew I'd be watching. Yeah. To impress you and all the family.
You could not come through hobbling.
Yep. So, okay. So, we're talking about can money buy you happiness? Yes. There are so many opinions on this.
Yeah.
To be honest, my initial thoughts were, yes, but. And I think there's a lot of places where money can buy you happiness if you use it in the right way, and money can make your life a lot easier. And the reason I think this topic's really relevant to think about is that most of us are earning money, we're spending money, we're investing for our future, but it's also really good to think about the way we're spending money to make sure we're getting the most value out of it. And it was actually recently I read a paper called If Money Doesn't Make You Happy, Then You Probably Aren't Spending It Right by some academics in the US. And they brought together so many different studies from the last 20 years and put together about eight different ways that are scientifically backed that you can use your money in a way that adds extra happiness to your life.
And some of these are very sort of... self-explanatory, like you would already know them, but you might not necessarily actually do anything about them. Like we know that giving money and giving things to other people, whether it's our time, our energy, our money does make us feel better, but sometimes we forget about that. So some of these things, they might seem really straightforward to you, but it's actually good to rethink them. And we're going to talk a bit about an example or practical way to try each one in your life.
So eight things that can maybe improve your happiness.
Yes, that are scientifically backed.
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Sounds like good money advice... But is it?