NeuroScience Expert Mark Waldman says: SPENDING MONEY ON OTHERS WILL MAKE YOU HAPPIER…AND RICHER! Michael Norton, professor in the marketing department at Harvard Business School, takes the same perspective I have: the research shows that money will buy you happiness but happiness won’t make you rich. Norton’s research shows that people who win money are more miserable as a result of it because they spent the money on themselves. But if you spend it on others, your happiness increases. In a series of experiments, he gave 2 envelopes with money ($5 or $20) to undergraduate students. They were required to spend it either on themselves, or on a gift for someone else. The gift givers, at the end of the day reported greater happiness. Think about it: buying a coffee for someone else makes you feel better than drinking it yourself! Norton also discovered that the same principle holds true in 136 other countries, and when sales teams were required to give $20 to another member on their team, that sold nearly 20x more than those who spent the money on themselves. NeuroTip: Build generosity into your money-making plan. Try it this week. Set a realistic goal to make x amount of money, and to spend a specific amount giving a gift to other members in your work arena. Notice how it makes you feel, especially knowing that it will probably make you more successful in the future. Moral: if you think money doesnt buy happiness, you’re not spending it right! Norton and his research collaborator Elizabeth Dunn cite these ways to use money to make you happier: Buy experiences, not things. Buy more free time. Pay now, use later (delay your gratification), and invest in others.
Posted on: Tue, 05 Aug 2014 19:48:56 +0000
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