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Kyu Oh Advertisement Money can't buy you love. Worshipping Mammon foments evil ways. Materialists are shallow and unhappy. The greenback finds itself in tough times these days. Wealthy people have a bad rep. Sure, there are philanthropists like Warren Buffet and Bill Gates, who have given billions of their net worth away and have made the world a better, healthier, safer place.
But, sadly, they are an exception. The statistic should not be surprising, as studies by University of Minnesota psychologist Kathleen Vohs and her collaborators have Money cant buy hapiness that merely glimpsing dollar bills makes people less generous and approachable, and more egocentric.
Now come a new set of studies that reveal yet another toll that money takes. An international team of researchers led by Jordi Quoidbach report in the August issue of Psychological Science that, although wealth may grant us opportunities to purchase many things, it simultaneously impairs our ability to enjoy those things.
Furthermore, simply being reminded of money by being exposed to a picture of a huge stack of Euros dampened their savoring ability. Participants aged 16 to 59 recruited on the University of British Columbia campus were entrusted with the not unpleasant task of tasting a piece of chocolate.
Before accepting the chocolate, however, they were obliged to complete a brief questionnaire. For half of the participants, this questionnaire furtively included a page with a picture of Canadian money allegedly for an unrelated experimentand for the other half, it included a neutral picture.
How to explain these results? Indeed, a landmark study of lottery winners showed just that: Of course, Quoidbach et al. Maybe seeing banknotes triggers feelings of disgust due to associations with greed or just with germs or stirs up our money worries, and those feelings of disgust, anxiety, or unease may be enough to lose our appetites just a little and curb enjoyment of the chocolate bar.
Despite those possibilities, I find the researchers' arguments compelling.
In a book I'm writing, I devote an entire chapter to the costs of materialism and wealth. The single biggest culprit, I argue, is that having money raises our aspirations about the happiness that we expect in our daily lives, and these raised aspirations can be toxic.
They say you can never go back to holding hands, but it's also hard to go back to economy class from businessto sleeping on a futon with a bunch of roommates from your comfortable master bedroom in a split levelor to eating at chain restaurants after regularly partaking of the cuisines of Mario Batali and Bobby Flay.
Not long ago, I read a newspaper article that quoted the shocking statistic that 20 percent of Americans trade in their automobiles every two years. But, as we all know too well, the thrill wears off not long after the new car smell fades.
Can people who make partner, write a best-seller, or invest wisely ever enjoy a simple piece of chocolate? Of course, they can. As it happens, a growing social science of money is showing how we can compensate for some of its damaging effects by getting the most out of our spending.
The conclusion is that if we want to buy happiness, we need to wring as many rewarding and stretching experiences from our purchases as possible. The most effective empirically-supported ways include: Finally, our money will be even better spent if we take the time to appreciate the objects of our spending the vacation, gadget, or smiles of the people we have helped ; if we make efforts to inject novelty, variety, and surprise e.
As researchers including Ken Sheldon and myself have argued, these are all factors that slow down or pre-empt the process that leads us to take our purchases for granted and allow us to derive the maximal possible happiness from them. Both empirical research and anecdotal observations testify to the many pitfalls of thinking about money.
If this all seems like pretty strong evidence that money cannot pay for happiness, then we are not looking at the problem in the right way. We can choose to become never-satisfied janitors of our possessions, or we can use our money in ways that improve our worlds and, as a bonus, supply us with genuine and lasting well-being.
Are you a scientist?
Have you recently read a peer-reviewed paper that you want to write about? He can be reached at garethideas AT gmail.Money can't buy happiness. Extremely wealthy people have their own set of concerns: anxiety about their children, uncertainty over their relationships and fears of isolation, finds research by Robert Kenny.
The Beatles made it clear that money can’t buy love. But can it buy happiness? Economists say yes, to a point. According to a study by Purdue University, household income impacts both. The Beatles made it clear that money can’t buy love. But can it buy happiness?
Economists say yes, to a point. According to a study by Purdue University, household income impacts both emotional well-being and perceived life satisfaction. You can stock up on as many Mega Millions lottery tickets as you want, but you know what they say: Even if you’re the (very!) lucky person who wins the big bucks, money can’t buy happiness.
In fact, when it comes to experiencing true joy, you don’t even need to spend a cent. People with more money feel more happiness focused on themselves, while people with less take more pleasure in relationships and the world.
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