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Money can actually buy you happiness. Here's how to get it.
Give money away
A series of experiments found people are happier after spending money on others versus on themselves. It is not that spending money on yourself doesn't feel good - it just doesn't seem to last for long.
By giving money away, you not only make other people happy, but you also make yourself happier.
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Key Ideas
The beginning of positive psychology
The story of positive psychology started just 20 years ago with Martin Seligman, head of the American Psychological Association. The idea he considered was: What if every perso...
Personal transformation
The term “positive psychology" was coined by Abraham Maslow in 1954. Martin Seligman used this term to promote personal change through the redemptive power of devotional practices like counting your blessings, gratitude, forgiveness, and meditation.
It is expressly designed to build moral character by cultivating the six virtues of wisdom, courage, justice, humanity, temperance, and transcendence.
Not a science
Martin Seligman insists on the value-neutral purity of the research on positive psychology. Yet even its fans say it seems to have some of the characteristics of a religion.
Philosophers such as Mike W. Martin say positive psychology has left the field of science and entered the realm of ethics. Science is a factual enterprise, not promoting particular values.
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Key Ideas
Adaptation and happiness
Adaptation is the enemy of happiness.
We buy things to make us happy. And they do, but only for a while. New things are exciting to us at first, but then we adapt to them.
Experiences vs. Objects
Objects fade and become part of the new normal. So you’ll get more happiness spending money on experiences like going to art exhibits, doing outdoor activities, learning a new skill, or traveling.
Experiences really are part of ourselves. We are the sum total of our experiences.
Shared experiences
They connect us more than shared consumption.
Even if someone wasn’t with you when you had a particular experience, you’re much more likely to bond over both having hiked the Appalachian Trail or seeing the same show than you are over both owning Fitbits.
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Key Ideas
3 Financial Basics
- Create a Financial Calendar: prevent yourself from forgetting quarterly tax payments and to get credit reports.
- Check Your Interest Rate: Pay off loans, open saving accou...
Budgeting Like a Pro
- Consider an All-Cash Diet, as limiting yourself to physical currency combats overspending.
- Set aside 1 minute a day to check on your financial transactions, to identify problems, track goal progress and set your spending tone.
- Allocate at least 20% of your income to financial priorities like emergency funds, debts and retirement fund.
- Budget about 30% of your income for nonbasic spendings, like entertainment. Abiding by the 30% rule, you can save and splurge at the same time.
How to Get Money Motivated
- Draft a Financial Vision Board, it motivates and helps you to stay on track with your financial goals.
- Set specific financial goals stating the reason, the way, numbers and dates.
- Adopt a spending mantra, a phrase that serves as a rule of thumb for how you spend.
- Love yourself. Taking control of your finances is part of that.
- Make bite-size money goals. Make the bigger ones but also small step goals to get there.
- Don’t be a financial fatalist, and switch to more positive mantras.
- Get your finances and body in shape. The discipline associated with regular exercising translates to managing your money well.
- Appreciate what you have now, instead of being a consumerist.
- Get a Money Buddy. Studies indicate people pick up good habits from friends with similar traits.