Comments on: The Personal Finance Hour, Episode 23: Money and Happiness http://www.getrichslowly.org/blog/2009/10/05/the-personal-finance-hour-episode-23-money-and-happiness/ Common sense advice on money saving tips, how to get out of debt, high interest savings accounts, cd rates, money market accounts, mortgage rates, money management and more. Tue, 21 May 2013 16:05:35 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: FinanciallySmart http://www.getrichslowly.org/blog/2009/10/05/the-personal-finance-hour-episode-23-money-and-happiness/comment-page-1/#comment-201326 FinanciallySmart Sat, 10 Oct 2009 00:25:06 +0000 http://www.getrichslowly.org/blog/?p=6579#comment-201326 Some may agree that money will bring happiness while others will not. Money is just a tool to enable one to have a good financial freedom but happiness comes from within the individual. We should never place our happiness on money. Some may agree that money will bring happiness while others will not. Money is just a tool to enable one to have a good financial freedom but happiness comes from within the individual. We should never place our happiness on money.

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]]> By: Dan Goldie http://www.getrichslowly.org/blog/2009/10/05/the-personal-finance-hour-episode-23-money-and-happiness/comment-page-1/#comment-200972 Dan Goldie Wed, 07 Oct 2009 23:00:04 +0000 http://www.getrichslowly.org/blog/?p=6579#comment-200972 According to a 2004 paper titled "What Do Investors Want?" by Meir Statman of Santa Clara University, "Money does buy happiness. Investors pursue high returns because high returns bring wealth, wealth brings status and status brings happiness. But the effects of increases in wealth on happiness fade. Increases in wealth do not increase happiness for long, and the average level of happiness in a country ceases to increase once average wealth reaches moderate levels. So the average level of happiness in the US was no higher in 1998 than in 1975 despite significant increases in average wealth. But high status within a society continues to bring high happiness. Layard (2003) reported that 39% of Americans in the top quartile of income were very happy in 1975 but only 19% of those in the bottom quartile were as happy. Only 37% of Americans in the top quartile were very happy in 1998 but only 16% of Americans in the bottom quartile were as happy." According to a 2004 paper titled “What Do Investors Want?” by Meir Statman of Santa Clara University, “Money does buy happiness. Investors pursue high returns because high returns bring wealth, wealth brings status and status brings happiness. But the effects of increases in wealth on happiness fade.

Increases in wealth do not increase happiness for long, and the average level of happiness in a country ceases to increase once average wealth reaches moderate levels. So the average level of happiness in the US was no higher in 1998 than in 1975 despite significant increases in average wealth. But high status within a society continues to bring high happiness.

Layard (2003) reported that 39% of Americans in the top quartile of income were very happy in 1975 but only 19% of those in the bottom quartile were as happy. Only 37% of Americans in the top quartile were very happy in 1998 but only 16% of Americans in the bottom quartile were as happy.”

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]]> By: Nick http://www.getrichslowly.org/blog/2009/10/05/the-personal-finance-hour-episode-23-money-and-happiness/comment-page-1/#comment-200759 Nick Tue, 06 Oct 2009 16:44:09 +0000 http://www.getrichslowly.org/blog/?p=6579#comment-200759 Interesting question! I believe it’s not possible to make a general statement on whether money makes people more or less happy. Money comes with a whole set of new elements that may have good or bad impact on our happiness, and depending on how susceptible we are to every one of them, the conclusion will go one way or the other (i.e. different from person to person). I recently made an effort to provide a more comprehensive picture of what these ad- and disadvantages are. I invite you to have a look at http://www.spreadinghappiness.org/2009/08/money-how-much-should-we-strive-for-it-to-become-happy/ and tell me what you think! Thank you, Nick Interesting question!

I believe it’s not possible to make a general statement on whether money makes people more or less happy. Money comes with a whole set of new elements that may have good or bad impact on our happiness, and depending on how susceptible we are to every one of them, the conclusion will go one way or the other (i.e. different from person to person).

I recently made an effort to provide a more comprehensive picture of what these ad- and disadvantages are. I invite you to have a look at http://www.spreadinghappiness.org/2009/08/money-how-much-should-we-strive-for-it-to-become-happy/ and tell me what you think!

Thank you,

Nick

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]]> By: Islamic Finance http://www.getrichslowly.org/blog/2009/10/05/the-personal-finance-hour-episode-23-money-and-happiness/comment-page-1/#comment-200721 Islamic Finance Tue, 06 Oct 2009 13:30:30 +0000 http://www.getrichslowly.org/blog/?p=6579#comment-200721 I think Money is not having much relationship with happiness, Anyway I want a good software to manage my money. I think Money is not having much relationship with happiness, Anyway I want a good software to manage my money.

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]]> By: Financial Samurai http://www.getrichslowly.org/blog/2009/10/05/the-personal-finance-hour-episode-23-money-and-happiness/comment-page-1/#comment-200672 Financial Samurai Tue, 06 Oct 2009 00:42:57 +0000 http://www.getrichslowly.org/blog/?p=6579#comment-200672 Shoot, totally forgot about this even today. Too busy at work. I enjoyed speaking to Baker and Jim last week. I was going to ask you JD, do you feel happier now that you have much more money than you did just several years ago? A lot of folks are stressed simply b/c of the fact money may be tight. By not having that stress any more, it must be a relief no? Woud you have go back to your day job again JD, if say you made 3X what you make now from GRS? Best Shoot, totally forgot about this even today. Too busy at work. I enjoyed speaking to Baker and Jim last week.

I was going to ask you JD, do you feel happier now that you have much more money than you did just several years ago? A lot of folks are stressed simply b/c of the fact money may be tight. By not having that stress any more, it must be a relief no?

Woud you have go back to your day job again JD, if say you made 3X what you make now from GRS?

Best

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