Discover practical ways to spend your money on happiness and why, sometimes, the key to success lies in the pursuit of joy.
Full disclosure: this was not what I planned to write in today’s newsletter. But, I often like work with music in the background, and the next song that came on the shuffle was DJ Khalid’s Shining from his Grateful album (2017).
It features Beyonce and Jay-Z, and there’s a particular line where she says, “Money don’t make me happy (make me happy)” — and suddenly I started thinking of all the times I’ve heard “money can’t buy happiness” in a song, piece of literature or just down the street.
Far be it for me to argue with a multi-millionaire and her also-millionaire husband, but it got me thinking about the age-old debate: Can money really buy happiness? Spoiler: It turns out there are a few ways it can be done. Here’s what I found.
How to Spend Money to Boost Happiness
While money alone isn’t the golden ticket to everlasting joy, there are ways to spend it that might just boost your happiness. Here’s how:
Your Happiness Portfolio: A Balanced Approach
Think of your happiness as an investment. Just like you diversify your financial portfolio, it’s smart to invest in different areas of your life to boost your overall happiness. Focus on four key areas:
- Faith or Life Philosophy: This doesn’t necessarily have to mean religion, although that’s a great start. It could be any guiding belief or practice that gives your life meaning.
- Family Connections: Building strong connections with family members is a cornerstone of happiness. It’s the one investment that pays off in unconditional support and love.
- Friends and Community: Spend time with people who lift you. These connections are super vital, whether it’s close friends or a broader community. Like family, they’re the social capital that will bring you joy in the long run.
- Meaningful Work: Find purpose in your daily work, even if it’s not the most lucrative job. A sense of fulfilment and contributing to something larger can make all the difference in your overall happiness.
The Magic of Social Connections
If you could only do one thing to boost your happiness today, make it this: connect with others. It could be a chat with a friend or a deeper conversation with a family member; investing time in social interactions is a crucial habit you must cultivate. After all, studies consistently show that people who spend more time with others tend to be happier. So, carve out time to nurture those relationships.
The Three Friends Everyone Needs
The ancient philosopher Aristotle had some interesting thoughts on happiness that are still relevant today. He believed we need three types of friendships for a well-rounded life. Here’s how that works:
- Utility Friendships: These are the practical ones—like colleagues or business contacts. They help you get things done.
- Pleasure Friendships: These are the friends you have fun with. You share common interests and enjoy each other’s company.
- “Perfect” Friendships: These are the deep ones, where both of you care about each other’s well-being and help each other grow.
Having a balance of these friendships can give you a well-rounded social life and contribute to your overall happiness.
Yes, You Can Buy Happiness
The phrase “money can’t buy happiness” is only partially true. If you spend wisely, your money can absolutely contribute to your happiness. Here’s what you should do:
- Invest in Experiences: Instead of buying more stuff, invest in experiences. Go on that dream vacation or see your favorite artist live. Experiences create memories, and memories are a lasting source of joy.
- Buy More Time: When you can, outsource tasks you dislike—like cleaning or cooking—so you can spend more time doing what you love. This could be spending time with loved ones or pursuing a hobby.
- Give to Others: There’s real science behind the phrase “it’s better to give than to receive.” Of course, receiving is amazing, but donating to causes you care about can release happy chemicals in your brain, like dopamine and oxytocin, making you feel good about your contributions. Also, it doesn’t always have to be monetary.
The Fundamental Rule: Happiness First, Success Follows
Here’s the kicker: chasing success isn’t the key to happiness. In fact, it’s often the other way around. Studies show that happy people tend to be more successful, not the other way around. So, rather than fixating on achievements, focus on what makes you genuinely happy. Success is likely to follow naturally.
Ready to start investing in your happiness?
Take a moment to reflect on your own “happiness portfolio”; where you can spend your time, money, and energy to create a truly fulfilling life. And remember, it’s not about how much you have but how wisely you use it.
Stay happy,
The SimplVest Team🚀
