This is one of the biggest money myths. A study by Nobel laureate Daniel Kahneman (author of Thinking, Fast and Slow) and economist Angus Deaton found that money does in fact make people more satisfied with their lives, but only up to a point. People who made more money were usually happier, up to the $75,000 mark. Once household income exceeds this point, more money doesn’t seem to bring more happiness.
Michael Norton, Harvard Business School professor and coauthor of Happy Money: The Science of Smarter Spending, also found that although splurging on luxury items provides only a fleeting sense of happiness, spending money on life experiences and giving to others does seem to make us happy. He puts this down to the fact that experiences are more emotionally involving than simply buying ‘stuff’.
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