We have heard the cliche’ term “Money Can’t Buy Happiness”. I don’t know about you, but the response that most of us have heard to that statement is, “Maybe, but I would like to try and see for myself.”
Here is the nice part, if you do it right, money DOES buy happiness. They key is to spend you money correctly. Now keep in mind, this happens most often if you make $75,000 or more. Now that is not to say that if you make $30,000, you won’t be happy. It really happens BECAUSE you SPEND money.
The key is to have the money to spend, but in order to make that happen you have to do the following:
- Eliminate financial anxiety: If you are able to budget it, after rent, groceries, etc, the study says if you budget for spending cash, this could help. Truth is, in this COVID-19 world, that is more challenging that ever, but if you can do it, that is the road to happiness
- Buy experiences, not things: things are great. A new table, new clothes, a new car…but those things don’t last. The suggestion is to buy an experience that you won’t forget. Memories last forever.
- Give to charity: not only does help those around you, but you feel better about yourself. You did something good. You were able to give someone a hand up. All it takes is a few dollars.
- Help loved ones: if you have friends and/or family members that need help financially, you will know that you are doing good for those closest to you. You are making sure that they aren’t struggling, as they would do for you. This doesn’t have to be done outwardly. Offer to pay when you go out. Give extra money than you normally would for a birthday.
- Buy something that has value. Things like collector’s items can be a very wise way to spend money. Sure, its a thing, but is also an experience.
Source: Entrepreneur