"I've often written on this blog about the complicated connection between money, purpose, and happiness. Some studies suggest that income relates to happiness up to a point, but the most enduring research tells a different story. The Harvard Adult Development Study, which has tracked participants for over 80 years, concludes that personal connections-not money-are the true key to fulfillment. Still, the question remains: Can we spend our way to happiness?"
"Wants, on the other hand, tempt us with the promise of fulfillment. Who wouldn't want the fancy car, the beautiful house, the newest gadget? Yet the science tells us otherwise. Research in neuroeconomics shows that material purchases give us only a short-term dopamine spike. Soon after, we return to our baseline. Psychologists call this hedonic adaptation: the treadmill that keeps us running but never really arriving."
Research finds that income relates to happiness only up to a point, while close personal relationships predict long-term fulfillment. Spending falls into three categories: things, experiences, and becoming. Meeting basic needs prevents unhappiness, but material purchases produce short-term dopamine spikes followed by hedonic adaptation and rarely sustain happiness. Experiences deliver greater moment-to-moment happiness and provide lasting benefits through anticipation, participation, and memory. Experiences also create stories, identity, and social bonds. Investing in self-growth and personal development fosters deeper fulfillment. Meaningful connections amplify the positive effects of experience- and becoming-oriented spending.
Read at Psychology Today
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