Article Bookmarked
Bookmark Removed

Money really can buy happiness, Harvard prof says

Nov. 25, 2015 CNN Money

Can money buy happiness? According to the old adage: No.

But a Harvard Business School professor says yes. But how much happiness you can buy depends on how you spend your money.

“We’re really underspending on the things that make us most happy,” says Michael Norton, a Harvard Business School professor, who has researched the science of spending.

With the holiday shopping season around the corner, Black Friday buyers may want to reconsider their wish list.

It turns out people generally get more happiness spending their money on experiences than on stuff. That’s even though experiences are temporary — dinner with a friend or a vacation — while stuff like TVs, computers and smart phones last longer.

“It seems odd that things that disappear could make you happier than things that stay,” Norton said at the New York Times Dealbook conference earlier in November.

When we spend on things like a TV or a phone, it often leads to activities that are typically done in silence such as watching shows alone or using apps to play solitary games, Norton says.

But on a vacation, people bond with friends and family, see new places, learn new things and create memories. The same holds true with relatively inexpensive experiences like going out for dinner with friends.

Read More on CNN Money

Gene Upshaw Player Assistance Trust Fund

Apply Today

All Resources

Tell Me More

3 Ways to Get the Benefits of Meditating, Without Meditating

There are multiple ways to get the effects of meditating.

Read More

The 7 Habits of Health and Happiness

A good life begins with the fundamentals.

Read More

Why Your Best Thoughts Happen in the Shower or When Walking

Letting your mind wander is a reliable route to creative insights.

Read More

15 Signs That You’re at Risk for Depression

These variables significantly increase the odds of persistent low mood.

Read More

Financial Freedom in Retirement Is All About Cash Flow

Change the way you think about money for the better.

Read More

What to Know About Rental Assistance Programs

The PAF is here to support former players in their time of need.

Read More

Does Life Get More Fun as You Age?

12 amazing benefits of getting older.

Read More

5 Strategies to Empower Employees to Make Decisions

Giving employees autonomy is critical for innovation, performance, and motivation.

Read More