When was the last time you asked yourself: what purchases have I made in the last month that really made me happy? It might sound like a silly question, but as we’ll reveal in this episode, the answer is key to making sure you spend money in a way that supports short- and long-term happiness.
In this episode, we’re switching it up a bit and giving you a rundown of one of our favorite books: Happy Money: The Science of Happier Spending. Happy Money gives you the tools to spend in ways that can help you build and sustain happiness over a lifetime. And to make it even more fun, we’re talking about popular movies that align with each of the book’s five principles.
We’ll talk about the 5 ways you can spend money to bring happiness to yourself and others. And don’t forget the final critical component of spending for happiness: knowing how much you’re able to spend.
Facts and Links Mentioned In the Show
- Happy Money: The Science of Happier Spending by Elizabeth Dunn and Michael Norton
- Episode 1 – Am I Saving Enough? Here’s How to Tell
- Episode 5 – How to Enjoy Life and Save Money
- 5 Tales of Financial Horror with CFP Chad Smith on Stacking Benjamins
- Social Ties Boost Survival by 50 Percent from Scientific American
- The Power of Delegation from the Financial Symmetry Blog
- Morgan Housel
- “The more life experiences you have, the more you realize what kind of stuff actually makes you happy – versus what you think will make you happy when you project it into the future.”
- “Savings give you options and flexibility; the ability to wait and the ability to pounce. It gives you the time to think. Every bit of savings is like taking a point in the future that would have been owned by someone else and giving it back to yourself. When time isn’t on your side, you’re forced to accept whatever bad luck is thrown your way. But if you have flexibility, you have the time to wait for no-brainer opportunities to fall in your lap. This is a hidden return on your savings.”
- Study: Spending Money on Others Makes Us Happy from NPR
- Warren Buffett
- Connect with Chad [csmith@financialsymmetry.com]
- Connect with Mike [meklund@financialsymmetry.com]
What You’ll Learn in This Episode
- #1: Spend Money on Experiences
- Spending money on making memories tends to make us happier.
- Couples Retreat
- The Bucket List
- #2: Make Things a Treat
- If we treat ourselves all the time, it loses that special something – save your money and anticipate the treat instead!
- A Christmas Story
- #3: Buy Your Time Back
- Paying for certain services that save you time can add to your happiness by giving you more time to do what you enjoy.
- The Intern
- The Money Pit
- #4: Pay Now, Consume Later
- You don’t have to buy the next big gadget or take that crazy vacation just because somebody else is. And drool over big purchases for a while before buying!
- The Joneses
- #5: Invest in Others
- Spending money on other can make us happier than spending money on ourselves.
- The Pursuit of Happyness
- Pay It Forward
