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- Jun 6, 2023
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Hey Fastlaners,
For the past couple of months, I have been researching the connection and mysteries behind the infamous money-happiness relation and have summarised my most interesting and useful findings for you guys. (All the important stuff is in bold so you can skim through, but I suggest you read through)
Will making our fortune leave us any happier? Is it even worth pursuing more money or should we just be content with what we have? These are the questions that I am digging into and finding the real answers, rather than just settling for the vague comments that we see online saying that rich people are miserable.
Throughout this thread I have summarised the hours of research I have done for my high school research project and I’m looking to get the highest grade in my cohort.
The power of social comparison.
Social comparison plays a huge role and can determine the happiness we get from our income. 2 people could receive the exact same paycheck but the people they compare themselves too can determine whether that makes them happy or sad.
Thankfully, for us high-striving individuals, we can use this to our advantage. Comparing your income to those wealthier than you can be detrimental to your happiness, but it can also be the greatest motivation to increase your income and yourself as a person. So it turns out that the quote “You are the average of the 5 people you spend the most time with” is actually true.
Our expectations are also another thing that we can leverage to gain an increase in income. Do you ever wonder why the people who make millions are also the ones who are the most eager and motivated to make more, even though they clearly don’t need it.
I have found that it is not level of income that determines your motivation to earn, but your goals and expectations for where you want to be, and who you compare yourself too.
“Rich people are more deprived of money than poor people because they compare themselves to richer people than poor people do.”
Alex Hormozi
Are richer countries happier?
Yes, they are indeed. After comparing the GDP per capita with happiness of 135 countries around the world I’ve found that GDP and happiness do have a strong correlation. Which means income does have some effect on whether people are happy or not.
Does more money actually result in more happiness?
From what I have found so far it is clear that money diminishes unhappiness up unto a point around an income of $80k USD. This does not necessarily mean that it creates more happiness, it just provides people with the ability to buffer stress and deal with things in life that make them less happy.
Most effective ways to increase your happiness.
If making boat loads of cash isn’t certain to make you super happy, then here are some things that are.
- Getting deep sleep 80% of the time.
- Getting exposure to the right amount of light throughout the day. (Bright light in morning and dim in afternoon)
- Quality nutrition.
- Social interactions (even small insignificant interactions such as exchanging a hello).
- Interactions with pets.
- Being present and focused on your current task.
- Having meaningful work.
The final answer!
Even after all my research I have found hints to suggest the correlation of money and happiness, and various things you can do to make more money and be happier.
There is just one more thing I need to complete my research to seal the deal on whether money really can buy happiness. And that is real world data.
Here is where I need some help from you, the Fastlane Forum. I have created a very short anonymous survey which takes about 40 seconds to complete, and to get the highest grade on my project I need as many answers as I can get.
If you could take a short moment to answer this, it would mean the world to me. Feel free to DM me any questions you have about the topic, and I will give you my best answers. With enough help from this awesome forum, we can once and for all answer the question of whether money really does buy happiness.
My short survey: Microsoft Forms
Thank you everyone for making it this far. Please be sure to add your opinions and personal experience to this thread. I will be sure to update this with more of my best findings as I continue my research.
- Jasper.
For the past couple of months, I have been researching the connection and mysteries behind the infamous money-happiness relation and have summarised my most interesting and useful findings for you guys. (All the important stuff is in bold so you can skim through, but I suggest you read through)
Will making our fortune leave us any happier? Is it even worth pursuing more money or should we just be content with what we have? These are the questions that I am digging into and finding the real answers, rather than just settling for the vague comments that we see online saying that rich people are miserable.
Throughout this thread I have summarised the hours of research I have done for my high school research project and I’m looking to get the highest grade in my cohort.
The power of social comparison.
Social comparison plays a huge role and can determine the happiness we get from our income. 2 people could receive the exact same paycheck but the people they compare themselves too can determine whether that makes them happy or sad.
Thankfully, for us high-striving individuals, we can use this to our advantage. Comparing your income to those wealthier than you can be detrimental to your happiness, but it can also be the greatest motivation to increase your income and yourself as a person. So it turns out that the quote “You are the average of the 5 people you spend the most time with” is actually true.
Our expectations are also another thing that we can leverage to gain an increase in income. Do you ever wonder why the people who make millions are also the ones who are the most eager and motivated to make more, even though they clearly don’t need it.
I have found that it is not level of income that determines your motivation to earn, but your goals and expectations for where you want to be, and who you compare yourself too.
“Rich people are more deprived of money than poor people because they compare themselves to richer people than poor people do.”
Alex Hormozi
Are richer countries happier?
Yes, they are indeed. After comparing the GDP per capita with happiness of 135 countries around the world I’ve found that GDP and happiness do have a strong correlation. Which means income does have some effect on whether people are happy or not.
Does more money actually result in more happiness?
From what I have found so far it is clear that money diminishes unhappiness up unto a point around an income of $80k USD. This does not necessarily mean that it creates more happiness, it just provides people with the ability to buffer stress and deal with things in life that make them less happy.
Most effective ways to increase your happiness.
If making boat loads of cash isn’t certain to make you super happy, then here are some things that are.
- Getting deep sleep 80% of the time.
- Getting exposure to the right amount of light throughout the day. (Bright light in morning and dim in afternoon)
- Quality nutrition.
- Social interactions (even small insignificant interactions such as exchanging a hello).
- Interactions with pets.
- Being present and focused on your current task.
- Having meaningful work.
The final answer!
Even after all my research I have found hints to suggest the correlation of money and happiness, and various things you can do to make more money and be happier.
There is just one more thing I need to complete my research to seal the deal on whether money really can buy happiness. And that is real world data.
Here is where I need some help from you, the Fastlane Forum. I have created a very short anonymous survey which takes about 40 seconds to complete, and to get the highest grade on my project I need as many answers as I can get.
If you could take a short moment to answer this, it would mean the world to me. Feel free to DM me any questions you have about the topic, and I will give you my best answers. With enough help from this awesome forum, we can once and for all answer the question of whether money really does buy happiness.
My short survey: Microsoft Forms
Thank you everyone for making it this far. Please be sure to add your opinions and personal experience to this thread. I will be sure to update this with more of my best findings as I continue my research.
- Jasper.
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