There is a strong relation between happiness and wealth. It is found that wealthy nations are happier than the poor nations and the same goes with the people, but the impact of money on happiness is not as great as people think it to be. If an individual has proper clothes, good food to eat, then large amount of money can only have an insignificant effect on the well being. There are several other factors that are also important.
In the review on General Psychology published in the year 2005, Kennon Sheldon, David Schkade and Sonja Lyubomirsky looked at several years of research for finding the things that ultimately gives happiness to a person. In the research they found that nearly half of the happiness is considered as biological and found by a type of happiness “established point”. Nearly 40 percent of the happiness is related to the things that we select to do, like preparing goals, exercising, making new friends etc. Only about ten percent of the happiness depends on different circumstances like gender, race, age and the financial status.
Although an individual’s financial situation plays a little role in the total happiness, it has an affect. As per a paper which was published in 2011 in the month of April in the issue of Journal of the Consumer Psychology, some of the money habits give much satisfaction than other things. If finances do not make one happy, then it means that they are not spending in a right manner as written by authors Daniel Gilbert, Elizabeth Dunn, Timothy Wilson. They provide special principles by which one can increase happiness.
The first thing that they suggest is to purchase large number of experiences and less things. The cost of material goods goes on declining with the passage of time. When an individual purchases something, it is probably less than the amount that you made the payment for it. On the contrary, experiences appreciate. The memories of things like any concert that you attend, the vacations etc tends to become interesting with the moving time. You should use the money to help other people. Personal spending has a little outcome on happiness, but on the contrary, if you donate some of your money to the charity, it will result in giving large amounts of happiness.
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