Post
Topic
Board Economics
Re: Are you Spending Money the Wrong Way in Pursuit of Happiness?
by
BVeyron
on 15/05/2023, 19:26:31 UTC
Money should make you happy but if it doesn't then you are probably spending it the wrong way. See the eight suggested principles to help anyone to be able to get happiness from their money.
  • buy more experiences and fewer material goods
  • use your money to benefit others rather than yourself
  • buy many small pleasures rather than fewer large ones
  • eschew extended warranties and other forms of overpriced insurance
  • delay consumption
  • consider how peripheral features of your purchases may affect your day-to-day life
  • beware of comparison shopping
  • pay close attention to the happiness of others

These suggestions are not mine but are from the scientific findings of EW Dunn et al. They are valid suggestions which even without reading have been practicing.  What are you take on these suggestions? Do you have more to add to what the researchers have discovered about this?

- https://scholar.harvard.edu/files/danielgilbert/files/if-money-doesnt-make-you-happy.nov-12-20101.pdf

I think the best strategy in expenses management is trying to avoid buying things which can bring disappointment. The main problem of all the investments is that the amount of earned money are far less than expected, it can happen due to wrong investment strategy, or due to fiat devaluation. So the core idea is to optimize all the expenses so that there wont be serious troubles with regrets. Psychology of expectations and regrets is the main scale of values in economics, not money, in terms of motivation money is a fictional scale, since, for example, giving someone x4 money for a work doesnt always mean that someone will be x4 more devoted to the required work.