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Yes, Money Can Buy Happiness

October 7, 2019 By Nagesh Belludi Leave a Comment

This HBR article considers why the pursuit of money isn’t bringing you joy.

Even though, as a society, we really have more time to spend than in previous societies as a result of convenience and mechanization, we tend to use free time to work yet more and expand our bank accounts, rather than invest that time in things that can provide us with more happiness—meaningful relationships, for example.

The article (and the related podcast) explains how to value your time over money, in particular by hiring help. Here is a précis:

You might not be able to change how many hours you work in a week, but you might be able to change how much of those non-work hours you’re spending on chores.

If you are having a really busy weekend and you have four or five hours of chores to do at home, that means you’re going to have four or five less hours to spend in any other way that could promote meaning and happiness.

When considering how we can use money to increase our happiness, most of us think of investing it in positive experiences like Hawaiian vacations. But it’s also important to think about how to eliminate negative experiences from our day. Take small actions—don’t do anything too drastic, but just sit down and think about whether there’s anything you can outsource that you really don’t like, that stresses you out a lot, that you can afford.

Idea for Impact: Use your hard-earned money to buy time, reduce stress, and increase happiness

If you feel increasingly strapped for time, consider (think opportunity costs) earmarking a fraction of your discretionary income to hire a personal assistant and buy get yourself some more of that most valuable of life’s supplies, free time.

Start by asking your friends for referrals for a reliable assistant. Outsource your housework, shopping, errands, and other tasks that you dislike. Use the salvaged time to seek activities that bring you joy—recreation, relationships, spiritual and intellectual nurturance, or even productive work.

However, farm out personal chores in moderation. There’s some evidence to suggest that people who outsource too much have the lowest levels of happiness, perhaps as a consequence of indolence.

Wondering what to read next?

  1. The Simple Life, The Good Life // Book Summary of Greg McKeown’s ‘Essentialism’
  2. The Extra Salary You Can Negotiate Ain’t Gonna Make You Happy
  3. The Problem with Modern Consumer Culture
  4. Wealth and Status Are False Gods
  5. You are Rich If You Think You Have Enough

Filed Under: Living the Good Life, Personal Finance, Sharpening Your Skills Tagged With: Balance, Delegation, Getting Rich, Getting Things Done, Happiness, Materialism, Personal Finance, Productivity, Simple Living, Time Management, Work-Life

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About: Nagesh Belludi [hire] is a St. Petersburg, Florida-based freethinker, investor, and leadership coach. He specializes in helping executives and companies ensure that the overall quality of their decision-making benefits isn’t compromised by a lack of a big-picture understanding.

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Unless otherwise stated in the individual document, the works above are © Nagesh Belludi under a Creative Commons BY-NC-ND license. You may quote, copy and share them freely, as long as you link back to RightAttitudes.com, don't make money with them, and don't modify the content. Enjoy!