Elizabeth Dunn: Doubling Your Pay Won't Double Your Happiness. So What Will?
From FOX Business:
1. Under-Indulge Yourself: When you've attained a lot of something, or when you do something a lot, the joy you get out of each purchase decreases over time. Something that you used to look forward to becomes rote, and gives less pleasure. But if you indulge sparingly—if you lower your baseline spending, and increase your joy each time you buy--you'll feel happier.
2. Seek Experiences: It's better to spend money on experiences, rather than things. Vacations and time with friends provides more happiness than simply buying more clothes or widgets for the house. The money spent is more meaningful and memorable.
3. Give to Others: “Using your money to promote underindulgence requires a shift in behavior," write Dunn and her co-author, Michael Norton." And you should take their advice and do something even more radical: instead of giving a big sum at the end of the year to a charity, give smaller amounts throughout the year—you'll increase a bump in happiness each time.