Can't Buy Me Love

And can't buy me happiness (at least once you get past $12,000).  When I posted a few weeks ago, I linked to a study that interestingly, seemed to find a relationship between income and happiness.  That surprised me, because everything I've ever read on the topic has suggested that once you can afford a roof over your head and food on the table, money does not buy you happiness.  Today's Washington Post describes the latest research, published in Science, which tries to explain just what's going on here.  It seems that, in large part, rich people are too busy trying to get rich to actually enjoy the fruits of their labor:

“In fact, the study noted, data from the Department of Labor show that the more money people have, the less
likely they are to spend time doing certain kinds of enjoyable things
that make them happy. High-income individuals are often focused on
goals, which can bring satisfaction. But working toward achievements is
different from experiencing things that are enjoyable in themselves , such as close relationships and relaxing leisure activities.

“If
you want to know why I think poor people are not that miserable, it is
because they are able to enjoy things that Bill Gates has not been able
to enjoy, given his schedule at Microsoft,” Krueger surmised.”

So, as I tell my students, just earn money doing what you love and you are on the right track.

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