The old adage goes that “money can’t buy happiness,” and that true happiness comes from the inside.
Well we’re here to tell you that’s plain wrong! However, it might not be for the reasons you think.
Certified Financial Planner Matt Logan conducted a survey that does prove that money can buy happiness, but owning a lot of material goods is the incorrect way of going about it. A research team gave two sets of people $40. The first group used the money to purchase material goods, be it clothing, décor or books. The second group used the money to purchase something “time freeing,” like meal delivery or house cleaning.
The research team found that the people who made the time freeing purchases were happier, though slightly than those who purchased the material goods. Logan said of his research, “They found most people were happiest with the time-saving purchases. Think about it, it saves your time. You’re buying time to enjoy and relax.”
The Journal of Psychology also found, over a DECADE ago, that along with time-saving purchases, buying experiences can make a person happier longer than a plain ol’ material purchase. Logan continued saying, “And people are always saying Millennials always want to spend their money on experiences, so it will be interesting to see if they do this study in another 15 years to see if the numbers will be even higher on the experiential stuff.”