Money Can Buy Happiness: Buy Time and Be Happier
Most of us have heard that "money can't buy happiness", but is this always the case? Whether we can buy and bring more happiness into our life seems to be dependent upon what we are buying, according to new research. Apparently, what we need to be buying is time.
In our modern world with our higher standards of living, one might expect well-being to be at its highest, but that isn't the case. Richer nations tend to have more people that are stressed. Simply having money doesn't usually make someone happier, but could even do the opposite. There is a lot of time stress with everything to do in a day, especially for those who allocate more time to their jobs.
Time stress affects everyone regardless of income and is linked to lower well-being, reduced happiness, increased anxiety and insomnia. It's also a factor for obesity due to lacking the time to eat healthy our exercise regularly. The "time famine" has serious effects if we don't pay attention to where we are or aren't spending time.
Research has previously shown that having money to buy into pleasant experiences is beneficial to a state of well-being, and now this new research shows you can buy yourself out of unpleasant experiences, such as chores. Instead of you cleaning the house, cooking a meal, or doing other housework such as mowing the lawn, hire someone to do it for you and cut yourself a slice of time. Rising incomes and wealth offer the opportunity for more free time and happiness, by outsourcing our tasks to others.
Surveys were completed by 6,271 people in United States, Canada, Denmark and the Netherlands. Participants answered questions about spending money to buy themselves free time and how much each month, and all said having less time pressure gave them a better mood, more happiness or satisfaction with their life.
Another part of the research was study of 60 people in Vancouver, BC, Canada who were asked to spend $40 to save themselves time one week, and $40 on a material purchase the next week. People had more happiness when buying time into their lives, than buying something else. Buying something averaged 3.7/5 in a happiness scale, while buying time scored an average of 4/5, a small but statistically significant difference.
Increased well-being from spending money to get more time seems to be personality dependent. Other research shows that some people get happier buying certain things. Some people don't value spending money to save time. One survey that sampled over 800 millionaires reported almost 50% of them didn't spend money outsourcing time-consuming tasks or tasks they didn't like. Maybe they get richer for a reason, and don't value happiness as much?
The new research does show that whatever level of income, there is a link between *buying time and overall life satisfaction or happiness levels. But even though many people have extra money to do it, few are actually spending their extra cash on time-saving happiness-induction.
I addition to the old adage of "money can't buy happiness" being wrong, "time is money" is also wrong. Previous studies have shown that people are less likely to volunteer when they accept that time is money. If time really was equivalent to getting money, then we wouldn't want to spend money to get more free time. And maybe we would be getting paid to exist? Just a silly thought. But maybe that's why some of the rich (like those 800 millionaires) don't spend money on time saving, because they view time as money and don't want to lose money even if it buys them happiness. Interesting, don't you think?
What about you, have you spent money on time to free up your life and give you more well-being?
Can you think of something you do (and maybe you don't like it) that you can pay someone else to do and make your life a bit easier, and happier?
References:
http://www.telegraph.co.uk/science/2017/07/24/money-really-can-buy-happiness-say-scientists/
http://www.independent.co.uk/news/science/money-buy-happiness-cleaner-cook-gardener-time-stress-a7857731.html
http://www.nbcnews.com/business/consumer/yes-you-can-buy-happiness-if-you-spend-it-save-n786246
https://www.sciencealert.com/study-shows-money-really-can-buy-you-happiness-if-you-buy-free-time
http://www.pnas.org/content/early/2017/07/18/1706541114.full
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That makes a lot of sense and I'm sure it's true for a huge deal of the people. All of us have things that we have to do that we don't enjoy and now after you have pointed it out, it feels so obvious - of course that if you buy yourself out of unpleasant stuff, you'll be happier. Honestly, it's something that had never occurred to me. I realized that buying yourself pleasant experiences was highly beneficial but I didn't realize the opposite was something you could also do with money.
But time stress is not always bad, at least not in the right context. There are some of us that thrive under time stress. I personally enjoy being busy and when I think having a fully stacked to-do list, I think I feel motivated and it makes me feel like what I'm doing matters and that I'm not wasting time. But it's really about having challenges that you actually enjoy that is the difference and while everything on my to-do list can be defined as work, it by no means feels like a chore (for the main part at least).
Again, great post with a lot of food for thought!
Good points. The opposite can happen for some, where the large to-do list is overwhelming and they don't do any of it lol. Thanks for the feedback.
I think that's actually closer to the norm and it really depends on what you have on your to-do list and how you feel about it. I've been overwhelmed by stuff myself on numerous occasions. But I do need to feel some burn to feel happy/valuable/satisfied.
It makes sense that if you outsource borings mundane tasks, you can have more time to focus on self improvement, creativity or earn more money on your work.
I have also read that there perfect salary for happiness i $75000. Above that, more money does not equal more happiness.
Interesting, thanks for the extra info!
Money give us first of all more freedom, we are free from hard work, we are free from thinking what to buy, where to earn and so on. Second money help us to do that we really like, and not what we need to do. And of course time, we can spend more time with our family and make more memories together .
yup, all good benefits from money that bring more potential happiness. Thanks for the feedback.
Money can buy happiness. I completely agree. Happiness is a result of a happening or event(S). When the happening is complete we are in need of another happening to keep us in a happy mood. Happiness is also external as it happens from outside us. In contrast Joy comes from within ourselves rather than outside of us. It is not connected to a happening and money cannot buy it. It is also longer lasting and self -controlled. Sometimes the two are confused. This was a good read and thanks for sharing. - Troy
Good distinction. Thanks for the feedback :)
That's a meaningful distinction indeed, but I personally would use the two terms the other way around. To my understanding, happiness would be the internal one and joy would be the enjoyment caused by particular events.
you have a point, well words and meanings tend to get jumbled up and we like to "invent" new meanings. I do agree with your statement on the semantics at least.
Well my whole point here was basically semantics, so I'm happy you agree on that :)
thanks for pointing that out, I would say tat people need to read into what drives them, the happiness you have outlined here is just serotonin, while the joy would probably go along the lines of being a human that has realized his self-worth and is happy to share that with others.
I'm pretty happy doing mundane work most of the time TBH, it gives me an opportunity to do mindfulness techniques. Also some tasks, like cooking, are very enjoyable to me. I'm very grateful for labour saving devices like washing machines and dishwashers though. And there are certain tasks I hate doing that I am happy to pay for...like going through a car wash rather than washing my own car, which I really don't enjoy doing. Also, a lot of times I feel weird about paying someone else to do something unpleasant...what if they hate what they are doing? How does that affect their happiness? Maybe they enjoy their jobs though, but they are not likely to tell you!
Yeah, I'm not bothered too much, and yes the mind is from from doing other thinking tasks and can think or be inspired with new thoughts and creativity. I do my own dishes, it's not so bad. I find washing machines waste a lot of water.
If someone else does something they don't like like you don't like it, but they are getting paid, that's their choice to it for money, while you would not be getting money to do it lol. Thanks for the feedback.
While I've enjoyed your post very much, I'm not quite comfortable with you talking like this about washing machines!!! My washing machine works very hard and saves me a lot of time so I don't ask how much water it uses.
Otherwise, I do believe in spending money to get free time. A few years ago I had a cleaning lady and she did a wonderful job, but then I decided I don't really need her and can save the money for other stuff, generally enjoyable stuff.
In* you can change it next to the "time is not money" image
in short, I have cut off work from my time, so I can have my time free, I can learn and advance how I wish I just have to keep away from buying stuff :D I tend to like freedom and sadly free stuff, which gets me lot's of wasted time, since internet :)
I've tried to be a pro-gamer :D that wasn't worth it in the end for me, I'd like to see less humans being addicted to crappy games like we have 90% of nowadays, more participation and social activities, which we have forgotten we had 50 years ago, who plays tag, who has a frisbee.. The notion of community and interdependence, respect and such have mostly been lost to global "imperialism", that we just can't seem to get enough of.
So after my years as a a-social game addict and wishful thinker, I went towards being a freelancer, which is where I originated from before I strayed off to try and buy a building for myself, anyways I did realise the cost and what it took away from me, so I haven't been an entirely focused or professional freelancer, but I do what I want and I tend to take care of my chores, have other things in my "scope" rather than money, like being healthy keeping up with the information age and being consistent in what I do.
So what are you doing now? Playing tag :P hehe, j/k
poker :D we grow up so fast :D tag would be fun if there was game for it, I guess what I'm trying to say is keep the spirit alive, whatever floats your boat and don't forget where you sett off from.
at least that's how it sounds in romanticised form
Great post! I've been pondering this general vein of thought a lot lately, as well as Warren Buffets advice to find a way to make money while you sleep...
Super appreciate the awesome resource list included!
You're welcome. Wealth affords us the opportunity to have more time by paying more people for things we don't do :)
This is exactly where I am currently in life. For example: I turned down a full time job for a part time job - to have more time to enjoy life.
In the West, people use the slogan time is money but I don't believe that really.
Part time over full time, good for you :) Time to do what we really want vs. make money indeed.
Money does not bring happiness, but calms the nerves!
And as you report in the text, time is money, we all have 24 hours, some can produce so much and others, in the same period, practically nothing. That makes the difference!
When we're young, we want to grow up fast...when we're in school,we want to finish faster...New we want fast money, fast car, fast love and ignore beautiful life things. Time=1 life please spend smart !!!!
Yup, spend it smart.