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Does Money Buy Happiness? A Conversation with Deca-Millionaires
Deep Dive with Ali Abdaal
Increasing Happiness Through Spending, freedom and Giving
Research shows that happiness increases with higher net worth, with significant boosts in happiness observed when moving up from lower income levels. Spending money on things initially increases happiness, although the joy may not be long-lasting unless the items are in line with personal passions. Additionally, spending on experiences brings more joy than purchasing material possessions. The most impactful sources of happiness are targeted giving, where individuals actively choose causes they care about, and freedom-inducing events or items like owning a private jet or having a personal assistant. These freedom-inducing elements, such as delegating tasks like cleaning, have been shown to bring more happiness than acquiring material goods, revealing a crucial aspect in enhancing well-being beyond financial wealth.
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