8 ways to buy happiness: rethinking how we spend our money

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Money can buy happiness, but you need to spend it right.

This episode is all about small ways you can change your spending behaviour to maximise your happiness. Here’s the premise of the research report today’s episode is based on, which draws on 100’s of other research papers and studies:

(1) buy more experiences and fewer material goods;

(2) use their money to benefit others rather than themselves;

(3) buy many small pleasures rather than fewer large ones;

(4) eschew extended warranties and other forms of overpriced insurance;

(5) delay consumption;

(6) consider how peripheral features of their purchases may affect their day-to-day lives;

(7) beware of comparison shopping; and

(8) pay close attention to the happiness of others.

Kate & Owen dive into some of the interesting aspects from each of these ideas and share some examples of how you could incorporate these in your own life. Because there’s no point saving and investing and getting to the end of your life, without really living on your own terms.

That’s what we’re aiming for folks, not financial freedom for the sake of it, but to create a life where we get to choose where we spend our time and money.

This episode is based on the research paper: If Money Doesn't Make You Happy Then You Probably Aren't Spending It Right by Elizabeth W. Dunn University of British Columbia, Daniel T. Gilbert Harvard University, and Timothy D. Wilson University of Virginia.

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DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.

Full individual disclosures for each guest are available via the show notes page. Owen, Kate and The Rask Group Pty Ltd do NOT receive anything for mentioning Super funds, products, shares, bank accounts, etc.

Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg

Date recorded: 12th of September 2022

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