Daniel Kahneman long pointed out that even though peoples’ self-reported happiness levels tend to level off with money, life satisfaction never really hit a ceiling. He has recent research that updates that self reported happiness takes a long time to level off: https://www.cbsnews.com/news/money-happiness-study-daniel-kahneman-500000-versus-75000/
I have spent ludicrous amounts of money on snowboards and mountain bikes, but I’m very sure my friends have the same amount of fun as I do. However, I have begun using money charitably and find great happiness and life satisfaction from it.
For a long time I thought donating money was kind of cheating. From a couple clicks, I can wash my conscious clean and go back to hedonism. That still maybe the case, but each time I do it, I find it more rewarding than I thought it would be. I’ve donated $100k in the last year to local nonprofits that I care about, and it’s something I’m proud of. Again, there are mixed feelings because it’s actually easy to do, and it’s not money that I even earned to be frank.
But even more rewarding is finding ways that a small amount of money can bring a lot of happiness.
I make it a point now that when someone is outside a store asking for donations to stop and donate. It must suck to stand outside all day trying to get people’s attention, let alone their money. I’m trying to collect as many non-profit memberships as possible this way. I’m up to 6, with the nature conservancy having 2 of them. For the last one, it was a kid in front of the whole foods in oakland. He said I was the only one that subscribed and it made his day.
There’s a local hardware store that helped me with propane parts, and they’re always so cheerful and happy. I bought them a box of donuts (which supports another local business) and they were shocked. I think showing appreciation in words is always nice, but a really small gift can go a long way.
And maybe my most proud use of money is paying for music lessons for kids in Truckee. I’m not sure what inspired me, but I just emailed the store owner and said I’d fund music lessons monthly if he knew of any kids interested. And it was done. The money supports the shop, music teachers, and improves the community with music.
So for me, money can buy a lot of happiness. It’s just a very useful and easy lever to make change in the world that I want. And I also think my family that financially supported me would be proud and happy that I’m happy. Well maybe not my parents, but that’s a different story.