30 second read
By Michael Norton and Elizabeth Dunn
Michael Norton is a Professor at Harvard Business School. Elizabeth Dunn is a Professor of Psychology at the University of British Columbia
When Elizabeth Dunn became a Professor, it was the first time in her life she got paid a good salary. She wondered, “What’s the best way for me to spend my new income?”
Being an academic, she searched 17,000 scientific articles about the relationship between money and happiness. The articles suggest that additional income doesn’t make people much happier. (please note that’s assuming you make $75K.)
“she wondered, just because money often fails to buy happiness, does that mean that it can’t? What if people spent their money differently—and better?“(p. 1)
Elizabeth joined forces with Harvard Professor Michael Norton, to do research on how people can spend their money in better ways, to actually improve their happiness. They found five ways.
“We selected the five principles in this book not only because each one is supported by rigorous research, but also because many of us—including the two of us—don’t always follow them. Why? Because we mistakenly believe that we’re already spending money in ways that will make us happier—the flat-screen TV and enormous house in the suburbs just feel like they’ll provide lasting happiness.” (p. 156)
1, Buy Experiences over Material Things.
2. How to Buy Time.