At Tax Time: Money and happiness

Many people associate money with happiness. However, thinking about money frequently is likely to make us less happy. With money always on our minds, we work more and spend less time with loved ones. To increase the richness of our life experience, time, not money, should be our focus.

A series of surveys and experiments examining the effect of focusing attention on money or time found that people who focused on money, no matter how much they had, were more likely to work more and socialize less.

This work was conducted by Professor Cassie Mogilner at University of Pennsylvania. She commented “passing the hours working (although productive) does not translate into greater happiness.”

On the other hand, focusing on time motivated people “to spend more time with friends and family and less time working; behaviors that are associated with greater happiness.”

Long work hours decrease happiness by cutting into time that could be spent with partners, friends, and family. “Simply increasing the relative salience of time (vs. money) can nudge someone to spend that extra hour at home rather than at the office, there finding greater happiness” says Cassie.

The Pursuit of Happiness: Time, Money, and Social Connection Psychological Science 21(9) 1348–1354, Mogilner, Cassie

Show Me Your Friends; I Will Show You Your Future!

Many people have various formulas for success in business and life. One lesson that I have learned (sometimes painfully) is “Show me your friends, I will show you your future.” The idea of this is not new. The notion of being guilty or successful by association has been around for centuries.

Over the years, this has led me to ask a question if my own friendships were propelling me forward and enhancing my life. Fortunately, I am now surrounded by a circle of friends and associates that challenge me. Sadly, this was not always true and it is not everyone’s situation. While some have a great support system, many do not. For whatever reason, there are people that do not want to see others succeed or accomplish their dreams. Many people have surrounded themselves with these people.

Most of us spend too much time holding on to bad or damaged relationships. If you are loyal to people who are not loyal to you, you must move on. If every time you share your dream and they kill it, you must move on.

I am not trying to influence you to end all your friendships. However, you should be asking yourself what your future will look like based on those you call friends. I (of all people) know that you can’t change your friends, but you can CHANGE your friends.