by nycScribbler, 31 March 2008

The age old question“Can money make you happy?”is one that people have pondered for some time. Researchers at the University of British Columbia and Harvard Business School say that yes, money can make you happy, as long as you spend it on someone else. They found that people who gave to charities or gave to others were happier than their not-so-generous peers.

I have often asked myself what I would do if I suddenly won the lottery (or was even wealthy) and became a part of this club with expendable cash. The answer is easy for me; first I would pay off my siblings’ college loans, pay off my mother’s mortgage, and give money to my sick aunt whose health insurance long ago dropped her for a debilitating disease. Then, I would pay off my own debt and help out any close friends in need. And yes, this would make me happy. Of course some traveling and fun spending would be involved too, but I know that I wouldn’t have to look far to help others.

Researchers say that even minor changes in your spending allotments, as little as $5 could be enough to produce a real increase in your happiness quotient on a given day. So even us little people who struggle to pay rent or to pay off our debts, we too cam make a small difference for someone else, all the while making us happier people for having been generous.

Source: http://www.sciam.com/article.cfm?id=news-bytes-can-money-make-you-happy