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How to Buy Happiness With Money — Transcript · YTtoTranscript

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How to Buy Happiness With Money

Aperture · 2,179 words · 11 min read · EN

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Below is the complete, readable transcript of How to Buy Happiness With Money by Aperture on YouTube. Read the full text, copy any part you need, or generate a transcript for any video with our free tool.

[Laughter] what would you do if you won the lottery personally I'd pay off my debt quit my job in move to Japan it's a fun scenario to think about even if it's never going to happen statistically you're more likely to give birth to quadruplets or be crushed by a meteor then win the lotto

that is unless of course your Evelyn Adams in 1985's Adam won a 3.9 Million jackpot from the New Jersey State Lottery just four months later she won again bringing her total payout to 5.4 million nearly 15 million in today's money Adams was basically the first person in American history to ever win multiple

million dollar prizes basically overnight she went from working in a convenience store to being worth more than some CEOs with her Newfound wealth Adams paid off bills set up a college fund for her daughter bought a car and lavished friends and family with gifts you'd think a story like this would come with

a happily ever after finale which should be very wrong soon after winning Adams noticed her privacy rapidly disappearing she felt that she couldn't go anywhere without being recognized and while some people celebrated her good luck others resented her for it still warp came to her asking for money she put a stop to her plans to go to

school and study music made several Bad Business deals and ended up giving away a substantial portion of her wealth by 2012 she had lost her entire Fortune after gambling away the last of it at the casinos in Atlantic City today she lives in a trailer park Adams would later say about her experience I won the American dream but

I lost it too it was a very hard fall it's called Rock Bottom the story of Evelyn Adams isn't unusual multiple lottery winners have found their supposed good luck quickly turned sour as the sudden influx of cash ruined their lives I guess the saying is true money can't buy happiness except it isn't

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scientific research has demonstrated a positive correlation between wealth and individual happiness the key it turns out is knowing how to use that money to buy happiness and not just having it but to understand this we need to answer the question what is happiness you'd think it would be fairly simple to Define but from a psychological

perspective happiness is actually quite complicated there are hundreds of different neurotransmitters that contribute to our unique understanding of what feels good each one plays a specific role and is responsible for a range of different emotional experiences but by far the most important of these are dopamine serotonin and oxytocin dopamine is strongly tied to our Reward

Center serotonin helps us relax oxytocin helps us Bond and form relationships taking together these three molecules can be called Big happiness Trifecta a potent chemical cocktail responsible for feelings of excitement Bliss contentment and every other positive emotion neurochemistry aside our subjective interpretations of Happiness can roughly be divided into two categories pleasure and purpose

pleasure is the short-term day-to-day happiness that we get from a good meal spending time with friends or going for a jog we might refer to this more simply as mood purpose is the harder to Define sense of fulfillment we gain when we feel that our life has meaning this delineation goes all the way back

to Aristotle and scientists today still use it as a way of evaluating an individual's overall happiness there's a significant difference between pleasure and purpose and just because a person has one doesn't guarantee the other take a new college student for instance they may experience frequent daily pleasure in the form of spending time

with friends attending social events and enjoying a much greater level of personal freedom and Independence yet this same person may struggle to figure out what exactly they want to do with their life this causes them stress and contributes to low levels of Life satisfaction conversely a successful CEO or entrepreneur can feel that sense of

purpose in their work while having low amounts of daily pleasure the burden of running a massive company Weighing on them and sucking the joy out of even their favorite hobbies happiness then is when we experience both pleasure and purpose simultaneously a truly happy person is someone who is able to find enjoyment in their daily

experiences while also working towards larger goals to give their life a meeting if we're going to use money to increase our happiness we should then considering using it to enhance both our pleasure and purpose you may think the simple solution is to just make more money I mean if I have more money I can spend it on things that

give me pleasure while using those same resources to pursue my purpose well kind of you see there's actually some evidence that supports this unfortunately once you really start digging into the data the picture gets a bit messy a now famous 2010 Princeton University study has often been cited as finding that there's a limit to the amount of

Happiness money can bring us specifically that 75 000 appears to be the ceiling and that beyond that that benefits plateau except this isn't what a study found at all what it actually demonstrated is that while daily pleasure caps at 75k overall life purpose continues to grow alongside income it's a classic case of

the media focusing on The Sensational while ignoring the larger context and here especially the larger context is key another study conducted in 2018 reinforced the original 75 000 figure for pleasure but also reported that a second ceiling of 95 000 for purpose it's important to note that the 2010 study only evaluated around 450 000

people in the United States the 2018 survey meanwhile included 1.7 million individuals from around the world and found a substantial variation between cultures in wealthier countries for example caps appeared higher and in certain regions incomes Beyond this limit were actually associated with decreased happiness as if all of this wasn't confusing enough a more recent

2021 study from the University of Pennsylvania reportedly found No Ceilings whatsoever however this survey Drew from a relatively small sample size of just 33 000 Americans and it also placed a greater focus on pleasure than the previous studies what all of this data supports though is that the more money you currently have

the less that the future increases in wealth will contribute to your sense of pleasure and purpose essentially every dollar you earn buys us a little less happiness think of it this way if a person earning twenty thousand dollars a year and a person making two hundred thousand dollars a year both get a 10 raise each

will experience a similar boost to their happiness for the first person a two thousand dollar raise represents an increase in their standard of living and potentially their level of comfort but for the second person twenty thousand dollars is a proverbial drop in the bucket with a much less dramatic effect on their daily life

what this means is that while there is a positive correlation between money and happiness it's one with diminishing returns once you've passed a certain threshold it takes increasingly larger amounts of money to trigger the same neurological release of feel-good chemicals as when you had less so if chasing money for money's sake isn't an effective strategy for buying

happiness then what is well in a few words spending what you already have wisely positive psychology is an entire School of study devoted to quantifiably figuring out what makes life worth living its goal is to analyze positive experiences traits and institutions with the aim of improving quality of life not incidentally it is extremely

concerned with happiness in terms of the best way to spend money the school of study divides potential purchases into two categories pleasures and comforts in some ways this reflects the aristolian distinction between pleasure and purpose Pleasures by their nature are transient and short-lived like biting into a chocolate bar Comforts on the other hand

are more permanent but are largely taken for granted like running water and electricity we tend to not notice them until they're gone in general investing in Comfort tends to be a sure method of raising our Baseline level of Happiness they help to prevent and alleviate suffering ensuring you're able to focus your attention on

other Pursuits rather than spending all your time simply trying to survive things like a reliable vehicle a house in a safe neighborhood and for Nations without socialized medicine Quality Health Insurance are all Comforts essential for improving an individual's quality of life perhaps the most important Comfort a person can invest in is Leisure Time

time is after all the only resource we can't get more of as such it has a much higher value than any currency having Leisure Time means we're free to pursue the kinds of experiences that give our life both pleasure and purpose Studies have found that these kinds of activities are a more reliable source of

happiness than any material purchase no matter how excited you were when you bought that new smartphone eventually it'll age the screen will crack and the battery will die and a new model will come along and become the new object of your desire just watch my entire video on planned obsolescence and you'll kind

of understand what I mean on the other hand a once in a lifetime trip to a foreign country will be remembered for years afterwards what starts out as a trip will become a story you share again and again providing you with A continuous source of joy of course you don't have to spend a

fortune on an overseas vacation just to find a little happiness going to a concert taking a hiking trip or simply getting dinner with friends offers the same benefits perhaps the best experience is to invest in are those that allow us to improve ourselves at the same time learning a new skill or taking classes at a local

University creates feelings of personal growth and progress in fact skill Mastery is an important tool used in cognitive behavior therapy to help combat a variety of mood disorders from borderline personality disorder to depression this strategy can be adopted by anyone in order to boost our self-confidence and sense of purpose if you can participate in these kinds of

experiences alongside loved ones because far in a way what makes humans the happiest is their connection with one another we are neatly social creatures we want to feel like we belong that we're loved and accepted the best way then to spend our money is by using it to nurture our relationships a great way to do this is through

experiences where we can spend time with those that we love engaging in hobbies and other fun activities but what's even more powerful is giving you don't have to give all your money away to reap the rewards so be smart with what you give and make sure that it's well within your means psychologically speaking the benefits of

giving can be observed in children prior to the age of two before many of us are even able to walk or talk we already understand the joy of sharing this isn't just some hokey feel good sentiment rather it's directly related to our neurochemistry when we give someone a gift we're rewarded with a surge of oxytocin this

improves our mood decreases stress and gives us feeling of security as we strengthen our social connections oxytocin also has the added benefit of boosting serotonin and dopamine further contributing to an overall positive emotional experience this process is an evolutionary adaptation meant to promote the kinds of pro-social behaviors that contribute to the overall well-being and survival of

the tribe this in turn helps ensure our own personal survival as we're seen as a valuable member of the group giving then is kind of a life hack for happiness buying a gift for a friend or donating to a charity produces a Dependable source of both pleasure and purpose these don't have to take the form of

grand dramatic gestures everyday acts of kindness can allow us to reliably tap into this natural biological process considering this maybe the adage should be money can buy happiness so long as it is spent on someone else keep this in mind if you ever win the lottery but even if you don't even if you never

found a day Fortune 500 company or come up with some revolutionary new invention the money you do have can still make you happy by investing more in Comforts than Pleasures spending more on experiences and nurturing the relationships around us we might just discover that we're richer than we could have ever imagined