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If Money Doesn't Make You Happy, Then You Probably Aren't Spending it Right

Author Backgrounds and Qualifications

Elizabeth W. Dunn, Daniel T. Gilbert and Timothy D. Wilson

Elizabeth W. Dunn

Dunn is a professor in the Department of Psychology at the University of British Columbia. She is the co-author of several other papers and journals, as well as giving several TED talks all relating to "the science behing happy spending". In recieving many prestigious awards, she continues with experimental research. Dr. Dunn currently conducts experiments examining how time, money, and technology impact human happiness.

Elizabeth W.

Dunn

Daniel T. Gilbert

Daniel T. Gilbert is an Edgar Pierce Professor of Psychology at Harvard University. While winning numerous awards for his research, teaching, TED Talks and TV Shows, he wrote a New York Times bestseller, Stumbling on Happiness. Currently Professor Gilbert is researching affective forcasting and inter-temporal choice which have to do with how humans plan and sacrifice for the future. This research is fueled by his interest in how humans navigate the complexities of time and and social life.

Timothy D. Wilson

Wilson is a Professor of Psychology at the University of Virginia. His research interests are self-reflection and knowledge, as well as social cognition. Professor Wilson has also conducted studies in social psychological interventions and affective forecasting. Similar to the other two authors, his focus is in forecasting and future planning. Both money and time require that, and both are areas of expertise for all three authors

Overview

Overview

  • “Money is an opportunity for happiness, but it is an opportunity that people routinely squander because the things they think will make them happy often don’t” (Dunn, Gilbert, Wilson)

  • positive but slight correlation between wealth and happiness

  • 8 principles for spending money
  • experience, anticipation, social connection, and appreciation of our purchases

Audience & Purpose

Audience and Purpose

  • everyone in some way - all just trying to gain happiness in life but may be doing the wrong things
  • people who feels they may be spending their money unwisely
  • people that want to get a deeper understanding on ways to achieve happiness.
  • adults - earning money and need to find better ways to allocate their money.
  • Purpose= to raise awareness that happiness can be maximized if we change our routine/habits in some way because we may be pursuing things that only give us short term happiness.

Principles 1 - 8

Evaluating the argument

Principles

Principle 1: Buy experiences instead of things

Principle 2: Help others rather than yourself

Principle 3: Buy many small pleasures instead of one

Principle 4: Buy less insurance

Principle 5: Pay now and consume later

Principle 6: Think about what you're not thinking about

Principle 7: Comparison shopping

Principle 8: Follow the herd

Evaluation of the Argument

  • refer to surveys and studies
  • authors are highly educated and notable in the field of psychology

Critcisms

  • does not extend to those living paycheck to paycheck

Other Works

Application to Other Works

1. Wolf of Wall Street

2. A Christmas Carol

3. If money does not make you happy, consider time

Discussion Questions

Questions

1. Do you think that people will still spend their money on instentaneous happiness?

2. To what extent do you think what you associate happiness with and how you choose spend your money is a product of your environment and culture?

3. Do you agree with the article's claims that anticipation of an experience brings more pleasure than the actual experience?

References

Anik, Anin, Norton, Dunn. (2009). Feeling good about giving: The benefits (and costs) of self-interested ... Harvard Business School. Retrieved November 17, 2022, from https://www.hbs.edu/ris/Publication%20Files/10-012_0350a55d-585b-419d-89e7-91833a612fb5.pdf

Dunn, E. (2022). Elizabeth W. Dunn, Ph.D. dunn.psych.ubc.ca. Retrieved November 17, 2022, from https://dunn.psych.ubc.ca/

Harvard, D. of P. (2022). Daniel Gilbert. Retrieved November 17, 2022, from https://psychology.fas.harvard.edu/people/daniel-gilbert

University of Virginia, D. of P. (2020). Wilson. Wilson | Department of Psychology. Retrieved November 17, 2022, from https://psychology.as.virginia.edu/wilson-0

References

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