161: happiness is... giving it all away

There seems to have been a wealth of stories (pun intended) about how 'money can't buy happiness' recently. Today, a story in Canada's Globe and Mail newspaper cites research that questions that assertion. Through a series of different studies, researchers from the University of British Columbia and Harvard Business School set out to explore whether people were happier when they spent their money on themselves or on others. One study involved giving students between $5 and $20 and then asking them either to spend it on themselves or to buy a gift for someone else; another study quizzed recipients of work bonuses on how they spent the windfall and on how happy they felt (before and after). In both these cases, and others, people were happier when they had spent money on others - buying a gift or making a charitable donation, for example. And, as other experts quoted in the article pointed out, it needn't be money you give away - spending time helping others or sharing your skills will probably fill your emotional tank in much the same way. So - help others and help yourself. Sounds like 'having your cake and eating it' really is possible...