The relationship between wealth and happiness

Mihaly Csikszentmihalyi, PhD Psychologist & Researcher, explains the results of recent studies on the impact that wealth plays on ones happiness
The Relationship Between Wealth And Happiness
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The relationship between wealth and happiness

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In the last 20-25 years, there has been a lot more time to understand to what extent does wealth contribute to happiness. There have been studies all over the world in some huge institutions, continuing work interviewing people. It turns out that if you are poor, homeless and jobless; it makes a tremendous contribution than if you have a reasonable job. After that minimum survival standards, it becomes less and less important, so by the time you are a millionaire, you are not that much happier than the person who make s$200,000 a year. Bill Gates or somebody like that, is not much happier than somebody with a nice house on the corner, with a good car and a job that they like. At the beginning, it makes a big difference and it levels off. Unless you know how to use your income in a way that makes you feel good about what you are doing and what you do for others, then money is not the solution.

Mihaly Csikszentmihalyi, PhD Psychologist & Researcher, explains the results of recent studies on the impact that wealth plays on ones happiness

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Mihaly Csikszentmihalyi, PhD

Psychologist & Researcher

Mihaly Csikszentmihalyi was born in Italy of Hungarian parents. He came to the United States at age 22, became a psychologist, taught at the University of Chicago for 30 years and was Chairman of the Department of Psychology. Since 1999 he has been a Distinguished Professor of Psychology and Management at Claremont Graduate University in Southern California. Of the 13 books he wrote or co-authored, Flow: The Psychology of Optimal Experience is the best known; it has been translated in 29 languages. He and his wife Isabella spend the summers in Montana, where the rest of the family comes to visit and hike in the mountains.

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Transcription: 
In the last 20-25 years, there has been a lot more time to understand to what extent does wealth contribute to happiness. There have been studies all over the world in some huge institutions, continuing work interviewing people. It turns out that if you are poor, homeless and jobless; it makes a tremendous contribution than if you have a reasonable job. After that minimum survival standards, it becomes less and less important, so by the time you are a millionaire, you are not that much happier than the person who make s$200,000 a year. Bill Gates or somebody like that, is not much happier than somebody with a nice house on the corner, with a good car and a job that they like. At the beginning, it makes a big difference and it levels off. Unless you know how to use your income in a way that makes you feel good about what you are doing and what you do for others, then money is not the solution.