As most of your know, Steve & I are trained and certified by the world-renowned Tony Robbins & Cloe Madanes (plus many other mental health experts) and when I come across POWERFUL mindset strategies, I want to share them with you in our MoJo Community, so that you get warp speed results in creating a peaceful and happy life.
So below I’m sharing an excerpt from one of Tony Robbins’ blog posts discussing the correlation between money and happiness, plus four of my favorite takeaways:
1- Make memories, not purchases. Spending money on experiences makes us happier than spending money on material things.
2- Although it may be easier to prioritize buying material goods, (thinking they’ll offer better value for money in the long run), psychologists tell us that the opposite is true.
3- On your journey to financial freedom, be sure to cultivate gratitude. One of the main reasons that collecting more things doesn’t make us happy long-term is because we adapt quickly to it.
4- Your happiness is ultimately determined by the story you tell yourself. What is the story you consistently tell yourself regarding your finances? Is it empowering you or limiting you? Is your story making you happy? As Tony Robbins says, “Change your story, change your life.”
Here’s the excerpt from Tony Robbins’ blog post:
HOW TO BUY HAPPINESS THE SCIENCE BEHIND THE AGE-OLD QUESTION OF MONEY AND HAPPINESS
posted by Kellie Colunga on Tony Robbins Blog
[First off] Implement a spending plan and take massive action to get your financial security in place. Just having an emergency fund that covers your basic needs for three to six months will alleviate the little voice of panic inside you (or your partner) that constantly questions what will happen if a crisis occurs.
However, the science says that no matter where you are at in your financial journey, spending your money in these ways will bring you more satisfaction in life.
Image©wavebreakmedia/shutterstock
3 WAYS TO SPEND MONEY THAT WILL ACTUALLY MAKE YOU HAPPIER. SPEND IT ON OTHERS – AND WITNESS THE IMPACT
As it turns out, science has upheld the maxim, “it’s better to give.” A Harvard study conducted across over 100 countries found that whether rich or poor, people who give to charity are happier. Perceived happiness increases even more when we can see the impact our gift has on someone.
Remember that moment when you gave someone a gift that you just…could…not…wait for them to open? As they opened your present, you searched their face for the delight that you knew that you put there by giving them a gift you knew they would love. Giving a gift that changes someone’s life or just makes them feel known and loved meets our deep need for love and connection, improving the quality of our own lives whilst improving another’s.
SPEND IT ON EXPERIENCES
Make memories, not purchases. Spending money on experiences makes us happier than spending money on material things for a few reasons.
For one, spending our money on experiences creates a connection with the people we shared that experience with – and those memories form a bigger part of our sense of identity than the things we buy. In fact, we remember experiences as better than they actually were. Alternatively, we adapt to the material purchases quickly.
A paper from Cornell University psychology professor Thomas Gilovich showed that we also get more pleasure out of anticipating experiences than anticipating the acquisition of material things. There is a reason that those brilliant credit card commercials tell a story of purchases made to create a ‘priceless’ memory. It is the experiences that stir up your emotions; it is the experiences that they are selling.
Consider this: The two days your spend waiting for your Amazon Prime package to arrive doesn’t build the same kind of anticipation as planning and dreaming about that vacation to Belize does. You take the time off work, brush up on your Spanish, read travel blogs and more, all the while thinking about how epic this trip is going to be. And once it’s over, you’ll tell the story of zip-lining through the rainforest to anyone who will listen for the rest of your life.
Best of all, we don’t compare experiences quite the same way we compare our material possessions to other people’s. Teddy Roosevelt may have said it best when he postulated, “Comparison is the thief of joy.” But thankfully, keeping up with the Jones’ doesn’t translate to experiences the same way it does to things. Sure, the Instagram pics of your college roommate’s family trip to Hawaii may give you travel envy, but it doesn’t diminish the joy you experienced camping in Yosemite with your spouse.
Although it may be easier to prioritize buying material goods, thinking they’ll offer better value for money in the long run, psychologists tell us that the opposite is true.
Image©Dragon Images/shutterstock
BUY BACK YOUR TIME
Studies also show that we are happier if we buy back our time. Wait, isn’t time the one thing money can’t buy us? As it turns out, no. Time is one of the most important things money can buy, precisely because it is such a valuable resource.
As the author of Happy Money: The Science of Happier Spending, Professor Elizabeth Dunn, suggests: “Don’t buy a slightly fancier car so that you have heated seats during your two-hour commute. Buy a place close to work, so that you can use that final hour of daylight to kick a ball around in the park with your kids.” A University of Zurich study agreed, citing that you would need a 40% raise to offset the added misery of a one-hour commute.
But it’s not just time sitting in traffic you can buy back. What would you be willing to give up to gain back the time you spend cleaning your house? Pack your lunch a couple of days a week and you may find that house cleaner is suddenly within budget, freeing up those precious hours.
This is especially difficult for those of us from hard-working families who were brought up to do things ourselves. Sure, we can change our own oil, but is it the best use of our time? Will it bring you joy? If so, have at it. If not, reconsider what your time is worth and spend accordingly.
Image©Fotovika/shutterstock
TELL THE RIGHT STORY
Finally, your happiness is ultimately determined by the story you tell yourself. What is the story you consistently tell regarding your finances? Is it empowering you or limiting you? Is your story making you happy? As Tony Robbins says, “Change your story, change your life.”
On your journey to financial freedom, be sure to cultivate gratitude. One of the main reasons that collecting more things doesn’t make us happy in the long run is because we adapt quickly to it. Sonja Lyubomirsky, psychology professor at UC Riverside, says,” If you have a rise in income it gives you a boost, but then your aspirations rise too…You’ve stepped on the hedonic treadmill. Trying to prevent that or slow it down is really a challenge.”
Consciously fostering gratitude is key to maintaining joy.
Wherever you are in your financial journey, may you find joy in 2016 and beyond.
In the meantime, we’re sending you MoJo’licious Love,
