Would You Be Happier With More Time or Money?

In the spirit of sharing great resources, my friend Chris sent me an amazing article by Alice LaPlante from the Journal of Consumer Psychology about the value of time and money. Professors Jennifer Aaker and Melanie Rudd of the Stanford Graduate School of Business and Cassie Mogilner of the University of Pennsylvania discuss how time is often our most precious resource so we must spend it wisely.

I have seen people make career choices based on how much money they will be making but Aaker reminds us that few actually consider how they will be using their time “…whether they can control their time, who they will spend their time with, and what activities they will spend their time on.” Since we spend most of our waking hours at work – our time is something we should consider very seriously in our career decision making.

“Money itself (e.g., thinking about money) is misaligned with happiness-inducing behaviors, whereas thinking about time (e.g., how you are spending time, where you are spending your time) tends to foster these types of happiness-inducing behaviors. How you choose to spend your time significantly influences your happiness.” according to Aaker.

This goes beyond negotiating for flex time and work-from-home options – it’s about the relationship between the resource of time and happiness. While the majority of research to date has focused on how money can or cannot make individuals happy, the newer research about time and happiness is finally starting to get some attention.

Mogilner shared that people with meaningful social connections are happier than those without them. Spending time with individuals you like increases your happiness while time spent with those you dislike, or spending time alone, results in a drop in happiness levels. The three women, with input from additional researchers extracted 5 time-spending happiness principles:

Spend time with the right people. The greatest happiness is achieved when you interact with people you like. You have control over this in your personal life as well as your career life so consider this when making a career move, or re-frame collegial relationships at your existing job to make them more palatable.

Spend time on the right activities. Seek out activities that energize you and make you happy. You may still have to clean your closet or pay the bills but focus on the activities that bring you joy so you can relish that time with positive energy.

Enjoy experiences without spending time actually doing them. Research shows that daydreaming is a happiness inducing activity. When pondering your dream vacation or a special event, your brain sends out happy vibes that give you pleasure. Anticipation can be a very pleasurable act so dream-on!

Expand your time. We still only have 24 hours in each day so focusing on the here and now can increase happiness levels. Taking a deep breath can also have the same effect. Focusing on the future can induce anxiety in some who feel as if they are running out of time which wastes the precious moments of the present. So, take a deep breath and enjoy the moment you are in.

Be aware that happiness changes over time. We experience time differently as we age. Many younger people equate happiness with excitement while older individuals often equate happiness with peacefulness. So, go with the flow as your life changes over time and notice the shifts in your happiness and what you need to find meaning.

Bottom line – the researchers confirmed that spending time with the people you love and doing things you enjoy is the best road to happiness.