WASHINGTON (Reuters) - Federal Reserve Chairman Ben
Bernanke has added his name to the long list of people who believe we
should measure prosperity in terms of happiness and life satisfaction,
instead of just dollars and data.
In a recent speech before a group of international researchers,
Bernanke talked about the difference between happiness -- a subjective
and transitory feeling -- and well-being, which is a longer-term
measure. He said that
keys to finding long-term life satisfaction
include "a strong sense of support from belonging to a family or core
group and a broader community, a sense of control over one's life, a
feeling of confidence or optimism about the future, and an ability to
adapt to changing circumstances."
This is a subject of some long-standing interest to the Fed
chief. In 2010 he delivered a memorable commencement address titled "The
economics of happiness" (available here,
http://www.federalreserve.gov/newsevents/speech/bernanke20100508a.htm ).
In both speeches, he conceded that while money may not buy all
happiness, it helps.
People in societies that are sufficiently well-off to provide an
education, decent healthcare and a clean, safe place to live are happier
than those who are so impoverished that they have to struggle for all
of those things. Having a lottery-winner's bank account does not
guarantee more happiness, but having enough money to buy yourself the
occasional treat or luxury helps.
The good news, for folks who agree with the Fed chairman, is that
there are well-documented ways to get a bigger (happier) bang for your
buck, on a very personal level.
Here's how to deploy your resources to maximize your enjoyment of life.
Hint: It's not about the car.
1. Fund a group activity. The factor most highly
correlated to life satisfaction is having family, friends and community
connections. Maybe that means joining a church, or being in a band or a
book club, or hosting regular potluck dinners with neighbors.
2. Go on vacation. There is a lot of research
behind the idea that experiences are worth more, in terms of happiness,
than things. That is because time improves experiences in memory while
it tends to desensitize us to things. So if you get a hot tub or a new
TV or car, and you use them day after day, you start getting used to
them and perhaps stop appreciating them. But if you take a special trip,
you will stop being bothered by the flat tire or lost luggage and
instead remember fondly -- if somewhat fuzzily -- how much fun you had
while you were traveling.
3. Get tools and supplies for a hobby. Becoming
so engrossed in an activity that you lose track of time is called a
state of "flow" and it is associated with a higher level of life
satisfaction. For some people, that might mean buying power tools and
puttering in a woodshop; someone else might get there by learning to use
design software, canning jam or playing piano.
4. Buy a treadmill, or a jump rope, or just some sneakers.
It doesn't have to be a super-expensive P90X workout plan, but anything
that gets you moving stimulates those endorphins that elevate your
mood. That's science!
5. Buy a scrapbook or journal. "Savoring" a good
experience by writing about it, thinking about it, or even posting your
pictures on Facebook actually increases your enjoyment. Or as Bernanke
has said, "happiness can be promoted by fighting the natural human
tendency to become entirely adapted to your circumstances." If you eat
fresh tomatoes three times a day for the entire month of August, you
might stop thinking about how delicious they are. At the end of the day,
you can take a few minutes to write in your gratitude journal about how
truly fresh and sweet those heirlooms were, and that will cause you to
enjoy them even more. (But it will probably make you less happy if you
go back and read that journal entry next December, when you are eating
cardboardy out-of-season tomatoes.)
6. Spend money on systems. Having control over
your life provides a huge happiness boost. Sometimes you get to have
control over big issues, like taking a stand with your boss or your kid
(assuming they are not the same person.) Sometimes, it's just having the
right calendar, contact manager and computer backup system.
7. Donate to a small and/or local charity. There is a
lot of academic research backing up the hypothesis that money spent on
others delivers more good feelings than money spent on yourself. But new
research from Lara Beth Aknin at the University of British Columbia in
Vancouver takes that further: "The emotional benefits of giving appear
to be greatest when the giver feels a social connection with the
recipient and also feels that their gift has made a meaningful impact."
Hence the little local gift -- it enables you to see the impact your
donation has.
8. Buy time. Ben Bernanke did not say this, but
if you are working 60 hours a week and arguing with your spouse about
who vacuums the living room, you can probably make yourself happy by
hiring someone to clean your house. The same principle applies for lawn
mowing and the occasional convenience food dinner. Especially if you use
the extra time to do one of the other things on this list, and not
playing solitaire on your iPhone.
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