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Want to Be Rich? Don’t Get Too Happy

Filed under Salary and Benefits
Posted by Libraries, June 09, 2008
View all posts for June 2008

Want to Be Rich? Don’t Get Too Happy

By Jean Chatzky, and Arielle McGowan. Money, Jun2008, Vol. 37 Issue 6, p30-33.

There’s a lot of talk about the virtues of a positive attitude. But did you know that there’s a point at which too much happiness can go towards your detriment? Chatzky and McGowan’s article focuses on a recent study by University of Illinois psychology professor Ed Diener, which states that excessive glee tends to go along with decreased financial return. Spelled out, even though it is true that people who are moderately happy tend to be more successful than their gloomier counterparts, there is an upper level where this trend can be seen to reverse.

Diener’s theory about this phenomenon is that it is the happy but not too-happy people who strive for success and who will modify their path when it’s not working. The more ecstatic types tend to be complacent. Diener says that academic success also peaks at a certain level of happiness. Interestingly this pattern has been witnessed by other researchers too. A study out of Duke University found that extreme optimists tend not to save for a rainy day. They are more likely than moderate optimists to be in debt and not have savings.

Of course, drawing conclusions on this depends on your overarching goals and values. Who’s to say that choosing a splendor-filled life isn’t worth some financial sacrifice? However, if what you’re after is maximal financial security, then you want to tone down the euphoria.

For more information on establishing your wealthful life, link to the Career Resource Library’s Paying the Bills page, where you’ll find resources for Finances in the Real World, and Long-Term Financial Planning.

blogged by Julie Waddick