Spending Money On This One Thing Is The Closest You Can Get To Buying Happiness, Says Hospice Doctor
Sometimes true happiness is about investing in yourself.
Clem Onojeghuo | Unsplash We know that money can't buy love, but can it buy happiness? According to hospice doctor Jordan Grumet, if you spend your cash on the right thing, it just might. In an article for Psychology Today, Dr. Grumet explained that spending money on experiences that further your growth as a person, instead of spending money on stuff, is the closest anyone can get to buying happiness.
The fact is, we could all use a little more happiness in our lives if a 2024 poll from Gallup is any indication. For the first time in more than two decades, fewer than half of Americans said they were "very satisfied" with their personal lives. Regardless of the reasons for that dissatisfaction, which let's face it, are innumerable, retail therapy won't cut it if you're trying to feel better. At least it won't cut it in the long run. What will bring joy, however, is investing in your favorite hobby, or, better yet, taking that vacation you've been putting off.
Spending money on personal growth is the closest you can get to buying happiness.
Grumet has found that there is one common denominator that has stood out to him among the happiest people he has helped transition at the end of their lives. He called it "the most overlooked and most powerful use of money."
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He explained it as "spending to become," which essentially means directing your resources and money toward becoming a fuller, more intentional version of yourself; you’re not just chasing pleasure, you’re investing in growth. For example, if you enjoy writing, invest in a coach who can help you hone in on that skill and get better.
If you're someone who's incredibly adventurous, plan a trip to Peru. When you're spending money that fuels your interests, it'll, in turn, fuel your happiness. Becoming doesn't even require vast amounts of money, Grumet insisted. Instead, growth can begin with small, inexpensive steps. Buying a pair of running shoes and hiking up a new trail in your area, or joining a local writing group at your nearest library, free of charge.
"The happiest people I see are the ones who don’t have regrets, and the ones who don’t have regrets put the energy, courage and time into becoming who they wanted to be, whether they spent money on it or not," he explained in an interview with CNBC.
Spending money on experiences can wane over time if you aren't doing anything novel or furthering your personal growth.
Grumet encouraged people that spending money on experiences that allow you to grow as a person leads to lasting happiness because of how it helps you develop meaningful connections. Having close, personal relationships that you value is a proven way to improve happiness.
However, Grumet also pointed out that spending money on experiences can have its limitations as well. "For instance," he noted, "going to Europe would be really exciting the first time you do it. The second time, it’s a little less exciting. If you’re doing it multiple times a year, it even becomes less exciting than that."
To counter that adaptation, it's best to switch things up a bit. Try a new destination. Invite a different person to travel with you. Consider getting out of your comfort zone. Better yet, why not consider learning a new language to complement your experience? That's furthering personal growth and creating lasting memories through experience.
Spending money on material possessions won't create lasting joy.
Anastasia Shuraeva | Pexels
Will a new pair of shoes or a watch make you happy for a moment? Yes. But, as Grumet said, that joy is only temporary. "There’s nothing wrong with buying something you enjoy, but that’s probably not going to give you lasting happiness,” he said. “What I call the cheapest version of spending is spending on a thing."
Minimalist coach and founder of Hip Diggs, Dan Erickson, explained, "We are wired to desire, to want, to crave. It’s a survival mechanism. We see a juicy apple, we want it. We see a warm fur coat, we want it. It’s the same drive, just evolved into our modern context. To make things worse, society and media constantly bombard us with messages that equate success and happiness with material wealth."
He went on to say, "But here’s the catch — it’s a trap! A well-orchestrated illusion. The happiness we get from acquiring stuff is fleeting. Before you know it, the novelty wears off and we’re left wanting more, stuck in a never-ending cycle of consumption. This is what psychologists call the “hedonic treadmill.” You’re running, but you’re not really getting anywhere."
At the end of the day, it's about choosing to invest in yourself. Invest in your joy. Invest in lasting moments and memories. Spending money on experiences that bring you happiness and foster your relationships with yourself and those nearest and dearest to you are what make life worth living. A new couch might look pretty in your living room, but after a month of looking at it, it won't make you as happy as the memory of your best friend's smile or the way it felt to run your first 5K. That never goes away.
Nia Tipton is a staff writer with a bachelor's degree in creative writing and journalism who covers news and lifestyle topics that focus on psychology, relationships, and the human experience.
