Many people want to know how to be happy, and several experts have spent years studying this question. One of those researchers is Matt Killingsworth, a psychologist with a Harvard education who works as a senior fellow at the Wharton School. He has designed many studies to discover what makes people happy. One significant project he is involved in is TrackYourHappiness.org, which uses smartphones to gather real-time happiness data from individuals worldwide. The results from his studies provide valuable insights for those seeking to enhance their joy in life.
One finding is that money can contribute to happiness. A major study from 2010 by Daniel Kahneman and Angus Deaton revealed that emotional well-being improves with income up until about $60,000 to $90,000 a year, which is enough for a comfortable living. After reaching that income level, they did not observe any additional increase in day-to-day happiness, even though people’s overall life satisfaction continued to rise with higher income. However, Killingsworth’s 2021 study indicated that happiness increases consistently with income, meaning that every time income doubles, happiness also increases without showing a limit. In a 2023 paper, he, along with Kahneman and Deaton, explored the difference in their findings. They concluded that the plateau in happiness related to income applies mainly to the least happy 20% of people. For this group, happiness stops rising around $100,000, while for most others, increasing income continues to enhance joy.
Another important insight is that spending money on experiences is generally better than spending it on material items. Killingsworth’s research suggests that having more money can solve many problems, but it can also create new ones. He found that experiences, such as vacations and concerts, lead to more happiness than physical possessions. In a 2020 study co-authored with Amit Kumar and Thomas Gilovich, Killingsworth stated that spending on activities tends to generate more happiness in the moment compared to spending on items. Experiences are not only anticipated more positively but also create better memories than material goods.
Killingsworth also discovered that the anticipation of an experience can bring joy. In a 2014 study titled “Waiting for Merlot,” he and his co-authors showed that looking forward to an experience is often more enjoyable than waiting for a physical item. Happiness expert Gretchen Rubin supports this idea, indicating that anticipation can play a key role in enhancing happiness.
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Source: Upworthy, by Evan Porter