Analysis Of Happy Money

People spend money the way they want to spend it; they forgo expert advice and instead, rely on their own intuitions and judgments when making a purchase. However, the opposite occurs in all other aspects of dealing with money. They pay high sums of money for experts to advise them on how to save their money and before they invest their earnings. Elizabeth Dunn, an associate professor of psychology at the University of British Columbia, and Michael Norton, an associate professor of marketing at the Harvard Business School, decided that spending money should not be considered an “easy” task and wrote a book of expert advice on how to spend money. Using behavioral science research, Happy Money: The Science of Smarter Spending focuses on the relationship

People either see it fade into their surroundings or face buyer’s remorse as better products become available. System 1 encourages the best purchase for the now. System 2 needs to correct this impulse and remember to weigh the happiness factor when making a purchase in order to reduce frivolous spending. Furthermore, as a sports agent, my clients will have large amounts of money at their disposal with which they can easily purchase mansions with amazing amenities. It will be my responsibility to remind them the extent to which material goods bring pleasure. Eventually, the awe wears away when new products become available and the payments pile up and can lead a person to drown in

When an experience “fosters a sense of social connection…makes a memorable story…for years to come…links to your sense of who you are or want to be…[and] provides a unique opportunity, eluding easy comparison,” (Dunn and Norton, 2013, p. 20), it creates a memory that is cherished far more than a material good. The generation of a lasting impression offers a happiness that increases with time. Businesses, such as restaurants and tourism industries, apply this concept by advertising the experience their company delivers. For example, a restaurant must create a market to entice people into choosing it over all the other existing food options while for tourism to have success, it must market a once in a lifetime opportunity to give value to experience. People are more willing to forgo the cheap alternative as long as they find that the value, both monetary and happiness, overshadows the increased expense.

The overall concept of experience over material goods is important to happiness in the business sector as well. When an applicant considers a job, he should examine a company’s atmosphere and understand his possible future working environment. Compromises such as forfeiting a high salary may be necessary in exchange for an ideal work environment. Likewise, companies need to consider employees that not only are qualified but also are beneficial