Harvard research, conducted a few years ago, proves what most of us know instinctively, and that is when people give money away, they feel richer, and want to give more.
Just like the old saying goes:
It is more beneficial to give than to receive.
There has been a lot of studies done on money and its connection to happiness and wellness. Studies show that people are mostly happy to the extent that they are able to have the necessities of life, and a bit more, for themselves.
The result of this study shows that the average amount before money no longer affected the release of chemicals, like dopamine, in the brain, which makes us feel happier, was around $70 k.
This is the amount a person has to make in a year, to meet all their needs, before money no longer makes them feel happier.
Similar studies were done by Cassie Molgilner of the Wharton School, and Harvard students Zoe Chance and Michael Norton, showing that when people gave even 15 minutes of their time to do acts like serving a high school student, by helping them to study for their exams, they felt like they had more time.
Those in the study who spent their time helping others felt like they had more time than those who spent their time on themselves, or in a wasteful way.
This is counter-intuitive, but spending time on others makes us feel more effective, competent, valuable, and capable.
Also, when you accomplish more with your time, then that period of time appears to be longer. You feel more content with your use of your time. Note that, that there is a difference between doing more activities with your time, and actually accomplishing more with the same amount of time.
This feeling of fulfillment makes us more confident about how we can use our time in the future, and also helps us to accomplish more in the future.
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