Episode 120: Money and Happiness

Can money really buy happiness? On this episode of Making Cents of Money, we unwrap the science behind money and joy with Donovan Sanchez who returns to discuss his primary research interest. From hedonic adaptation to pro-social spending, learn ways to boost well-being without breaking the bank. Prior Episodes Featuring Donovan Sanchez: • Ep. 33 – Establishing a Vision for Your Life • Ep. 55 – Wealth Building as a Balancing Act • Ep. 65 – Financial Planner vs AI • Ep. 80 – Building Wealth After Graduation Sources Referenced in This Episode • Brooks, A. C. (2022). From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life. Portfolio. • Chancellor, J., & Lyubomirsky, S. (2011). Happiness and thrift: When (spending) less is (hedonically) more. Journal of Consumer Psychology, 21(2), 131–138. https://doi.org/10.1016/j.jcps.2011.02.004 • Consumer Financial Protection Bureau. (2015). Financial Well-Being: The Goal of Financial Education. • Dunn, E. W., Gilbert, D. T., & Wilson, T. D. (2011). If money doesn't make you happy, then you probably aren't spending it right. Journal of Consumer Psychology, 21(2), 115–125. https://doi.org/10.1016/j.jcps.2011.02.002 • Helliwell, J. F., et al. (2024). World Happiness Report 2024. University of Oxford. • Kahneman, D., & Deaton, A. (2010). High income improves evaluation of life but not emotional well-being. PNAS, 107(38), 16489–16493. https://doi.org/10.1073/pnas.1011492107 • Killingsworth, M. A., Kahneman, D., & Mellers, B. (2023). Income and emotional well-being: A conflict resolved. PNAS, 120(10). https://doi.org/10.1073/pnas.2208661120 • Waldinger, R. (2015). What Makes a Good Life? Lessons from the Longest Study on Happiness. TED Talk.