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23 July, 2024 17:31 IST
Financial Planning
What is HappyRich?
Source: IRIS (15-JAN-19)

It's a myth that More Money = Happiness. Yes, we have all heard that it is better to cry in a BMW than cry on the road. However, what matters at that point is that you are crying and unhappy. Your location is not relevant, you are just like the other person crying on the road. The point is that if ''More Money = Happiness'' were indeed true, the richest people would also be the happiest; the most seemingly beautiful and rich people would not be depressed.

Before you jump to bash me, let me clarify - money is important and extremely necessary but what is more important is what can money do for you that will give you happiness. What can money do for you? Research, science and your own experience will say that the joy of buying an iPhone will diminish in a couple of days and next year you think the next iPhone will make you Happy but the reality is truly elsewhere.

Which of the above 6 give you meaningful and long lasting happiness?

You need to answer this for yourself. You can pick any and say that it will make you Happy but there is no point doing it and learning after years that it won't in fact, make you happy.

Let me save you some time... research done all over the world has shown that beyond your needs, true happiness from money comes only when you spend money on

> Experiences like taking a vacation with loved ones or by yourself, attending that music concert, taking that 7 day course that you always thought of, etc.
> Save it for a meaningful purpose like taking care of your loved ones, securing your child’s education, safeguarding your future, etc.
> Give it away to help people. Giving and helping others has been one of the most gratifying activity.

At a broad level, your duration of happiness increases as you move from Pleasure to Purposeful living

> Pleasure: Pleasure is often Temporary (like buying new stuff, eating, movie) Happiness from such actives can  lasts for few hours to few days at best. This is because the Law of diminishing returns is at work. For example, you eat a lovely meal and it's delicious and gives you a lot of pleasure. Eat it over and over again for the next few days but you won’t feel the same level of pleasure as the first meal.

> Purposeful Living: Living with higher purpose e.g. altruistic goals such as Spreading Happiness, Helping someone or making a real difference in people's lives or doing things that have a greater meaning to you creates lasting happiness.

This does not guarantee that you will not feel sad or not have a bad day. You certainly will but overall, you will be happier if you think of money in this manner and do things with money that will help you live a fulfilling life. Shifting to this way of thinking about money is a small change that could result in a big difference. The wisest and happiest of people have understood this and they do things with money that helps them get the best return on life.

In short when your purpose meets money, you become what we call HappyRich. You become..

Richer by an Education

Richer by an Experience

Richer by a New Cuisine

Richer by Helping Someone

(Contributed by Amar Pandit, Founder of

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.

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