how money affects our confidence
relationships and happiness this video
is the collaborative effort between
practical wisdom and downtown success
and see more videos from downtown
video's description let's face it we
live in a materialistic society and as
men we believe that living and expensive
lifestyle and having more money will
make us feel more confident loved and
happy when we're born our parents try to
give us the best education so that we're
capable enough to compete after studies
we work hard put extra hours in to make
money as much as we can to afford a
certain lifestyle but this belief that
more money will make us confident loved
and happy is far from true according to
research conducted by Princeton
University that happiness and income are
correlated but only up to $75,000 the
emotional well-being of a person rises
as annual income increases up to about
$75,000 but not further than that this
makes sense because people who make
significantly less than $75,000 spend a
lot of their time worrying about basic
necessities like having enough food to
eat and covering the rent money can
pretty easily alleviate those kinds of
stresses so boosting one's income up to
around $75,000 can help but as wealth
Rises happiness levels remain the same
in fact happiness might tend to decrease
part of the diminishing return effect
can be explained by adaptations as
wealth Rises people adjust or get used
to their new and better circumstances
this increases their expectations and
aspirations for example a newly rich
person moving to an upscale neighborhood
will make the acquaintance of other
people who seem evil wealthier and that
can diminish happiness he may be driven
to increase earnings by comparison to
others or a desire for material gains
wealthy people also could face new
problems tied to wealth such as children
who become spoiled lazy or
unappreciative now we know that money
can make us happier after our basic
needs are met let's talk about how money
affects relationships according to
research it's true that couples with
extreme financial stress tend to have
lower levels of satisfaction in their
relationships
emotionally strained by their financial
struggle some people become more hostile
or uncommunicative towards their spouses
many couples even point fingers at one
another for their financial downfall
this is not to say however that
low-income couples are doomed to have
less successful relationships than rich
people rich people also face lower
levels of satisfaction in their
relationships due to various reasons one
of them is they are working a lot harder
and they don't have as much time to
spend with their spouse now let's look
at the social relationship CNN once
wrote this interesting article on what
happens to people when they win the
lottery people think that their life
would turn out to be amazing if they won
a lottery but according to this article
people who win lotteries spend all their
money going into debt and when they win
the lottery all of their friends and
acquaintances bug them for money which
in fact ruins their social relationships
so they have more debt and worse
friendships after they win the lottery
so whether you have money or you don't
you will only have strong relationships
if you share experiences and value to
their lives keep your promises have open
communication and be on the same page
when it comes to financial matters now
let's look at how money can affect your
confidence can money make a person more
confident in order to answer this
question we first need to examine the
way self-confidence works if you grew in
a community that made you believe that
tall men are more attractive to women
than short men then probably you will
feel more confident if you're a tall men
now here is the interesting part if you
were raised in an isolated tribe that
taught you that short men are better
than tall men then you'll have less
confidence if you are a tall man it
depends on your beliefs it's the same
thing with money if you were raised to
believe that money makes a person more
worthy then certainly you'll feel more
confident if you had more money
unfortunately thanks to social media the
world has become like a small village
that makes you think that money is
everything and we'll start money shaming
you if you don't have enough of it this
is why the majority of people right now
believe that money makes a person more
worthy and as a result they'll feel more
confident if they're able to get lots of
money
the truth is confidence has very little
to do with money there was research
conducted by a college in which all the
students were asked what made them
confident everyone gave a different
answer like going on a solo trip or
pursuing a hobby but none of them said
that money made them more confident I'm
not saying that money is pointless and
one shouldn't work hard for money
there's nothing wrong in pursuing money
if it's done for a healthy purpose the
reefs
why most people are pursuing money is
because they believe the materialistic
adaptations they think that a fancy
house or an expensive car will make them
feel confident loved and happy but the
truth is often when we buy a new car we
regret our purchase because we feel we
may have made the wrong choice or that
we have spent too extravagantly or
something better will be available in
the future this feeling is called
buyer's remorse the reason for this is
that when we buy objects they're easily
interchangeable with other objects we
get a brand new car but there's a new
model out within the next six months
material things tend to eventually
become outdated or broken we get an
initial boost in mood when we first buy
them but it quickly dies off so the big
question is how we allocate our money
after our basic needs are met one of the
enemies of happiness is adaptation says
dr. Thomas Gilovich a psychology
professor at Cornell University who's
been studying the question of money and
happiness for over two decades Gilovich
and other researchers have found that
experiences deliver more lasting
happiness than things the experience of
taking your family on vacation will
strengthen your family bond the
experience of starting your business or
a solo mountain trekking will make you
confident and at the end of the day
happiness is always a collection of good
memories and no material possession will
ever match the kind of memories you get
from experiences so the real purpose of
money should be getting life experiences
because only experiences will make you
feel confident loved and happy and will
that value to your growth just like we
do on our Channel downtown success if
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