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Money and happiness

Hopefully your marriage produces happiness for all involved. Now, what is that happiness over your life worth in dollars? Professor Paul Frijter of Queensland University of Technology says it is worth $31,600 to the man and $15,600 to the woman, and it may be that the difference is due to the fact that Professor Frijter and two other economists have found that the impact of money on women is double the impact on men.

In my column in The Herald today I explain how the three economists have arrived at a money value for 10 life events, among them marriage, separation, death of a family member and moving house. It is a serious study they suggest can be used to set compensation levels.

Basically the economists have gauged the impact of money gains and losses on individuals' happiness and, so, they can estimate the amount of money needed to restore happiness after an unhappy life event.

By their calculation just $8900 would restore my wife's happiness if we divorced, and I'd need $109,300!

The amounts may seem low because they discovered that money has a greater impact on happiness than previously believed!

How important is money to your happiness? Or its absence to your unhappiness? And can money really compensate anyone for, say, the death of a family member or an injury?

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Date: Newest first | Oldest first
Jeff, obviously Greg Norman's ex-missus needed a bit more "happiness quotient" than your wife's $8,900.00 requirement!
Posted by The Great White Guppy, 17/11/2009 9:07:05 AM, on The Herald
Indeed! And I think, Guppy, it is true that money, either its gain or loss, has a greater impact on the happiness of women than men. Praps biological. I mean, women's pursuit of men is really the pursuit of money.
Posted by Jeff Corbett on 17/11/2009 9:10:51 AM
Money is relevent to needs. A fakir or professional beggars in India for instance do not need much to live on, eeking out a living thanks to the charity of others whilst out here, the greed of Woolworths, Coles and the Banks remain insatiable much to the great detriment of the public at large. The Polies dont seem to withdraw their outstreched claws for more cash and perks.
Posted by MizJasper, 17/11/2009 9:37:19 AM, on The Herald
Tis true Jeff - 90% of the stuff in my matrimonial house wouldn't be there (incl. grocery shopping) lest for woman's want to 'feather the nest' (with unnecessary and costly items). Men would all live in a tin shack if they could. It is women who drive the economy. Men's wants are usually quite simple and not costly [and I am not talking about costly big fishing boats etc - which are usually just excuses for time outs away from the Penhen].
Posted by The Great White Guppy, 17/11/2009 9:47:49 AM, on The Herald
If happiness is to be defined as "wanting for nothing" then its only facilitator can be money. The real test I think is when we confuse wants and needs. Then of course legal entitlements confuse the issue (add or detract value as your rights may dictate). We may want all we can get - to be happy. But when we get far more than we need then the true cost of getting that may be the source of great unhappiness? I think a person who able to think clearly about what he needs for the values and responsibilities he has is already a good way to be being happy. Setting good goals for one and others, importantly - family will provide a lot of happiness for all when they are achieved. As long as they are achievable and sustainable goals - otherwise they can be the reason for great misery. The ability to realize what is important is a part the way to being happy. From the words "true happiness is being happy with what you have". I extend to include "what you have the ability to achieve with realistically, sustainably and in a wholesome and satisfying way. Good broadly beneficial achievement can be the reason for great happiness.
Posted by notashrink, 17/11/2009 9:53:20 AM, on The Herald
The difference between men and women (and yes, i generalise): Women will pay $5 for a $10 item they don't need; men will pay $10 for a $5 item they do need.
Posted by mikey, 17/11/2009 10:36:29 AM, on The Herald
Nigel Powers: So, er, little fella, I was wondering... is everything... in proportion... down there? Mini-Me: [Mini-Me nods unsure] Nigel Powers: You know, your bobby dangler, giggle stick, your general-two-colonels, master of ceremonies... Yeah, don't be shy, let's have a look. Mini-Me: [Mini-Me unzips his pants] Nigel Powers: My lord! you're a tripod. What you been feedin' that thing, eh? It looks like a baby's arm holding an apple. Good thing is, if you ever get tired, you can use it as a kickstand! Mini-Me: [Mini-Me nods, smiling] that defines a happy person?
Posted by truehappyness, 17/11/2009 10:45:31 AM, on The Herald
There must be an abundance of attractive,intelligent,friendly,divorced women out there and if their happiness can be brought for $8,900 ,then perhaps you could afford to buy a few spare wives Jeff to help you around home.
Posted by chaff and oats, 17/11/2009 11:28:55 AM, on The Herald
At a hundred thousand + a year I wasn't truly happy and if I had of had a wife she probably wouldn't have been either, I now have a roof over my head (paid for), a full belly and have something to do for half the day and in terms of local currency I live very well. My existence is comfortable and uncluttered. If I have a need to dip my wick, it is readily available and at a considerably cheaper rate that what would be found in Newcastle. It has always seemed wrong that a person has to work 60 - 70 hours a week, just to stay in front of the game and then to lose it all to a spouse. It all seems like a terrible waste of time and effort.
Posted by suzhousid, 17/11/2009 11:54:23 AM, on The Herald
suzhousid - "If I have a need to dip my wick"? Are you a candlestickmaker? Maybe the wax is cheaper in China than in Newcastle because the quality in Newcastle is better?
Posted by Wickerman, 17/11/2009 12:04:01 PM, on The Herald
If you wish to be wealthy, study wealth. If you wish to be happy, study happiness. Different programmes. Many wealthy people are unhappy.
Posted by Abundance, 17/11/2009 12:39:42 PM, on The Herald
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Jeff Corbett
Bend the online ear of the Hunter's most provocative columnist.

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