Managing money: How much is that happiness by the window?

We all have at some point wondered whether money can buy happiness? Those who say yes, are judged. World Happiness Day is celebrated on 20 March. And on this day, Raj Raghunathan, professor at University of Texas, and author of the book If You're So Smart, Why Aren't You Happy?, tells us how one manages money can bring more happiness than the money itself. Money can make you happy to a certain point: According to Raghunathan, money can bring happiness, "but only up to a certain point (around $80,000 per household per year in the US; considerably less in India)." After that, it doesn't buy you much happiness. Money management is more important: Money management is particularly important if you don't have enough to begin with, he said. One of the biggest sources of stress in the world is lack of sufficient financial resources, and in many cases, the reason for lack of financial resources is poor money management, rather than lack of sufficient funds.

This article was originally published on March 31, 2018.