Weekend Edition – What Is Happiness?

Throughout my early childhood and teenage years, my dad would share this quote with me time and time again: “Happiness is wanting what you have, not having what you want.” For most of my adolescence I tended to roll my eyes every time he said those words, thinking it was just one of an endless number of aphorisms fathers are known to utter. However, as I got older I started to cherish this quote, believing that it provides a sound basis for anyone and everyone’s lives, both on a financial and emotional level.

Too often we–and when I say we I’m making a sweeping generalization about all consumers–are searching for the newest product or service that we want to buy. We might not need these various consumer goods, but our desire to purchase them is strong for a variety of reasons. But do these purchases make us truly happy? It’s hard to say, but for the most part I’d lean toward saying no.

You Can’t Buy Happiness

Notably and recently, the demand for Apple’s (AAPL) new iPhone 5s had people waiting in lines for hours to purchase a smartphone that they most likely did not need. However, the desire to be socially accepted with the newest product from Apple caused people to wait for hours and fork over hundreds of dollars. Undoubtedly, these individuals could have used their time and money more productively, but the desire to have what they wanted outweighed most rational feelings. In the end, did this equate to happiness? Maybe for a short while, but over the long-term it was probably just another excessive purchase.

As a society, not enough people are content with what they already have, so we go out and spend money on various, and usually unnecessary, consumer goods or expensive vices. Moreover, these things that we tend to desire do not add much long-term value to our lives, whether it is on an emotional, psychological, physiological, or financial level. Sure, you’re happy for a moment following the purchase of whatever product you just bought, but how does it provide you value for years to come?

Yes, I know consumer demand is the crux of our whole economy. Economic growth is essential dependent on people continuously buying products and services – some that they need and many that they want. But that’s beside the point. I’m looking at consumer want on an individual level, in which we can do some introspection to realize that we should be content with the goods we already have. Sure, there are times when we actually need certain goods, at which point we should consume the necessary products and services. However, for all those other desired purchases, maybe it is time to set aside that money you would be potentially spending and invest it, which would provide you with value for years to come. It might not be as sexy as buying a new car, a watch, or a new pair of shoes, but it will lead to the greatest long-term value, and possibly happiness.