The adage, ‘money can’t buy happiness’ has been challenged by many religious and academic experts, who monitor the spending patterns of people from high and low-income backgrounds. Results showed while the behavioral trends may differ, the psychological and compassionate responses from people remain the same.
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Tony Amaradio, president of Select Portfolio Management, Inc. and Select Money Management, Inc., has highlighted studies that show money spent on others boosts happiness. By sharing a modest amount of personal finances with others, it can directly affect intimate and emotional responses to other people.
Case studies from Harvard Business School reveal through its paper, ‘Prosocial Spending and Happiness: Using Money to Benefit Others Pays Off’, overwhelming evidence highlighting the notion of spending more money on others to improve relationships and emotional happiness. Tony Amaradio is a longtime supporter of encouraging charitable acts, and suggests they result in more humility and compassion for members in struggling communities. “These benefits are most likely to emerge when giving satisfies one or more core human needs, such as relating to others, competence, and autonomy,” Amaradio states. “There are many examples in the religious community where prosocial spending has had a dramatic impact on increasing satisfaction.”
The adage, ‘money can’t buy happiness’ has been challenged by many religious and academic experts, who monitor the spending patterns of people from high and low-income backgrounds. Results showed that while the behavioral trends may differ, the psychological and compassionate responses from people remain the same. A study by Michael Norton, titled ‘Prosocial Spending and Well-Being: Cross-Cultural Evidence for a Psychological Universal’, suggests that these responses can be seen in children as young as two years old, as toddlers begin to learn about the significance of sharing, helping, and comforting others. As a longtime philanthropist and financial advisor, Tony Amaradio urges all members across different communities to embrace a lifestyle that can advance the emotional development of people across the world. “These studies have confirmed that special feeling we all get inside us. That charity is, in the purest sense, fulfilling God’s wish for us to stand alongside each other, and improve all of us.”
The study concludes by comparing three countries—Canada, Uganda, and India—that differ dramatically in national-level income and donation frequency. It still witnesses a correlation between individuals reporting significantly greater happiness after reflecting on a time when they spent money on others rather than themselves. “In highlighting the potential impact of emotional benefits from prosocial spending,” Amaradio states, “all the research outlines the importance of generosity for human well-being.”
Tony Amaradio is the Founder and Chief Strategist at Select Portfolio Management, Inc. and Select Money Management, Inc. His years of innovative strategic work and applied business vision have enabled him to develop a strong reputation in the field of wealth management. He earned an MBA from the University of Detroit and a BBA from the University of Michigan, with a concentration in finance. Tony Amaradio is a sought-after public speaker who assists non-profit organizations, as well as an author, radio talk show host, and philanthropist.
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