Smart Money: Money and Happiness: Building (and Buying) Happiness

kAmkDEC@?8m%9:D H66<’D 6A:D@56 HC2AD FA @FC }6C5J 566A 5:G6 :?E@ >@?6J 2?5 92AA:?6DD]k^DEC@?8m %9:D E:>6[ H6’C6 E2=<:?8 23@FE 9@H J@F 42? 3F:=5 J@FC 92AA:6C[ >@C6 7:?2?4:2==J 4@?7:56?E =:76]k^Am

kAmkDEC@?8mr964< @FE E9:D 6A:D@56 @? 6:E96C @7 E96D6 A=2E7@C>Dik^DEC@?8mk^Am

kF=mk=:mk2 9C67lQ9EEADi^^:EF?6D]2AA=6]4@>^FD^A@542DE^?6C5H2==6ED\>@?6J7:I\A@542DE^:5`ade_h`ghaQ E2C86ElQ03=2?<Q C6=lQ?@7@==@H ?@@A6?6CQmpAA=6 !@542DEDk^2mk^=:mk=:mk2 9C67lQ9EEADi^^@A6?]DA@E:7J]4@>^D9@H^fE5>!CBre85tI*2p"6!I<*nD:lv0s+8B7~#C:y'~&Id+c8'8U2>Aj5=03C2?49l`U2>Aj?5l`Q E2C86ElQ03=2?<Q C6=lQ?@7@==@H ?@@A6?6CQm$A@E:7Jk^2mk^=:mk^F=m

k9am~FC E2<6k^9am

kAm%FC?D @FE E96C6 :D ?@ D9@CE4FE E@ =:G:?8 2 92AA:6C =:76 — @C @?6 H96C6 >@?6J A=2JD 2 >@C6 92C>@?:@FD C@=6 :? J@FC 92AA:?6DD] x?DE625[ k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^:?G6DE:?8^7:?2?4:2=\8@2=DnFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?El`bdbbc`U2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l=66Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQm4@>>:E E@ E96 =@?8 82>6k^2m] %96 92C5 H@C< 2?5 52:=J AC24E:46 @7 :>AC@G:?8 J@FC =:76 H:== A2J @77 @G6C E:>6]k^Am

kAm{:<6 H6 5:D4FDD65 :? k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^7:?2?46^D>2CE\>@?6J\A@542DE\>@?6J\2?5\92AA:?6DD\F?4@G6C\J@FC\>@?6J\9:DE@CJnFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?El`bdbbc`U2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l=66Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQmE96 D64@?5 6A:D@56 @7 E9:D D6C:6Dk^2m[ DE2CE 3J 8@:?8 566A :?E@ J@FC 7:?2?4:2= 9:DE@CJ] &?56CDE2?5 E96 >6DD286D 2?5 2EE:EF56D 2C@F?5 >@?6J E92E J@F H6C6 E2F89E 7C@> 2 J@F?8 286[ 2?5 4@??64E E96> E@ J@FC >@?6J 923:ED E@52J] x7 J@F 7:?5 E92E E96D6 3692G:@CD @C H2JD @7 G:6H:?8 >@?6J 2C6?’E D6CG:?8 J@F H6==[ H@C< E@ D9:7E E96>]k^Am

kAmpE E96 D2>6 E:>6[ 86E 4=62C @? H92E k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^7:?2?46^D>2CE\>@?6J\A@542DE\>@?6J\2?5\92AA:?6DD\92AA:?6DD\7@C\2\32C82:?nFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?El`bdbbc`U2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l=66Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQmJ@FC G6CD:@? @7 2 “92AAJ =:76” :Dk^2m] xE 4@F=5 >62? DA6?5:?8 >@C6 E:>6 H:E9 J@FC =@G65 @?6D @C :? ?2EFC6 2D J@F H@C< E@ DA2C< >@C6 >@>6?ED @7 2H6] (9:=6 46CE2:? 6IA6C:6?46D 2C6 >@C6 =:<6=J E@ 6?C:49 J@FC =:76[ 5@?’E 7@C86E E96 D>2==[ 52:=J 24E:@?D E92E H:== >2<6 J@F 92AA:6C] %92E :?4=F56D E9:?8D =:<6 6I6C4:D:?8[ 86EE:?8 6?@F89 D=66A 2?5 566A6?:?8 E96 BF2=:EJ @7 J@FC C6=2E:@?D9:AD] %96?[ E9:?< @7 >@?6J 2D 2 E@@= 7@C J@FC 92AA:?6DD] ~?46 J@FC 32D6 ?665D 2C6 >6E[ J@F 42? 7:?5 H2JD E@ 492??6= J@FC 7:?2?4:2= C6D@FC46D E@ 4C62E6 2 36EE6C =:76] %92E >:89E >62? 4C62E:?8 >6>@C:6D H:E9 J@FC =@G65 @?6D[ k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^7:?2?46^7:?2?4:2=\?665D\G6CDFD\H2?EDnFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?El`bdbbc`U2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l=66Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQm3FJ:?8 E92E A2:C @7 9:<:?8 D9@6Dk^2m D@ J@F 42? 86E @FE :?E@ ?2EFC6 @C 5@?2E:?8 E@ 42FD6D E92E >2EE6C E@ J@F] (92E6G6C J@F 7:?5 >2<6D J@F 92AA:6DE[ H@C< E@ 5:C64E J@FC >@?6J E@H2C5 DFAA@CE:?8 :E]k^Am

kAmkDEC@?8mk6>mw2G6 2 >@?6J BF6DE:@?n %6IE @C 42== FD 2E h_`\fb_\ebfb] ~C J@F 42? 6>2:= FD 2Ek^6>mk^DEC@?8m k2 9C67lQ>2:=E@iA@542DEo?6C5H2==6E]4@>Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQmkDEC@?8mk6>mA@542DEo?6C5H2==6E]4@>k^6>mk^DEC@?8mk^2mkDEC@?8mk6>m] %@ 962C AC6G:@FD 6A:D@56D[ 8@ E@ E96k^6>mk^DEC@?8m k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^3=@8^A@542DE^nFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?El`bdbbc`U2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l=66Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQmkDEC@?8mk6>mA@542DE 9@>6A286]k^6>mk^DEC@?8mk^2mk^Am

k5:G 4=2DDlQ?H\>@C6\7C@>\?6C5H2==6EQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQ|@C6 uC@> }6C5(2==6EQ 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H0>@C607C@>0?6C5H2==6EQmkAmkDEC@?8m|@C6 uC@> }6C5(2==6Ek^DEC@?8mk^AmkF=mk=:mk2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^:?G6DE:?8^9@H\7:?2?4:2=\E96C2A:DE\D9:7E\J@FC\>@?6J\>:?5D6EnFE>042>A2:8?l4E0AC@5U2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0>65:F>lCDDU2>AjFE>0E6C>l=66U2>AjFE>04@?E6?El`bdbbc`Q E:E=6lQu:?2?4:2= %96C2A:DEi (92E %96J s@ 2?5 w@H E@ u:?5 ~?6Q E2C86ElQ0D6=7Q 4=2DDlQ?H\=:?<Q C6=lQ?@7@==@H ?@@A6?6CQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQ{:?<Q 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H0=:?<Q 52E2\?H\EC24<\4=:4<lQ`Q 52E2\?H\EC24<\:>AC6DD:@?lQ`Qmu:?2?4:2= %96C2A:DEi (92E %96J s@ 2?5 w@H E@ u:?5 ~?6k^2mk^=:mk=:mk2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^7:?2?46^86?6C2E:@?2=\EC2F>2nFE>042>A2:8?l4E0AC@5U2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0>65:F>lCDDU2>AjFE>0E6C>l=66U2>AjFE>04@?E6?El`bdbbc`Q E:E=6lQw@H v6?6C2E:@?2= %C2F>2 p7764ED *@FC u:?2?46D 2?5 w@H E@ w62=Q E2C86ElQ0D6=7Q 4=2DDlQ?H\=:?<Q C6=lQ?@7@==@H ?@@A6?6CQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQ{:?<Q 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H0=:?<Q 52E2\?H\EC24<\4=:4<lQ`Q 52E2\?H\EC24<\:>AC6DD:@?lQ`Qmw@H v6?6C2E:@?2= %C2F>2 p7764ED *@FC u:?2?46D 2?5 w@H E@ w62=k^2mk^=:mk=:mk2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^7:?2?46^H9J\>2?28:?8\J@FC\>@?6J\DE2CED\H:E9\J@FC\6>@E:@?DnFE>042>A2:8?l4E0AC@5U2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0>65:F>lCDDU2>AjFE>0E6C>l=66U2>AjFE>04@?E6?El`bdbbc`Q E:E=6lQ(9J |2?28:?8 *@FC |@?6J $E2CED (:E9 *@FC t>@E:@?DQ E2C86ElQ0D6=7Q 4=2DDlQ?H\=:?<Q C6=lQ?@7@==@H ?@@A6?6CQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQ{:?<Q 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H0=:?<Q 52E2\?H\EC24<\4=:4<lQ`Q 52E2\?H\EC24<\:>AC6DD:@?lQ`Qm(9J |2?28:?8 *@FC |@?6J $E2CED (:E9 *@FC t>@E:@?Dk^2mk^=:mk^F=mk^5:Gm

k5:G 4=2DDlQ?H\2FE9@C\3@I\HAQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQpFE9@C q@I \ (!Q 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H02FE9@C03@I0HAQmk5:G 4=2DDlQ?H\2FE9@C\3@I\HA\\:??6CQmk2D:56 :E6>AC@AlQ2FE9@CQ :E6>EJA6lQ9EEAi^^D496>2]@C8^!6CD@?Q 4=2DDlQ?H\2FE9@C\3@IQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQpFE9@C q@IQ 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H02FE9@C03@IQmkAm$62? !J=6D HC:E6D 7@C }6C5(2==6E] t>2:=i k2 9C67lQ>2:=E@iDAJ=6Do?6C5H2==6E]4@>QmDAJ=6Do?6C5H2==6E]4@>k^2m] %H:EE6Ci o$62?!J=6D]k^Amk^2D:56mk2D:56 :E6>AC@AlQ2FE9@CQ :E6>EJA6lQ9EEAi^^D496>2]@C8^!6CD@?Q 4=2DDlQ?H\2FE9@C\3@IQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQpFE9@C q@IQ 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H02FE9@C03@IQmkAm$2C2 #2E9?6C HC:E6D 7@C }6C5(2==6E] t>2:=i k2 9C67lQ>2:=E@iDC2E9?6Co?6C5H2==6E]4@>QmDC2E9?6Co?6C5H2==6E]4@>k^2m] %H:EE6Ci oD2C2<C2E9?6C]k^Amk^2D:56mk2D:56 :E6>AC@AlQ2FE9@CQ :E6>EJA6lQ9EEAi^^D496>2]@C8^!6CD@?Q 4=2DDlQ?H\2FE9@C\3@IQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQpFE9@C q@IQ 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H02FE9@C03@IQmkAm%6DD ':86=2?5 HC:E6D 7@C }6C5(2==6E] t>2:=i k2 9C67lQ>2:=E@i2CE:4=6Do?6C5H2==6E]4@>Qm2CE:4=6Do?6C5H2==6E]4@>k^2m]k^Amk^2D:56mk^5:Gmk^5:Gm

kA 4=2DDlQ?H\@C:8:?2==J\A@DE65\=:?<Qm%96 2CE:4=6 $>2CE |@?6Ji |@?6J 2?5 w2AA:?6DDi qF:=5:?8 W2?5 qFJ:?8X w2AA:?6DD @C:8:?2==J 2AA62C65 @? }6C5(2==6E]k^Am