neuroeconomics book

8 Things I Learned From Your Money & Your Brain

8. The happier you are, the longer and healthier your life will probably be-and the more money you are likely to have. Here’s Zweig with some great insight on this subject:

In 1957, the average American earned about $10,000 (adjusted for inflation) and lived without a dishwasher, clothes dryer, TV, or air conditioner. But 35% of people surveyed then said they were “very happy” with their lives. By 2004, personal income had nearly tripled after inflation, yet 34% of the people now said they were “very happy.”

It all comes down your perspective.  Most people think they need more of everything (money, material possessions, etc.) to be happy, yet most claim that spending time with family and friends is what makes them the happiest.

THE TAKEAWAY
If you enjoyed Thinking Fast and Slow you will really like this book.  Zweig covers many more interesting studies on your brain and the emotional responses that come from financial outcomes and decisions, but also gives practical advice on how to overcome these issues with real world examples and different scenarios.

It’s a really thought-provoking book that’s a must read for anyone that would like to understand their own actions better along with what is going on in the brains of other market participants.

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