Streaming issues? Report here
CapeTalk logo 2017 1500 x 1500 CapeTalk logo 2017 1500 x 1500
Best of CapeTalk
00:00 - 03:00
volume_up
volume_mute

Up Next: Weekend Early
See full line-up
Best of CapeTalk
00:00 - 03:00
Home
arrow_forward
Business
fiber_manual_record
Lifestyle
fiber_manual_record
Opinion

Yes, money can 'buy' you happiness! But invest in experiences, not things

29 October 2020 8:43 PM
Tags:
Warren Ingram
The Money Show
Bruce Whitfield
Personal finance
money and happiness

There's also a magic number beyond which more money doesn't equate to more happiness, says personal finance guru Warren Ingram.

People think you open the money tap and happiness flows... Is that true ?

Bruce Whitfield, The Money Show host

Or is it rather the tired old saying "Money can't buy you happiness" that's the reality?

Happy young man throwing money around. Image: 123rf

Bruce Whitfield explores the tricky relationship between moola and your state of mind with Warren Ingram (personal financial adviser and executive director of Galileo Capital).

Judging by decades of research and his own observation, the old adage about money not buying happiness is simply not true says Ingram.

What we find over time is that there's a huge jump in your happiness as your earnings rise from the time your earn your first rand, up to round about R1.2 million.

Warren Ingram, Personal financial adviser and executive director - Galileo Capital

As you earn more and more to that point you actually do start to enjoy life more and you have more choice and more freedom.

Warren Ingram, Personal financial adviser and executive director - Galileo Capital

While there is a correlation, there is that point where you can earn more money than will make you happy.

Fortunately or unfortunately, after that the more your income rises over that R1.2 million level there is no real difference in your level of happiness.

Warren Ingram, Personal financial adviser and executive director - Galileo Capital

The important thing once you've reached that magic level is to decide how you spend your money, he emphasizes.

This "second" step has a huge impact on our happiness.

For example, going out to buy a new phone or a new car or handbag... whatever, gives us moments and minutes of pleasure but thereafter it goes away. Often it leaves us with a psychological hangover, especially if we've bought something expensive we find we haven't got much joy out of it and now we have this thing just upsetting us...

Warren Ingram, Personal financial adviser and executive director - Galileo Capital

Ingram contrasts buying things with spending money on experiences.

The second option offers joy in the time leading up to and during the chosen experience as well as long afterwards in the form of memories.

It could be anything from a music concert, a meal with friends to a holiday, travelling... Those kinds of experiences certainly make us happier.

Warren Ingram, Personal financial adviser and executive director - Galileo Capital

It could be an experience for yourself, but the more experiences you share with people that are close to you... the greater the level of happiness.

Warren Ingram, Personal financial adviser and executive director - Galileo Capital

Listen to the in-depth discussion on The Money Show:


This article first appeared on 702 : Yes, money can 'buy' you happiness! But invest in experiences, not things


29 October 2020 8:43 PM
Tags:
Warren Ingram
The Money Show
Bruce Whitfield
Personal finance
money and happiness

More from Personal Finance with Warren Ingram

Poor elderly woman counting money retirement 123rfpersonalfinance 123rf

Make your retirement savings last longer

13 November 2020 11:34 AM

Personal finance advisor Warren Ingram on ensuring you don’t run out of money before you run out of life.

Share this:
Read More arrow_forward

car motoring 123rf

'Don't overspend on a car purchase - smaller and cheaper equals better value!'

17 September 2020 9:12 PM

Low interest rates and plenty of deals on offer - personal finance guru Warren Ingram points out the pitfalls on The Money Show.

Share this:
Read More arrow_forward

Worried couple financial money stress 123rfpersonalfinance 123rfbusiness 123rf

Stressed out? Playing for time when you have a home loan but no income

2 September 2020 7:12 PM

Warren Ingram explores the options, focusing on case study of guest house owner whose investments equal outstanding bond amount.

Share this:
Read More arrow_forward

stress-black-man-papers-laptop-work-tax-fees-money-finance-woes-businessjpg123rf

Feel you've missed the money boat? Don't fall into the FOMO investment trap!

13 August 2020 8:43 PM

Bruce Whitfield and personal finance expert Warren Ingram get to grips with why perhaps you shouldn't, if you didn't...

Share this:
Read More arrow_forward

Retirement planning personal finance 123rfpersonalfinance 123rflifestyle 123rf

What does the contentious Regulation 28 mean for your retirement funds?

30 July 2020 8:23 PM

On The Money Show, finance expert Warren Ingram explains why he believes the pros of the regulation outweigh the cons.

Share this:
Read More arrow_forward

Woman saving money piggy bank mask 123rf 123rfbusiness 123rflifestyle

Supersaver Julia has changed lives, and she can change yours! – Bruce Whitfield

9 July 2020 3:00 PM

Need the inspiration to save? The Money Show’s Bruce Whitfield interviews “Supersaver Julia” at around 7:15 pm tonight.

Share this:
Read More arrow_forward

edit - equity-market - image from JSE-dot-co-dot-za.jpg

Personal Finance Feature - Equity fund vs index investing

2 July 2020 8:43 PM

Personal financial adviser Warren Ingram says active fund managers in South Africa have had a terrible time.

Share this:
Read More arrow_forward

Missing Image Placeholder

Scared that you may lose your life savings?

25 June 2020 8:07 PM

Warren Ingram, wealth creator, answers listeners' questions about safe investing in anxious times.

Share this:
Read More arrow_forward

Contract

No guarantee that your nominated beneficiary will get your money when you die

18 June 2020 7:58 PM

Did you know that the Trustees of retirement funds don’t have to pay it out to your nominated beneficiary?

Share this:
Read More arrow_forward

covid-19 coronavirus economy 123rfbusiness 123rflifestyle 123rf recession

Personal Finance Feature: Timing the market

11 June 2020 7:52 PM

What is the concept of "market timing" and how can it help investors?

Share this:
Read More arrow_forward