Investors all over the world have been scrutinizing and implementing Warren Buffett’s investing and money strategies for many years. Many people recognize and understand that they will greatly benefit from Buffett’s expertise if they use his info to make money, but they also believe that they can spend money and buy their own happiness. So, what it all boils down to is this… They use their money to buy things that they believe is going to make them happy – from new cars, to televisions, to houses, to vacation homes, to private jets and things of this nature.
After nearly a decade of research, we learn that a problem with this approach is that most people’s intuition in regards to turning money into happiness is misguided for the most part, and wrong most of the time. What about the cars, houses and televisions? They really do not impact happiness one way or another. But there is a certain type of spending that does enhance happiness – and this is very valuable information for companies and consumers alike.
Recently, Warren Buffett wrote the op-ed titled “My Philanthropic Pledge” – but instead of sharing his advice about financial giving, he made suggestions basically stating that giving away money is a great way to enhance one’s emotional well-being. Buffett made the decision to donate 99% of his wealth to various charities. In regards to this decision, he said that he “couldn’t be happier.”