
#238 Does More Money Really Make You Happier? ft. Peter Kim, MD
In this episode, Dr. Peter Kim reflects on the connection between money and happiness. Does having more money truly make us happier, or is it how we use it that matters most? Drawing on personal experiences, psychological research, and insights from impactful books like Die with Zero, Peter explores the ways money can amplify who we are, help create meaningful experiences, and even deepen our relationships.
Tune in to learn practical strategies for aligning spending with values to achieve lasting satisfaction. If you’ve ever wondered how to make your money work for your happiness, this episode is for you!
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Episode Highlights
Now, let’s look at what we discussed in this episode:
- Between Money and Happiness
- Experiences Over Possessions
- Aligning Money with Values
- Giving: A Key to Fulfillment
- Breaking the Cycle of “More”
Here’s a breakdown of how this episode unfolds.
Episode Breakdown
Between Money and Happiness
The podcast begins with Peter Kim posing a thought-provoking question: “Does more money bring more happiness?” He recounts his recent attendance at a happiness conference, emphasizing that happiness is a universal goal and has formulas that, when understood, can positively influence our lives and those around us. Money emerges as a pivotal topic in the discussion of happiness.
Peter reflects on the paradoxical relationship people have with money—some save excessively, while others spend recklessly. Regardless of income levels, studies show that once a person earns around $75,000 annually, additional income offers diminishing returns in terms of daily happiness.
He introduces the concept that money does not change individuals but amplifies who they already are. Generous people become more charitable with money, while selfish individuals may grow more self-centered. This realization shifts the focus from how much money one has to how it is used. He positions money as a tool to align with values and priorities, leading to a more intentional and fulfilling life.
“Money doesn’t actually change who you are; it really just amplifies who you are. If you’re generous, more money makes you more generous; if you’re stingy, more money makes you stingier.” – Peter Kim, MD
Experiences Over Possessions
Peter highlights the importance of spending money on experiences rather than material goods. He references the book Die with Zero by Bill Perkins, which argues that experiences, especially when young and healthy, bring greater fulfillment than accumulating wealth for later use. Experiences like travel, hobbies, or learning create lasting happiness because they result in memories that continue to pay emotional dividends over time.
Peter contrasts this with the fleeting joy of material possessions, which often leads to the “hedonic treadmill,” where individuals need to keep buying more to maintain the same level of happiness. He urges listeners to find balance and intentionally allocate money toward experiences that enrich life, rather than being trapped in a cycle of consumerism. This balance, he explains, is key to maximizing happiness.
“When we go on experiences like vacations, they create memories, and those memories bring a smile to our faces even on tough days. Material possessions just don’t have the same lasting impact.” – Peter Kim, MD
Aligning Money with Values
Peter talks about how personal values influence our relationship with money. Whether one associates money with security, freedom, or helping others, the way we think about and use money reflects deeper priorities. For those prioritizing security, maintaining a healthy savings account might bring peace. Those valuing freedom might find joy in spending on travel or personal growth.
He encourages listeners to create a spending plan aligned with their values, emphasizing intentionality. Money spent on things that bring short- and long-term joy can significantly enhance life satisfaction. Peter stresses that focusing on what truly matters can help avoid the trap of endlessly chasing financial milestones without ever feeling content.
“If the thing you value most is security, then maybe having a decent amount in your savings account might be the key to your happiness. If it’s freedom, it might be about spending on things that make you feel free, like going on vacations.” – Peter Kim, MD
Giving: A Key to Fulfillment
Peter explores how spending money on others can boost happiness. Acts of generosity, whether helping someone in need or supporting a cause, create a sense of fulfillment that personal spending often cannot match. He emphasizes that joy derived from giving is rooted in the impact it has on others and the shared sense of connection it fosters.
He also notes that generosity transcends monetary value, as it reflects the giver’s priorities and enhances their sense of purpose. Sharing wealth, even in small ways, can lead to meaningful experiences and deeper satisfaction. He challenges listeners to consider how they can integrate generosity into their financial plans as a means of amplifying happiness.
“When you spend money on someone else and see the impact, how much more joy does that bring you? It’s a fulfillment that’s hard to replicate in other ways.” – Peter Kim, MD
Breaking the Cycle of “More”
Peter concludes the episode by addressing the human tendency to constantly desire more, regardless of current financial standing. He cites a study showing that individuals often believe they need to double their current income to feel secure, regardless of how much they already earn. This endless pursuit, he explains, stems from a mindset rather than actual financial needs.
He warns against lifestyle inflation, where increased income leads to proportional increases in spending, often leaving individuals no happier than before. Instead, Peter urges listeners to focus on using money as a tool to enhance well-being, not as a measure of worth or security. Recognizing and breaking free from this cycle can lead to more intentional and satisfying financial choices.
“I know someone with over $100 million who worries about running out of money. It shows this is more of a mindset issue than a matter of actual dollars.” – Peter Kim, MD
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