Thursday, October 31, 2013

How Money Can Buy Happiness

This article (via Manan Shukla),  describes some the ways that money does not buy happiness and suggests that there is one way that money can buy happiness.  Even though blind wine tasting tests indicate that most people are not very good at grading the quality of wine, it is possible to make yourself happier by sharing a good bottle of wine with a friend or two.  The key is to spend a little more that you would usually spend for a bottle of wine that you have learned something about.  The price that you pay, and the knowledge that you have acquired, provide valuable information that will increase your enjoyment and make you happier.  Moreover, unlike some things that make you happy for a brief period of time.  It is likely that you will continue to enjoy the experience of sharing a good bottle of wine and it will not give you a hangover.

This article reminds me of story about Jack Welch the former CEO of General Electric who retired with a lavish pension and lots of perks.  When he was asked what he would do to benefit from his pension and perks he said that he would never drink a bottle of wine that cost less than $100.  Its also possible that he would enjoy one of the perks that he received.  He has access to GE's private jets for his air travel.  Commercial air travel, with all of the security measures that have been introduced, has made access to a private jet much more valuable.  Warren Buffet has a reputation for being a frugal billionaire who does not spend his enormous wealth on luxuries that are consumed by others who can afford to buy them.  There is one exception, however, Warren Buffet uses a private jet for his air travel.  I think that most of us would agree with Warren Buffet that air travel with a private jet has lots of advantages over commercial air travel.

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