Elizabeth Dunn, a university professor and the co-author (with Michael Norton who teaches at Harvard Business School) of a new book, Happy Money: The Science of Smarter Spending, was quoted in The New York Times (July 14, pg. 6, Real Estate) discussing whether or not buying a home results in greater happiness.
She noted that experiences not material objects correlate to higher levels of happiness and that couples who give up vacations, eating out and other pleasurable experiences for the sake of buying a home often are unhappy with their lifestyle. The authors caution couples against buying a more expensive or dream home or even giving up renting for ownership if the result is a significant reduction in money for good experiences together. Dr. Dunn notes that “people still view housing as a central component of happiness and a critical aspect of the American dream…but there is little evidence to support that.”
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M Gary Neuman is a New York Times best-selling author, and creator of Neuman Method Programs. He was on the Oprah show 11 times as well as having made multiple appearances on Today, Dateline, the View, NPR and others. Oprah referred to Gary as “One of the best psychotherapists in the world.”