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Can Happiness Buy Money

golden_eggWe’ve heard it again and again … money can’t buy happiness. According to the Beatles, it can’t buy love either!

But what if the order is reversed? Can happiness buy money?

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The latest research supports the notion that happiness can buy money[PDF]. It comes from a team effort with researchers from the University of Virginia, Michigan State University, and last but certainly the most, the University of Illinois. Okay, we’re biased but at least we admit it.

Happiness buys an extra $8,263 a year!

The researchers surveyed incoming freshmen at 25 elite colleges. We’re not sure how they defined “elite”, but we’re pretty sure it’s the schools we attended!

The participants reported their cheerfulness. 19 years later, when the participants were about 37 years old, the researchers asked them to report their annual income.

On average, the participants in the highest 10% on the cheerfulness scale earned over 15% more than those in the lowest 10%. In 1995 dollars, this was a difference of $8,263 a year, on average ($62,681 vs. $54,318).

Attitude to altitude

That’s a bigg difference. So not only can happiness buy you money, it can buy quite a bit of it! Apparently attitude does determine altitude!

That’s one of the bigg takeaways here. If we approach the days of our lives with the right attitude, we’ll be more productive. We’ll show more initiative. We’ll get more opportunities.

More money, less risk

We also found it interesting that the most cheerful participants were one-third less likely to ever be unemployed than the least cheerful. It appears that being of good cheer not only helps you be more prosperous, it reduces your risk as well. That’s a slam dunk!

And it flies in the face of conventional wisdom. We learn in business school that you have to take more risk to make more money. But as this study shows, you can make more money and actually have less risk with the right attitude!

That’s the bigg idea behind bigg success – to get all areas of our lives working harmoniously by finding synergy like what we see here.

Being too happy is costly

Here’s a surprising twist from this study: People who were moderately cheerful (above average on the researchers scale but not in the top 10%) earned the most on average.

They made almost 6% more than those in the top 10% and about 22% more than the bottom 10%. In 1995 dollars, that means they earned $3,563 and $11,826 more than the highest and lowest deciles respectively.

So being really happy leads to much better income than being really unhappy. But being happy instead of really happy is even better yet!

It turns out that Droopy had it right. He never said, “I’m really happy.” Just “I’m happy.”

Bigg Success is the community of bigg goal-getters. People who are usually happy, but never content. This research supports the notion that this “happy, not content” attitude leads to bigg success.

Thanks so much for checking in on us today. You can get more tips and tools to be a bigg success by subscribing to our free weekly newsletter.

Please join us next time when we’ll discuss what entrepreneurs have that MBAs don’t. Until then, here’s to your bigg success!

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Direct link to The Bigg Success Show audio file:
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Related posts

Stop Being So Happy

4 Secrets to Having All You Really Want

How to Feel Rich Today

(Image in today's post by Mattox)

Find Your Fortune Through Promiscuity

Don’t be alarmed – we just thought it was a catchy title. Nothing explicit here!

A lot of very successful entrepreneurs have multiple businesses. So today, we’ll look at starting the “other” business!

Benefits of the other business

#1 – Your Compensation
You have one business now. So you can draw one salary. When you have two businesses, you get two salaries!

Your current business pays for your company car. Why not have two businesses so you can have two cars? And two expense accounts. Two planes! You get the idea!

There may be better ways to do this, but that’s beyond the scope of today’s blog.

# 2 — Diversification
Basic financial theory says you should diversify – don’t put all of your eggs in one basket!

If you have one business, you’re completely subject to the ups and downs of that one business. With two businesses, one may pull the other one up during times of adversity and vice versa.

#3 – Your Wealth
Entrepreneurs have most of their wealth tied up in a single asset, but they typically have more wealth than the average homeowner. So owning a business is a great way to build wealth. Why not double the pleasure and own two?

One reason not to do it
Obviously, there are many reasons NOT to do this, but space doesn’t allow a full discussion. Let’s look at one – how to maximize your opportunity while minimizing your complications.

Ask yourself this question – how much can you grow your existing business? If it’s still significant, stick with what you have. Growth consumes money, so keep it in your existing business to maximize that opportunity.

Why take on the complication of the other business if what you have now is satisfying you?

Borrow a page from bigg business – feed what’s growing. It’s evolutionary. But as its growth winds down, get revolutionary – find the other business!

How to know you’re ready
Let’s assume that you’ve taken your business as far as you can. It’s still a good business, but it’s hit a plateau. There are two sides to knowing if it’s time for you to move on:

  • Your head – Is your baby ready for you to leave?
  • Your heart – Are you ready to leave your baby?

Here’s a great technique to listen to your head and your heart – take an extended vacation!

For you workaholics, this may require baby steps. If you haven’t been on a vacation for awhile, take an extended weekend. Then get away for a week. After that, make it two. Work yourself up to at least a month away.

You’ll find out if you’re emotionally ready to leave. You’ll also learn how your business functions without you. Who calls? Why? What are the problems?

If no one calls, you’re probably ready to go for it. The worst case scenario is that you’ll come back with the knowledge you need to get ready.

If you’re interested in pursuing a second business, get our FREE special report, Don’t Make These Mistakes When You Start Your Second Business.

You’ll learn important lessons that often trip up second-time entrepreneurs, even those who have succeeded wildly the first time out.

Just e-mail us: bigginfo@biggsuccess.com
Type “2nd business report” in the subject line.

Our bigg quote today is by Michael Gerber, the great author and entrepreneurial guru.

“The entrepreneur is our visionary, the creator in each of us. We're born with that quality and it defines our lives as we respond to what we see, hear, feel, and experience. It is developed, nurtured, and given space to flourish or is squelched, thwarted, without air or stimulation, and dies.”

So if you’re getting the itch, it may be time to pursue the “other” business.

Next time, we’ll discuss why women can’t win. Things could get heated on the show! Until then, here’s to your bigg success!

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Stay Alert with Alerts

By Bigg Success Staff
07-22-08

Leading-Edge Applications

alert

The internet makes it so easy to keep the information you want flowing your way. For example, you may use Google Alerts to notify you when a reference is made to you, your company, a trend you’re tracking, news items, and more.

With Alerts.com, you can customize your alerts or choose one of their “off-the-shelf” alerts. One particularly popular choice is their gas price alert, which notifies you of the lowest priced fuel in your neighborhood.

You can use Yahoo Alerts to get alerted to breaking news, low air fares, stock prices and more.

With BBC’s Desktop Alerts, you can feel like you’re the reporter with the latest news and sports headlines popping up right on your desktop.

ProQuest alerts you to new articles that fit your recent searches.

Most of these services allow you to choose the frequency which you’re updated so you’re not inundated with messages. How’s that for a deal? The information you want, when you want it.

Hear today’s lesson and laugh on The Bigg Success Show.

Subscribe to the Bigg Success feed. 

More Leading-Edge Applications

Speed Up Your Computer

Write an E-mail Letter Now, Send It Later

Save and Organize Your Text Messages

Sticky-Notes for Your Computer!

(Image from Yahoo! Alerts)

Check Out These 25 Tips Before You Change Your Job or Your Career

By Bigg Success Staff
05-14-08

Life Changes

twenty-five 

The decision to change jobs is a bigg one. The decision to change careers is even bigger. You’ll find our summary below of five tips from five articles to help you with these important decisions. You’ll also find a link to the full article in each case so you can get all the details.

5 Tips if You’re Considering a Career Change

#1 – Don’t throw out the baby with the bath water.

#2 – Focus on your talents and strengths.

#3 – Highlight your transferable skills.

#4 – Know the requirements.

#5 – Network and do your research.

Kate Lorenz with CareerBuilder wrote this incredible article. Check out all the advice she offered in her five tips for career changers.

 

5 Ways to Find a New Job

#1 – Don’t count on job boards.

#2 – Tap your network.

#3 – Offer to help others.

#4 – Leverage the blogosphere.

#5 – Promote your brand.

In uncertain times, you may need to go the extra mile to get the job you want. Katy Marquardt wrote this awesome article for U.S. News & World Report. Get the full details on her five tips on finding a new job.


5 Pointers for Writing a Better Resume

#1 – Avoid the first person pronoun.

#2 – Keep your sentences short and don’t worry about fragments.

#3 – Use plain English.

#4 – Use bullet points when appropriate.

#5 – Go from general to specific.

These tips were adapted from the book, Job Hunting for Dummies. We even understood them! Check out all the details on writing a better resume.


5 Questions to Ask Before Hiring a Recruiter to Find Your Next Job

#1 – Do they have a niche?

#2 – Do they listen effectively?

#3 – Are they too busy?

#4 – How’s their follow-through?

#5 – Will you work with them beyond this current search?

These pointers come from a great article written by Mark Krajnik for CareerBuilder. Mark is the CEO of Next Level Solutions, a human resources consulting firm. Get his full explanation of these five questions to ask any prospective recruiter.


5 Tips on References for Executives Seeking a Job

#1 – Include one superior, one peer, and one subordinate.

#2 – Limit your references to people you’ve worked with in the last seven years.

#3 – References checks tend to focus on “soft” skills.

#4 – Prepare references to speak on your behalf.

#5 – Honest references go further than good references.

Paul W. Barada, author of Reference Checking for Everyone, wrote this fantastic piece for ExecutiveAgent.com. Read the five tips on references by a professional reference checker.

Find out when we post new articles. Subscribe to the Bigg Success Weekly.

Hear today's lesson and laugh on The Bigg Success Show.

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25 Things to Do to Move Up in Your Career

615 Tips to Manage Your Business Better

25 Ways to Reach the Top of Your Chosen Profession

(Image by Claudecf,CC 2.0)