The Hamsters Are Getting Tired
You know what the problem with more is? Every time we get more, more is still, well, more. In behavioral science, one contributing force is called the Hedonic Treadmill. Every time our life changes, that becomes the new "normal." No matter how much money, stuff, or status we attain, it becomes “normal.” Then, like clockwork, we often find ourselves wanting more. I often compare it to a hamster on its wheel. The hamster runs fast but doesn't get anywhere. Then it runs faster, but instead of making more progress, the wheel just turns faster. We're the hamsters!
I often think about a 2018 Harvard study (by Grant E. Donnelly, Tianyi Zheng, Emily Haisley, and Michael I. Norton) on this subject. Researchers wanted to know how happy millionaires are, but more importantly, if they believed more money would make them happier. The researchers divided the millionaires into several cohorts by net worth. Here is how each of these groups rated themselves on a happiness level, on a scale of 1-10:
$1M-$2M Net Worth: 7.8
$2M-5M Net Worth: 7.9
$5M-10M Net Worth: 7.7
$10M+ Net Worth: 8.0
In other words, average happiness was remarkably similar across the four wealth levels, ranging only from 7.7 to 8.0. Here's where the research gets interesting. Among respondents who hadn't already rated themselves a 9 or 10—and who had indicated that some increase in wealth could make them happier—the researchers asked how much additional wealth they believed they would need to reach a 10.
Let's start with the $1M-$2M net worth respondents. Only 13% selected ‘no increase’ when asked how much additional wealth would move them to a 10. Conversely, 77% said they would need at least 2x more wealth to reach a 10.
Next group: the $2M-$5M net worth cohort. Similar to the "poorer" folks, only 13% selected “no increase” to reach a 10. 72% said they would need at least 2x more wealth to reach a 10.
Wait, that's interesting. 77% of the first group said they would need at least 2x more wealth to reach a 10. The second group, despite having almost the same level of happiness as the first and already having materially more wealth, had 72% of respondents still saying they would need at least 2x more wealth to maximize happiness.
How about the $5M-$10M net worth cohort? Again, 13% selected “no increase,” while 70% who received the follow-up question said they would need at least 2x more wealth to reach a 10.
Do you see a trend here? This group, too, had a net worth materially higher than the previous, yet had a similar happiness level, and 70% of those who received the follow-up question believed they needed at least 2x more wealth to reach peak happiness.
Lastly, we get to the $10M+ net worth cohort. I think we can all agree that $10M is a lot of money, right? Only 12% selected “no increase.” Surely this group wouldn't think more money is the answer.....wrong! 72% of people who received the follow-up question said they would need at least 2x more wealth to reach a happiness level of 10.
No matter how much money we have, more is still more. Money, stuff, and status cannot satiate us. Every step of the wealth ladder leaves us wanting more. That's the problem with more. Every time we get more, more is still, well, more.
I have the cure, if you're interested. Opt out of the more game. Stop chasing that which cannot satisfy. Choose a different measuring stick. Instead of chasing money, stuff, and status, pursue meaning, impact, and contentment. It's the only way off the hamster wheel.
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