What is the algorithm for happiness?


The idea of an "algorithm for happiness" has been discussed a few times on the "My First Million" podcast. Specifically:

  1. Patrick Campbell's Research:

    • Patrick Campbell conducted a study involving wealthy individuals to understand what contributes to their happiness. Key takeaways from his research include:
      • Spending money on experiences and specific hobbies brings more happiness than general spending on material goods.
      • Giving money in a targeted way to causes one cares about increases happiness significantly.
      • The highest contributors to happiness were identified as "freedom inducing events" or items, such as owning a jet, which provide a sense of freedom and control over one's life 1.
  2. Scott Galloway's Perspective:

    • Scott Galloway suggests an algorithm for happiness as being both rich and anonymous. He underscores that wealth without fame helps maintain personal freedom and avoids the pitfalls of public scrutiny and potential downfall that often accompanies fame 2.

In summary, a balanced approach involving targeted generosity, meaningful experiences, and maintaining personal freedom seems to be key components in achieving happiness, according to insights shared on the podcast.

Finding Happiness

Patrick shares insights from his study on wealthy individuals and their sources of happiness, including the importance of spending money on specific hobbies and experiences, as well as giving to causes they care about. He also highlights the significance of "freedom inducing events" and items in bringing the most happiness.

My First Million

Brainstorming Ideas with The $200M Man (#519)