Episode Overview
Podcast: Your Money Minute
Episode: Can You Buy Happiness?
Date: January 2, 2026
Host: Jill Schneider (CNBC)
Guest: Arthur Brooks (Harvard professor and author)
This episode tackles the age-old question: Can money buy happiness? Jill Schneider and guest Arthur Brooks break down the misconception that material possessions alone will make us happy and offer five clear, research-backed steps on how to use money to maximize happiness.
Key Discussion Points & Insights
Rethinking The Money-Happiness Link
- Common Belief Challenged
- Jill Schneider (00:00): “Money can't buy happiness. That's what we've always been told, right? Well, what if that's not true?”
- Arthur Brooks (00:08): “Turns out we know how to buy happiness and almost everybody's doing it wrong.”
Arthur Brooks' Five Steps to "Buy" Happiness
1. Don't Chase Stuff
- Buying more or nicer things won’t increase happiness—novelty fades quickly.
- Arthur Brooks (00:26): “We all know that. The new car smell fades. We adapt. That's what we do to stuff.”
- Jill Schneider (00:30): “That's step number one. Don't think buying a lot of stuff will make you happy.”
2. Prioritize Experiences
- Spending money on experiences (trips, concerts, classes) creates meaningful memories, especially when shared with others.
- Jill Schneider (00:30): “Instead, step two, buy experiences, trips, concerts or classes to create memories with the people you love.”
- Arthur Brooks (00:41): “That's why if you're going to get a beach house, not for the house, buy the beach house as an attraction, as a magnet for the people that you love to spend time with them.”
3. Buy Time
- Outsource unenjoyable tasks and use the freed-up time meaningfully.
- Jill Schneider (00:49): “Step three, Brooks says buy time, meaning pay other people to do things you don't like to do...do something meaningful with the time you get back. Don't just spend it sitting around or doom scrolling.”
- Arthur Brooks (01:05): “Don't waste the time that you're buying. Be super purposive about it. That will buy happiness.”
4. Donate Money
- Giving to causes you genuinely care about can significantly boost happiness.
- Jill Schneider (01:09): “Step four may sound counterintuitive. Brooks says donate some of your money, but he says it's important to find a cause you care about.”
5. Save and Avoid Debt
- Saving provides happiness through progress; debt is detrimental to happiness.
- Jill Schneider (01:09): “And step five, Brooks admits it's not sexy. But save your money and try to avoid debt if you can.”
- Arthur Brooks (01:23): “Debt is poison for happiness and saving is actually really, really good for it.”
- Jill Schneider (01:27): “He says saving can provide happiness through feeling of making progress toward your goals, even if you haven't fully achieved them.”
Notable Quotes & Memorable Moments
- On the futility of buying things:
- Arthur Brooks (00:26): “The new car smell fades. We adapt. That's what we do to stuff.”
- On experiences creating happiness:
- Arthur Brooks (00:41): “...buy the beach house as an attraction, as a magnet for the people that you love to spend time with them.”
- On buying time:
- Arthur Brooks (01:05): “Don't waste the time that you're buying. Be super purposive about it. That will buy happiness.”
- On the role of saving:
- Arthur Brooks (01:23): “Debt is poison for happiness and saving is actually really, really good for it.”
Timestamps for Key Segments
- 00:00–00:08 — Challenging the “money can't buy happiness” myth
- 00:26–00:30 — Step 1: Why “stuff” doesn't make you happy
- 00:30–00:49 — Step 2: Experiences over things
- 00:49–01:05 — Step 3: Buying time (and using it well)
- 01:09–01:27 — Steps 4 & 5: Donating, saving, and avoiding debt
Conclusion
Arthur Brooks lays out an actionable, five-step guide on converting financial resources into genuine happiness. The big takeaway: happiness isn’t bought with things, but with memories, meaningful time, generosity, and prudent saving. Even brief daily choices with money can positively impact your emotional wellbeing.