Money Doesn't Make You Happy - Respect and Friendship Do

In a series of studies led by Psychological scientist Cameron Anderson of the Haas School of Business at the University of California, Berkeley a correlation between the level of sociometric status and happiness was found. Sociometric status is the amount of like or dislike a person evokes, as well as how well-respected and admired they are in their peer groups (friends, neighborhood, athletic team.) The research published in "Psychological Science" shows that the higher your sociometric status, the higher your subjective well-being or happiness is. In the first of the four studies 80 college students from twelve different campus groups were surveyed about their sociometric status, which was calculated through a combination of peer ratings, self-report and the number of leadership positions they held, household income and social well-being. After taking into account gender and ethnicity they found that socioeconomic status does not increase happiness, while sociometric status does. These findings were replicated in a second, larger and more diverse study. A third and fourth study showed that the relationship between sociometric status and well-being could even be manipulated in an experimental setting and that changes in sociometric status after graduation directly correspond to changes in social well-being. Unlike money the happiness gained through social status does not fade over time. Anderson said that "[...]people quickly adapt to the new level of income or wealth," which is why lottery winners return to their original level of happiness within a short time. Source: http://www.sciencedaily.com/releases/2012/06/120620133310.htm