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Fed chief tells
graduates: Don't go
for the gold, be
happy

Updated 12h 28m ago

By Jeannine Aversa, AP Economics Writer

WASHINGTON — Your parents were right. Money
can't buy you happiness.

That was the message from the Federal Reserve
chairman Saturday to graduates of the University of
South Carolina.

"We all know that getting a better-paying job is one
of the main reasons to go to college. ... But if you
are ever tempted to go into a field or take a job only
because the pay is high and for no other reason, be
 
careful!" Ben Bernanke said in his commencement
address.

"Having a larger income is exciting at first, but as
you get used to your new standard of living and as
you associate with other people in your new income
bracket, the thrill quickly wears off," he said.

The Fed released his prepared remarks before he
delivered the speech.

Studies found that just six months after winning a
large lottery prize — even in the million of dollars —
people reported being not much happier than they
were before winning, Bernanke said.

Bernanke's advice blended what economics and
social science have to say about personal
happiness. When you boil down all the studies and
fancy formulas, it sounds a lot like what your
parents told you.

Other findings: Happy people tend to spend time
with friends and family. Happy people tend to do
what they love for a living or a hobby. Happy people
tend to feel in control of their lives.

Happiness research is useful for policymakers, too,
Bernanke said.

The Fed's goals include promoting economic
growth and employment. Richer countries tend to
report higher levels of satisfaction because they
tend to be healthier, have more leisure time to
pursue hobbies and have more interesting work,
Bernanke pointed out. Richer countries tend to have
few citizens in deep poverty, he added.

Sometimes being unhappy is a good thing.

"It is possible that doing the ethical thing will make
you feel, well, unhappy," Bernanke told the
graduates. "In the long run, though, it is essential
for a well-balanced and satisfying life."

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