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August 20th, 2010
09:23 AM ET



Money and happiness: do they go hand in hand?  We may finally have an answer.  A study published in the August 2010 issue of Psychological Science finds that while wealth may grant us opportunities to purchase things, it can impair our ability to actually enjoy those things. Financial Planner Karen Lee joins us this weekend to discuss this age old question and offer some tips.  One tip: if you’re going to spend money, spend it on an experience such as a vacation instead of an item.  Karen will also answer your personal finance questions this Saturday at 2pm ET.

 Post your questions here and we’ll read them live on the air!

Filed under: Fredricka Whitfield • Josh Levs
soundoff (16 Responses)
  1. mike w

    I saw your last guests at the 1030 hour
    interesting how no woman have a voice
    and you wonder why there is so much division

    why dont you ask the "men of that faith" on what role woman should play in this discussion in the USA seeing as 50 percent of the population in this country are women
    and see if they even answer it
    or try to deviate from the question

    or maybe interview the woman on Time's cover and see where she is on this subject


    August 20, 2010 at 9:47 am |
  2. Southgate Jo

    Great wealth may create all kindsof problems ....I'm willing to volunteer for all the problems wealth can bring 🙂

    August 20, 2010 at 9:58 am |
  3. David Thelen

    Happiness is an inside job. We are people of free will. We choose our thoughts. It is having the right thoughts that can make us happy. The following is an example. First are three famous quotes.
    1) Discontent is the first necessity of progress.
    Thomas A. Edison
    2) Everything comes to him who hustles while he waits.
    Thomas A. Edison
    3) Many of life's failures are people who did not realize how close they were to success when they gave up.
    Thomas A. Edison
    Can being unhappy (discontent) actually be the beginning of progress in people’s lives?
    If you are waiting for things like finding a job, perhaps you should hustle. You now have time to obtain better health (quit smoking, lose some weight) or to enroll in a class. In addition, you may have been so close to finding that dream job before you gave up. These are things to think about.
    If you have trouble disciplining your mind with positive thoughts, try reading a few famous quotes each morning. Just Google quotes…

    August 20, 2010 at 10:17 am |
  4. Donald J. Glidden JR.

    Credit belongs to those who are in any position that can make a positive impact and actually do. In looking into all the considerations of all denominations, how much U.S. currency is in actuality an immediate positive return? Would a provision stating that any U.S. currency that has not passed through any public well being level (Health Care, possibly separate functioning Disability Program(s), Vets Care Packages, Food stamp program, College tuitions, etc.) and only public well being levels, under the strictest of guidelines, as well as severest of penalties, be considered invalid currency? If cash were to be properly dispersed and collected at an inevitable point anyway, shouldn’t we shoot it directly through a carefully thought out process that would immediately impact the areas that in any end, are impacting us? Properly structured, at least to a point of any bleeding (not passed), is it at all plausible that an immediate return plan, that would and could then used, possibly already in use, be rediscovered?
    "Most sincerely",
    DONNIE Salem Mass.
    P.S. EST. 1626
    Lawfully (because of secretive unanswerable/ unaccountable/ unlawful practices) how do the American people truly ever know that they wouldn’t be paying for something that wasn’t already paid for?

    August 21, 2010 at 5:24 am |
  5. Romana Freeman


    With these new school supply requirements it seems that a poor family will not get as good of an education as a more financially stable household. I remember when I raised my kids it was not always possible for me to afford all the things that the school required me too such as costs for field trips and certain supplies. This can also be a stigma for the children with their peers. They see this child as poor if they cannot go on trips or have what they need in class and have to borrow from another child. What is this country coming to. They're seperating the rich from the poor and our poor children suffer. Does this mean that poor kids don't get as good of education as a rich one.

    August 21, 2010 at 10:30 am |
  6. Esther Johnson

    RE: School Supplies

    You stated that the government is not helping the school with funding supplies...what every happened to the Lottery that was established to help fund schools...Its amazing how many people play the lottery for "a dollar and a dream" and NOW the school systems are suffering.

    New Jersey Resident
    Long Branch, NJ

    August 21, 2010 at 10:32 am |
  7. Craig

    School In from my point of view. Too be honest I have no faith in Americas school system theres no structure in todays school's. And It's ridicules that kids have to buy there own construction paper. With under appreciated teachers and far too many students. Also no wonder that are economy suffers some much deficit. School for me was a waste of life with no information being retained because of the failure of structure and faculty and student understanding is none existent. No real shot at sports due to discrimination.

    "children should be at over achieving standers"
    God bless Craig Las Vegas

    August 21, 2010 at 10:36 am |
  8. Hussein Mohamed

    Who ever said money doesn't buy happiness lied. Just ask any homeless person if he is happy, then ask Warren Buffet. Those who have and are still unhappy, perhaps don't appreciate the virtues of life.

    August 21, 2010 at 12:08 pm |
  9. Rosie Harper

    Hello Frederica,
    My retirement is with Valic (AIG). I took a loan from my fund just before everything went downward. Should I pay it back or invest it myself. The loan was for $1400.00. My funds took a beating.

    August 21, 2010 at 1:24 pm |
  10. Jeff Barth

    Someone told me one christmas... "the beginning of wealth is when you want the stuff you already own."

    I want the honda not the rolls

    August 21, 2010 at 1:26 pm |
  11. Glenn M.

    Josh, want to cut government spending? Eliminate so called Cable News. The politicians and their staff spend way too much time answering non-productive & redundant questions just to fill air time.

    Has any American Broadcaster re-thought Cable Education???

    August 21, 2010 at 1:42 pm |
  12. olga

    How to cut spending:
    I am from Miami, known as capital of fraud, truth in deed. How the govt can cut spending: ENFORCE STRICT REGULATIONS!! When you report this frauds, no officials do a thing!!!!
    Example 1: unemployment ; at of all the people I know on unemployment right now, 95% are working, just not reporting it. Unemployment has to go back to 6 month only and follow guidelines. Someone has to supervise if people are really looking to go back to work. No one is asking for proof of that.
    Example 2: People using Section 8 housing. ( paid by local gvt. or better yet the tax payer) how it works, single mothers or people in need (young people by the way) rent a regular house where local gvt pays about 97% and the renter pays the other 3%. In a rent of $1100 gvt pays $1067 and the renter pays $33 a month. What they do to get this benefits – they get divorced and technically they are along, but the husb. is still in the house, they drive a new car, have the best furniture and lots of jewerly. And we, the tax payer pay for them....
    I could go on and on about other benefits that are paid by gvt.
    We are growing a nation of people that find their way not to work and live for free.

    August 21, 2010 at 1:46 pm |
  13. Kip Lackey

    Josh, I believe that the US should seriously consider legalizing, taxing and exporting marijuana. We have the best soil in the world. Not to mention, in the past years, social change has been radical. There are no more saloons where cowboys stop for a shot of whiskey. I cannot believe that some states are considering homosexual marriage but do not consider what legalization of marijuana would do for the economy and deficit. People like to come home, kick back and burn one! The European nations would buy all the product that the American people did not buy. Think of the taxes this would generate. I believe our deficit would be gone or significantly improved in no more than two years. Of course, we would have to set up laws regulating licensing of growers, sellers and exporters. I hope the President will change his aforementioned opinion on the topic of legalizing marijuana. Even The Bible says, in Genesis, "Behold, I have given thee every green herb for use." Times have changed. I believe that there is a huge difference in an herb and drugs. What amazes me is that alcohol was a large contributing factor in the death of my father when I was a boy of only twelve. I watched my grandfather wet his pants at Christmas due to alcoholism. Yet, this substance, which kills people at an alarming rate, is legal. Not to mention, tobacco.
    Also, I believe drug testing policies are unfair to any individual and possibly unconstitutional. How can a company fire a man/woman because he or she smoked some weed on vacation twenty days ago? What we do on our own time, as long as it is not harmful to others, should be our business and our business only! I have personally seen HUGE marijuana plants that would sell for BIG $$$!! Come on, conservatives. Wealthy stockholders, give weed a chance. You just might like it.

    August 21, 2010 at 6:02 pm |
  14. Michael Armstrong Sr.

    All wealth is in ones own heart . Money is something we all worship .

    August 21, 2010 at 11:00 pm |
  15. ken

    How the USA could save money:

    Josh asked for ideas on how the US could save money. My idea would be for the government to create bonds similar to War Bonds and the old savings bonds. Since a great deal of money is spent just paying for interest on the National Debt the bonds could be purchased by Americans to pay off this debt. Restrictions could be places on the bonds so that large corporations and banks would not be the holder of these newly issued bonds. The bonds could be like certificates of deposit where a person could buy the bonds for 6 months to a set number of years. Banks and foreign countries that currently hold American debt would be paid off. These banks would then have enormous sums of money that they would need to loan out to Americans if they want to earn profit. Maybe it works, maybe it doesn't but instead of Corporate America making a killing on American Debt the people will earn some of that money. If corporations were not making this money then maybe politicians wouldn't be spending it to make their friends rich.

    August 23, 2010 at 9:57 am |
  16. Elle123

    Since I cannot find anywhere else to post this question I will do it here. I saw your video about the Dr. Laura uses the N- word. I just would like to know why no one is talking about the V.P. in the NAACP. A couple of weeks ago she was on national tv talkning about marajuana and said "10 times more white people smoke it than blacks". Now I find that VERY racist. But in todays world it seems as though reverse racism is totally acceptable and had it been a white saying blacks smoke 10 more than whites, you bet it would have been discussed and broke down and kicked to death. I feel that it should not be one sided. Why is it that the news reports did nothing with that comment?

    August 25, 2010 at 8:46 am |