Cheapskate Wisdom from … Federal Reserve Chairman Ben Bernanke

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“As your parents always said, money doesn’t buy happiness. Well, an economist might reply, at least not by itself.”

From “The Economics of Happiness,” the title of commencement address given by Bernanke—Time’s 2009 Person of the Year—over the weekend at the University of South Carolina. Here’s a little more:

We all know that getting a better-paying job is one of the main reasons to go to college, and achieving economic security for yourself and your family is an important and laudable goal. 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! 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.

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