Too happy? Your Wallet Could Suffer.

Are you a glass half full kind of person?

Having a family and being young and broke to boot, I am constantly on the lookout for ways to either save money or to increase my bank account. I am dabbling in investments, have a savings account and a 401K through my employer. I never thought however that my personal happiness might have anything to do with the size of my purse. Wrong! at least according to the latest issue of Money magazine.

In an article titled "Want to be Rich? Don't get too happy" columnist and money coach Jean Chatzky spells out why too much happiness can actually be a bad thing in the financial department. She is not the first too broach the topic.

She points to a study done by Ed Diener of the University of Illinois which shows that there can be too much of a good thing even happiness. Apparently being blissful can lead to overspending and less attention to wealth building [read complacency]. Those who rated an 8 or a 9 on the happiness scale versus a 10 were more likely to strive to increase their wealth and to hold on to what they had, probably because they had worked for it to begin with. These slightly less happy folk were also more likely to go to college and to vote.

So does that mean the eternal optomists are doomed to a cheerful but broke life? Not neccessarily. Chatzky gives a couple of tips on how those glass half full types can ensure that they too will approach retirement with a fully developed nest egg.

1. Surround yourself with the right people. It is all about balance. According to the article if you are having financial woes you may need new friends. If you tend toward pessimism then find a few optimists, swing the other way, add a pessimist to the mix. Either way you will balance out your personality and possibly help out your financial situation in the process.

2. Challenge yourself. Super bliss can make even the most intelligent person become complacent. Even of your approach to life is working, you should always be prepared for the worst, simply because nobody can predict the future, no matter how hard we try. You also may become so caught up in "your way of doing things" that you fail to notice when it is no longer beneficial. Ever hear the expression "having blinders on?"

Okay, so maybe I really don't have anything to worry about seeing as I don't really count myself among the blissfully unaware. (At least not since puberty.) But I will take the article to heart lest I become complacent in my miser-like ways.

Do you find that too much happiness impacts your ability to build wealth? I know that many Brazen bloggers are looking to increase both their wealth and their happiness, so I open up the discussion. Is it possible to have both?