This post comes from Philip Moeller at partner site U.S. News & World Report.

Psychologists have been busy testing the premise that money can't buy happiness. Nobel prize-winning economist Daniel Kahneman has garnered lots of attention with research that says this largely is true. Beyond about $75,000 in annual income -- enough to fund a moderately comfortable lifestyle -- more money does not make people much happier, he said.

Not so fast, say two young academics. Elizabeth Dunn, an associate professor of psychology at the University of British Columbia, and Michael Norton, an associate professor of marketing at Harvard Business School, have written a new book called "Happy Money: The Science of Smarter Spending." In the book, they make a persuasive case that money does have the ability to buy happiness, and it's not how much money you have that matters, but how you spend it.

Much of the "money can't buy happiness" school of behavioral thought rests on a concept called hedonic adaptation: The human brain rapidly adjusts to what it senses. What's new today becomes ho-hum tomorrow. And so it is with material acquisitions. That shiny new car gives us immense happiness when we drive it off the lot. But we soon get used to it, and it ceases to provide much happiness. Ditto for other possessions.

 

 

Sure, you're willing to risk life and limb on extreme sports. But risk thousands of dollars in camera equipment? Maybe not.

 

Still, extreme sports call for extreme cameras, and now there are HD camcorders designed to take action shots in the most challenging conditions (or on family vacations). But how tough are they, really? And how clear are the resulting images?

Consumer Reports compared the GoPro Hero3, which retails for about $400, and the Sony Action Cam, with a list price of $270, dropping them in water and spinning them in a tumbler to test their mettle. Take a look at the results.

 

This post comes from Jason Steele of partner site Credit.com.

American college students tend to have a rough time with credit cards. Without much real-world personal finance experience, many spend beyond their means and graduate with credit card debt. And even for those who are lucky enough to complete school without debt, the threat continues to loom after graduation.

So how can recent graduates enjoy the convenience and security of credit cards without getting into trouble with debt? Here are a few tips:

1. Keep it simple. It is easy to get caught up in the hype promoting credit card perks and rewards, but these benefits are not worth it if they lead to debt. Instead, recent graduates should focus on finding cards with the fewest fees and the simplest terms. 

2. Always pay your balance in full. This is the single most important piece of advice that can be offered. Those who pay their entire statement balance each month avoid costly interest charges, and there isn’t a better time to get in this habit than after graduation. And the lesson of living within your means, instead of on hoped-for future earning, applies well beyond credit cards.

 

This post comes from Ross Kenneth Urken of partner site MainStreet.

One lucky person at a Publix supermarket in Zephyrhills, Fla., purchased the winning ticket for the highest Powerball jackpot in history, estimated at $590.5 million.

After winning with odds at 1 in 175.2 million, the person has done the hard part, but whether to take a lump-sum cash payout or to collect the winnings in annual payments is the cushy but difficult decision the lucky duck will now have to make.

Most winners go for the lump sum in order to be in control of the money from the get-go, and with fears of continued rising tax rates, it might be better to take a softer blow from the Internal Revenue Service now than a harder one in the future.

"The immense size of this particular jackpot can make things a bit more straightforward," said Doug Walker, the president of AfterLotto, a company that provides legal, financial and personal assistance to lottery winners.

Whereas a person may be reluctant to take about half of the total pot for the instant gratification of a lump sum -- the lump-sum payout here would be about $300 million -- the difference between $300 million and $600 million is more negligible at those amounts. It's a question of whether to have golden toilet seats in your yacht.

 

When school lets out for the summer, at-home parents and in-home caregivers suddenly have entire days with children instead of a few hours in the afternoon. What's to keep your young ones from slumping in front of video game systems, computer terminals or TV screens until September?

Kid-centric activities, that's what -- and these fun and/or enriching diversions need not break the bank. In fact, they may even be free.

A certain amount of unstructured play time is a great boon for the imagination. But two and a half months is a long time to go without at least some planned activities.

How about bowling, movies, concerts, museums or a filmmaking class, all without paying a dime?  

This post comes from Elizabeth Shear of partner site Cheapism.com.

With the onset of spring comes the prospect of wearing a lot less clothing. And that, for many of us, means rigorous commitment to an exercise routine. But don't be deterred by thoughts of a pricey gym membership or in-home exercise equipment, because all you need is motivation.

We spoke with Kira Stokes, a personal trainer and founder of Stoked Method, and learned how to master fitness on your own. Her focal point is transforming both body and mind. Here is her approach to fitness on your own:

1. Start moving
That means picking up your pace and getting out of your comfort zone. If it normally takes seven minutes to walk around the block, says Stokes, aim for five. Run from one street sign to another and then walk to the next few.

2. Set goals
Setting and then reaching new goals will keep you motivated. Write down both short- and long-term goals, and make the former reachable. Doing 10 knee push-ups during TV commercials is a good short-term goal; losing 15 pounds is not. "If you're feeling frustrated by your inability to reach your goal, change your goal," Stokes says. Don't just give up.  

This post comes from Philip Moeller at U.S. News & World Report.

If misery really does love company, then America's aging baby boomers are due for a global group hug. Citizens in a 12-nation survey overwhelmingly reported they are not ready for retirement and expect retirement outcomes to be worse for future retirees than for those who have already retired. The survey was conducted earlier this year and polled about 12,000 people. It was sponsored by Aegon, a large global financial services firm, and the Transamerica Center for Retirement Studies.

"The situation has become more dire than just a year ago," Aegon said in its 2013 Retirement Readiness Survey. "People in general feel less prepared for retirement and do not adequately understand the steps they need to take."

The survey presented a retirement readiness index and said none of the dozen countries fared well.

German citizens are in the best shape for retirement, but Germany's national score was only in the upper range of the lowest-ranking category. And readiness was worse in 2013 for all countries compared with last year, due primarily to rising levels of uncertainty about the economy and investment performance.

On a scale of zero to 10, the average index rating for all 12 nations was 4.89 in 2013, down from 5.19 in 2012. Here are the individual index readings for each country: